The national bank regulations
The emperor's reign official proclamation that I established the national bank regulations (こくりつぎんこうじょうれい, 1872 emperor's reign official proclamation 349th, 1876 emperor's reign official proclamation 106th) about a national bank. It was established as emperor's reign official proclamation 349th issue in 1872 in (1872) in 1872 and was all revised first in (1876) in 1876.
Table of contents
Establishment of the regulations
In 1870, Hirobumi Ito who was 大蔵少輔 at the time (vice-minister) inspected a bank system in capital Washington of the United States of America and reflected the result. I let you change a bill issued by the government published by Boshin War for Japanese government bonds and let the commercial bank publish a convertible note as a security by the government bonds. I stopped previous conversion system and obliged a bank note (national bank bill as the convertible note) which a national bank published to the exchange with the conversion coins such as gold coins.
Japan used conversion money (the currency which exchange with the money was guaranteed), but lack of gold reserve still worsened by the foreign countries outflows of the gold coin from Japan which the economic infrastructure had weak, and it was necessary to stop conversion system till then. The newly-issued currency regulations were established in (1871) in 1871, and the first modern currency system to assume "Japanese yen" money was introduced. However, a silver coin was really used mainly and gold and silver bimetallism established it formally in (1878) in 1878 and shifted to the silver standard in (1885) in 1885 and finally returned to the gold standard virtually in (1897) in 1897 after the Sino-Japanese War in (1876) in 1876 because the gold standard adopted at the same time was lacking in the gold reserve.
Hirobumi Ito who recommended 大蔵少輔吉田清成 to recommend the central bank system of the British model for at the time and decentralization of power method Bank system of the United States type disputed it afterwards. In reference to the federal law Banking Act established in the United States in 1864 by Secretary of the Treasury salmon Chase (Salmon Chase), the national bank regulations were established (1872) in 1872 after all. There were central bank system to assume Bank of England a representative as a tide of the world bank system at the time and decentralization of power method Bank system as the anti-central bank system to do an American national bank with a representative.
By the national bank regulations, Eiichi Shibusawa establishes the first national bank (existing: Mizuho Bank) which is a first Japanese national bank in (1873) in 1873. Many national banks were established based on these regulations afterwards by private enterprise.
All 1876 revised
Shigenobu Okuma promoted the promotion of industry policy named "Okuma finance" by active finance since the assumption of office to Sir Daizo in (1873) in 1873. And all the national bank regulations were revised in 1876 in (1876) in 1876 by the emperor's reign official proclamation 106th. The establishment of many national banks comes to be promoted and in this way establishes 153 national banks in the whole country. It was necessary to prepare for the conversion coin which only faced each other to paper money for the exchange with a conversion coin and the bank note in contents before the revision. The issue of bank bill became easy after the revision and became one of the causes of the inflation. In addition, the national bank which assumed a salary public loan financial funds was established in sequence. The main point after the revision is as follows.
- I accept the issue of national bank bill as the paper money.
- The abolition of the duty of the exchange with the conventional conversion coin.
- I admit that I make a salary public loan issued by the nobility and the family with samurai antecedents bank capital.
1883 revised post
The Bank of Japan regulations are introduced (1882) in June in 1882. And the Bank of Japan started a business in October of the year. It revised the national bank regulations (1883) in May in 1883. The main point is a street of items.
- I repay in full the paper money which I published within a business period of 20 years after having received a license.
- After a business period was expired, I do not accept paper money publication.
- I leave the 2.5% equivalency of the ticketing balance at Bank of Japan as financial funds of the paper money repayment as repayment liability reserve every year in 1/4 of the ticketing balance [1].
I introduce the convertible note regulations of the silver standard (1884) in May in 1884. I in this way collected a bank bill as the only issuing bank in the Bank of Japan. I published Bank of Japan conversion silver note (guarantee ticket of trading with this paper money and silver coin of the same amount) (1885) later in May in 1885 and collected the silver coin which increased. I established the Coinage Act in (1897) in 1897 and established the gold standard. I published Bank of Japan convertible note in (1899) in 1899 and collected a gold coin. A bill issued by the government and the foldup of the national bank note were announced with this, and the national bank became the current bank, too. It became the gold coin conversion stop (1931) in December in 1931. And old law of the Bank of Japan Law was promulgated in (1942) in 1942, and the Bank of Japan regulations and the convertible note regulations were abolished. The national bank regulations were abolished by a law (May 22, 1954 law 121st) about the rearranging of Ministry of Finance-affiliated laws and ordinances.
Footnote
- The national debt deposited to ^ Bank of Japan reached 12,460,000 yen at the end of 1885, and a national bank note of 1,600,000 yen was repaid with the profit that applied this from February, 1884.
Allied item
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