The purpose of this article is to analyze the funding policy executed by Alexander Hamilton, the first Secretary of Treasury of the United States. This article is a sequel of my previous article published in The Socio-Economic History, Vol.44, No. 1, in which the fact was made clear that the axis of Hamilton's economic policy should not be found in his industrial policy, but in his financial policy, especially his funding policy. In this article, then, I will try, first of all, to analyse the whole process of Hamilton's funding policy, using, mainly, the original sources such as The Papers of Alexander Hamilton and Annals of Congress. The conclusions of my analysis are following. First. Hamilton's funding policy was so rationally organized that the objective point of the policy was completely fulfilled. Secondly. A great amount of monetary fortunes was created in the hands of the public creditors, and the position of the new federal government was strengthened very much by their support. Thirdly. Consequently, Hamilton's funding policy had realized the formation of a strong national government, under the control of which the process of the original accumulation of American capitalism could proceed further. Lastly. The historical significance of Hamilton's economic policy should be found in the fact that his policy created a strong national state which was a crucial element of economic development of the United States, as a developing country, or in other words, the process of the original accumulation of American capitalism nessecitated Hamilton's economic policy.

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I. It is widely known that among many studies about "Kinsatsu" (金札, note issued by "Ishin" government) there are two opinions-one is to put the emphasis on the character of "Shokusan-kogyo" (殖産興業, encouragement of industries) and the other is on the defrayment of government expenditure. Of course we cannot deny the former, but we think the latter fitted to the fact. In spite of the importance of the latter, however, it is not yet fully proved. So the author tries to make it clear that "Kinsatsu" was defrayed for the government expenditure. II. It has been so far neglected to consider "Kinsatsu" from the point of the attitude of people. The author intends to explain how "Ishin" government deceived people to manage them to be familiar with "Kinsatsu", through the study of the way of issuing "Kinsatsu", the situation of currency of it, the plan of exchange of new coin and note, and so on. III. It is no doubt that "Ishin" government was confronted with the financial difficulties, but it has been not yet fully cleared because of few historical materials on it. About the 1st and 2nd financial years we can say it was under the absolutely difficult finace. The 3rd and 4th, when the centralized institution of local finance was established, being different from them, the author tries to explain how the financial difficulties were, through the study of some plans of budget and some accounts of "Suitoshi" (出納司, the department taking charge of receipt and expenditure of treasury). Thus the author clears how "Ishin" government managed to deal with the difficulties by the deception of "Kinsatsu" as well as the severe collection of taxes and made "Haihanchiken" (廃藩置県, abolition of feudal clans and establishment of prefectures) inevitable.

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The aim of this paper is to analyze the structure and mechanism of the present farming contractors from their agricultural management, their mechanization of the paddy farming and the rents. This subcontract farming is one of the most important type of the movement in the farm-lands at the present time. The farming subcontractors are chiefly divided into two types, namely, the one is tenants whose size of subcontracting farmland is bigger than that of their homeland, the other is those who subcontract farmland without the additional investment of the fixed capital. Further, the latter is more important and divided into three types. The moment of the farming mechanization is caused by the external or internal factor. The internal factor is divided into the magnifying the scale of paddy farming and the diversification. The diversification is more effective to the mechanization of paddy farming. So, basic kinds of paddy farming machines are more used by the diversified farm than the farm of the paddy monoculture. The rent of "Tenant" is based upon the average principle. But, the rent of the latter subcontractor is based upon the marginal principle. And the present subcontracting rent is chiefly decided by the independent farmer under the pay differentials. Therefore "Tenant" is difficult to exist.

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