How can bonds be so strongly apportioned, you have to have a more reasonable interest rate return, and you have to have a relatively good credit guarantee, so that everyone will naturally take the initiative to subscribe. If you forcibly apportion, isn't it the same as robbing money, and then who will believe that a piece of torn paper with bells and whistles can be worth a hundred dollars?

After all, if you have a certain amount of copper coins and silk silk as a deposit, you don't even have to pay interest on the banknotes issued.

"Your Majesty, everyone will be unhappy if they engage in apportionment."

Li Zhi was dissatisfied, "Why are you not happy, the money raised by this bond is not used to repair the palace and enjoy it, this money is raised to reward the clothes of the front-line soldiers, and it is the disaster relief money and food for the people in the disaster area, why are you not happy?" ”

Even then, it's still apportionment.

"Your Majesty, in fact, if it is only to raise a million yuan, the minister thinks it is not a difficult matter, and there is no need for such a tough apportionment."

"Oh, Xiangrui, what do you have to do?" Wu couldn't help but ask.

Every time Li Xiao heard others call him auspicious, he felt that others were calling him a big baby, and now this auspicious rui came from the mouth of the Wu family, which couldn't help but make him feel a little strange.

"Your Majesty, the best way to raise funds from bond issuance is for everyone to voluntarily take the initiative to subscribe."

Li Xiao proposed a solution, not to raise interest rates, after all, even if the interest rate is promised, everyone may not be able to believe it. And if the interest rate is high, it is quite unworthy, and after all, you will have to repay the principal and interest.

So what he proposed was another solution.

Tie bonds to something else.

"Your Majesty can use Baekje's land and slaves as collateral to guarantee the credit of the bonds."

When Li Zhi heard this, he was a little puzzled, why the bond had something to do with the land and slaves of Baekje.

"Your Majesty, now General Xue led the naval division to the east to Baekje, has captured the Tamna country, and landed in Baekje, and also occupied Mujin, and now the imperial court has set up the Mujin Governor's Mansion and set up a state and county in the newly occupied area, which is a resource. Your Majesty, Tamna and Vujin now have large areas of newly occupied land, and there are many captured slaves, and the imperial court can demarcate the land in these occupied areas at its discretion, and then set a price according to the merits, and set a price for the slaves······"

The imperial court issued bonds, which were secured not only by the interest promised by the imperial court, but also by the land occupied by Baekje and the slaves as collateral. Of course, these lands and slaves were far away in Baekje, and if they subscribed to the bonds of the imperial court, the imperial court would issue a Baekje land or slave voucher of the same price according to the subscription amount, and holding these coupons meant that if the bond matured and the imperial court could not repay the principal and interest of the bond, then the holder could take the bond to Baekje to receive the slaves and land as a guarantee.

Of course, land vouchers and slave vouchers are allowed to be transferred and circulated, anyway, no matter who holds them, the imperial court only recognizes the vouchers and does not recognize people, and the vouchers are exchanged for land and slaves.

Those who subscribed to the bonds, and got the mortgaged land vouchers and slave vouchers, they could also buy them directly and go to the government to register them, so the imperial court would take back the bonds, land vouchers, and slave vouchers in exchange for a land deed and slave deeds, which would be equivalent to spending money with the imperial court to buy Baekje's land and slaves, and the imperial court would not have to redeem the bonds in the future.

Or, after the bond matures, the imperial court redeems the bond, and the mortgaged land vouchers and slave vouchers are recovered, and the money and coupons are cleared.

In order to increase the attractiveness, Yi Xiao also proposed that even if they only held Baekje land vouchers and slave vouchers after subscribing to the bonds, and did not exchange them directly, then during the holding period, the imperial court would also pay rent to these land and slaves that they did not directly use, and pay them together when they expired.

"Why do I get more and more confused the more I listen to it, how do I get more and more complicated?"

"Your Majesty, for example, I bought a bond of 100 guan from the imperial court, gave it to the imperial court, and the imperial court gave me a 100 guan bond, and then gave me a land voucher and a slave voucher worth 100 guan, of course, this is only worth a hundred guan, and it is not directly owned, it is considered to be held temporarily."

"As for me, if I think it is cost-effective to buy the land in Baekje now, then I can directly take this bond to the government to register and exchange the deed, and exchange the coupon for the title deed, then the land or slave worth 100 guan will belong to me, and I will return the 100 guan bond and the 100 guan land bond as collateral to the imperial court."

"Or, if I don't think the land in Baekje is worth buying, then I won't register the deed exchange and still hold it temporarily. When it expires, I will go to the imperial court to exchange the money for money, and the land bonds will be returned, and the imperial court will not only give me the interest on the bonds, but also give me the agreed rent of the land bonds, and what I earn is the interest on the bonds and the rent of the land bonds, and there are two incomes. ”

"Why is it so complicated?"

"In order to make the bonds valuable, let everyone be willing to pay for it, without forcibly apportioning it, and provoke everyone to complain about Your Majesty." Li Xiao said.

This model is very complicated, but it is also very simple, to put it bluntly, those land vouchers and slave vouchers are just similar to a kind of stock, which can be held to enjoy dividends and dividends, or can be sold for cash.

Although Baekje's land and slaves were mortgaged, the imperial court could operate the plantation itself or lease it to a merchant to operate the plantation, and use part of the income as a rent dividend for the holder.

Compared with a bond that is just a piece of paper, a bond with collateral is definitely more valuable, after all, if the imperial court has no money to repay the principal and interest, everyone can at least exchange this for a piece of land in Baekje, or a few slaves.

These are valuable things.

As for the imperial court, in fact, there was nothing substantial, after all, Baekje had a lot of land, and it was impossible to plant it after occupying it for a while, so it was better to use it as collateral to issue bonds than to be wasted. And if someone was willing to buy it, it would be more cost-effective, and they issued bonds and sold Baekje's land.

"There seems to be some truth to what I said, Xiangrui, I think it's quite appropriate for you to leave this matter to you, after all, you put forward the strategy, and no one understands it better than you."

the groove.

Li Xiao wanted to scold people, and after doing it for a long time, it turned out to be my business again.

"Your Majesty, this is not very good, the minister is now a corn supervisor, and he is very busy."

"It's okay, there are other officials in the corn prison, they have also planted a season of corn with you, and they don't know nothing, you just take care of it by the way."

"But Your Majesty, this matter of issuing bonds should be a matter of Taifu Temple or a matter of the Ministry of Households, right?"

Li Zhi thought about it, and it seemed right. The corn supervisor came to issue bonds, which was a bit unjust. So, Li Zhi immediately said, "I will give you the title of Wailang, a member of the household branch, in charge of bond issuance." ”

There are four divisions under the household department, of which the chief officer of the branch is Langzhong, and the two members of the outer Lang are the deputy officials, from the six grades.

Li Xiao is currently serving as a corn supervisor, from the sixth grade.

Is this a step up?