In recent times, the attention of the whole Jin Dynasty has been attracted by the upcoming issuance of banknotes. Emperor Sima Shu, after receiving the full support of the family, prepared to throw off the merchant power and forcibly issue paper money.

On September 15, at the court meeting, Sima Shu discussed with the ministers on the issuance of banknotes. In the past, Sima Shu had discussed with cabinet ministers the role of paper money and the general way of issuance. However, most people do not know much about the issuance of banknotes, and even Sima Shu himself knows very little.

Therefore, as soon as this topic was mentioned in the court, many ministers directly asked: "May I ask Your Majesty, I don't know what the reserve system is, and how does it work?" ”

Deng Chong looked at Emperor Hongwu, who was already sitting on the throne, and saw that the other party had a look in his eyes, and immediately went out to play and said, "Your Majesty, all the ministers, the ministers have considered this matter before, and the ministers think that the process of paper money is, in principle, to receive silver taels, and then print the corresponding amount of banknotes and send them out." But there is a difference between theory and practice, and we can do that. ”

Deng Chong stretched out his right hand, clenched it into a fist and stretched out a finger, and continued, "First, the household department will print some banknotes for later use." ”

"Second, the banknotes were handed over to the issuing agency, the Dajin Royal Bank. Money banks must follow certain basic principles, that is, to collect physical goods and issue paper money; Collect the banknotes and return them to the physical object. Specifically, we can start with the money of the officials of our court, and all the money will be detained in this issuing agency and paper money will be issued to them. Of course, after receiving the banknotes, you can still exchange them for gold and silver, but gold and silver will no longer be allowed to enter the circulation market. ”

"Lord Deng, there is no need to talk about officials. I believe that everyone still supports the imperial court, but what about others. If they all demand that it be exchanged for cash, then will not the paper money be printed in vain? "Some people don't quite understand that, according to some people's thinking, the imperial court should rely on violence to forcibly promote the issuance of banknotes.

"My lords, we are doing this to establish the credibility of the Imperial Court. If there is no faith, there will be no standing, and it is also a truth for the imperial court. To do this is to let the world understand. This banknote is equal to silver. So. Even if they first exchanged all the banknotes for cash, when they believed in the credibility of the imperial court, they naturally would not come to exchange for cash. After all, there are so many conveniences in the use of banknotes. ”

Sima Shu smiled and nodded. He also believes. As long as the credibility of the imperial court is established, the trend of paper money replacing physical currency will be unstoppable. Of course, the support of various forces is indispensable.

See you have no doubts. Deng Chong stretched out his third finger and said: "Third, the imperial court has stated that in the future, all taxes will use paper money, and all other physical objects will be withdrawn from the tax field. The people can exchange the grain and other agricultural products in their hands for a certain amount of money, and then pay taxes. ”

"Fourth, in order to collect private gold and silver, the money bank will open windows in local branches, so that people can also exchange their silver taels at home for paper money."

"Of course, the copper coins and copper dollars that have been displaced by the people must also be recovered, although we produce copper in China, but the quantity is not large, far from meeting the needs, and we have to spend a huge amount of copper every year to mine a large amount of copper from overseas. Nowadays, the ordnance industry needs a lot of copper, and it is inevitably inappropriate for the two sides to compete. ”

"The most important thing is that the copper coins and copper dollars of the previous dynasty have been discredited by the people, and they cannot be ignored. Your Majesty, in the opinion of the ministers, it is better to take advantage of this monetary reform to abolish the copper auxiliary currency and replace it with paper money as auxiliary currency. ”

"Your Majesty, Lord Deng's discussion is very good, but the minister has some objections. As you all know, our Chinese dynasties have made profits by minting copper dollars, and the people have been using copper coins for a long time, and if they take the liberty of abolishing copper coins, they may cause panic, which will then affect the issuance of paper money. Du Xi, the head of the household department, pointed out one of the hidden concerns.

"Well, what Aiqing said is very true!" Sima Shu nodded when he heard this, thinking that Du Xi's words were not unreasonable, he pondered for a moment and said: "Then let's be safe first, just say that we will recycle copper coins, and first take Guanzhong and Central Plains as pilots, and then promote them to the whole country when the time is ripe." ”

Speaking of this, Sima Shu smiled, "In order to speed up the pace of recycling, the imperial court may wish to make a slight concession to the people when recycling." For example, one yuan can actually be exchanged for 1,000 copper coins, and the exchange standard we set is 900 yuan for one yuan. Although the treasury bears part of the loss, if it can be exchanged for the stability of the credit of the banknote, it is worth it! ”

"Your Majesty's plan is brilliant!" Everyone patted the emperor's ass.

"The people can get 100 wen for every dollar, such a huge profit margin, all the brains in various places will inevitably sniff out this opportunity, and I am afraid that there will be no need for the imperial court to call for it, and they will naturally collect the copper coins from all over the country to exchange. This move will greatly save manpower and material resources. Although the premium recovery may have to lose some of it, it saves a lot of manpower and material resources. We don't actually have that much to lose. ”

Yang Xuanzhi asked again: "Your Majesty, the minister still has a question, if all places are greedy for this premium, wouldn't it be unbearable to come here one after another for a while?" ”

"Otherwise, the imperial court can set up recovery points in Guanzhong, Central Plains, Shuzhong, and other places to be responsible for exchange. In this way, copper coins will inevitably be dispersed in various places, and they will not be concentrated in one place, and copper coins are bulk goods and have a huge weight. The transportation costs of long-distance trafficking will inevitably exceed the profits, and the gains will outweigh the losses. Businessmen who seek profit will certainly not bother much about this. ”

After voting, everyone agreed with Deng Chong's suggestion, and finally Sima Shu said: "After a while, I will issue a holy decree, and all kinds of copper coins in all parts of the Great Jin Dynasty will be prohibited from circulation, and all copper coins will be redeemed." As for the coins, I have a different opinion, because the coins need to be circulated regularly, the wear and tear is great, the paper money is far less durable than the metal coins, and the issuance of metal coins is still very useful, since I am short of copper ore, it is better to use my brains on the composition of copper coins. ”

"Your Ministers obey! and get people to do it! The Ministry of Industry bowed and said.

Sima Shu listened for a long time, and when he saw that everyone's opinions were gradually unified, he explained his opinions and discussed: "Your opinions are basically the same as mine, that is, the right to mint and issue currency should be in the hands of the imperial court, and no private group or place can go beyond it. ”

"In the future, Dajin Royal Money will be responsible for the issuance of banknotes, which mainly undertakes two missions: first, the exclusive issuance of currency, according to the market to determine the guide interest rate. Co-ordinate the financial market, the new currency, called the Great Jin Treasure Banknote, all currencies regardless of silver dollars, banknotes, must be marked with the words Royal Bank. Second, in order to prevent unfair competition, Dajin Royal Bank itself does not participate in daily business such as taking deposits and lending. ”

"The Dajin Royal Bank is responsible for supervising various commercial banks and other institutions. There are two contents, one of which is the deposit deposit system, where the deposits absorbed by the local banks must pay a part of the proportion deposited into the Dajin Royal Bank, without interest. It is simply used as a guarantee for the deposits of various banks, and in the event of a run in the future, there are still imperial court credit and reserves that can be relieved. ”

"In short, the Dajin Royal Money Bank is a money village that does not operate specific businesses and is specifically responsible for national policies."

"In addition, what is the proportion of reserves and land, when the heads of the major banks arrive at the Chang'an branch, the household department and the royal bank are responsible for negotiating with each other, and the standards are set by you, and then you can ask the cabinet to review and report to me. Of course, the margin ratio should not be too low, too low will not play a role in protection, and it should not be too high, too high will hinder the normal operation of other banks. After the discussion, a relevant meeting will be convened to finalize the implementation rules. ”

Deng Chong interjected again: "Your Majesty, in order to consolidate the people's trust in the treasure banknotes, the minister suggested that when collecting and exchanging coins and copper dollars, let them be exchanged for paper money first, and then let them be exchanged for silver dollars a few days later. At first, ordinary people will definitely rush to exchange paper money for silver dollars, but if they can guarantee that they can be exchanged at any time, it will inevitably deepen people's trust in paper money, and according to this exchange, a certain handling fee can be charged, which can reduce the government's losses again. After a certain period of time, it is inevitable to accept the fact that paper money is the same price as silver dollars......"

"Good, good, it's a great idea." Sima Shu nodded in approval, "Do you have any constructive suggestions?" ”

"In order to strengthen the supervision of the money industry, the minister believes that it is necessary to strengthen relevant legislation." Zhongshu Ling Jiang Tong suggested.

"This is also a good suggestion, and the cabinet should be jointly responsible for drafting the draft together with the ministries of Shangshu Province and the Zhongshu Province, as well as the economic people of the major universities, and then submit it to the cabinet and the ministry for deliberation, and finally submit it to me for review. It is necessary to speed up legislation, establish and improve the relevant legal system, and only then can paper money have a good space for development. Sima Shu reminded.

"Ladies and gentlemen, the issuance of banknotes is a new thing since the beginning of the world, and you have no experience before. In order to ensure the issuance of currency, from today onwards, the local government soldiers have entered a state of second-class combat readiness, once it is found that someone wantonly sabotages the issuance of banknotes, the local government soldiers must be severely suppressed! ”

Sima Shu's last words made the hearts of those present feel cold, it seems that for the issuance of banknotes, the emperor Sima Shu is ready to cut off his head, and now it is up to him to see who is 'stupid' to get into the trap set by the emperor.

It wasn't until the sun set in the afternoon that Sima Shu dragged his tired footsteps back to the harem, lying on the bed he couldn't help but sigh in his heart: "The empire's territory is too big, and there are too many things to do. Rome was not built in a day, and the revival of China required more hard work......"

"Is Your Majesty still worried about the banknotes?" Seeing that Sima Shu's expression was not belonging, the green beads beside him couldn't help but be worried.

"Well, I'm always a little relieved, I don't know what choice the merchant groups around the world will make!" Sima Shu rubbed his brows and replied, "Forget it, don't talk about it, let's go to bed with the concubine!" (To be continued......)