19세기 還穀의 고갈과 高利貸的 운영 강화

Abstract

The decline in revenue in the 19th century was also a heavy burden on local finance. The central government covered the insufficient finances with support from local finance. Long-term financial support has gradually depleted local grain reserves. At that time the local government was raising funds by lending grain reserves. With the depletion of reserve grain, local governments' income has also decreased significantly. Since then, local governments have increased profits by sharply rising interest rates on grain loans. Under the new lending scheme, interest was collected several times more than the principal, far exceeding the legal interest rate of 10 percent. In addition, the local government's loan structure was originally designed to lend rice in spring and collect rice in autumn, but the new system lent coins in spring and collected rice in autumn. This operation was very advantageous for local governments that ran out of stockpiles. This system was called 'Jeon-Hwuan(錢還)'. Through Jeon-Hwuan(錢還), the local government was able to prepare for the operation and labor costs of the government offices and fill up the stockpile of grain. On the contrary, farmers had to suffer from high interest rates. The bankruptcy of the farmers led to additional burdens for other farmers. Nevertheless, the government's financial situation grew worse and worse, and interest on loans increased to cover the shortfall. This became a major cause of the mid-19th century peasant revolt.