At this juncture, Zhang Zuolin was appointed as the overseer of Fengtian and the governor, and at the beginning of his tenure, he was faced with such a mess, which really made people sweat for him.

Zhang Zuolin is facing a severe financial crisis: there are many types of banknotes on the market, with different names. At that time, the banknotes circulating in the entire Northeast financial market included small foreign bills in Fengtian, official silver bills of the three eastern provinces, Bank of China, and Bank of Communications, official stickers in Jilin and Heilongjiang, small foreign money in Jilin, Harbin in Harbin, gold bills, silver bills, military bills, and so on.

In addition, further financial aggression by foreign banks has added to the financial chaos in Mukden and the financial crisis has made matters worse. Moreover, in addition to the negative foreign debt of 12 million yuan, Fengtian's financial department still has a loss of 2 to 3 million yuan every year. This is also one of the reasons why Lao Zhang reacted relatively low-key to Feng Delin's call for Zhang Hanqing to reduce the number of soldiers, he was really in difficulty.

The financial plate can't hold it, and Zhang Zuolin's position will not be stable.

But Zhang Zuolin did not flinch, originally before the land reform of the new people, Zhang Zuolin took the rectification of Fengtian's chaotic finance as an urgent task, appointed Wang Shuhan as the director of finance, and Liu Shangqing continued to stay in the general office of the three eastern provinces. To this end, he instructed the printing and distribution of paper money on the one hand, and confiscated private posts on the other, and used various methods, but with little success.

With the help of Wang Yongjiang, Liu Shangqing and others, Zhang Zuolin began to sort out Fengtian's finances. On August 4, he issued a decree declaring that the Mukden currency should be based on the ocean. On August 18, after difficult negotiations, the Mukden Chamber of Commerce and the Japan Business Conference reached an agreement, agreeing that "the small foreign bills issued by the Fengtian Liuxing shall be exchanged for large silver dollars, Japanese gold bills, positive gold banknotes and rubles, but one type of ruble shall not be forcibly paid without the consent of the exchanger." At the same time, it was also agreed that the daily cash limit would be 80,000 yuan, and these measures have alleviated the vicious spread of the run to a certain extent.

However, the blow of Zhang's father and son to the Babu Zabu rebels, and the direct toughness of the Japanese against the Japanese, still made the Japanese feel guilty, not to mention that the Japanese supported Lao Zhang in order to make money. There is a group of Japanese ronins who are not doing their jobs properly, and they specially take Feng Xiaoyang to the bank to exchange cash Xiaoyang, so that the bank is unable to cope. Wei Xijiu said: "At that time, it was necessary to transfer the money to Tianjin and Shanghai through Donghui (Japanese gold), and then transport it back to Xiaoyang from Tianjin and Shanghai to Shen as a reserve for exchange, but because of such twists and turns, it was not urgent, and the local people had to recover the current Xiaoyang exchanged by the Japanese at a high price."

And such a "high price recovery" has fueled the enthusiasm of the Japanese ronin. At the end of September, more than 50 Japanese people went to banks such as the official bank in droves to forcibly exchange money, and the amount was so large that it was difficult to bear it. Later, after the Fengtian Chamber of Commerce came forward to mediate and promised to exchange 500,000 yuan within 5 days, the Japanese were willing to give up. For the Mukden authorities, this is nothing more than "spending money to avoid disaster", but the result is fatal. The run on the currency made the value of the currency unstable, and the difference between the silver dollar bill and the cash silver became more and more obvious, and by the beginning of October, the 1,028 yuan silver dollar bill could only be exchanged for 1,000 silver dollars. In view of this, the Ministry of Finance has strengthened the supervision of the official silver accounts of the three eastern provinces and required daily reports on the exchange market.

At this critical moment, Zhang Zuolin learned of a major loss, and his privately owned money number Qing Shexiang went bankrupt. In order to give an explanation to the people of Fengtian, or possibly to himself, Zhang Zuolin decided to investigate to the end.

He first found Yang Yuquan (Ming Zhanshan), president of the Industrial Bank and manager of Qingshexiang Qian, and asked Yang Yuquan to explain clearly, why does a good money village say that yellow is yellow? But Yang Yuquan hesitated and refused to reveal the truth. Zhang Zuolin was even more angry, and ordered Yang Yuquan to be imprisoned, and sent someone familiar with the account books to check the accounts, which is now an audit. As a result of the audit, it was found that Liu Mingqi, vice president of the Industrial Bank, and Yan Tingrui, an inspector of the Industrial Bank, had embezzled the treasury funds of the Qingshexiang money account and participated in the run. According to records, although Qing Shexiang was yellow, Liu Mingqi did not suffer a loss, but earned more than 100,000 yuan. Continuing to investigate, it was found that Yan Tingrui's circumstances were also very bad, although he was an inspector of the Industrial Bank, he invested 5,000 yuan in Ruichang Hengqian Village.

Zhang Zuolin deeply felt that the financial turmoil was causing endless harm, so he sent diplomatic adviser Yu Chonghan to meet with the Japanese consul general in Mukden, Ken Ochiai (acting). Yu Chonghan said: "Some of your countrymen in Mukden have disgraced your powerful Japanese empire too much, and they do not do their jobs, but go to the official bank and the Industrial Bank to exchange small oceans, and then turn them into silver nuggets and sell them, so as to obtain a little meager profit. His Excellency Zhang Zuolin wanted to directly propose to your consul general to make representations to ban such lawless Japanese, for fear of damaging the dignity of your country, so he sent me to consult with you and come up with a method that would not only not damage the dignity of your country, but also take into account the interests of your country's businessmen and people, and would not harm China's financial rectification. ”

At the same time, Zhang Zuolin ordered Yang Yuquan, president of the Fengtian General Chamber of Commerce, to negotiate with the Japanese Chamber of Commerce, and finally reached the following terms: China, Communications, Guanyin, Industrial Bank, Colonization Bank, Heilongjiang Guanyin, and other six banks, within a week, a total of 240,000 yuan in cash will be handed over to the bank group (later changed to the Bank Association) for exchange; The redemption period is from 1 p.m. to 3 p.m. daily; The redemption period is from now until two months.

It was also agreed that before the exchange, the cash should be verified by the Japan Chamber of Commerce, and then the Japanese Consul General would issue a permit before it could be exchanged at the bank. However, this stipulation did not play its due role, because at the request of the Japanese, another article was added: "If the amount is less than 100 yuan, it will still be exchanged at various bank numbers", which left an opportunity for the Japanese to take advantage of, and they took 99 yuan to the banks to exchange, and hundreds of people went out as soon as they dispatched, and sometimes cashed out more than 20 yuan a day. Therefore, it negotiated with the Japan Business Council and stipulated that the daily exchange should not exceed 60,000 yuan.

What is even more hateful is that some financial institutions have taken the opportunity to make a fortune in the country; Of course, the most hateful thing is to collude with foreign countries and attack their own people. Some Chinese profiteers colluded with the Japanese to set off a run on Mukden and Yingkou, and on October 3, they actually exchanged 2 million silver dollars! The run on the run, like a "super virus", spread rapidly among the population and spread to all parts of Northeast China. According to the records of "Yinzhou Cultural and Historical Materials", the silver dollars exchanged every day at that time were more than 70 yuan, which made Feng Xiaoyang lose his trust in the people and the Fengtian authorities were miserable.

Such a big action would never have been possible without internal moles, especially those in the banking industry. Although he is a layman in the financial industry, Zhang Zuolin still ordered the "FJC" to investigate and study the financial market, and this was also the first time that the "FJC" was involved in the economic field.

At the same time, Zhang Hanqing was also ordered to be in danger and was urgently transferred to Fengtian by Zhang Zuolin, because this also had his "credit".

The reason is that as soon as the news of Xinmin's land reform came out, the large and medium-sized landlords who had accumulated land in the province panicked. Instead of waiting for ten years to obtain the so-called "amortization of land gold" in the clouds, it is better to sell the land on the spot, so that you can still make some money. In terms of quantity, all parts of Fengtian Province have sold land, and the fertile land that could not be grabbed in the past is now sold at a price of ninety, eighty or even seventy percent, but some farmers with a little conditions have benefited---- anyway, the news from Xinmin's side, as long as it does not exceed 5 acres, and only one percent of the tax is levied on its own land, it is still cost-effective.

But when the land was sold, the landlords who got the cash didn't know what to do. Since Fengtian used small foreign tickets, the landlords felt that it was much safer to go to the ocean, so a larger run began. This has added another extremely unfavorable factor.

The financial order in Mukden has been thrown into chaos. By October, the run on Fengtian's small foreign bills was becoming more and more serious. In order to stabilize financial prices and consolidate his dominant position, Zhang Zuolin has repeatedly studied countermeasures with his right-hand men Wang Yongjiang, Wang Shuhan, and Liu Shangqing, but there has never been a way.

Zhang Hanqing, who came to an end in Xinmin, is back. He was in a dusty manner, but he gave a high-spirited introduction to the various difficulties and solutions encountered in the land reform of the new people, and he believed that the previous stage of tackling tough problems had ended, and now he was waiting for the harvest of next year's summer grain. After practice, his theory of land reform has basically taken shape, and he is waiting for the results of Xinmin to come out, that is, it will be carried out at the level of Fengtian Province. He is now preparing for the "Mukden Provincial Land Reform Committee" and the main candidates for the committee. The land reform gradually got on the right track under the pressure of both civil and military management, and Zhang Hanqing was also able to get rid of daily affairs and be put in charge of Guo Songling and others.

At this time, his eyes had turned to how to properly guide the chaos of Fengtian's financial order caused by the huge changes in land in this shareholder situation. Troubled by many masters in Fengtian's political and financial circles, he was as calm as water. Isn't it a financial crisis? It's still a very low-level one.

During his secondary school and university years, Zhang Hanqing learned a lot about the economic crisis and financial crisis, and also experienced the financial crisis of 1998 and 2008. Although he is not a professional in the financial industry, he still understands the basic truth. The establishment of money is inherently a kind of confidence.

A run is actually a distrust of the currency you hold. As long as the currency is strong, people's hearts will naturally be quiet. The top priority at the moment is to find a way to keep the Mukden small foreign bills strong, and at the same time to dispel the thoughts of people with ulterior motives, or at least not to add fuel to the fire, that is, to eliminate the spread in the price of the currency itself.

Money is just a symbol, and its value lies in the gold and silver and other physical objects hidden behind it. If Feng Xiaoyang can't freely cash in cash, just like the renminbi in later generations, he can't freely cash into gold, who will be so idle that he will go to the bank to withdraw cash? A run is theoretically equivalent to using a passbook to withdraw, and if it can't be withdrawn, it will cause a trend, which is purely a kind of confidence.

Of course, the premise is that the political situation is stable and the economy is operating normally. At this time, this action is completely unnecessary.

So the solution to this crisis is actually very simple: try to make Feng Xiaoyang unable to fulfill; After Feng Xiaoyang withdrew from circulation, it was necessary to replace its role with a new creditable currency, which clearly stated that it could not be cashed; Efforts are made to guarantee confidence in this new currency.

These three points are enough.