The term war bond appeared on the stage of history with great frequency in the coming decades, and even into the 21st century, there were all kinds of bonds, and this kind of bond, collectively known as national debt, is mainly used to cover the country's fiscal deficit, or to finance some major construction projects that cost a lot of money, as well as some special economic policies, and war. Pen % fun % Pavilion www.biquge.info

Since government bonds are mainly collateralized by the central government's fiscal revenue, they are liquid, less risky, and have lower interest rates than other bonds.

But now, the bond is still a relatively mysterious species, and the Chinese Empire was the first to put forward this concept.

In the same way, this also has a lot to do with the fact that soon after the founding of the Chinese Empire, the three-year tax exemption was used as a national policy of amnesty for the world in the early days of the founding of the People's Republic of China.

Although the central government has withdrawn a large amount of state-owned industrial capital, and only retained some secret industries and leading industries, and has relatively reduced its investment in industrial expenditure by 60 percent, the war in the north is costly.

All kinds of war materials, transportation channels, war subsidies for front-line soldiers, high pensions, and continuous army expansion, infrastructure, industry, science and technology and other high-investment projects have made it difficult for the central government to support the remaining money in industrial spending.

And it is precisely because the war bond is relatively novel that the world does not have a thorough understanding of it, although in the Chinese Empire, as long as Wang Sirui makes a holy decree, the war bond will never encounter any problems, but he doesn't want to do that, at least let the people know what the war bond is? Let them be able to accept it with peace of mind, and not be forced to accept it by the emperor's orders.

Qin Yuhai is an ordinary clerk of the Zhongyuan Branch of the Imperial Bank, and his salary is not high, only two taels of silver per month, which is now the two yuan imperial coins, although the salary is only twenty-four yuan a year, but in China, even these twenty-four yuan is enough for his family's living needs for a year, and he can get very good.

With a large number of industrial inputs, many products have been industrially produced, and the biggest feature of industrialization is high production efficiency, followed by the reduction of production costs, coupled with the halving of national taxes, once again pulled down the production costs of factories, although wages have not risen too much in the past ten years, but correspondingly, the increase in prices is not high.

And it is foreseeable that with the completion and opening of two national highways, one vertical and one horizontal, prices will inevitably fall again, because transportation costs will be reduced again. Moreover, the imperial government has a guide price for all walks of life, which ensures the basic interests of each link, and ensures that there will be no absolute windfall profits after reaching the hands of consumers.

Although this practice is a headache for some businessmen, the people are very excited, the income is high, the price is stable, who doesn't want to live this kind of life?

Qin Yuhai is the son-in-law of Tugou, and this time he came to his father-in-law's house not only to visit relatives, but to shoulder the tasks assigned by the bank, and there are many people in the line who are assigned tasks like Qin Yuhai.

"War bonds are special bonds specially issued by the state in order to make up for the fiscal deficit and ensure that the troops on the front line are not affected. Instead of directly ordering the central bank to print more money? The main purpose is to prevent inflation, and the entry of a large amount of money into the market will inevitably lead to the collapse of the entire market, and it is only the common people who will be hurt in the end.

And the war bond is different, although his negotiability is the same as currency, but to put it bluntly, this is a concept of early consumption, like my family opened a store, now you only need to take ten yuan to buy a shopping coupon for my family, this shopping coupon you can come to my store at any time to consume, and the face value remains the same, if you don't want to consume, then it doesn't matter, when the time is up, you come to me with a shopping coupon, and I will give you eleven yuan, or more, the extra money, that is, interest.

The emperor has issued a decree that all merchants must accept bonds unconditionally, and no discounts will be made, and if there are violators, they will be punished accordingly according to different degrees, and those who report will be given a certain reward once verified.

Believe me said so much, you may not particularly understand what you heard, and it feels a little twisty, right? Qin Yuhai stopped, looked at the people below and nodded, although the head of the word is the Tao, but it is still a little difficult for the peasants who don't know a single word to figure out some of the relationships here.

In fact, Qin Yuhai also knew that they might not understand this, but there was no way, this was the rule of the industry, he had to say this about this matter, but the above was not unreasonable, after talking about it according to the regulations, he could also explain them in detail and in an easy-to-understand manner.

"Okay, then I will summarize it for you simply, to put it bluntly, you lend money to the state, and the state uses future taxes as a guarantee to repay the principal and interest, that is, as long as you have a bond in your hand, as long as it is due, you don't have to worry about not getting the money back. In order to prevent people from needing money urgently, but the bonds have not matured, it is allowed to use bonds as currency. But in this case, then the interest on this bond will naturally go to someone else. It is equivalent to you transferring the bond to someone else in advance at an affordable price.

So in layman's terms, I opened a store, and you only have war bonds in your hands, but no imperial coins, so you can use war bonds to spend, and the number of dollars marked on them is a few yuan, then you can spend them according to the face value of a few yuan, and the interest on these war bonds is mine, and I can go to the bank to exchange them by myself when the time comes. What if I have too many bonds in my hand and I don't have Imperial Coins? In the same way, I can also use bonds to trade when I buy goods, and the interest will naturally go to my suppliers.

In other words, when the bond matures, the interest will go to whoever owns the bond, but before that, the transaction must be made at face value. In layman's terms, bonds are another type of currency, but this one has a maturity, and after maturity, the Imperial Bank will be responsible for recovering it.

At present, the empire has issued a total of five denominations of imperial coins, namely one yuan, five yuan, ten yuan, twenty yuan and fifty yuan, and the term is also five, which are one year, three years, five years, seven years and ten years, and the interest rates are 1%, 4%, 10%, 20% and 30% respectively, the longer the term, the higher the interest rate.

If it is ten yuan, according to the five different tenors, then the interest after maturity is 10.1 yuan, 10.4 yuan, 11 yuan, 12 yuan and 13 yuan. ”

After Qin Yuhai finished speaking, the people below continued to discuss, and now the life of the family is much better, in the past, whoever had more than five taels of silver in the family was a wealthy family, but now, who doesn't have a deposit of one or twenty yuan at home? Who doesn't have a single person working in a factory? Even if you don't, you can still go to the army, if you don't go to the front line, it will be forty or fifty military salaries a year, and it will be even higher if you go to the front line.

There are a lot of 100-yuan households in the village alone, and it's not that they can't live if they buy bonds, after all, they have a stable income, even if they buy bonds, they will have savings in their hands in a few months, although they are not much, but life will not be said to be unstable, besides, can't bonds be spent as money?

Although the people still don't know what a bond is, through Qin Yuhai's explanation, they know that bonds can be spent as money, and no one can refuse to use bonds as currency, and there is a lot of interest. If you save 100 yuan and put it for 10 years, it will be 130 yuan of principal and interest at that time, which is equivalent to one more person's salary for one year, working for ten years, and taking money for eleven years, which is still very tempting.

As for the one-year and three-year period, it is directly ignored, and this interest is really not enough in the face of the high interest in the future, of course, they are also attracted by this novel interest method.

At present, foreign bank deposits not only have no interest and have to pay annual management fees, while the Imperial Bank has no management fees, but deposits are also interest-free. After several years of operation, coupled with the successful implementation of the monetary reform, the people have gradually trusted the bank, at least the money in the bank they have a guarantee, even if the bank is robbed, after a few days will transfer funds from other places to ensure that their deposits are safe and will not disappear for no reason.

When the discussion was almost over, the county magistrate Huang Zhicheng stood up, controlled the scene, and said loudly: "Folks, what about bonds, everyone can do what they can, if you have the ability, you can buy more, and in the future, our wages will also be issued in the form of bonds, everyone has a bottom in their hearts, here, I also make a promise to you, as long as the bonds in your hands can't be spent, when the time comes, just come to me, I will be responsible for converting you into imperial currency."

In addition, let me tell you one more thing, a few years ago, our county returned from the front line a few demobilized soldiers, all of you should know them, I got some unbelievable news from them, on the front line, foreigners often need to invest at least three times more troops than us to be able to compete with us, but if you want to defeat us, you must invest five times, or even ten times our troops.

Why did the Royal Army suddenly become so powerful? I didn't understand it either, and then they laughed and told me that because of the equipment, we were armed to the teeth, and they only had one rifle, or even one per man, and when the enemy rushed over, we fired a lot of bullets, and the enemy came and fell one by one, in this situation, how could the enemy beat us? But our consumption is also enormous, and we need to replenish countless ammunition every day, and these ammunition also need money.

I don't want you to know how much money is burned to fight on the front line, but I want you to understand that the more money we spend, the less likely the soldiers on the front line will die in battle, and the more people will come back when the time comes. Here I would like to make a statement that in the future, as long as I have money in my hand, no matter how much it is, I will buy bonds and do my part for the front-line soldiers. ”

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