A Study Of The Imperial Household Department’s "Interest-Bearing Silver" Policy During The Periods Of Kangxi,Yongzheng

Since ancient times,loading is a traditional economic activity,which has been divided into two systems: official and private.Government-run lending is a common financial method,which has both the effect of the state raising financial resources and supporting the livelihood of the people.The same is true of the "interest-bearing silver" in the Qing Dynasty.In the ninth year of Kangxi(1670),the emperor allowed the silver to lend to merchants in the three banners of Mukden,which opened the precedent of the operation of "interest-bearing silver" policy.In the thirty-ninth year of Kangxi(1700),the policy of "interest-bearing silver" was expanded,and the lending group was extended to all officials,baitangga,and businessmen of the emperor’s three booi niru in Mukden.The policy operation became more regulated: forming an asset-based distribution rule of the bank,and one or two silver was charged one cent of interest per month when lending,there are also preferential treatment such as indefinite loans and and interest-free silver.The case of Mukden i nirui janggin borrowing "interest-bearing silver" shows the actual operation of the "interest-bearing silver" policy.In the forty-second year of Kangxi(1703),Mukden i nirui janggin Sira borrowed the "interest-bearing silver",and then used this silver to lend interest to the Mukden i gūsai niyalma and irgen,and eventually incurred debts due to unfavorable management and other reasons.The case was tried by Mukden i nirui janggin and the Ministry of Criminal Justice.It did not violate the "prohibited profit taking" rule in the Qing law,and was finally characterized as a private debt,so the government recovered compensation from the descendants of the late nirui janggin Sira.It can be seen from the recovery process that the Imperial Household Department usually adopts two methods of confiscation of family property and deduction of official salary to recover the owed silver.As an economic policy,"interest-bearing silver" brought continuous and stable income to Shengjing internal treasury in the early stage of operation.However,in the later stages,due to the dispersion of regulatory responsibilities and inadequate enforcement of recovery of loans by officials,it was difficult for the Imperial Household Department to clear up the "interest-bearing silver" loan.Therefore,although it was profitable in the end,it was lower than the expected level.In addition,Sheng Jingzuo led Shiraz’s act of putting "interest-bearing silver two" into the private lending market,which objectively communicated government-run lending and private lending.Also,it linked multiple social relations between officials and individuals,government and people,indirectly achieving the effect of promoting the development of private lending activities and stabilizing social order.In short,the impact of the "Interest-bearing Silver" policy has a strong vitality,it went beyond the original economic scope and radiated to multiple dimensions such as administrative management,judicial trials,and social relations.Many problems arising from the policy operation objectively promoted the Qing government to adjust the policy.During the Qianlong period,this policy entered a new stage of development focusing on the operation by official stores in Mukden area.