The National Debt Repayment Movement (The National Debt Redemption Movement) was a movement to restore national power between 1907 and 1908 to repay government bonds with public fundraising.
It was started by Seo Sang-dong of Daegu on 30 January 1907. At that time the national debt was 13 million
won. At the movement's height in 1908, it had amassed 190,000 won.
The movement attracted national appeal, and many gave up their
tobacco
Tobacco is the common name of several plants in the genus '' Nicotiana'' of the family Solanaceae, and the general term for any product prepared from the cured leaves of these plants. More than 70 species of tobacco are known, but the ...
in order to help repay the national debt. Women, including the
kisaeng
Kisaeng (Hangul: 기생, Hanja: 妓生, RR: ''Gisaeng''), also called ginyeo (Hangul: 기녀, Hanja: 妓女), were women from outcast or slave families who were trained to be courtesans, providing artistic entertainment and conversation to men ...
Aengmu
Aengmu was the working name of a famed kisaeng of Daegu in the early 20th century. The name literally means "parrot." She was a leading donor to the National Debt Repayment Movement. Donating 100 won to the cause in 1907, she explained that i ...
, took a leading role in raising funds. The Japanese Government expected for the movement to subside. However, the movement later attracted the interest of the Japanese forces, who regarded it as a dangerous expression of
Korean nationalism
Korean nationalism can be viewed in two different contexts. One encompasses various movements throughout history to maintain a Korean cultural identity, history, and ethnicity (or "race"). This ethnic nationalism was mainly forged in oppositio ...
and sought to stifle and discredit it.
A large park in central
Daegu
Daegu (, , literally 'large hill', 대구광역시), formerly spelled Taegu and officially known as the Daegu Metropolitan City, is a city in South Korea.
It is the third-largest urban agglomeration in South Korea after Seoul and Busan; it is ...
is dedicated to the memory of the movement.
Background
Japan, which had deprived the Korean Empire of diplomatic power, provided an anti-compulsory loan to the Korean Empire, but the Korean Empire was unable to repay the loan. In fact, the loans provided by Japan to the Korean Empire were used to strengthen Japan's dominance in Korea and reached 13 million won in 1907 (the first year of the Korean Empire). Japan tried to subjugate the Korean economy to Japan by providing a loan to the Korean Empire. As part of this, in 1905 (Kwangmu 9), Japanese financial advisor Megata was sent to Chosun to conduct a money reorganization project, and the banks of the Korean Empire were subordinated to the Bank of Japan, and gradually began to take over the economy of the Korean Empire. The loan offering began with this intention, and in the end, Korea, which owed a debt of 13 million won, was unable to pay it off. Accordingly, around 1907, the government debt compensation movement took place in Daegu and other places in Gyeongsang-do.
Significance
From the beginning, the government bond compensation movement spontaneously took place in various places in pure patriotic loyalty, not under a unified nationwide command system. Because of this, they were not able to effectively respond to the Japanese imperialism and oppression maneuvers, and eventually became frustrated. Although the movement ended in frustration, its historical significance was great as one of the struggles for the restoration of national power.
Museum and Foundation
In 2011 a museum dedicated to the National Debt Redemption Movement open in the memorial park in Daegu. The museum contains historical documents related to the movement and provides exhibits on its significance and impact.
See also
*
History of Korea
The Lower Paleolithic era in the Korean Peninsula and Manchuria began roughly half a million years ago.
Christopher J. Norton, "The Current State of Korean Paleoanthropology", (2000), ''Journal of Human Evolution'', 38: 803–825.
The earlies ...
*
Korean independence movements
The Korean independence movement was a military and diplomatic campaign to achieve the independence of Korea from Japan. After the Japanese annexation of Korea in 1910, Korea's domestic resistance peaked in the March 1st Movement of 1919, which ...
*
Gold-collecting campaign
In South Korea, the gold-collecting campaign was a national sacrificial movement in early 1998 to repay its debt to the International Monetary Fund. At the time, South Korea had about $304 billion in foreign-exchange debt. The campaign, involving ...
References
* ''"Resident General's Office Report on Political Conditions, and a miscellenea"'', June 22, 1907 (JACAR Ref.B03041513600) and July 31, 1907 (Ref.B03041513800).
External links
National Debt Redemption Movement(Museum, Archive, Foundation/Association)
Economic history of Korea
Daegu
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