Li Xuan had long thought about a large-scale public issuance of treasury bonds, but he had always been unable to do so because of various restrictions, one of which was the opposition from the courtiers, saying that what kind of court it was, how could it borrow money, even if it was not enough money to spend, just let the world's businessmen donate, and the big deal was to copy a few more.

To put it bluntly, the ministers of these years have no concept of borrowing money from the people of the world at all, because in their opinion, the whole world is not the king's land, the whole world belongs to His Majesty, and the money and wealth owned by the people of the world are naturally His Majesty's.

Your Majesty wants money, and you still need to borrow it? Take it directly!

Another very important reason is that the credibility of the Tang Dynasty is not enough, to put it bluntly, people in the world simply do not trust the Tang Dynasty to borrow money and pay it back.

There are a lot of factors here, in addition to the traditional fear of the official court, unwilling to deal with more, there is also the Tang Dynasty before the only side of the party, who is not sure when will be exterminated by the Ming Dynasty, and when the Tang Dynasty is finished, the money they lent to the Tang Dynasty will naturally be wasted, is it possible that you still expect the Ming Dynasty to admit these debts, and then help pay them back?

Just kidding!

Many willingnesses added up to the fact that Li Xuan had long wanted to issue treasury bonds, but he never made the trip, and finally tried to issue treasury bonds with the salary of officials as a breakthrough.

However, the issuance of this kind of government bonds for officials' salaries is coercive, and if officials have a choice, it is estimated that few people are willing to ask for it.

It's still real money!

But these are all in the past, Li Xuan feels that the Tang Dynasty has taken Jiangnan, and judging from the reactions of people all over the world, many people are already very optimistic about the Tang Dynasty, changed their negative views in the past, and began to actively move closer to the Tang Dynasty, which is a very important premise, indicating that people have confidence in the Tang Dynasty.

In addition, the problem of credibility, in recent years, the Tang Dynasty has not done anything to borrow grain and loot, and the official has always refused to admit it, or even to cover up these stains in the early years, and the Tang Dynasty newspaper will beautify the history of the Tang Dynasty every once in a while.

Now if anyone dares to talk about some black history in the early years of the Tang Dynasty, they will be severely punished.

After working hard for so many years, the credibility of the Tang Dynasty has gradually improved, especially when the military directly purchases materials from the people, it basically does not play white slips, and all of them take out real money to buy, as much as possible not to disturb the people, and this makes the people's goodwill towards the Tang Dynasty increase rapidly.

In addition, the problem of issuance channels was also solved with the establishment of the Royal Bank and the opening of numerous outlets in many provinces.

Today, the Royal Bank is the veritable first enterprise in the Tang Dynasty, with outlets in almost every county, and its tentacles cover all the ruling areas of the Tang Dynasty.

Its various assets have exceeded 5 million!

This is only the assets of the Royal Bank itself, and the various deposits under management in the Royal Bank are more than 70 million taels, and they are still increasing rapidly.

These gold and silver reserves mainly come from the central state treasury and the local government deposits. Basically, the money from the national treasury and the local treasury is deposited in the Royal Bank, and all kinds of expenditures are disbursed through the Royal Bank.

Then there is a large part of the silver deposited by the merchants, who often choose to deposit large amounts of silver for the convenience of their business, and then use cheques in their daily transactions.

After receiving the check, the merchant often does not withdraw the cash, but transfers it directly to his account.

As long as the merchants had this need, they would end up depositing a sum of money in the Royal Bank, because they had no choice but the Royal Bank.

Coupled with the deposits of some ordinary people, the gold and silver reserves pooled in the Royal Bank were quite large.

In the actual circulation basin, the silver bills, cheques, promissory notes and other bills issued by the Royal Bank are widely used in industrial and commercial and large transactions, which means:

This means that after the merchant deposits the gold and silver, he will not withdraw it without much accident, but will trade it with silver bills, cheques, and other instruments.

In other words, the real money has always been in the hands of the Royal Bank!

Using these gold and silver reserves, the currency issuing institutions within the Royal Bank have long wanted to over-issue silver bills, but this kind of thing is suppressed by Li Xuan, this kind of thing is played well, and there are quite tens of millions of taels of silver at once, but the currency will also depreciate rapidly, resulting in a decline in the purchasing power of silver bills.

At the same time, the Ministry of Taxation has noticed this phenomenon and has begun to supervise the issuance of silver bills of the Royal Bank, the simplest of which is that the silver notes of the Royal Bank, although they are still printed with the name of the Royal Bank, are regarded as a kind of internal bills of the bank, but in fact, the Mint of the Ministry of Taxation has printed and issued them uniformly.

At the same time, the Ministry of Taxation is already preparing to set up a bank of the Ministry of Taxation, doing nothing else, only for financial regulation and currency issuance, so as to avoid the Royal Bank managing itself and then playing a crash.

It is easy to get away with letting a commercial bank be in charge of commercial business, currency issuance, and financial supervision business.

In particular, the silver bills and checks issued by the Royal Bank have become the main means of payment in many fields, especially in the commercial field, which means that in the field of circulation, the silver bills of the Royal Bank have occupied a very important position and have to be guarded against!

Not to mention anything else, even the salaries of officials and soldiers at all levels now use the silver ticket issuance system, and after the officials take the silver ticket, if they need real money, they need to go to the Royal Bank to withdraw real money, but this kind of advance is basically redundant, because you can spend it directly with the silver ticket!

The issuance of silver bills has led to too much influence on the Royal Bank, and even Li Xuan wants to control and supervise the Royal Bank to a certain extent, and in addition, it is also for the Ministry of Taxation to introduce certain policies to correctly guide the development of other private banks.

In the Tang Dynasty, although other private banks were not eliminated, because of the high deposit margin system, the perfect various systems, and the greatly raised entry threshold, there were not many private banks in the Tang Dynasty at present, and only more than 20 of them were made in business, and the original many old-style financial institutions such as various money banks have basically disappeared in the long river of history, either changing careers, or being acquired and merged.

However, these banks are generally small, mainly regional banks, and their business capacity is limited, and their credibility is relatively poor, so they cannot compete with the Royal Bank at all.

The profitability of the Royal Bank is very strong by using deposits to lend, collect transfers, cash withdrawals and other fees, but although the profits are many, they cannot stand the Royal Bank blooming everywhere, and the investment in opening new outlets is also large.

Li Xuan also thought of directly using the deposits of the Royal Bank, but he also knew that this was a last resort and must not be used lightly, otherwise, it would be easy to collapse the financial system of the Tang Dynasty.

But seeing that so much money can't be used, to be honest, he is also itchy, and this national debt is an attempt by Li Xuan.

Although the issuance of treasury bonds is a public offering, this time the issuance of treasury bonds is not for individuals, but for various institutions, mainly the Royal Bank and more than 20 other private banks, as well as some enterprises.

Banks invest in treasury bonds with the huge deposits they collect, earn interest, and make money!

The finance gets the money and pays the interest, it's that simple.

Although it seems that there is still a feeling of directly taking the money in the bank and using it, it is actually different.

Li Xuan wants to issue treasury bonds, and the Ministry of Taxation is naturally the happiest, because this means that the pressure on the Ministry of Taxation will be much less, and now there are so many places for the Tang Dynasty to use money, and the Tang Dynasty uses money, who will take it? Find the tax department!

After some private discussions between the tax department and the Royal Bank, they felt that they should not go too far at first, and the amount should not be too large to avoid causing turmoil, and at the same time, it should attract the participation of 20 other banks, and the interest rate should be slightly higher.

Therefore, after the agreement, the Ministry of Taxation determined that the first phase of treasury bonds will be three-year and five-year, and the principal and interest will be paid in a lump sum after maturity, of which the interest is set at a relatively high level, with a three-year period of seven percent and a five-year period of seven and a half percent.

Because it is the first issuance, the scale will not be too large, the first phase of the positioning of five million taels, the people of the Royal Bank said angrily, they can be a family, but the Ministry of Taxation will definitely not do this!

In the end, only four million taels of silver were given to the Royal Bank, and the remaining one million was given to the other two dozen banks.

The sales situation is not very ideal, the Royal Bank is originally a royal industry, as a policy bank, it is the responsibility of the government to support finance, but those ordinary private banks, but they can't help but consider the risk, so although there are some twists and turns, but after all, there are more than 20 banks, and a random purchase of tens of thousands of taels of silver treasury bonds can also cover the amount of this million.

After getting the five million taels of silver, the people in the tax department still couldn't believe it, this money came too easily!

Immediately found Li Xuan, or we will issue a treasury bond of tens of millions of taels of silver, but it was Li Xuan's sentence, who will you sell it to?

Even if you sell them all, how will your tax department pay them back then?

Now Datang is struggling to make ends meet every year, and some of the bad ones are already living by borrowing money.

Now they owe more than 13 million taels of silver to the salaries of officials who have been converted into national debts, and they already owe the Royal Bank a loan of 3 million taels of silver, and now they have added 5 million taels of national debt, all of which are counted together, and the debts are more than 20 million, and the interest is nearly 2 million per year!

If you continue to borrow this, do you plan to use all your fiscal revenue to pay interest in the future?

Therefore, after the issuance of the first phase of treasury bonds, Li Xuan simply cut off the idea of the Ministry of Taxation continuing to issue treasury bonds, and it is better to collect taxes honestly and issue tens of millions of treasury bonds, so that the bank's money does not have to be repaid!

Even if the bank's money doesn't have to be repaid, but the bank's money is not blown by the wind, it is all the people's deposits, and the people can't get their hard-earned money back.