本文試圖說明解救一九三○年代中國的經濟恐慌必須訴諸法幣政策，是當今學者的定論，也是三○年代恐慌發展末期言論界共有的認識．所以法幣政策的形成是有輿論基礎的。本文將當時言論界分成三派，最初各派主張雖有分歧，但其救濟經濟恐慌的言論隨經濟恐慌發展而產生變化，最後則均一致呼籲採行法幣政策。貨幣論者從通貨收縮解釋危機．先主張實施白銀出口徵稅，後乃主張實施管理通貨; 貿易論者從貿易收支逆差解釋危機，因而提倡保護關稅，以期減少貿易入超，後來則主張採取貿易統制論。馬克斯主義論者從生產力與生產關係的矛盾解釋危機，主張社會革命，剷除帝國主義及其封建代理人，後來則主張實行貨幣管理，建立穩定而獨立的貨幣價值。他們的看法之所以改變，主要在於恐慌發展的最後階段，他們都看到了貨幣在恐慌深化上所扮演的推波助瀾的角色。因為他們從白銀的外流認識到，中國是個國際收支逆差漸趨擴大的國家，對外匯率的管理，影響白銀的流出與流入，進而決定國內通貨的數量，並操縱了中國國際收支的順逆，影響國計民生至深且鉅。當他們全都體認到，沒有一個國家可以長時期置身於國際貨幣架構之外．因為信用流通所賴以為基礎的貨幣制度，已經變成維繫國家經濟與國際經濟關係和諧的生命線，它提供了全國性經濟和國際性經濟可以持續運作的基礎時，便達到以管理貨幣對外價值為救濟經濟恐慌主要手段的共識了。所以，以管理通貨為主要特徵的法幣政策，其形成與救濟經濟恐慌言論的發展是互為呼應的。

　　　　　This paper seeks to trace the appearance of a consensus among Chinese economists of different schools on the need for a currency reform in the 1930s. Initially the Chinese economists divided themselves into three major schools: the monetarists, the "trade-balancers" and the Marxists. In the context of the worldwide depression, the monetarists saw a solution to the tightening money market, therefore first pleading for the imposition of export taxes on silver and later advocating a managed currency. The trade-balancers sought every possible means to balance the trade and urged for tariff protection. Viewing China's economic crisis as the product of imperialists and their Chinese feudal agents, the Marxists initially advocated a social revolution, but unable to find any hope for such prospects in the near future, they began to favor currency reform. Despite their initial disagreements, they eventually reached the same conclusion on China's need for a managed currency in dealing with the economic crisis.