第三章 ： 中美借款與白銀協定之簽訂
第一節 ：尋求美國協助
國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
89
中美借款與白銀協定之簽訂
第一節：尋求美國協助
一次戰後，美國成為世界製造業大國，中美貿易量日增，中國對美國外 匯需求日增，中方不可避免地要考慮增加對美方的依賴，因此是否與美元掛 勾，便是值得深思的政策方向。另一方面，美國在1934年6月通過執行白銀 購買法案，造成中國的經濟問題受到影響，在前文已經闡述，中國官方要求 美國暫停購銀，或是「以銀換金」等請求，皆遭到美方婉拒。
中國中央政府希望推動貨幣改革來解決財政問題，但資本不足，必須向 各國求援，美國自然亦是對象之一。本節將就中國尋求美國協助過程作一釐 清。
中美兩國在此之前，已有貸款計畫，如棉麥貸款。1933年5月26日，宋 子文與美國總統羅斯福在華盛頓簽定了《棉麥借款合同》。其主要內容為中 國向美國財政善後公司借款5,000萬美元。其中五分之四用於購買美棉，五分 之一用於購買美麥。其中麥款部份，至少應有40%用於購買麵粉。全部借款 定年息5%，限還本年限為五年；另規定棉麥輸送的海運業務應有半數以上由 美國有關公司承辦。然而此一貸款雖然名為貸款，但是只是給予美國國內剩 餘農產品增加了一個出口國，中國方面只是以較為便宜的價格購得美國農產 品，並未對政府財政問題有實質紓困。同時，中美甫簽完約，便發生白銀危 機，雙方問題再次以白銀與財政問題兩大問題作談判。在陳光甫赴美期間，
曾經與美方就「棉麥貸款」的後續執行。然此部份非本文之重點，與幣制改 革無關聯性，故不予討論。
而針對白銀借款一事，早在1930年初，美國內部就曾有一股支持對中國 白銀借款的力量，主要發想者是猶他州議員加農(Frank J. Cannon)以及美國冶 煉及精煉公司(American Smelting & Refining Company, ASARCO)董事長布勞
‧
內爾(Francis H. Brownell)，他們共同組成國際銀委員會(International Silver Commission)，當年度曾向胡漢民提出白銀借款的合作方案，雙方議定向美國 (Willys Ruggles Peck)報告顯示由於中國得不到來自國際聯盟以及美國的援 助，中國可能將採取與日合作的新政策，接受日本的援助。甚至指出蔣介石 (FRUS), 1935, China, 530.
3 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 531.
4 United States Department of State Foreign relations of the United States dip lomatic papers (FRUS), 1935, Eastern Crisis, 18-19.
‧
Consortium Agreement，新國際銀行團)7的規定，由該協約簽署國(英、美、日、法四國)共同商討貸款問題。該協規定了中國中央或是各省之借款、權益，都 (FRUS), 1935, China, 534.
6 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 534.
7 China Consortium Agreement, The American Journal of International Law, Vol.16, No.1, Supplement: Official Documents (Jan. 1922), 4-8. 該文第四條規定： “This Agreement is made on the principle of complete equality in every respect between the parties hereto and each of the parties hereto shall take an equal share in all operations and sign all contracts and shall bear an equal share of all charges in connection with any business and the parties hereto shall conclude all contracts with equal rights and obligations as between themselves and each party shall have the same rights, privileges, prerogatives, advantages, responsibilities and obligations of every sort and kind.”
8 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 539.
‧
papers, Hoover Institute at Stanford University, Box No.388.10 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 540.
11 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 542.
12 滝田賢治，〈ルーズヴェルト政権と米中銀協定〉，收入：野沢豐編，《中国の幣制改 革と国際関係》，頁177-176。
13 羅伯特達萊克，《羅斯福與美國對外政策(1932-1945》》(北京：商務印書館，1984)，頁 136。
14 “Conversation: the Chinese Minister about Sliver and Chinese Legation’s Note of Feb. 5
‧
Reply,” collected in Stanley K. Hornbeck’s papers, Hoover Institute at Stanford University, Feb. 26 1935, Box No.388.
15 “China: Silver Chinese Legation’s Note of February 5 Necessity of Reply, ” collected in Stanley K. Hornbeck’s papers, Hoover Institute at Stanford University, Feb. 19 1935, Box No.388, “Silver”.
16 “Conversation: the Chinese Minister about Sliver and Chinese Legation’s Note of Feb. 5 Reply,” collected in Stanley K. Hornbeck’s papers, Hoover Institute at Stanford University, Feb. 26 1935, Box No.388.
17 United States Department of State Foreign relations of the United States dip lomatic papers (FRUS), 1935, China, 568.
18 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China 570, “…. inclined to see this British proposal an intention to make more concrete an international interest in China’s financial situation for the purpose of preventing independent action by Japan in China.”
19 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 572-573.
20 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 578.
‧
機。美國東方銀行(American Oriental Bank)、美國東方金融公司(American Oriental Finance Corporation)以及亞洲地產公司(Asia Realty Company)結束營 業 。245 月 26 日 ， 在 上 海 的 美 商 銀 行 代 表 香 港 上 海 銀 行 總 理 Henchman 、 Mackay(National City Bank上海分行總經理)以及Schumacher(上海大通銀行21 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 576. 根據Hull所言，1935年4月美國國會通過《The Borah Resolution》， 禁止美國行政部門對外貸款。
22 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 572-573, “China’s monetary difficulties appear to be due firstly lack of confidence that Chinese dollar can remain convertible to the sliver in face of the present high price of sliver….and secondly to China’s adverse balance of payments....A foreign loan would not permanently remove these difficulties.”
23 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 542.
24 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 587.
‧
(FRUS), 1935, China, 589.26 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 590.
27 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 592, “It may have some relation either to the Sino-Japanese situation or to the hopelessness of China’s financial situation.”
28 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 592-593.
29 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 596-597.
30 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 599-601.
31 United States Department of State Foreign relations of the United States dip lomatic papers (FRUS), 1935, China, 614-616.
‧
論出一個結果。根據Neville(the charge of Japan)9月17日回報，雙方並未明確 討論財政援助計畫，待李茲羅斯氏前往中國再行確認，32而李茲羅斯翌日將 (FRUS), 1935, China, 618-619.33 United States Department of State Foreign relations of the United States dip lomatic papers (FRUS), 1935, China, 619-620, 624.
34 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 623.
35 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China 625.
36 〈Outward Cablegram to Ambassador Alfred Sze, 1935, Oct. 28, No.4.〉，藏於史丹佛大學胡 佛檔案館，《楊格檔案》，Box.42，Accession Code: 66005-9.23。
37 〈Outward Cablegram to Ambassador Alfred Sze, 1935, Oct. 28, No.4.〉，藏於史丹佛大學胡 佛檔案館，《楊格檔案》，Box.42，Accession Code: 66005-9.23。 “Events in the last eight mouths have shown convincingly that our original conception of currency control remains the only sound course and the our Government has finally resolved to adopt it shortly.”
38 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 627.
39 〈Outward Cablegram to Ambassador Alfred Sze, 1935, Oct. 28, No.4.〉，藏於史丹佛大學胡 佛檔案館，《楊格檔案》，Box.42，Accession Code: 66005-9.23。
‧
案》，Box.42，Accession Code: 66005-9.23。41 〈施肇基回電，1935年10月29日〉，藏於史丹佛大學胡佛檔案館，《楊格檔案》，Box.42，
Accession Code: 66005-9.23。
42 〈施肇基回電，1935年10月29日〉，藏於史丹佛大學胡佛檔案館，《楊格檔案》，Box.42，
Accession Code: 66005-9.23。
43 〈施肇基回電，1935年10月30日〉，藏於史丹佛大學胡佛檔案館，《楊格檔案》，Box.42，
Accession Code: 66005-9.23。
44 〈楊格電駐美館，1935年11月1日〉，藏於史丹佛大學胡佛檔案館，《楊格檔案》，Box.42，
Accession Code: 66005-9.23。
45 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 629.
46 〈施肇基來電，1935年11月3日〉，藏於史丹佛大學胡佛檔案館，《楊格檔案》，Box.42，
Accession Code: 66005-9.23。
47 〈施肇基來電，1935年11月3日，No.6〉，藏於史丹佛大學胡佛檔案館，《楊格檔案》，
Box.42，Accession Code: 66005-9.23。
48 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 630.
49 United States Department of State Foreign relations of the United States diplomatic papers
‧
(FRUS), 1935, China, 631.
50 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 636.
51 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 632-633, 637-638.
52 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 641-642.
53 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 639-640.
54 United States Department of State Foreign relations of the United States diplomatic papers (FRUS), 1935, China, 640-641.
55 Arthur N. Young, China’s nation-building effort, 1927-1937: the financial and economic record, 241.
56 Arthur N. Young, China’s nation-building effort, 1927-1937: the financial and economic record, 242.
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
中國執行幣制改革。並且邀請中國派遣代表來相談白銀問題。
美國對華態度出現大幅轉折，從觀望到積極、從大國一致到單獨面對。
其過程反應在國務院與財政部兩部門之間，主導權的移轉。對於援助中國一 事，國務院起初採取「與各國一致」立場，但後來英國方案看來因為日本所 反對，中美之間又有白銀問題，使得美國必須單獨與中國會談。而就貨幣連 結的目標，美國財政部一直尋求美元與中國元的可能，而當英國已經派遣李 茲羅斯，赴中國考察時，美國所關注的是否會造成英鎊與中國元的連結，而 使得美國利益受損。但，英國方案的失敗自然使得英鎊連結問題，暫告一段 落。因此，就遠東局勢論，美國所需要在乎的是日本態度，日本當局雖然一 度認為中國新幣制必然失敗，但仍有提出貸款的可能性評估，甚至中國實業 團赴日後，緩和了雙方敵對的氣氛。因此中國若無法取得美國的貸款，則日 本可能趁虛而入，總總情勢使美國必須積極面對。因此，陳光甫就以財政部 的顧問身份，於1936年3月低調前往美國。