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Fountain of Fortune
Ancient Chinese coins and silver, actual size. Left:
Yuanbao silver ingot, marked with seal of Baohedian
money shop. Right, top to bottom: coins from the
Yongle (1403-24), Wanli ( 1 5 7 3 - 1 6 2 0 ) , and Chong-
zhen (1628-44) reign periods.
Fountain of Fortune
Money and Monetary Policy in China,
IOOO-IJOO

RICHARD VON GLAHN

University of California Press

BERKELEY LOS ANGELES LONDON
University of California Press
Berkeley and Los Angeles, California

University of California Press, Ltd.

London, England

© 1 9 9 6 by
The Regents of the University of California

Library of Congress Cataloging-in-Publication Data

Von Glahn, Richard.

Fountain of Fortune : money and monetary policy in China,
1 0 0 0 - 1 7 0 0 . / Richard von Glahn.
p. cm.
Includes bibliographical references and index.
ISBN 0 - 5 2 0 - 1 0 4 0 8 - 5 (alk. paper)
1 . Money—China—History. 2. Monetary policy—China—
History. I. Title.
HG1282.V66 1996
332.4'95i—dc20 96-5579
CIP
Printed in the United States of America
9 8 7 6 5 4 3 2 1

The paper used in this publication meets the minimum requirements

of American National Standard for Information Sciences—
Permanence of Paper for Printed Library Materials, A N S I
Z39.48-1984. ©
In homage to my teachers, Shiba Yoshinobu and
Robert M. Hartwell
Contents

List of Illustrations ix
Acknowledgments xi
INTRODUCTION I
CHAPTER I : THE FUNDAMENTALS OF CLASSICAL
CHINESE MONETARY ANALYSIS 15
Functions of Money 16
Typology of Money 18
Origins and Nature of Money in Early
Chinese Thought 2.3
Monetary Doctrines in the Guanzi 28
The Classical Synthesis of Monetary Analysis 33
Paper Money and Classical Monetary Analysis 43
CHAPTER 2 : TRANSITION TO THE SILVER ECONOMY,
1000-1435 48
Erosion of the Bronze Coin Monetary Standard 49
The Yuan Regime of Paper Money 56
The Demise of Paper Money in the Early
Ming Dynasty 70
CHAPTER 3 : COINAGE IN THE DAWNING AGE OF SILVER,
I
435-I57° 83
The Rise of Private Coinage 84
Chinese Coin and the Japanese Monetary
System 88
The Retreat of Coin 97
Monetary Policy in the Later Jiajing Period 104
CHAPTER 4 : FOREIGN SILVER A N D CHINA'S "SILVER
CENTURY," 1 5 5 0 - 1 6 5 0 113
Maritime Trade and the Influx of Foreign Silver 113
The Circulation of Specie in East Asia during
the "Silver Century" 125
viii / Contents

Quantitative Estimates of Silver Imports in Late

Ming China 133
CHAPTER 5: COIN VS. SILVER: EXPANSIONARY POLICIES
OF THE WANLI REIGN, 1 5 7 0 - 1 6 2 0 142
Inadequacy of Silver as the Monetary Standard 143
Monetary Policies of Zhang Juzheng 145
Postmortems on Zhang Juzheng's Monetary
Offensive 15Z
Rising Value of Coin 157
The Second Wanli Coinage Offensive 161
The Sovereignty of the Market 166
CHAPTER 6: THE GREAT DEBASEMENTS: THE TIANQI AND
CHONGZHEN REIGNS, 1 6 2 0 - 1 6 4 5 173
Fiscal Crisis and Monetary Expansion 175
Operation of the Ministry of Revenue Mints 178
Fiscal Distress and Monetary Retrenchment 185
Deterioration of Coin in the Chongzhen Period 187
Radical Experimentation: The Campaign to
Restore Paper Currency 197
CHAPTER 7 : THE " M O N E T A R Y C R I S I S " OF THE
SEVENTEENTH CENTURY 207
Early Qing Currency Policy 208
Depression and Deflation in the Early Kangxi
Period 211
Responses to Economic Depression: Bullionism
vs. Economic Autarky 215
Bullion Movements in the Late Seventeenth
Century 224
New World Silver and the European Price
Revolution 233
The "Seventeenth-Century Crisis" Hypothesis 237
CONCLUSION 246

List of Abbreviations 259

Notes 2.61
Glossary 303
Bibliography 311
Index 329
Illustrations

FIGURES

1. Paper Money of the Yuan and Ming Dynasties 59

2. Gold/Silver Exchange Ratios in China, 1 1 0 0 - 1 7 5 0 61
3. Emission of Yuan Paper Currency, 1 2 6 5 - 1 3 3 2 62
4. Gold/Silver Ratios in China, Japan, and France,
1370-1660 128
5. Gold/Bronze Coin and Silver/Bronze Coin Exchange
Ratios in Japan, 1 5 0 0 - 1 6 4 0 130
6. Rice and Land Prices in China, 1 4 5 0 - 1 7 0 0 158
7. Land Prices in Huizhou Prefecture, 1 4 1 0 - 1 6 5 0 159
8. Silver/Coin Exchange Ratios in China, 1 5 1 0 - 1 6 4 5 160
9. Origination of Chinese Ships Arriving at Nagasaki,
1647-1700 225
10. Five-Year Index of Silver Imports into China,
1600-1700 240
11. Index of Coin/Silver Exchange Ratios in Jiangnan,
1527-1712 241
12. Silver-Content Prices of Rice in China and Japan,
1620-1700 242

MAPS

1 . Ming Dynasty China, Provinces and Provincial Capitals xiii

2. Southeast China Coast Showing Major Ports xiv

TABLES

1 . Means of Payment in Huizhou Land Sale Contracts

prior to 1 5 0 0 (I) 78
2. Means of Payment in Huizhou Land Sale Contracts
prior to 1 5 0 0 (II) 78
3. Chinese Coins Excavated from Japanese Sites 101

IX
x / Illustrations

4. Silver/Coin Exchange Ratios, 1 4 7 8 - 1 6 4 9 106

5. Silver Mining Remittances, 1 5 9 7 - 1 6 0 6 115
6. Arrivals of Chinese Merchant Vessels at Manila,
1577-1645 120
7. Japanese Silk Yarn Imports, 1634 122
8. Estimates of Philippine Silver Exports to China,
1586-1645 124
9. Estimates of Silver Carried by Portuguese from Japan
to Macao in the Late Sixteenth Century 134
10. Estimates of Japanese Trade and Silver Exports,
1604-1639 136
1 1 . Exports of Silver from Japan by Dutch and Chinese
Ships, 1 6 4 0 - 1 6 4 5 137
12. Officially Registered Exports of Silver from Acapulco
to the Philippines, 1 5 8 1 - 1 7 0 0 139
1 3 . Estimates of Chinese Imports of Foreign Silver,
1550-1645 140
14. Metallic Content and Weight of Ming Coins 147
1 5 . Prices of Refined Copper Reported by Ming Mints 153
16. Emergency Tax Surcharges for National Defense,
1618-1643 177
1 7 . Output and Seigniorage Revenue of the Beijing
Baoquanju Mint, 1 6 2 8 - 1 6 3 1 187
18. Balance Sheet for Baoquanju Mints, 1 6 3 0 - 1 6 3 1 191
19. Output and Seigniorage Revenue of Baoquanju Mints,
1630-1632 192
20. Seigniorage Revenue of Qing Mints, 1 6 4 5 - 1 6 6 0 210
2 1 . Japanese Silver Exports, 1 6 4 8 - 1 6 7 2 227
22. Japanese Copper Exports, 1 6 7 4 - 1 7 0 0 230
23. Estimated Imports of Silver into China, 1 6 0 1 - 1 7 0 0 232
Acknowledgments

This book originated in research I conducted while a Visiting Fellow of

the Institute for Oriental Culture at T o k y o University in 1988-89. M y
sojourn at Tobunken was immensely enriched by the wisdom, advice,
and many kindnesses of Professor Shiba Yoshinobu, then director of the
Institute. In gratitude, I wish to dedicate this book to Professor Shiba for
his unstinting mentorship over many years. It would have been incon-
ceivable for me to undertake this project without the benefit of the
training in Chinese monetary history that I received from the late Pro-
fessor Robert Hartwell. I also wish to acknowledge the insight and
inspiration of Professor Hartwell by dedicating this book to him as well.
M y debt to several generations of pioneering scholars of Chinese
monetary history will be fully evident in the pages that follow. I have
benefited more directly from the criticism and counsel of many comrades
in economic history. Dennis O . Flynn and Ken Pomeranz read the
manuscript with great care and keen critical eyes; their trenchant crit-
icisms have immensely improved the final version of the book. M y w o r k
has received generous encouragement from my colleagues in economic
history at the University of California. I especially wish to thank Ken
Sokoloff, M a r y Yeager, Jack Goldstone, Peter Lindert, Ken Pomeranz,
Bin W o n g , and Jean Laurent Rosenthal, w h o personally and through the
aegis of the V o n Gremp Workshop in Economic History at U C L A and
the All-UC Group in Economic History have given me crucial support,
advice, and criticism. Paul Smith and Ben Elman also read the manuscript
and helped me to hone the structure and argument of the book. In Japan,
I received much help and advice from Fuma Susumu, Kishimoto M i o ,
Hamashita Takeshi, Kojima Tsuyoshi, Ihara Hiroshi, Tashiro Kazui,
and Saito Osamu. M y research in Beijing profited enormously from the
assistance and wisdom of Professor W a n g Chunyu, director of the M i n g
History section of the Institute of History at the Chinese Academy of
Social Sciences.
Angela Ki-tche Liang of the Sun Yat-sen Institute of Humanities and
Social Science, Academia Sinica, made it possible for me to present some

XI
xii / Acknowledgments

of this work in its formative stage in a series of lectures at Academia

Sinica. Steve West likewise arranged for me to present my work at UC
Berkeley.
I especially want to thank my research assistants, Liu Chang, Liao
Hsien-huei, and Lu Miaw-fen, whose labors were essential to the com-
pletion of this project. Mr. James Cheng, head librarian of the East Asian
Library at UCLA, spared no effort in helping me to obtain rare materials,
for which I am deeply grateful.
The research that has gone into this book has received crucial financial
support from a number of sources. My year at the Institute of Oriental
Culture was made possible by a grant from the American Council of
Learned Societies. The Committee on Scholarly Communication with
China and the National Endowment for the Humanities generously
funded my research in China in 1 9 9 1 . And I have received continual
research support from the Academic Senate of the University of Cali-
fornia, Los Angeles, throughout the entire life of the project. I gratefully
acknowledge the benefactions of these institutions.
 / I -f N O R T H ,
'Taiyuan 5 2HIL1/

J SHANDONG
SHANXI
»Jinan y
Grand S
\CanaI .--{
SHAANXi

HENAN SOUTH
yZHILI
Nanjing«

Chengdu Wuchang

SICHUAN ZHEJIANG
HUNGUANG
Nanchang

JIANGXI
/GUIZHOU
Fuzhou
Guiyang
FUJIAN
Guilin
Yunnan,

YUNNAN GUANGXI
, GUANGIX)NG
Guangzhou

Map i . Ming Dynasty China: provinces and provincial capitals. Coin-using

areas indicated by shading.
Map 2. Southeast China coast showing major ports.
Introduction

Bronze coin constituted the fundamental form of money in China

throughout the imperial period. Fiscal as well as monetary policy under
successive dynastic regimes was premised on a bronze coin economy. In
China, as elsewhere, the authority to issue money remained a closely-
guarded sovereign privilege. The state exercised greater direct control
over money than over virtually any other facet of the economy, partic-
ularly since Chinese political economy deemed monetary policy the
single most important tool of economic management at the ruler's dis-
posal. Yet despite the enormous prestige and power imputed to sovereign
control over money, from the Song ( 9 6 0 - 1 2 7 9 ) dynasty onward China's
rulers found it increasingly difficult to sustain a monetary system based
on bronze coin. The Song and its successors, the Yuan ( 1 2 7 9 - 1 3 6 8 ) and
Ming ( 1 3 6 8 - 1 6 4 4 ) empires, tried to supplement (or, at times, replace
altogether) costly bronze coin with a purely nominal form of money,
state-issued paper certificates. But paper currency became defunct early
in the Ming period, and the state itself reluctantly condoned the use of
uncoined silver both as a means of exchange and as an instrument of tax
payments.
The transition from the coin economy of the early imperial era to the
silver economy of the late imperial period marked a crucial watershed
in the evolution of Chinese society, economy, and culture. The purpose
of this book is to study this transition, from its origins in the Song period
to its essential completion in the Qing ( 1 6 4 4 - 1 9 1 1 ) dynasty, in order to
advance our understanding of the market economy in premodern China.

THE MARKET ECONOMY AND PARADIGMS

OF C H I N A ' S MODERNIZATION

Since the 1950s, the emergence of a market economy has occupied the
center stage in the historiography of late Ming-early Qing China (ca.
1 5 0 0 - 1 8 0 0 ) . Chinese socioeconomic historians first drew attention to
the dynamic commercial growth of this period, espying in it signs of "the
sprouts of capitalism" growing between the cracks of China's " f e u d a l "

1
2 / Introduction

society. The "sprouts of capitalism" literature equated commercializa-

tion with capitalism, and portrayed the penetration of rural society by
money and markets as a harbinger of the imminent demise of "feudal
relations of production," a course of events derailed by the irruption of
Western imperialism into the Chinese ecumene in the nineteenth cen-
tury. 1 The "sprouts of capitalism" paradigm made a deep impression on
Western scholarship on China. Although historians in the West remain
unpersuaded by its Marxist framework of analysis, they have assimilated
the substantive findings of the "sprouts of capitalism" scholarship, shorn
of its conceptual dogma, into their own model of an "early modern"
stage of Chinese history. The economic changes of post-sixteenth-cen-
tury China were recast in the mold of a market-driven model of devel-
opment. Monetization of public finance as well as private exchange,
dissolution of servile social relations and the emergence of free labor
markets, regional specialization in agricultural and handicraft produc-
tion, rural market integration, "privatization" of commerce and the
growing autonomy of merchant and artisan guilds, the stimulus of for-
eign trade, and the sanction accorded to the pursuit of wealth in both
public and private morality all evinced a pattern of socioeconomic
change deemed comparable to early modern Europe. 2 Thus, despite
sharp contrasts in their basic assumptions about the nature of Chinese
society, both the "sprouts of capitalism" and "early modern" paradigms
are predicated on reified conceptions of modernity informed by the
historical experience of Western Europe. 3
The "early modern" paradigm of late Ming-early Qing society and
economy also has infused the study of cultural change. Few studies of
intellectuals, the arts, literature, and popular culture in this period fail
to include a prefatory invocation of the social consequences of the
growth of the market economy and their impact on elite and popular
mentality. Recent studies of the cultural history of late imperial China
commonly rest on the implicit assumption that the market economy was
a liberating force that expanded cultural horizons and opened up new
vistas of intellectual creativity and artistic freedom. 4 According to this
view, the complexity of a market society unmoored from its rigid hier-
archies of status, gender, and social order overwhelmed the apparatus
of state control, creating new opportunities to stake out domains of
individual or corporate autonomy.
Such portraits of a "restless, fragmented, and fiercely competitive"
market society, 5 in which " a modernist response to questions of indi-
 Introduction / 3

vidual human existence seemed to be brewing" 6 have grown increas-

ingly elaborate as studies of the social, intellectual, and cultural history
of late Ming-early Qing China have proliferated. But the centerpiece of
this tableau, the market itself, has virtually faded from view. This ne-
glect is unfortunate, because the question of whether the market actu-
ally functioned in the ways in which this model supposes remains very
much an unproven hypothesis. Indeed, one major recent study of the
rural economy in the late imperial era challenges the fundamental
premise that commercial development in this period engendered pros-
perity and real economic growth. 7 Unfortunately, the actual workings
of the late Ming-early Qing economy have not attracted nearly as much
scholarly scrutiny in recent years as has the study of its symbolic rep-
resentations.

FOREIGN SILVER AND THE GLOBAL

MONETARY ORDER

Current scholarship defines "early modern" China above all in terms of

an unprecedented monetization of economic life—that is to say, the
transformation of an economy based largely on production for house-
hold use, exchange through custom and barter, and in-kind payments of
rents and taxes into one characterized by production for the market and
widespread use of money as a medium of exchange and tax payments.
The crucial impetus to this transformation, it is argued, was provided by
the importation of massive quantities of foreign silver from Japan and
the Spanish dominions in the New World beginning in the mid-sixteenth
century. 8 The coincidence of the huge influx of silver with the expansion
of China's domestic economy during the sixteenth through the eigh-
teenth centuries has led to the conclusion that foreign silver fueled
China's indigenous market economy. Commenting on the impact of
foreign trade on domestic economic growth in the Qing, Susan Naquin
and Evelyn Rawski assert that "it was the steady annual inflows of New
World silver in enormous amounts that financed this commercial de-
velopment and economic growth." 9 The vast increase in the supply of
silver also has been credited with making possible the rationalization of
the fiscal system and the monetization of taxes, drawing virtually every
household into the money economy. 10 But the real economic impact of
silver on China's domestic economy remains unexplored. The presump-
tion that massive imports of silver were a boon to the economy finds little
4 / Introduction

support in economic theory, and the experience of Spain in the sixteenth

century certainly offers empirical evidence to the contrary.
The dramatic influx of foreign silver into China usually is explained
as a consequence of the asymmetry of commercial exchange between
China and Europe before the nineteenth century. Given the European
appetite for Chinese goods, in contrast to Chinese indifference to Eu-
ropean products, the balance of trade tipped decisively in China's fa-
vor. 1 1 Thus foreign traders were forced to pay for their purchases of
Chinese commodities with bullion—a particularly galling concession in
the age of mercantilism, when possession of precious metals was equated
with national wealth and power. Yet by the same token, according to
some scholars, growing integration into the global economy and de-
pendence on foreign sources of silver also rendered China's economic
prosperity vulnerable to interruptions in trade flows or reversals in the
balance of trade.
The issue of silver imports has taken on heightened significance in
recent studies postulating that China, like Europe, plunged into a seri-
ous economic and political crisis in the mid-seventeenth century stem-
ming from an abrupt diminution in the flow of bullion into its over-
heated economy. This idea was first adumbrated in the work of Pierre
Chaunu, who emphasized that China's commercial ties to the European
colonial trade networks drew the Middle Kingdom into a monolithic
world-economy, "itself dominated by the powerful pulsations of the
Atlantic zone." 12 Chaunu's pathbreaking study was marred, however,
by his treatment of China as a passive and inert participant within this
global economy. Observing that China and Europe simultaneously suf-
fered economic contractions in the second quarter of the seventeenth
century, Chaunu concluded that China's prosperity hinged on the At-
lantic economy's cycles of growth and decline.13 More recently, histo-
rians of China have assigned China a more active role at the center of
an East Asian "world-economy," but they nonetheless presume that
China was beholden to uninterrupted infusions of foreign silver to
maintain its economic prosperity. Indeed, the vicissitudes of bullion
flows are now invoked as the crucial factor in a "seventeenth-century
crisis" that culminated in the fall of the Ming dynasty. 14
Proponents of the "crisis thesis" contend that the influx of foreign
silver in late Ming China resulted from the constant deficits in balance
of payments incurred by Japan and the European states. These massive
imports—estimated by some scholars to amount to a minimum of
250,000-265,000 kgs. of silver per year in the first third of the seven-
 Introduction / 5

teenth century 15 —accelerated commercial development and the rise of

the market economy. But it has been suggested that this flood of silver
engendered negative consequences as well: "over-rapid urban growth,
unbridled business speculation, and severe price inflation." 16 Most im-
portantly, once primed with foreign silver, the Chinese economy became
enmeshed in a global economy centered on Seville and lubricated by a
constant stream of American bullion. According to these scholars, the
severe depression of the Atlantic economy in the middle decades of the
seventeenth century, compounded by disruptions of the flow of silver
from Japan and the Philippines starting in the late 1630s, was a prox-
imate, if not the principal, cause of the collapse of the Ming in the 1640s.
Economic distress ramified into popular unrest, and the financially
strapped Ming state lacked the resources needed to restore social order. 17
The "crisis thesis" thus conveys a more complex, and far darker,
picture of the impact of silver imports and China's integration into the
global economy than does the "early modern" paradigm. But the "crisis
thesis" has not gone unchallenged. Briar) Moloughney and Xia Weizhong
contend (rightly, in my view) that the decline in silver imports in the final
years of the Ming was far less severe than Atwell suggests (see chapter
4). 18 Jack Goldstone has delineated a number of logical inconsistencies
in the "crisis thesis" model, but Goldstone also rejects monetarist ex-
planations entirely; instead, he claims that the fall of the Ming resulted
from a fiscal crisis, not a monetary one (see chapter 7). 1 9 But neither
Moloughney and Xia nor Goldstone offer an alternative theoretical
model to explain why China attracted such a large portion of the world's
silver supply or how silver functioned in the Chinese economy.
A critical evaluation of the "crisis thesis" must begin with a recon-
sideration of its theoretical premises. The idea that bullion flows resulted
from trade imbalances has been challenged by K. N. Chaudhuri in his
monumental study of Indian Ocean trade. Chaudhuri instead utilized the
specie-flow theory of David Ricardo to explain the drain of European
bullion into India (and thence to China) in the seventeenth and eigh-
teenth centuries. Ricardo departed from the classical theory of interna-
tional trade, which explained bullion movements as adjustments to large
differences in absolute price levels between two trading countries, by
emphasizing the effects of changes in bullion stock on spending behavior.
A sharp increase in the stock of precious metals—in essence, an expan-
sion of the money supply—induced spending, raising the demand for
goods and thus crying up prices. The disequilibrium in relative prices
triggered a flow of specie from areas where the cost of producing precious
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