"Can this Da Song Bank really turn paper into money? Won't it be the same as Qian Yin, and end up making a mess, right? ”

Zhao Kai, Wu Haowen, and Wu Haode left the Chongzheng Hall on the front foot, and He Zhizhong, Ji Yi, and Zhang Shuye arrived.

Some time ago, Zhao Ji finalized the three major policies of "reforming the military system", "building a feudal country" and "equalizing fields". It was the prelude to the reform movement known as the "Political Peace Restoration".

However, it is one thing to finalize the major policies, and it is another thing to implement the major policies. Because the current imperial court has no money! If you don't have money, of course you have to find a way to make money.

And there are only two ways to get money, one is to rob! The second is the printing ......

To grab money, one must have strong soldiers, and the other must have rich and weak enemies.

Now the soldiers of the Great Song Dynasty are actually not weak, almost the third in the world, but it is a pity that the first and second in the world are around the Song Dynasty.

Moreover, a bunch of rich and weak countries are too far away to grab it.

Of course, if it's inconvenient, you have to grab it!

Zhou Guo is robbing, how can Song Guo not rob?

Grabbing money is also an important part of the "division of the Zhou Method", how can you not learn to introduce the international advanced experience of grabbing money?

However, it is still too slow to get money by grabbing it, and now there is no new continent with gold and silver, and the large-scale development of gold and silver in Japan has not begun (in fact, not many people know that there is gold and silver in Japan), so I can only think of other ways.

For example, start the printing press and turn paper into money! It doesn't have to be changeable, you can conjure up a few small goals to completely change the dilemma of money shortage.

However, there is a very important premise for "turning money", that is, the money that does not change should be distributed as much as possible through the financial route, but by the financial route.

Because what is issued by finance is the base money, and what is issued by finance is debt.

Debts, in theory, have to be repaid!

This also gives the country a sharp brake, which can slam on when there is a currency crisis, turning the currency crisis into a debt crisis.

The notorious Fed did the errand of "stepping on the brakes" and "stepping on the accelerator". When inflation rises to a certain level, the Fed will tighten monetary policy by raising interest rates, raising the cost of borrowing, and allowing excess money to flow back into the financial system.

Because money is released in the form of debt, cash registers and interest rate hikes can effectively recover liquidity, making money expensive and commodities cheaper.

To lend money on debt, there must be a central bank as the "lender of last resort" to manage liquidity and interest rates. The Central Bank must not be allowed to become the cashier of the Ministry of Finance...... Otherwise, what will be released in large quantities will not be debt, but non-recoverable money.

Wu Haogu is not an economist, and certainly does not understand these principles. He was just copying some of the systems of later generations, and he also knew that it would not work to print money without control. Therefore, the Da Zhou Bank was established, and the right to issue banknotes was split into two, which were controlled by the Da Zhou Bank and the large commercial banks, forming constraints.

And this cautious way of issuing banknotes is now plagiarized by Ji Yi and sent to Zhao Ji.

And Ji Yi is not simply copying, but has made some upgrades. The idea of establishing the Dasong Bank Supervisory Committee was proposed.

Ji Yi said slowly: "Your Majesty, the main reason why Qian Yin is out of control is because the distribution is not made public, and it is not subject to the supervision of the world. Even the people in the money industry guild don't know how much money the imperial court has printed? Therefore, there is no way to deal with regulation and control, so that as soon as the crisis breaks out, the situation is out of control. ”

Ji Traitor paused and said: "Therefore, the minister suggested that the Great Song Bank Supervision Council be established, so that the big commercial banks and money industry associations that have the right to issue bank bills, as well as the five major commercial markets along the coast, jointly send supervisors to manage the Great Song Bank together with the supervisors appointed by the imperial court.

This ties everything together! Control it when issuing bonds, and work together to deal with it when there is a run. That way it won't be bad. ”

In fact, the reason why the money induces overissuance is not serious, and the reason why it will collapse is because all parties have their own small abacus, not only do not cooperate, but also tear each other down.

For example, banks use money to attract excess money to set up a set up for "money banks" with insufficient financial resources!

And Cai Jing, a capable minister, was also extremely unprofessional when dealing with the money-induced crisis, neither mobilizing funds to support the market, nor preparing enough franchise materials to deal with the run.

On the contrary, after the crisis, Qian Yin took the initiative to depreciate, from 770 Wen to 400 Wen - Cai Jing ordered the Kaifeng Money Industry Guild to pay 400 Wen to the city, and gradually lowered the price of Qian Yin's exchange for monopoly materials. This move disrupted Ji Kui's layout of raising Qian Yin again, and also caused Qian Yin's issuance to fall into a long-term stagnation.

In addition, this depreciation also caused the Hailu City Shipping Company to refuse to accept money - the Hailu City Shipping Division is engaged in a tax package system, and the tax contractors must hand over gold, silver, and copper coins, and cannot use money to attract taxes.

But at the same time, the imperial court also stipulated that the money could be used to pay the commercial market tax and housing tax. And it's a tax deduction at face value!

After the depreciation of the money, the imperial court had no way to adjust the value of the tax credit in time. This is because the price of money has been fluctuating, and the imperial court of Kaifeng Mansion has no way to get the market of Jingdong Commercial Market in time. Therefore, the major commercial markets simply refused to use money to deduct taxes.

As a result, the liquidity of the money has plummeted, and now it has been reduced to a pick-up coupon for monopoly materials.

But at this point, Qian Yin is not incorrigible. After all, it has only depreciated by less than 50%, and banknotes that have fallen worse than it in later generations can abound!

However, Ji Yi, who took over the position of Shaozai and Zhongshu Shilang, took the initiative to deprive Qian Yin of his monetary function.

Because he wanted to put money in the position of negative teaching materials, in order to create the best conditions for the issuance of bank bills of the same standard.

Zhao Ji seemed to be deceived by Ji Treacherous, nodded and said: "What Ji Qing said is very good, it is necessary to let all parties use it and share the risk." However, this time the trend of money was introduced in Jingdong Shangshi and Tianjin, and many days have passed since the imperial court of Kaifeng Mansion knew about it. Even if all parties can help each other, it's a little late, right? ”

When Ji Yi heard this, he laughed first, he was about to talk to Zhao Ji about this.

"Your Majesty is wise." Ji Da said, "If today's floating wealth is gathered, eighty percent is gathered in the east and south coasts, only one percent is in the Central Plains, and one percent is in the rest of the world." The floating wealth on the east and south coasts is half in Jingdong and Tianjin Ershang City.

Therefore, the store of Da Song Bank should not be far away from Jingdong Market, otherwise once there is an emergency, it will be too late to transfer copper coins. The minister suggested that the head office, treasury, and mint factory of the Great Song Bank should all be set up in Pengcheng, Xuzhou.

Xuzhou is an important town for iron smelting, charcoal, porcelain kilns, and Caoyun, and it is also the place where copper coins are minted since ancient times. Moreover, a 24-corner fort will be built, which is enough to deter the southeast. If the head office and vault of the bank are placed in Pengcheng, it should be foolproof.

If there is a run on Jingdong Shangshi, copper money and water can be immediately mobilized from Pengcheng to Jingdong to stabilize the market. ”

It is actually an inevitable choice to place the headquarters, treasury and mint of Da Song Bank in Xuzhou. Because the bank notes of the Great Song Dynasty are based on copper coins, how much does this copper coin weigh? Once there is a run on Jingdong Market, how can it be possible to mobilize copper coins from Kaifeng Mansion to deal with it? More than a thousand miles away! Moreover, the canal freezes in winter, and there is no way to transport copper coins.

Xuzhou is only 350 miles away from Jingdong Shang City, and there is a canal directly connected, even in winter, this canal is not likely to freeze (sometimes it will freeze), easy to transport, and the cost is relatively low.

Moreover, the economic exchanges between Xuzhou and Jingdong Commercial City are very close, Xuzhou is a factory, and Jingdong is a storefront. The two places are actually an economic circle, and many Jingdong wealthy businessmen also have industries in Xuzhou and often travel between the two places.

Once there is a run on Jingdong, the Great Song Bank only needs to open the exchange in Xuzhou, and there is no need to transport the copper coins to more than 300 miles away, and the merchants will come to exchange them with bank coupons.

"Ji Qing, do you want to concentrate the world's money-making industry in Xuzhou?" Zhao Ji frowned, already feeling a little inappropriate.

The Song Dynasty set up many money supervisors throughout the country to mint copper coins, of course, the efficiency was low, and the quality was not guaranteed - they were all government-run workshops, and they also minted iron coins in Sichuan!

Although there are all kinds of pitfalls in these bullshit things, they also involve the interests of all aspects, and they are rashly changed, for fear that it will seriously affect the production of copper coins.

"Your Majesty," Ji Yi hurriedly explained, "There are too many money supervisors, and poor management is the main reason for the repeated money shortages in this field. Only by centralized casting, unifying the color and style, and stipulating a reasonable copper content, can we ensure that the money shortage will not occur again, and the bad money will no longer be overflowing. Only when the copper coins are straightened out can the bank bills linked to the copper coins be issued and circulated smoothly. Bank bills were circulated, and it was possible for the imperial court to borrow money at low interest rates to issue bonds. So as to alleviate the financial dilemma. So that the new policies can be steadily promoted. ”

The money industry of the Song Dynasty was not just a mess! There is a saying in the coin collecting circles in later generations that if you see a copper coin that you can't recognize at once, you can say that it is a Song coin, and you can generally get it right!

It can be seen that the Song Dynasty coin rebellion!

The chaos of the Song Dynasty's coins was mainly focused on the two stubborn diseases of "copper content" and "being a big money". The copper content is not scientific, and there is no accurate number for high and low. As a result, copper coins with too high copper content were destroyed by profiteers to smelt copper, and copper coins with too low copper content were difficult to circulate.

As for "being a big money", it is a bigger pit, a big money has to be used as ten when five, it is simply Chiguoguo grabbing private wealth. The threshold for minting money is not high, and as a result, when big money is often minted by the people, it in turn causes losses to the imperial court.

In the end, when the big money depreciated by itself under the edict of the imperial court, it fell from when ten to when three and when two......

In the case that such copper coins are not straightened out, the issuance of copper-based banknotes is basically a joke and is unlikely to succeed.

Therefore, the first step of the financial reform of the Ji Yi version is to unify the coinage and mint a kind of "white money" with appropriate copper content, that is, copper coins mixed with a certain amount of miscellaneous lead, making it the most benchmark currency.

And to unify the coinage, but it is too wide, and the minting of money is the great benefit! Zhao Ji's brows furrowed slightly, and he also felt a little prickly.

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