The Study On Zhaoxin Stock Of Late Qing

The Zhaoxin stock is not real stock, but the internal debt, which was used to compensate for the finance crisis by the Qing government. Both the issuance and the constitution of the Zhaoxin stock indicated modern character of the finance of Qing dynasty, but the limitation of system ,the misplay of issuance, and the restriction of the social and economic condition, resulted in the failure, leading to the collective contribution among the officials and the coercive apportion in the society. In the end, the Zhaoxin stock did not ravel out the finance crisis, but triggered off the antipathy and protest .The credit and authority of the Qing government came down.The issuance of the Zhaoxin stock had two reasons: one is the severe finance crisis of the Qing government after the Jiawu war; the other reason is the diffuseness and spread of government bond theory from the west. But the possibility of theory did not equal the possibility of practice. In the constitution of stock, they attached great importance to the loyalty, while they make light of the practice, which made the stock meet great difficulty and have to be stopped.Because of the restriction of the social and economic condition, in despite of the modern character of the Zhaoxin stock, it would be brought to the traditional finance inevitably. On the one hand, many officials did not know stock at all, they misinterpreted the stock as the traditional contribution; on the other hand, in order to pursue achievement and guerdon, the officials forced people to subscribe the stock rigorously.The severe abuse of the Zhaoxin stock exerted an influence on the society, taking the Yu dong chen's revolt as an example, Zhaoxin stock took an important part in the revolt, including the phase of breakout, pacification and finality. The Zhao xin stock was not only a finance instrument, but a chessman combated by the government and society.The issuance of Zhaoxin stock had been given up halfway, and it's purpose was quite different, even differing in thousands ways, indicating three characters: diversity, multiplicity and unbending. It also indicated the contest between the central and local government grew severely.Because of the compressive stress of morality, including royalism and patriotism, the collective contribution of the Zhaoxin stock among the officials had become coercive apportion in a certain extent. Many officials could not afford the stock they had subscribed. This made the officials force people to subscribe the stock, even extort and spoliate, which made the common people become true undertaker of Zhaoxin stock.