고려대학교

초록/요약

After the 1920's, there was a growing argument about readjusting the Bank of Joseon, the 'readjustment theory' which centered around the politics of the Japanese Empire. Insisting the abolition of its issuance privilege, the argument's main point was to deprive the Bank of Joseon of its function as a central bank. In 1925, the Finance Ministry(大藏省) of Japan mapped out a legislative bill for repealing the Bank of Joseon Act. To carry out this bill, the Bank of Joseon would become an ordinary commercial bank. There were opinions against this 'readjustment theory', however, which were mostly brought by Joseon people and the Bank of Joseon itself. The strongest counterargument from the Bank of Joseon was a 'buffer theory' that it was financially protecting the Japanese mainland, supported by the fact that the Bank of Joseon notes were being circulated as legal tender in Manchuria. On the other hand, Joseon people was against the 'readjustment theory' because of their necessity for a central bank. They argued that it would be impossible to deal with the capital needs in Joseon if the Japanese government abolish a central bank for issuance in Joseon. Additionally, there was a possibility that the policy will seriously demage the commercial banks in Joseon. But there was a massive change in the circumstance regarding the 'readjustment theory' for the Bank of Joseon during the 1930's. After going off the gold standard, Japan shifted their currency to the managed currency system, enabling currency management at their discretion. Then after the establishment of Manchuria Central Bank In 1932 and the issuance of Manchuria national notes, the Bank of Joseon notes were to be recalled. This situation favored the ones insisting the 'readjustment theory'. Thus, Takahashi Gorekiyo(高橋是淸), the Minister of Finance, openly argued the abolition of the Bank of Joseon notes. According to him, the Bank of Joseon should be renadjusted to a normal bank with Joseon as their commercial boundaries. Takahashi, who was usually against the Japanese army's expansion to the northern part of China, concerned the nature of the Bank of Joseon notes that had a close connection to the military authorities. Thus, he sought for a way to recall the notes and cut them off from being used as a military currency, a policy which additionally suppressed the military budget. As a matter of fact, this 'readjustment theory' was impossible to achieve from the beginning. But this argument was simple and functional debates regarding the deal with the Bank of Joseon notes, and moreover there was also an implied nature of the relation between the colony and the empire. The 'readjustment theory' symbolizes the ideal of the empire that could never accomplish. Like the swings of the pendulum, the repeated and meaningless arguments over the 'readjustment theory' was only to confirm the different positions the colony and mainland were in. Despite its inability as a central bank, the Bank of Joseon was still considered to be a 'better-than-nothing', because people in Joseon knew the colony could never receive the same treatment as the mainland.