苏皖劣币争端及治理困境(1914-1924)

Contradiction between Jiangsu and Anhui on Inferior Coins and Control Dilemma(1914-1924)

近代中国政府对货币的发行与流通掌控乏力,银铜货币体系始终紊乱。一战期间的铜价高昂加剧铜元外流并引发钱荒。起初苏皖严控铜元大宗流通,后为缓解钱荒苏皖官方相继开铸轻质铜元。皖省大量生产劣币并伪造苏、粤等省货币输往江苏,引发苏皖劣币争端。皖系军阀纵容铸币并向中央输送攫取的利益,苏省也铸造劣币进行恶性竞争,造成劣币问题难以治理,对两省的金融市场和社会经济影响至深。

In modern China,it has been very difficult for the government to issue and circulate the coins and the silver-copper monetary system has always been dysfunctional.The high price of copper during the World War I led to the draining of coins and the shortage of coins.At first,Jiangsu and Anhui strictly controlled the large-scale circulation of coins.In order to ease the coin shortage,Anhui and Jiangsu governments have begun to cast the light coppers.Anhui cast and counterfeited a large number of copper and silver coins as Jiangsu and Guangdong’s.Thus,it caused the contradiction between Jiangsu and Anhui.The warlords of Anhui indulged the coinage and channeled the profits gained to the central government.Jiangsu province also minted inferior coins for vicious competition,which made the problem of inferior coinage difficult to be solved and affected the financial market and social economy of the two provinces to a great extent.