1941년 조선은행권 발행제도 개정 연구 - 최고발행한도액 산정과 납부금제도를 중심으로-

Abstract

After 1930’s, Japan, which practically changed its system to managed currency system, faced a further issue of currency after the Sino-Japanese War. Accordingly, Japan had to revise its publication of bank note and introduced a maximum limit of credit outstanding system in 1941. Under this system, Japanses Ministry of Finance annually decided the maximum credit without specie or security reserve. As the legislation process indicated, the maximum credit, the most important factor in this system, was arbitrarily decided by the Minister of Finance. The maximum limit of the Bank of Joseon was appropriated of 630 million in 1941. Originally the Ministry of Finance calculated the credit at 600 million according to the last year’s maximum limit. Yet the Bank of Joseon requested increase in the maximum credit because the more bank note would be required as the war continued, and subsequently continuous increase in the maximum limit would decrease tax amount for an overissue. The Minister of Finance partially accepted this demand from the Bank of Joseon, and decided the final appropriation of 630 million. It is true that the revision in 1941 extended the Bank of Joseon’s note issuing authority. At that time, the Japanese government viewed that the extension would increase the profit of the Bank of Joseon, and tried to claw back the profit by the revision of the payment law. The reason for the law the Ministry of Finance professed was that the profit from the issue of the bank note could not be used only for the Bank of Joseon, since the payment was a compensation from the privilege granted by the Japanese government. Thus, the phenomenon illustrates the Bank of Joseon’s attempt to pursuit profit by note issuing authority as a financial institution which conducts Japanese national policy, including the Minister of Finance’s aim to claw back the profit to the Japanese government.