Now the emperor does not dare to borrow money, and he can't borrow money, not even his father-in-law, Jiadingbo. Do these people have no money, no, these people have money, they just don't borrow. After all, the imperial court is like a bottomless pit, who wants to throw money into it. After the fall of Jiadingbo in the Ming Dynasty, he was chased by Li Zicheng and chased out 700,000 taels of silver. There are 700,000 yuan of silver in the capital alone, but you know that Jiading Boduo is rich, in addition to cash, there must be a lot of his land, real estate, shops and other industries.

Liu Jun's plan is also to borrow money, but by issuing bonds. bonds, he has interests. Although there are a large number of money banks in the Ming Dynasty at this time, only a few money banks have storage business, but many of them have no interest income, but also have to charge storage fees and handling fees.

Therefore, the silver in the hands of the Ming people is generally used for loans, or used to buy property, and finally it is used to bury it in the underground silver cellar.

Just like Jiang Bin, the righteous son of Emperor Zhengde, because he once commanded the four towns, he was also made an earl, and later he was the governor of Dongchang and Jinyiwei, and he was very favored by the emperor and had great power, so he fell into the courtiers, embezzled and took bribes, cultivated private parties, and reused his family.

Later, Jiang Bin was arrested and taken out of prison, and his family property was confiscated, so he copied out 70 cabinets of gold, 1,500 taels each, 2,200 cabinets of silver, 1,500 boxes of gold, silver and miscellaneous jewelry, and other treasures were innumerable. Jiang Bin's millions of gold and silver were all hidden at home.

There is also Xu Jie, the famous minister of Jiajing, who has been in his hometown for many years, and he has purchased more than 400,000 acres of fertile land in Wu Song's hometown.

In these years, people can not find any good investment channels even if they have money, after all, buying land and buying real estate requires more starting capital, and it is risky to borrow money from borrowers. In most cases, some scattered funds are still hidden in the home and buried in the ground.

Liu Jun intends to issue bonds, and bonds have interest.

"We issue bonds, we print bonds, we can print bonds of different maturities and different amounts. Then set different interest rates. For example, from one year to ten years, there are three years and five years, and the interest rate is different for different terms. ”

"Let's say a one-year bond with an interest rate of 10 percent. He bought a hundred taels of bonds, and after a year he would get one hundred and ten taels of silver with principal and interest. And the longer the term, the higher the interest rate. For example, if one year is 10 percent, then three years can be twelve, and five years can be fifteen. Ten years is twenty percent. And if it is redeemed before the expiration date, then the interest will be reduced and reduced. In short, the longer the period of purchase, the higher the interest rate. ”

"Bonds, on the other hand, can be printed like treasure money, with different denominations, ranging from 100 wen to 1 tael, 10 taels, and 100 taels. All bonds are bearer and freely transferable, and can be exchanged at maturity or in advance, but with a lower interest rate and a partial handling fee. ”

Liu Jun introduced some information about the bond to Chongzhen.

After hearing this, Chongzhen had some understanding. "Although bonds have an interest rate, how can we get people to buy them? If the people buy it, and the time limit is up, or if the people want to exchange it in advance, where will we pay with the silver? Chongzhen also understood the root of this bond. It is to attract people with interest, but in the current situation of the imperial court, how many people will believe in the imperial court? In addition, this interest is also a large amount of silver, where will the court get the money to pay the principal and interest?

Liu Jun smiled lightly. Chongzhen is still too small-scale peasant consciousness to grasp the most beneficial part of this bond.

"Your Majesty, the credit of the bond is very important. The current situation in the imperial court is indeed a little unsatisfactory. If it is directly printed and sold by the imperial court, not to mention that there will definitely be a lot of corruption in it, and even the credit is not ideal. Therefore, the minister thought that the bonds could be guaranteed by a private firm trusted by the people, and that they would be responsible for printing and issuing them. ”

"That's it?"

"Of course it won't be that simple, but it's not too difficult either. The minister thought that he could hand over this matter to Jiangnan Qianzhuang as a guarantee, which is the issuing bank of the lottery tickets, and now has a good reputation. We can use Jiangnan Money as a guarantee, as long as the world knows that our bonds can be redeemed at any time, then with the attractive interest of the bonds, someone will naturally buy them. There are so many people in the world, and if you accumulate a lot, you will definitely be able to sell a lot. ”

"Lotteries, bonds." Chongzhen muttered, a little hesitant.

At this time, Liu Jun said, "The minister dares to promise His Majesty that at least 500,000 yuan can be sold in the first month." In order to win this bond, Liu Jun plans to throw something tempting first. 500,000 cash, he didn't believe that Chongzhen would not be moved.

Sure enough, Chongzhen was greatly moved when he heard Liu Jun's assurance. If the bonds can really be sold, let alone five million, it will be two million, which can also greatly alleviate the predicament of the imperial court.

But he has one more concern.

"How do I redeem it?"

"Your Majesty, don't worry about this, as long as the bonds are sold, then the more you sell, the less you have to worry. Because bonds have a maturity, maybe some people will pay them before they expire at first, but not too much. And when they find out that they can pay it, then they will regret the lost interest, and most others will certainly not be in a hurry to pay it when it is due. ”

"And our bonds have four maturities for one year, three years, five years, and ten years, and the fastest is also one year, which means that the vast majority of bonds will not be paid in the short term. And our bonds can be sold every year, and the new bond money can be used to pay the previous maturity payment, so that the imperial court can always occupy a large amount of bond money without worrying about repayment, because most of the bonds will not be paid in the short term. ”

This is similar to tearing down the east wall to make up the west wall, but the difference is that as long as the bonds keep their credit, they can continue to be issued, and because the bonds are all limited to years and are limited to years, the further you go, the more money rolls in. Like banks, you can borrow money from savings deposits and borrow them, and as long as you keep a portion of your savings to pay for withdrawals, you can borrow most of your savings to make a profit.

In fact, in later generations, which country does not have a deficit? This is the same as the companies of later generations, the bigger the company, the more they know how to use bank loans to develop, or simply go public to make money to develop, relying on their own capital to develop, too slow.

Unless the credit goes bankrupt and there is a run, this leverage can be played forever.

Liu Jun threw out the bonds, not because of how much money he could get, but because he was interested in something more important. Liu Jun planned to take the opportunity of issuing bonds for the imperial court to establish a bank, a bank with the support of the imperial court, and establish branches in various places. Absorb deposits, borrowing, and even minting, exchange and other businesses.

The speed at which banks make money, that's terrifying, and more importantly, if you can really have such a bank, it's not just about making money.

Chongzhen was skeptical of what Liu Jun said, mainly because he didn't understand it. But I also feel that the prospects are good, and the most important thing is that the court is too poor and urgently needs silver.

"I'll leave this matter to you."

"The minister is willing to share His Majesty's worries, but if this matter is handed over to the minister, the minister would like to ask His Majesty to give him a few concessions."

"You say!"

"First, the printing and issuance of bonds, the imperial court can send people to supervise it, but it is not allowed to interfere in the management."

Chongzhen thought about it and expressed his support for Liu Jun, as long as he has the right to supervise, it is enough, after all, this bond is also the first time, and it is easy to make things worse if he sends someone who doesn't understand to participate in the management.

"Second, the bonds are guaranteed and sold by Jiangnan Qianzhuang, and after they are sold, they need to deduct a share of 5/1000."

This request is also more reasonable, Chongzhen calculated, if he can really sell five million bonds in a year, then he only needs to pay 25,000 taels of silver, compared to the huge amount of 5 million, 25,000 is really not much.

"Yes." Chongzhen nodded, "Is this part enough?" Jiangnan Qianzhuang does things for the imperial court, and he can't let them lose money. ”

"This is to do things for the imperial court, and it is enough to collect some operating costs, how can you still make money from it." Liu Jun said.

Chongzhen felt greatly relieved, he got up and patted Liu Jun on the shoulder, "Originally, I wanted to keep you in Beijing for more time, but since I let you apply for this bond now, then I won't keep you in Beijing more." If the bonds are not sold well, I can issue an order to let the rich people in all parts of the world subscribe to the bonds. ”

"Your Majesty, by no means. If the imperial court directly issued an order to let the world's wealthy people subscribe, then I am afraid that the credit of this bond will plummet, and I am afraid that no one will dare to buy it. It's better to hand over this bond to the minister and hand it over to Jiangnan Qianzhuang, and use commercial methods to handle this matter well. ”

Chongzhen sighed, the credit of the imperial court was already so poor, and when issuing bonds, he had to use private firms to guarantee the issuance, and he didn't even dare to use the name of the imperial court.

"I'll leave this matter to you, I'm relieved." Chongzhen was silent for a while, and then said, "But this matter is only handled by the way, you must not forget the most important task." After returning to Huguang, remember to step up the training of soldiers and horses, and at the same time, do not forget to rectify the guard post and clean up the tuntian. Next summer, you have to send troops to Liaodong on time. ”

"The minister understands that this time he will return to Huguang and other places, and he will do a good job in handling military training, preparing for war, rectifying the guard station, cleaning up the tuntian, and handling bonds."

"I'm sure you can do it."

Liu Jun and Chongzhen walked out of the study, and several lords and ministers in the hall outside waited for a long time, and they were all talking about what the emperor and the Marquis of Zhennan were talking about inside. After talking for so long, when they saw the two of them coming out, they secretly looked at the expressions of the two. Seeing Chongzhen's happy face, Liu Jun was also full of smiles, and they were all extremely surprised.

"Okay, I'm going back to the palace, you don't have to send it." Chongzhen was in front of everyone, pulling Liu Jun's arm and saying.

"Congratulations to send Your Majesty back to the palace!"

At the court meeting the next morning, the emperor issued an edict announcing the promotion of Liu Jun to the governor of the Left Army, the governor of the left army, the general of Jiajinwu, and the right pillar country, and gave him the name Zhu Ciye, and accepted him as the emperor's righteous son, and recorded it in the register.

As soon as the will was made, the Manchu Dynasty was in an uproar, and even Liu Jun's two teachers, Mei Zhihuan, the first assistant, and Li Changgeng, the second assistant, immediately came out to oppose it. But Chongzhen was not moved at all, and there was no room for change at all. (To be continued......)