アメリカ本位制論争と金融資本 : 1900年アメリカ金本位制の確立過程

抄録

This paper aims to analyze the process of the standards controversy of the United States in the 1890's and to investigate the significance of the Gold Standard Act of 1900. The main phases of the standards controversy in the 1890's evolved as follows : (1) The free silver movement was based on American silver mining interests and the indebted small farmers. This movement was accelerated by the money contraction and the agricultural depression at the end of the 1880's. Under these conditions, the Harrison administration supported limited silver purchase and the Sherman Silver Purchase Act was enacted in 1890. (2) Due to the Baring crisis of 1890 in London, British investors unloaded American securities. As a result of this recall of foreign capital, gold flowed out of the United States and the American economy was thrown into confusion. President Cleaveland attributed this crisis to the silver law of 1890 and this law was repealed in 1893. Furthermore, during the financial crisis of 1895, Cleaveland negotiated a gold bond issue with the Morgan-Rothschild syndicate for the defence of the Treasury gold reserve. By London borrowings, J. P. Morgan rescued the U. S. Treasury from suspension. (3) President Cleaveland, however, was bitterly denounced by the silver men, and J. P. Morgan was criticized as a symbol of "money power" and "plutocracy". The silver question thus became the most important issue at the presidential campaign of 1896. This election resulted in victory for McKinley, whose administration took a cautious attitude to the silver question, and no action was taken on currency reform for a few years. (4) Although American foreign investment was promoted at the end of the 1890's, the United States was still an importer of European capital, mainly from Great Britain. J. P. Morgan was a representative promoter of American capital imports in Wall Street. And the "Gold" Democrats, who were true to such interests of Wall Street, demanded and at last forced the McKinley administration to enact the Gold Standard Act in 1900.