The reason why Fu Lingjun lied that he owed usury was because he hacked the money that was pledged to him by others, which was worse in nature than owing usury.

The "deed" transaction is privately called anything in the royal family's city, but the title of "deed" is more common, and "deed" is essentially a future, and the source of the problem can be traced all the way to Bailiyan's head.

Because the Xianguo State monopolized the production of primary, middle, and high-level industrial products, chemicals, high-grade medicines, and even more than half of the livelihood products, and even the production of other commodities, and in essence, it was the Yongxing Houfu that really monopolized these productions.

As the distribution center of Yongxing City's foreign trade warehouse, Wang Juan's merchants gathered from all over the world, because the supply of Xianguo products exceeded demand, and the supply in reality was far less than the market demand of the entire Central Plains, so most merchants could not get the goods.

In order to get the goods, these merchants can only go through the back door or trust relations, and there are only five channels for the source of goods.

The first is the official channel with the princes and the Xian State, which basically does not have the possibility of private purchases, the second is the Wang Junyu City controlled by the imperial court, the third is the Yongxing Marquis Mansion, the fourth is the Xuanting Marquis, the Luhou joint venture of the Waifu, and the fifth is the Yin Yangjun Commercial Management Bureau.

It stands to reason that in addition to the official level of transactions, the other four channels are all obtained from Yongxing City, and the cost of getting the goods should be the same.

Because the Central Plains market is too big, the population base is large, and the production capacity of Xianguo is limited, it is often difficult to find a single product, so there is a "fallen master".

After a businessman with a relationship and a back door takes the goods, he resells them on the spot and immediately makes money, which is a sporadic phenomenon at first, and some people get rich overnight, and then it develops into a common phenomenon. When the final reselling price reached an unbearable price, the goods were transported out of Xianguo and exported to various parts of the Central Plains, which in turn pushed up the price of the sales terminal, thus breeding the phenomenon of "deed pledge".

Individuals who have access to the goods because they can get the goods for a long time, so they have accumulated a certain amount of credit, so they use credit as capital, negotiate with the demand side, take out the money first, and then give the goods to the demand side after the goods arrive.

Supposedly, a fool can't do this if he pays the money first and then gives the goods, but isn't that the case with futures? It's just that modern futures have more intermediate trading platforms, with the state and banks as credit guarantees, and the money is remitted to the financial trading center to compete for goods, and the goods are only numbers on the disk, such as contract futures or even semi-annual periods.

In the early days, the prototype of futures trading was all based on personal credit as a guarantee, because of low productivity, the transaction of prohibited materials and controlled products required more administrative privileges of the aristocracy, and the use of privileges was not gratuitous, so it was necessary to pay a deposit first, pay money first, and thus form an unspoken rule, when the unspoken rule is widely recognized by the market, it is a rule.

While privilege brings benefits, the success rate of obtaining goods also brings credit, which in turn develops into the rule of paying first and then giving goods. But credit is an empty promise without any guarantee, and even modern credit certificates do not have, once a risk occurs, you can get back the money when you meet someone on the road, and if you meet Fu Lingjun, who can't wait for the road, you will never go back to the tiger's mouth.

It is true that Fu Lingjun owes Tong Wei money, but it is not a usury with pregnancy interest, but the capital of the deed. The six horses that Tong Wei was seized were also the goods sold to the black market of the king to participate in the deed transaction, and the black market price more than doubled, and most of Tong Wei's worth was lost in the six fine horses and the deed.

In addition, the search and arrest of Bailiyan in the whole city, and the harassment for many days disrupted the delivery time of the underground deed black market, and the merchants who could not get the money and the goods and the unfortunate men who participated in the speculation were anxious, which finally contributed to the riot that night.

The particularity of the economic environment and industrial production in Xianguo have prompted the market to self-adjust and self-correct, and new things are constantly appearing, and Bailiyan seriously underestimated the speed of the emergence of new things, while the development of economy, industry, and society broke the historical span, and then compressed hundreds of thousands of years of things into just a few decades or even a few years.

The phenomenon of deed mortgage first appeared ten to eleven years ago, as for who started first, there is no reliable evidence, but after a long period of breeding and development, the deed pledge behavior has gradually formed the default rules of the market, and in the last two or three years, it has become mature, and has its own trading rules and codes in the industry, and the forced suppression and prohibition are not conducive to the development of the economy, nor is it in line with the law of market officials.

Since it has already started, it is necessary to open futures to solve market contradictions, turn private goods and reselling into a market mechanism, and squeeze the space for reselling the price difference in the futures market, not only cracking down on reselling goods and disrupting the market order, but also putting all the profits in the middle into the treasury.

As for the public party, there is no such concept at present, and it was first seen in the Sui and Tang dynasties in the theory of "public party capital", which is the earliest prototype of state-owned capital to participate in lending and commercial operation activities.

Before the advent of the Xianguo Money Workshop, there was no official loan, and the official loan was mainly based on tribute and negotiated pledges, and in most cases there was no need to return the principal, but it often turned a blind eye to certain interests in exchange for a compromise from the aristocracy.

Privately, private lending is called "pregnant interest", and the starting interest rate of borrowing is 50%, 100%, or even higher interest is also a common phenomenon.

It stands to reason that since Qianfang assumes the responsibilities of a bank and opens up its lending business, non-performing loans and usury in the private sector should be curbed, but the actual situation is much more complicated.

First of all, Qianfang only lends to individuals with Xianguo household registration, which is divided into two categories, one is the local resident population, and the second is the floating wealthy. The former is mainly for the common people, especially the peasants, to restore basic agricultural production in order to stabilize social order and public sentiment, while the latter is mainly for small and medium-sized handicraftsmen, and there are many restrictions on loans for other classes.

Secondly, the length of the loan review cycle is different, due to the particularity of agriculture, among which individual agricultural loans are the fastest, and the situation is not limited to funds, which can be agricultural tools, seeds, and cattle. Other review cycles are relatively long, so they are far less convenient than private loans. Of course, if there is a way to directly find Xuanting Hou Qiaolian to transfer the account directly, there is nothing to say.

Finally, after Qianfang survived the initial establishment stage and entered the formalization, its national and scale determined that it had a high profit margin overall, but the profit of a single business was far inferior to that of usury, and Qianfang was currently only open to the public for half-year, one-year, two-year, and three-year deposit business, and the limit was open for four-year and five-year business.

Take the three-year term as an example, the three-year interest rate is 4.5 percent, which is very high today, but it is not worth mentioning at the moment. The interest rate of usury is as high as 100%, and it can be repaid in a few months, or even a few days, without considering the risk, and it is almost a profitable business. And for the powerful, lending is much less risky.

Due to the low interest rate of the money house, more people are willing to lend usury rather than save money, even if the money shop has a strong credit guarantee and treasury support, but it is no match for the rich report of the loan shark, especially the aristocratic lending, there are indeed few people who dare to violate the noble covenant at the moment, if it is not for war and political factors, the risk is not high.

In addition, the interest on the deposit of Qianfang is mainly to pay for gold and silver Tongbao and physical goods, which is well received by the common people, but not popular with the aristocracy, which is also the reason why the rich are reluctant to save a large amount of money.

Of course, if the money shop raised the deposit interest to absorb the deposits of the wealthy, it would be fine, but the result could only be to raise the interest rate on the money bank's loans, which was no different from usury, and the original intention of supporting agriculture and maintaining social stability was also lost.

Due to the serious divergence between the needs of the high-level capital market and the original purpose of the establishment of the money square, usury has a large underground market in economically developed areas.

There are three main types of loan sharks in the royal city: one is the foreign merchants who do not have the household registration of the Xian State, who borrow money in order to obtain higher profits from the deed, the second type is the rich and powerful people in the country who participate in the loans, and the third type is the loan of the nobles, who use the privileges and channels of the nobles, basically in the black and white market.

If we forcibly crack down on illegal usury by administration, the current technical conditions will be completely inoperable, and we will have to offend the elite group. At the same time, the government has also increased the restrictive usury business, which is only open to individuals who meet the rated assets. lest the usury of the government endanger the common people and cause social unrest.

Nowadays, Xianguo is rich in products, rich in products, increasingly large-scale in industry, basically sound in the banking system, highly developed in shipping, water and land transportation, complete in infrastructure, and basically has the basis for opening futures, treasury bonds and new stamp duty.

At the same time, it is an excellent opportunity to take advantage of the fatal drawbacks of the current world's lack of understanding of the characteristics of futures, to make huge profits, to feed back to the industry of Xianguo, to stimulate industrial expansion, to turn money into educational, industrial and scientific research assets, and to seek the rapid rise of national strength. Of course, such a plan cannot be publicized in front of everyone.

After a long and exhaustive recount, most people, including King Xian, basically don't know what to say if they listen to the book of heaven, and King Xian can't help asking:

"Stamp duty is a tax, it must be profitable, but what is the profit of futures, public office, and pregnancy interest, the widow is not short of money now, and the money shop has money, while lending, why should he open a public office in the name of the government, so it doesn't make the world laugh."

"What the king asked is that it is feasible for the government to lend, and it is indeed unheard of for the government to borrow public debts from the world, but the big countries have ever thought about it, if in the future, if the treasury and the money are in an emergency due to war and disasters, where will the money come from, relying on pledges, can they pledge once, can they still pledge all ten times or eight times, so it is no different from blackmail."

King Xian listened angry, thinking that during the Black Turban Rebellion and the Southern Expedition, the treasury was actually bankrupt, if it were not for the pledge of the powerful and the pearls contributed by Baili Yan to inject chicken blood, the Xianguo would have been finished long ago, and this round of pledges lasted for five or six years, until the iron production of Yongxing City increased greatly, and a large number of pearls were listed, reversing the deficit in one fell swoop. According to Bailiyan, the past five or six years have been blackmail.

Angry is angry, what Bai Liyan said is good, the rapid development of Xianguo in the past 12 years is that the treasury has benefited from the operation of Qianfang, and the huge deposits accumulated by Qianfang have been fully invested in economic operation, which has brought about the effect of calming the economic trauma caused by the war in a short period of time, digesting the new land of the four counties, and the whole country has taken on a new look.

But in case one day natural and man-made disasters continue to occur, and the money and treasury run out of money, relying on pledges, you can hold back the past and finish the game if you can't hold it down.

After all, the situation of the Black Turban Rebellion is special, a group of poor sticks want to get rid of the lives of the nobles, and no matter how big the internal contradictions of the magnates are, they are not as important as their own heads, and the extortion of King Xian is relatively smooth. But there may not be such a good opportunity in the future, and then there will really be a way out of the money.