After all, it is still the thinking of the Middle Ages, after all, it is still the idea of being raised by Confucianism, and the Manchu court, including Zaichun, of course knows the benefits of money, and also knows that it is absolutely impossible for the court to have no money.

But their minds are still stuck in old objects and gold and silver, silk is wealth, porcelain is wealth, tea, jewelry, spices and of course are wealth.

Fields, pastures, forests, lakes, rivers...... Even the cattle, sheep, and population are all considered the wealth of the imperial court, but no one who is in debt to the Qing Dynasty will think that this is also wealth.

This kind of thinking is not unique to the Qing Dynasty, and the fiscal thinking of the whole of Asia is still basically stuck at the most primitive level of running accounts, and the so-called household department of the Qing Dynasty is just a calculation of addition and subtraction.

In a year, the commercial tax, agricultural tax, and customs tariff of each province are added together to calculate a total number, and then it depends on how much each province owes, and finally what is the actual amount of deportation into Beijing.

After calculating the income, it is necessary to calculate the expenditure, and the salaries of the officials, the salaries of the army, and the silver of the river workers cannot be different, and the indemnities to the great powers must be calculated clearly...... One item after another, and finally a total is a deficit.

It's a pity that I can't say the word surplus, because the Qing Dynasty hasn't seen a surplus for decades, and according to the records of the household department, it seems that there were several revenue balances in the early years of Daoguang, and as for the future, it will be Wang Xiaoer's New Year's Eve year.

In fact, the debt problem has begun to plague the imperial court since the Daoguang period, and the five generations of emperors of Daoguang, Xianfeng, Tongzhi, Guangxu, and Xuantong have never heard of another year not being troubled by debt.

The imperial court is poor, it needs money to fight, it takes money to raise the ancestors of the Eight Banners, and it needs money to pay reparations for foreigners...... But another perplexing phenomenon is that throughout the late Qing Dynasty, China's silver was actually a net inflow.

You heard it right, don't look at the indemnity to pay hundreds of millions of taels of silver, but in fact, there is not much physical silver flowing out of the country. The core reason is that silver is not a currency at all in Europe, and only Asians recognize silver as money.

Silver is a relatively valuable ore in Europe, especially in the nineteenth century, silver mines in North America and Mexico have entered a bumper stage, the global silver supply balance has been broken, and oversupply is a long-term phenomenon.

At this time, the Europeans had already seen business opportunities in the ratio of gold and silver exchange in different countries, and used the silver produced in North American mines to be pulled to China to exchange for gold and various precious goods, and then shipped back to Europe, so as to not only earn normal commercial profits, but also earn the difference in gold and silver exchange.

To give a simple example, this year the household department should compensate Britain for the treaty indemnity of 1 million taels of silver, so the British government will definitely not stupidly use a boat to pull this million taels of silver back to China.

In the Qing Dynasty, they would spend the million taels of silver, some of which could be exchanged for gold, and more of which could be used to buy silk, tea, porcelain, and even bristles and leather...... and so on Oriental products.

The silver remained in the Qing Dynasty, but the goods were brought back to London, and after the goods were sold in London, the government and contractors were given pounds on the gold standard!

This was the main pattern of trade between the East and the West in the 19th century, and because of this, there was more and more silver on the market throughout the late Qing Dynasty, and when you measure prices on the silver standard, you will find that things in the market are getting more and more expensive.

During the Kangxi period, a small courtyard house in Sijiu City was enough for one or two hundred taels of silver, but in the Qianlong period, the same courtyard house cost eight hundred to one thousand taels of silver, and in the Qing Dynasty, which was obviously devastated by the war during the Tongzhi period, the price was higher, and that kind of courtyard house would never be able to get down without three or four thousand taels of silver.

There is also circumstantial evidence that the total cost of the mansion of the red-topped businessman Hu Xueyan in Yuanbao Lane in Hangzhou was more than 500,000 taels of silver, and the allocation of the imperial court to renovate the three major halls in the early years of Kangxi was only more than one million taels.

Could it be that Hu Xueyan's mansion is more expensive than the three major palaces of the imperial city? Obviously, this is not the case, how much is the net inflow of silver into China in more than 200 years of trade? What is the slight inflation caused by this silver? The purchasing power of 500,000 taels in the Tongzhi period was completely different from that in the Kangxi period.

Xiao Letian clearly saw the core of the problem, on the one hand, the imperial court has no money, and the serious deficit makes it impossible for the center to play a normal role at all.

On the other hand, there is a large amount of silver accumulation among the people, not that China has no money, but that the imperial court cannot mobilize it, which is an endless cycle.

The imperial court needs money, but if there is no money, it can only buy officials and lords, including tax increases, but this kind of behavior is transmitted to the people, which will naturally cause corrupt officials and corrupt officials to run rampant, and the people will be miserable.

The destitute people were the source of social unrest, and thieves, robbers and even rebels began to wreak havoc on the region, making the already bad local economy even worse, and the local governors had to spend money to buy weapons and train the army to suppress them.

Fortunately, the money and grain that should have been sent to Beijing were spent locally, and as a result, the money and grain sent to Beijing became less and less.

You see, the pressure has returned to the capital division, so the imperial court has no money, so they have to think of a way, what good way can they have, it can't be just to raise taxes and buy officials, it really can't go to a foreigner bank to borrow a little, but in the end they still have to repay the interest.

As a result, the imperial court passed on the pressure to the people, which made the people more miserable and had to resist, and as a result, the local government had to suppress it, and this endless cycle turned down again and again, and finally dragged the national fortunes of the Qing Dynasty to the abyss.

Xiao Letian knows that in fact, this dead cycle is not impossible to break, this is the same as triangular debt, as long as a new amount of money is injected into it, this downward spiral can be cut off at once.

The best way to solve this dilemma is to use debt to bundle taxes and then issue credit currency, and now the household bonds issued by Lotte Bank in Jiangnan are actually guaranteed by the double credit of Daqing and Lotte Bank, and the risk resistance is not comparable to that of ordinary paper money.

Before, he accepted six million taels of bonds, but in fact, Xiao Lotian issued a total of 10 million taels of bonds from Jiangnan, and no one knew about the extra four million taels, anyway, the household department did not dare to check the accounts, as long as Xiao Lotian could ensure that the reserves were sufficient.

Now that the household department has seen the sweetness, and wants to give himself 10 million taels of debt for him to underwrite, Xiao Letian is a little hesitant, not that he can't do it, but whether it is worth doing these things.

Xiao Lotian was thinking, is it right for me to help the Manchus through this crisis, not to mention what benefits it will be for me, what benefits will it be for this nation and country?

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