The "pro-Japanese" Duan Qirui borrowed from Japan in batches, the largest of which was 8 times accumulated to 145 million yen, according to the fixed ratio of yen to us dollars under the gold standard at that time, 1 US dollar = 2.005 yen, about 72.32 million US dollars, when 1 yen equaled 0.75 grams of gold, 108750 kg, that is, 108.75 tons of gold. Nishihara borrowed a different amount, at least 200 million, and some views boiled down to 400-500 million yen.
Although Japan's trade after World War I was obviously superior, it saved a lot of foreign exchange, but after all, it has been weak for a long time, and the domestic GDP has just caught up with China, far from being comparable to the Rich United States. Later, in the "Nishihara loan", except for a sum of 5 million yuan of the Bank of Communications to return the principal and interest, most of the others were adrift, and the specific officials and cabinet personnel in charge of this matter in Japan all stepped down, and their reputation was greatly affected, and there were banks in Japan that almost went bankrupt, and the responsible personnel committed suicide to apologize.
Because the later National Government did not recognize the legal rationality and refused to return it, in fact, there was no need for the National Government to refuse, even if the Beiyang Government that borrowed the loan was still on the stage, it could not be returned at all, or that Duan Qirui did not think of how to return it from the beginning, and you can also regard it as a "bad account".
Opening the door seven things, chai rice oil salt sauce vinegar tea, less that can not work, Premier Duan is also facing this problem, the same problem Yuan Shikai also encountered before, he chose the British and American led by the aftermath of the big loan, Zhang Zuolin also encountered, he also chose the Japanese, the later National Government also encountered, they chose from Russia to the United States, from this point of view, whether pro-British or pro-Russian pro-Japan, no one can do anything.
Their loans or loans have a very "positive" meaning, first of all, wipe their butts - clear the arrears, the foreign debt mess left by the Great Qing, if you don't borrow, you can't repay, if you don't have credit, you can't be recognized internationally, if you don't recognize it, you endanger the rule, and there are preferential care regulations in the ass of the Great Qing, and four million a year is not falling from the sky. Second, government personnel, including officials, police officers, and instructors, must be paid, and whoever does not have a salary will do things for you. Domestic taxes are intercepted by the localities, the central government is also unable to borrow money everywhere, and finally, there is a military expenditure that must be sustained, which is the most important part of maintaining the rule, and no one wants to drop the chain.
The period of Japanese history, as opposed to the Beiyang government of China (1912-1928), is the Taisho period (1912-1926), which is a short 15 years between the long Meiji era and the Showa era, but it is a rare good light in Japan's modern history. At this stage, the reforms of the Meiji era and the victory in World War I brought fruitful fruits to Japan's economy, and Japan also had a rare time to abandon the road of external expansion, no longer so obsessed with the expansion of armaments, but instead used the economy in domestic infrastructure construction and political reform, creating a fairly democratic and relaxed environment, known as Taisho democracy.
In China, after the signing of the Twenty-one Articles, the hatred of the whole people against Japan soared, and even Duan Qirui and Cao Rulin, who were known for their pro-Japanese feelings, did not have a good face for the Japanese, and the Japanese were deeply uncomfortable, in addition, the Japanese also wanted to continue to maintain and expand their economic discourse power in China.
Compared with the large mortgages and large loans in the late Qing Dynasty and Yuan Shikai periods, Xiyuan borrowing is simply a clear stream:
1. There is no substantial mortgage guarantee, and some of the roads and mines used for mortgage are obviously on the ground of Zhang Zuolin in the northeast, and they are not in Duan Qirui's sphere of influence.
2. No handling fee. In fact, handling fees are the norm for loans.
3. No rebates and commissions. In fact, this should be a traditional custom.
As soon as Nishihara's loan was signed, the Kuomintang immediately jumped to point fingers at Duan's traitor, and of course, later when they came to power, they also signed a more "traitorous" loan agreement. On the Japanese side, many people also pointed out that Nishihara Kamezo (the loan contract was named after him, the special representative of the then Japanese cabinet of Terauchi Masaki and a Japanese adviser to Duan Qirui) was a traitor.
The Kuomintang's accusations are biased, especially that this money was used by Duan Shi to "fight a civil war", which is indeed an injustice to Duan Shi, and in fact 65.22% of Nishihara's loans were used for direct government financial expenditures, and military expenditure accounted for only a quarter, or in the name of "borrowing".
After the success of the Northern Expedition, the Nationalist government resolutely did not recognize Nishihara's loan, and did not repay it to death, and the collateral on the loan slip was all empty paper.