The minister knows that His Majesty is worried, but the appearance of Yanhuang Qianzhuang and Tang Yuan is definitely more beneficial than bad for Datang, and please consider it carefully! ”

In the Ganlu Palace, Li Zexuan bowed and said.

Qian Zhuang and Tang Yuan, which have been on the market for more than half a month, finally ushered in the super "big test" that they must go through!

If you pass the exam, you will be born; If you can't pass the test, you'll die!

Li Er asked lightly, "Oh? Then tell me, what benefits can this money village and Tang Yuan bring to Datang~? ”

Li Zexuan organized a language in his heart and said slowly:

"Your Majesty, first of all, Tang Yuan is lighter than copper coins, which is more conducive to transactions between merchants and ordinary people, especially large transactions! For example, if you buy a carriage, the price of a carriage is mostly a few hundred yuan, a few hundred yuan of copper coins, and the weight is thousands of catties, at least two or three ox carts must be loaded! And if you pay the bill with Tang Yuan, you only need a few such 100 Tang Yuan banknotes, and you can easily complete such a transaction, which greatly saves time for both the buyer and the seller! ”

While speaking, Li Zexuan took out a banknote with a face value of one hundred Tang Yuan, Li Er asked Zhao Song to present Tang Yuan, looked at it carefully, and said:

"Indeed, as Xuan Ling said, your Tang Yuan printing is very exquisite! I already knew what you just said, but I can't just because Tang Yuan is more convenient than copper coins, so I can abandon copper coins and use Tang Yuan! In case of causing turmoil in the country, you can't afford it, and I can't afford it! ”

Li Zexuan arched his hand and said, "What Your Majesty said is extremely true! This Tang Yuan may indeed cause national turmoil, so it is absolutely right to be cautious! ”

Li Er frowned, and said angrily: "You kid is still saying that Tang Yuan is so good, why are you saying that now?" ”

"Your Majesty, the reason why this Tang Yuan is likely to cause turmoil in the country is entirely because it is too easy to use and has too many advantages! If you want to talk about the disadvantages of Tang Yuan, you must start with the advantages of Tang Yuan! ”

Li Zexuan smiled and continued: "In addition to what Fang just said, Tang Yuan's second advantage is that it is extremely safe to carry, and it can also make up for the 'money shortage'!" At present, my Datang produces more than 3 million catties of copper every year, and even if it is used to mint copper coins, it can only mint more than 600,000 copper coins!

Since His Majesty ascended the throne, with the Manchu Dynasty civil and military, vigorously develop the people's livelihood, this annual 600,000 yuan of coinage may still be enough in the past few years, but since last year, the people's copper coins have been stretched, and the more later, with the development of production in the states and counties in the Tang Dynasty and the acceleration of commodity circulation, the speed of minting copper coins will be more and more unable to catch up with the needs of the people for copper coins!

At that time, there will be a large-scale money shortage, how should the imperial court deal with itself? Is it necessary to restrict private production? Of course not, this is hindering my Datang's progress! And if there is a money village and Tang Yuan, and it is mandatory by the imperial court that Tang Yuan can completely replace copper coins, then there will be no money shortage at all! ”

Li Er's heart moved, what Li Zexuan said, it did poke the sore spot in his heart, his family knows his own family affairs, the annual coinage of Datang is actually less than the 600,000 yuan that Li Zexuan said, and it is undeniable that since the world is peaceful, the agricultural production of the people has recovered very quickly, and the increase rate of copper coins in the entire Datang Dynasty is about to catch up with the people's demand for copper coins.

When the time comes, will it be up to the imperial court to suppress the value of all commodities? For example, if three dollars and a bucket of rice are suppressed, the people's demand for copper coins will naturally be less, but how is that possible? At this time, the price is already very, very cheap, and it must not be suppressed anymore!

"You mean, after Tang Yuan replaces copper coins, I can alleviate the money shortage by issuing Tang Yuan on a large scale?"

Li Er asked with a frown.

Datang's current monetary system is indeed problematic, but he always feels that Tang Yuan will also have hidden dangers, and it is "unrealistic" to use!

Li Zexuan hurriedly shook his head and said, "Your Majesty, this is a disadvantage of Tang Yuan, and it is also a hidden danger!" Tang Yuan was able to solve the money shortage and quickly generate a lot of wealth for the imperial court, but there was a huge risk hidden behind it! Your Majesty, you are wise and powerful, and you have excellent self-control, but what about ensuring that future generations of emperors will be like you?

In case there is an emperor who is greedy for temporary profits, and indiscriminately prints Tang Yuan to deal with the financial difficulties of the imperial court, resulting in the flow of Tang Yuan to the people is much higher than the needs of the people, and the people feel that Tang Yuan is not valuable, they will frantically want to go to the money bank to exchange Tang Yuan for copper money, at that time, the new monetary system established with Tang Yuan will quickly collapse, and if one is not good, the country will also collapse. ”

Li Er suddenly realized, and finally understood what the problem he had been worried about was in his heart, and he asked, "Then what is the basis for the issuance of your Tang Yuan?" ”

Li Zexuan replied: "At present, of course, it depends on how many copper coins are prepared in the bank!" In the early days of the operation of the Qian Zhuang and the Tang Yuan, the Qian Zhuang must provide ten percent or at least eighty percent of the reserve for the Tang Yuan that was printed and distributed! In other words, if the money bank wants to issue 100,000 Tang yuan, it must have a reserve of at least 80,000 yuan, which is used for the ordinary exchange of ordinary people and merchants!

To put it bluntly, Tang Yuan is just a credit certificate, and only if everyone believes that Tang Yuan can be exchanged for copper coins at any time, they will use Tang Yuan with confidence! And as the trust of the people and businessmen in Tang Yuan becomes higher and higher, the number of exchange of copper coins will be significantly reduced, and the reserves required by the money bank can be reduced to about four to sixty percent! At that time, although Datang could only mint 600,000 copper coins every year, it could issue at least 1 million Tang yuan! ”

Li Er's eyes lit up, and he finally smiled: "This is also a good idea, but I listen to you, isn't the future Tang Yuan issue based on how many copper coins are prepared in the money bank?" ”

Li Zexuan replied: "Of course not! This method of using copper coins as a guarantee to issue Tang Yuan is just the most basic means of the money bank! Later, when Tang Yuan was accepted by most people, there was no need for the corresponding proportion of copper coins as a guarantee, at that time, it was using the reputation of the imperial court as a guarantee, and according to the value created by everyone in the Tang Dynasty every year, to decide how many Tang Yuan to issue! Therefore, this money must be in the hands of the imperial court! ”

Currency issuance in modern society has basically gone through three stages:

The first is the gold and silver reserve system: under the metal currency system, it was stipulated that the central bank must have 100 percent reserves for issuing bank rolls, because the bank rolls at that time could be freely exchanged for gold and silver.

The second is the guarantee reserve system: after the non-cashing credit currency system replaces the metal currency system, the central bank's currency issuance is allowed to be guaranteed by securities, foreign exchange and even other assets. (This is also one reason why the state attaches great importance to foreign exchange reserves)

The third is the management of the currency system: In order to prevent the central bank from issuing banknotes indiscriminately, many countries have implemented a maximum limit system for the issuance of banknotes.

In Li Zexuan's plan, the Tang Yuan must develop from the initial exchange currency to the credit currency, and eventually develop into an official official currency issued by the state, completely replacing copper coins!

After all, in his opinion, in addition to being used to make money, copper is still very useful in other aspects!

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