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In the past 10 days, the Beijing Times has serialized an article entitled "Monetary Theory," and the author of this article is signed as "Tokyo Xiaoxiaosheng." Even the most shrewd newspaper detectives have not been able to find out the specific situation of this "Tokyo Xiaoxiaosheng," but this article has caused great repercussions.

In the tick bar on Panlou East Street, Liu Shijiu was reading aloud the serial articles in the newspaper at the request of everyone:

In primitive society, when the productivity increased slightly, there were occasional surplus items in the tribe, so sporadic transactions also appeared, and tribe A exchanged the remaining two sheep for two knives to tribe B, at this time, the value of the two sheep could only be reflected through two knives.

With the further development of the productive forces, there are more and more things left in the tribes, rice, salt, cloth, knives, bows, cattle and sheep, etc., at this time, commodity transactions have become frequent, and many problems have arisen, the value of commodities in each is different, and there are many contradictory relationships, how to exchange?

As a result, metallic currencies such as gold, silver, and copper appeared, and all commodities were uniformly measured in these currencies, which facilitated people's transactions.

However, gold, silver and copper are relatively scarce, and with the continuous development of productive forces, the number of commodities in society is becoming larger, and the shortage of these metal currencies is becoming more and more serious, so there is often a shortage of money in society.

Commodities are produced in a steady stream, but there is not enough money to measure their value, and there is no way to trade them.

The only way to solve this problem is to issue credit currency.

Credit money is characterized by the fact that its value as money is much greater than the value of its coinage materials, and its credit depends on the amount of metal money that can be exchanged for it.

This convertible credit currency is circulated in the market instead of metal currency, so it can be called a substitute currency. At present, the banknotes issued by the Great Song Dynasty are substitute currencies.

The proxy currency guarantees its credit value because it is convertible to metal currency. But precisely because it only replaces the characteristics of metal money in the market. It is destined to be unable to truly solve the problem of money shortage caused by the shortage of metal currency.

The only way to solve the problem of money shortage caused by the continuous development of productive forces is to use fully credit money.

The so-called fully creditable currency. It is a currency issued through the national credit procedure with credit as a guarantee, which is characterized by the fact that it cannot be exchanged with metal currency, and its connection with metal currency is severed, and it is issued and circulated through credit procedures, which is mandatory;

The state can control and manage the circulation of credit money through specific institutions. This credit currency is a debt certificate, a debt of the state to the people, so its basic guarantee is the credibility of the state.

The number of its issuances was based on the needs of the country's economy, not the needs of the imperial court. That's the only way. It is possible to guarantee the credit of this completely complete credit currency

This serial article is very long, and what Liu Shijiu has read is just the beginning.

This series of articles elaborates on the past and future of money, as well as the relationship between money and social development, commodity circulation, and so on.

Most of the ordinary people in the market cannot fully understand it, but they understand a truth: with the development of social productive forces, the use of credit money is inevitable in the future.

This is the first article in history that comprehensively and profoundly expounds the meaning of money. In particular, the part about the bank expounded later in this article has surprised many people of insight and applauded it again and again. For example, this article gives such an example:

In a country west of the Great Eclipse, merchants deposited their money in gold shops. The gold shop issued a voucher for the person who saved the money, and later with this voucher, he could withdraw the gold.

Then the merchants found out. When you need to use money, you don't need to take out the gold at all, just hand over the gold certificate to the other party.

And then later. The gold shop suddenly realized that it was the certificate it had opened. It has the effect of currency! Unable to resist the temptation, they began to open "fake certificates". But the magic is. As long as all clients do not come to pick up their gold on the same day, a "fake certificate" is equivalent to a "real certificate".

In this story, the gold shop is equivalent to the bank, and the certificate it issues is equivalent to credit currency, and we can understand from this story that the gold shop can amplify the amount of credit currency, which physical money cannot do.

At the same time, the article pointed out that at present, the Ministry of Household is issuing banknotes, and has set up exchange institutions for banknotes and gold, silver, and copper coins in various ways, but the functions of the institutions are too simple, just to ensure the credit of banknotes.

As a matter of fact, these institutions set up in various localities by the household department can be completely transformed into real banks, and by absorbing deposits, loans, exchanges, savings, and other businesses from the non-governmental sector, they can become institutions that undertake credit intermediaries, thus facilitating the raising and financing of social funds.

On the one hand, banks collect idle monetary funds and small monetary surpluses in the society by absorbing deposits, and then lend them to people who need to replenish money in the form of loans.

Here, the bank acts as an intermediary between the lender and the borrower. On the other hand, banks handle the receipt, payment, and settlement of money for commodity producers and merchants, and it also acts as payment intermediaries

The publication of this serialized article on money and banks made the Beijing Times the focus of attention of officials, wealthy businessmen, and even ordinary people.

From this series of articles, people of insight can see the important role of banks in the national economy, and of course, banks are institutions that operate money as a commodity, and the profits contained in them are incalculable.

Cai Jing urgently convened a meeting of the household department to discuss the feasibility of establishing a household bank.

The West Indian Ocean Trading Company also urgently convened a shareholders' meeting to discuss the establishment of a commercial bank.

Yang Yi quietly leaned on Adele's gentle arms, quietly looking at the falling snow outside the window, he threw out this article of "Monetary Theory" this time, after thinking twice, he felt that the time was ripe to launch it.

Since the founding of the Great Song Dynasty, industry and commerce have always been encouraged, and in terms of industry and commerce, even the Ming and Qing dynasties in later generations are inferior.

In the past few years, the economy of the Great Song Dynasty has been growing in a blowout under the stimulation of internal and external factors such as war and internal political innovation.

The annual income of the imperial court quadrupled, the accumulation of private wealth also increased several times, various production workshops sprung up like mushrooms after a rain, and the shrewd merchants were by no means just the merchants of the Jiangnan trading company.

Driven by the demand of shopping malls, it is inevitable that merchants and handicraft workshops in various places will expand their scale, innovate production technology, and compete for more surplus value.

Especially this time, stimulated by such a large amount of money from the West Indian Ocean trading company, the chambers of commerce in Hedong, Shaanxi, Shuzhong, Jinghu, Fujian, Guangzhou, Youyan and other places have also been established.

The industrial and commercial development of the Great Song Dynasty has reached the prelude stage of another blowout, and if you want to achieve a blowout development again, Yang Yi believes that there must be a relatively perfect financial system as a support.

The state bank must be established as soon as possible, and at the same time commercial banks must be allowed to operate, but the threshold for commercial banks must be set higher, and the imperial court must formulate corresponding laws to restrain and regulate the behavior of the state and commercial banks.

Yang Yi withdrew his gaze from the window and asked Han Bi'er, who was waiting for him to answer, "How much money did the Shuzhong Chamber of Commerce raise to start a bank?" ”

Han Bi'er said unwillingly: "As far as I heard so far, more than 20 million yuan have been raised. ”

After hearing this amount, Yang Yi understood why Han Bi'er was in such a hurry to come to him, because of the huge investment in the industry, the West Indian Ocean Trading Company might not be able to take out 20 million yuan to open a bank at once.

Now that everyone has seen the huge potential of the financial industry, everyone wants to seize the leading position in the industry, Han Bier and others have a different kind of mind for this, hoping to promote the imperial court to introduce corresponding regulations through Yang Yi, so that the Shuzhong Chamber of Commerce cannot get the qualification to open a bank.

Yang Yi smiled and said: "The start-up capital does not represent anything, although our chamber of commerce is slightly inferior in the amount of start-up capital, but it has an advantage in terms of geographical advantages and people, as long as it operates well, it is not difficult to seize the position of the leader." ”

"This" Han Bi'er immediately understood, in terms of the financial industry, Yang Yi did not want to monopolize, in this way, it was only up to his own ability, in addition to the merchants of Shu, the merchants of Jin, Shaanxi and other places also intended to compete for the big cake of the financial industry, and this battle seemed to be very fierce.

"If there are no wolves on the grassland, the sheep will reproduce very quickly, and more and more sheep will eat up all the grass, what will happen? Our trading company is the same, if there is not even an opponent, it is not necessarily a good thing, Shuzhong Chamber of Commerce wants to run a bank, you don't have any crooked thoughts, think more about how to play your own advantages, improve your competitiveness, and opponents to play a game, and even with the opponent to establish some mutually beneficial cooperative relations, both competition, and cooperation, don't forget, the world is very big, don't always keep your eyes on the country. ”

"Yes, slave understands." Han Bi'er retreated a little helplessly, the wind and snow in the courtyard were confused, and her graceful figure quickly disappeared at the end of the corridor in the inner courtyard.

"Sister Han is really hard." Adele couldn't help but sigh, her slender ten fingers gently massaging his temples.

"It's hard work, but if I let her sit idle in the backyard, I'm afraid she won't be so radiant again."

"Yes." Adella smiled, lowered her head and kissed him lightly on the forehead, the faint fragrance of her body like an orchid musk deer was gently diffused in the air, intoxicating, "Slave is just strange, why didn't you help Sister Han this time?" ”

"How do you know I'm not doing this to help her?"

"Master, this is the so-called being born in sorrow and dying in peace, right?"

"Sort of."

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PS: Thank you for the support of the gods of autumn, the rain knocking on your window, the summer cold of the year, thank you.

(To be continued.) For mobile phone users, please go to read. )