The Study Of Silver Horn Problem In Guangdong In The 1920s

Republic of China in Guangdong,warlord regime,political unrest,frequent change of political power,causing great damage to the economy of Guangdong.The politicians were trying to solve the fiscal deficit and voluminous military expenditure problem,in addition to increasing the exorbitant taxes and levies,but also regarding Guangdong mint as a profit institution,leading to Guangdong financial market in such chaos.In the 1920 s,frequent fighting,Guangdong financial institutions often became warlords' fundraising tool,casting silver horn excessively was associated with local governments raising money.Warlords and profiteers got personal profit from it,so that private coins-making was prevalent.As the rejection of silver horn begin to happen frequently,Guangdong financial market became more and more chaotic.The value of the silver horn was falling and falling.In order to solve the problem of silver horn flood,authorities took some measures,such as silver export ban,private coinage strictly forbidden,and recycling inferior silver horn,but at first,they didn't work very well.With the stability of the political situation,after 1927,the monetary system of Guangdong entered into the period from chaos to cure.The authorities failed to handle the relationship between the parties when dealing with the problem.Merchants group,placing themselves among the problem,became a bridge of coordinating the relationship of all parties.This paper intends to explore the above contents,from the flood of the silver horn,to discuss the merchant and the government's response to silver horn problem,analyzing the causes of silver horn problem,and then spreads the analysis of the response effects of the government and the merchant as well as revelation from all previous devaluation of the silver horn.