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Wang Maoyin

source:Anhui, China 2018 release date:2018/05/31 hits:120

Wang Maoyin (1798-1865) with a courtesy name Chunnian, a native of Shexian County of Anhui, was an economist in the Qing Dynasty. He was a successful candidate in the imperial examinations, and held the post of assistant minister in the Board of Revenue and Population, Department of Industries and Department of Defense, and took up the post of imperial censor twice. He was an upright man who was brave to express his expostulations to the emperor. In 1851, he proposed to issue a limited sum of paper currency, which should be issued by the finance office of the government representing its promise to pay a specific sum to the bearer on demand and acceptable as money, equal to a proper proportion with gold and silver, but it failed to be accepted by the Qing government. The next year, he again warned against over-issuing paper currency and proposed the idea that paper currency be linked to the gold and silver it represented, but this resulted in a serious scolding from the government. This story was recorded in the book named The Compilation of China in Russian Beijing Legation. When Karl Marx wrote the work Das Kapital, he mentioned Wang Maoyin’s currency innovation and affirmed highly of his idea. Wang Maoyin left him the book Assistant Minister Wang's Memorial to the Imperial Court.

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