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Activities of Lee Yong-ik during the Korean Empire — Focusing on the construction of railways and the introduction of loan —
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대한제국기 내장원경 이용익의 활동 — 철도건설과 차관도입을 중심으로 —

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Type
Academic journal
Author
Lee Hang Jun (서울여자대학교)
Journal
수선사학회 사림 사림 제75호 KCI Accredited Journals
Published
2021.1
Pages
147 - 168 (22page)

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Activities of Lee Yong-ik during the Korean Empire — Focusing on the construction of railways and the introduction of loan —
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The Korean Empire tried to introduce loans from Japan, the United States, the United Kingdom, France, and Russia for currency reform and railroad construction, but failed to realize it. At that time, important issues in the loan negotiations between the Korean Empire and the powers were the interest rate of the loan, the provision of collateral such as mines and ginseng, and the political influence of foreign powers. During the Korean Empire, King Gojong pointed to Lee Yong-ik as a key figure in the financial field of the Korean Empire. During the Korean Empire, Lee Yong-ik directed the financial affairs of the Ministry of Finance and mines nationwide, and also led loan negotiations with the powers. Lee Yong-ik attempted to negotiate a loan with Japan, taking into account the relatively favorable interest rates, collateral and political influence with the European and American powers. At that time, the Japanese representative to Korea actively provided loans to strengthen its political influence in the Korean Empire. However, the Japanese government was in a passive position to provide loans to the Korean Empire due to financial difficulties and diplomatic friction with Russia. In reality, it is difficult to provide loans, and Japan supported the provision of loans from Britain, which maintains friendly diplomatic relations with its own country. As loan negotiations with Japan were sluggish, Lee Yong-ik attempted to introduce loans from the United Kingdom and the United States. However, the UK and the US demanded harsh interest rates and collateral for utter economic interests. In this situation, Lee Yong-ik also promoted the introduction of Russian and French loans to promote urgent currency reform. In the conclusion, Lee Yong-ik proceeded with loan negotiations with the great powers to carry out currency reform and railroad construction in the Korean Empire, but failed due to Japan's persistent interference. Nevertheless, Lee Yong-ik tried to achieve favorable conditions for the Korean Empire in the process of negotiating loans with Japan, the United States, Russia, and France. This fact shows that in a situation of external pressure from the powers, Lee Yong-ik chose a thorough realist path to realize the interests of Gojong and the Korean Empire.
#대한제국 #철도건설 #차관도입 #이용익 #고종

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