Okuma Finance

The financial policies promoted by Okuma Shigenobu as the financial authority of the Meiji government. After exerting his influence as Minister of Finance from 1869 (Meiji 2), in which he enacted new currency ordinances and established a budget system, Okuma was appointed Minister of Finance in October 1873, becoming the authority on finances in both name and reality. The basis of Okuma's finances was to consolidate the foundations of finances by carrying out land tax reform, while broadly nurturing private industry by distributing government funds through the issuance of government bonds and supplying currency through the National Bank, preventing imports and promoting exports to stabilize the balance of payments. However, the increased issuance of paper money for this purpose, especially for the Satsuma Rebellion, caused inflation, so in August 1878, a rough estimate of the redemption of government bonds and paper money was prepared, and a plan for the redemption of government bonds and paper money was drawn up. However, as inflation progressed further, in June 1879, this plan was revised and a method for redeeming government bonds and paper money (debt reduction plan) was drawn up that shortened the redemption period. This became the basis for the reorganization of paper money that began in September 1880. During this process, Okuma made efforts to improve the balance of payments and the financial balance by selling off government businesses, establishing the Yokohama Specie Bank, increasing indirect taxes, and advancing the payment date of land taxes, and also submitted a proposal (May 1880) to raise foreign debt of 50 million yen and redeem paper money all at once. This proposal was rejected due to opposition from Matsukata Masayoshi and others, and Okuma's prestige rapidly declined. Okuma continued to work with Ito Hirobumi on streamlining banknotes, but he resigned from office in the political upheaval of 1881, and the task was passed on to Matsukata Finance.

[Kaichiro Oishi]

"A Study of Okuma's Finances" by Naomi Nakamura (1968, Akekura Shobo) " "Freedom and Civil Rights and the Okuma-Matsukata Finances" by Kaichiro Oishi (1989, University of Tokyo Press)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

大隈重信が明治政府の財政の実権者として推進した財政政策。大隈は1869年（明治2）以降大蔵大輔として新貨条例の制定、予算制度の樹立などに力を発揮したのち、1873年10月大蔵卿に就任し、名実ともに財政の実権者となった。大隈財政の基調は、地租改正を断行して財政の基礎を固めるとともに、国債発行による政府資金の散布や国立銀行を通ずる通貨供給によって広く民間産業を育成し、輸入を防遏(ぼうあつ)し輸出を振興して国際収支を安定させることにあった。しかし、そのための紙幣増発、とくに西南戦争のための紙幣発行がインフレーションを引き起こしたため、1878年8月公債及び紙幣償還概算書をつくり、国債・紙幣の償却計画を立てたが、インフレーションが一段と進んだため翌1879年6月、この計画を改訂し、償却期間を短縮した国債紙幣償却方法（減債方案）を作成した。これが1880年9月から開始される紙幣整理の基礎となった。この過程で大隈は、官業払下げ、横浜正金銀行の設立、間接税の増徴、地租納期の繰上げなどにより国際収支・財政収支の改善に努めるとともに、外債5000万円を募集して一挙に紙幣を償却する建議（1880年5月）を提出した。この建議が松方正義らの反対で拒否され、大隈の威信は急速に低下した。その後も大隈は伊藤博文(ひろぶみ)と協力して紙幣整理に努めるが、明治14年の政変で下野し、その課題は松方財政に引き継がれていった。

［大石嘉一郎］

『中村尚美著『大隈財政の研究』（1968・校倉書房）』▽『大石嘉一郎著『自由民権と大隈・松方財政』（1989・東京大学出版会）』

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