票号汇兑与财政“地方化”——19世纪下半叶的金融市场、白银流动与财政转型

Piaohao and the“Localization”of Finance:Financial Markets,Silver Flows and Fiscal Transformation from 1850-1900

金融机构参与财政运作,是中国近代国家财政转型的关键历史节点。本文从19世纪下半叶票号与政府财政的合作入手,分析传统财政体制瓦解后,中央和地方、地方和地方之间白银流动关系的变化。研究发现,在清代的货币、市场结构下,票号作为一种全国性金融机构,其业务运作却高度依赖地方金融市场。票号汇兑对实物白银押运的取代,实质上意味着“地方化”的财政-市场关系取代了实物白银再分配的财政关系。票号调动白银的“地方化”逻辑,使得它不仅与再分配的财政原则存在张力,也无法真正提升国家的财政动员能力。因此,票号无法解决传统国家的财政危机。当汇兑关系取代实物白银流动后,原本就濒临崩溃的传统财政关系便进一步走向瓦解。

The participation of financial institutions in fiscal operation is the key historical node of the fiscal transformation in modern China.Starting with the cooperation between Piaohao and government finance in the second half of the 19th century,this paper analyzes the changes in the relationship of silver flows between central and local and inter-local silver flows after the collapse of the traditional financial system.The paper finds that,as a national financial in⁃stitution under the monetary and market structure of the Qing Dynasty,Piaohao was highly dependent on the local financial market.The replacement of physical silver escort by ticket exchange essentially implied a“localized”fiscal-market relationship replacing the fiscal relationship of physical silver redistribution.The“localized”logic of silver mobilization made it not only in tension with the fiscal principle of redistribution but also unable to truly expand the state’s fis⁃cal mobilization capacity.Therefore,Piaohao could not solve the fiscal crisis of the traditional state.When the exchange relationship replaced the physical movement of silver,the traditional fiscal relationship,which was already on the verge of collapse,further disintegrated.