| Before the outbreak of the All-out War of Resistance Against Japan,issuing domestic debt was an important means for the National Government to make up the fiscal deficit.After the outbreak of the All-out War of Resistance against Japan,the Nationalist Government continued to take the policy of domestic debt as an important way to make up the fiscal deficit,and said that the policy of wartime domestic debt could not only "increase the fiscal revenue",but also "reduce the inflation".However,as far as the actual situation is concerned,the wartime domestic debt policy not only failed to play the expected effect,but also became the main factor to promote the aggravation of wartime inflation.Moreover,due to the default of debt repayment,the credit of the government was seriously damaged.Then,why can't wartime domestic debt policy continue to be an important way for the National Government to make up the fiscal deficit? How can domestic debt policy be the main factor driving inflation? What was the effect of the Nationalist Government's default on its debtors and itself? The study of these problems is of great significance for deepening the study of "fiscal policy of the Nationalist Government during wartime","deterioration of inflation in the Kuomintang territory" and "social mobilization of the Nationalist Government".At present,the academic circles to the research on the history of the National Government held domestically focused in front of the total resistance,and the study of comprehensive history of internal debt during the Anti-Japanese War is relatively weak,there are not only single research Angle,and in wartime internal debt scope definition,internal debt statistics such as the amount of basic research is still deficiency.Comprehensive study of domestic policy during the Anti-Japanese War,not only from the perspective of the government(debtor),explain how the internal policy gradually carried out from the central to the local provinces and cities and counties and townships unit,but also from the perspective of people(creditor),inspect how did the subscriber respond to government debt and what was done when the government defaulted on its debt.This paper mainly from the above two perspectives,on the one hand,analyzes the local government's implementation of the central domestic debt policy,and interlaced with the evolution of the local government's attitude to the National Government debt policy;On the other hand,from the perspective of creditors,reveal the complicated relationship between businessmen and the government,and between grain people and the government in the process of raising and paying off the domestic debt.so as to show the whole face of the operation of the wartime domestic debt.Finally,on the basis of the evaluation of the implementation results of the internal debt policy,analyzes the gains and losses of the National Government's internal debt policy.On the whole,the importance of domestic debt policy,issuance conditions,fundraising methods and repayment of domestic debt were gradually clarified in the two circles of modern Chinese politics and academic,and the theory of domestic debt was constantly developed and improved in practice,especially in the Anti-Japanese War period.Before the total resistance,the development of Chinese domestic ideology and the implementation of the National Government domestic policy,provided an important theoretical basis and practical experience for the implementation of the National Government domestic policy during the Anti-Japanese war,but the fuzzy understanding of the internal debt moderate scale and the National Government's credit losses to the financial community before the Anti-Japanese War,produced adverse effect on the National Government's internal debt policy during the Anti-Japanese War.The paper holds that during the period of the Anti-Japanese War,the National Government changed the pre-war policy that issuing domestic debt with high interest and big discount,and instead issued huge long-term domestic debt with low interest and low discount,and extended the target of raising debt from the bank industry to all members of society.Given the generally collected debt was a creative policy,as well as the changing mood of the Anti-Japanese War,the domestic policy ofthe National Government unceasingly strengthens,roughly experienced a free subscription to peisuasive subscription and then to compulsory subscription.At the same time,internal debt raising system gradually perfect and fair,which improve the efficiency of the raising debt to a certain extent.In terms of local government practice,at each stage,the attitude and implementation intensity of the domestic debt policy of local governments were not consistent.However,as a whole,with the deterioration of the social situation and the increase of the National Government's debt burden,the local government's debt raising policy was gradually forced,and its attitude to the debt raising policy changed from active cooperation to open resistance.After deciding the policy of domestic debt during the war,the Nationalist Government issued a huge amount of domestic debt.Among them,the “Public Bonds”included not only the domestic bonds named as“Bonds”,“Treasury Bonds” and “Provisional Receipts”,but also all kinds of savings bonds and the grain treasury bonds issued in the form of “Land tax receipts” in1944.Therefore,the amount of domestic debt of the National Government during the war was very large.As far as the situation of domestic debt subscription is concerned,during the period of the total Anti-Japanese War,the merchants were the largest buyer of the currency domestic debt.In the promotion of domestic debt,trade associations,as the intermediary between the government and individual businesses,actively cooperated with the government in promoting domestic debt,and also played games with the government in order to protect the interests of their members and businesses.On the whole,due to the influence of many factors,the attitude of businessmen towards the policy of domestic debt during the war of Resistance against Japanese aggression.Experienced the process of "actively subscribe" to "reluctantly cooperate" to "try to reduce and even openly resist".In terms of the way to avoid purchasing debt,the public or public-private joint venture could use their political resources to reduce the loss in subscription of domestic debt,while the private industry often tried to reduce the amount of the allocated debt by means suitable to the characteristics of their own business.For the delay of industrial and commercial payment of domestic debt,governments had to take measures such as postponing the period of debt payment or adjusting the debt collection policy according to the actual situation,in order to meet the actual needs.The grain people were the biggest purchasers of the National Government's internal debt during the total Anti-Japanese War,and the central and local governments' collective default to repay the internal debt made the grain people,who accounted for the largest number of people in the society,became the biggest losers in the wartime internal debt policy.This chapter,on the basis of analyzing the situation of collection and repayment of grain bonds in the kuomintang controlled areas during the total Anti-Japanese War,takes Sichuan Province,where the principal and interest of the grain bonds that the National Government should repay most,as an example to explain.And then reveals the adverse impact of the defaulting of the National Government on itself and the grain people.During the war of Resistance against Japanese Aggression,Sichuan province took almost half of the total grain bonds.,but it was repaid in the form of discount in most years,and most of the principal and interest paid by the central government was misappropriated by Sichuan provincial government and county governments.In order to maintain the creditor's rights,farmers in Sichuan launched a huge campaign in 1946,demanding the Sichuan provincial government to repay the principal and interest of the grain bonds falling due in 1944,but finally due to the pressure of the central government and Sichuan provincial government,the campaign ended in failure,and the attitude of the grain people to the National Government also changed substantially.Because of many problems in the implementation of the internal debt policy,the National Government's internal debt policy in the period of total Anti-Japanese War did not reach the goal of "increasing fiscal revenue".In order to solve the urgent need of wartime military expenditure,the National Government used a large amount of unsold currency domestic debt and a larger amount of Treasury certificates and borrowed a mortgage from the national banks,and repeatedly modified the issuance preparation system,making the currency domestic debt become an important part of the issuance preparation of the national banks.Finally,the domestic debt policy gradually moved away from the original intention of "increasing fiscal revenue and reducing inflation",and became the main factor causing or aggravating inflation.Although there are many problems in the implementation of the domestic debt policy,its positive role in promoting the victory of the overall Anti-Japanese War cannot be ignored. |
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