Matsukata established the Bank of Japan, and at the same time, he progressively moved forward with the incineration of paper money, setting a policy of converting the paper money into the convertible paper money when the paper money supply reached the level equal to the specie holdings.
松方は中央銀行を設置する一方で漸進的に紙幣消却を進め、紙幣流通量と正貨保有量が同じ水準となった時点で兌換紙幣に切り替えていく方針を定めた。