"Your Majesty, this stock must not be allowed to run rampant!"

Cabinet minister Zhu Shunshui was the first to stand up against it.

He encouraged the private economy and technological innovation, but only stayed in the real industry, and was very disgusted with such things as stocks.

Wu Yingji also said: "The original intention of raising funds and shares is quite good, which can relieve the temporary difficulties of businesses. However, the stock is vacating, which is really buying and selling. The stock price has risen tenfold, and it does not produce a grain of rice or a pot. This thing ignores people's hearts, or there are people who are good gamblers, and eventually the family is ruined. If the people of the whole city are good, once the stock price plummets, there will be many bankrupts. ”

Wu Yingji is very knowledgeable about economics and participated in assisting Song Yingxing in compiling "Economic Knowledge", which has been renamed "Economic Theory".

These two stood up against it, and the other ministers immediately chimed in, all of whom resisted the establishment of a stock exchange.

Zhao Han asked Fei Chun: "You have been managing Datong Bank and the Ministry of Finance for a long time, what is your opinion on this?" ”

"I can't hold it down." Fei Chun did not approve or oppose, and only said these four words.

"Where can it be suppressed?" Wu Yingji said, "But if there is a public shareholder, the license of the trading company will be revoked, and no one will dare to issue shares again in the long run." ”

Fei Chun said: "Wu Ge Lao also said that the original intention of raising funds and raising shares is quite good, but what I am afraid of is that the private sector is buying short and selling short. However, short selling has long existed, and it is everywhere in Jiangsu, Zhejiang and Shandong. The businessman signed a contract with the cotton farmer a year in advance, and agreed on how much cotton to buy in the coming year, and no matter what the cotton market is next year, no matter what the price of cotton will be lowered. ”

"I know this," Wu Yingji nodded and said, "But if you buy cotton in advance, there will be a physical object after all, unlike a piece of paper for stocks." ”

Fei Chun said with a smile: "Stocks are not paper, they really have shares of a trading company, and there is not much difference from the cotton purchase contract." ”

Jiangsu, Zhejiang and Shandong provinces are cotton-producing areas, local businessmen buy cotton in advance, because cotton has been in short supply in recent years, this kind of pre-purchase contract has been completed futures.

The merchants in the county were responsible for the purchase and contracting, and only needed to pay a small deposit, and then sold to the big merchants of the state capital at a higher price. The big businessmen of the state capital sat together, and according to the climatic conditions of the coming year, they joined forces to manipulate the price of cotton, and resold the contract price of cotton to textile mills.

Cotton farmers still get that much money, but the cotton has already been resold twice.

Wu Yingji said: "Buying and selling short in cotton purchase contracts, regardless of profit or loss, is a matter between businessmen. But this stock is related to the small people of Shengdou! ”

Fei Chun sighed: "Alas, stocks can make more silver flow. Your Excellency's "Economic Treatise" has also been read by contemptible people, and the benefits of the flow of silver can completely outweigh the disadvantages of stocks. When there is such a thing as stocks, you can't think about how to ban it, but how to control it. Wouldn't it be nice to use the tax collected from the coastal stock trading to build bridges and pave roads inland? ”

Wu Yingji did not immediately refute, but weighed the pros and cons.

The rest of the ministers looked at the Emperor, and many of them had heard of such a thing as a stock for the first time.

Zheng Sen's secret recital, Zhao Han has made it public. This is the only information about stocks, and it is difficult to judge in the short term, and none of the current speakers have thought it through.

Finally, Zhao Han spoke: "Like cotton pre-purchase contracts, these are called 'futures'. Futures and stock certificates must be printed by the Ministry of Finance, and the information should be filled in the blank space during specific transactions. In Guangzhou, Shanghai and Dengzhou, stock exchanges were established. Futures and stock transactions must be carried out on the exchange, and private transactions are not recognized by the government. Futures and stock trading are subject to taxes, and the Ministry of Finance will first try to determine a tax rate for the specific amount that should be levied, and then adjust it according to the situation of the exchange. ”

The three major exchanges, Guangzhou and Shanghai, are well understood, why is there another one in Dengzhou?

Because Dengzhou is the largest port of northern trade, most of the ships from Shandong to Liaoning, North Korea, and Japan depart from Dengzhou. At the same time, Shandong is the largest cotton-producing area in the country, and cotton futures trading here is the most frequent.

Zhao Han continued: "In order to prevent people from manipulating securities prices on a large scale, it needs to be strictly regulated! ”

"First, it is necessary to determine the trading hours of each day, and the opening of the transaction is the opening of the trading and the closing of the trading is the closing of the transaction. The price of the first order is the opening price, and the price of the last minute of the closing is the closing price. ”

"Second, the exchange must have traders, and for all securities transactions, the purchaser must fill out a purchase form and submit it to the trader for trading. When taxation is collected, the completed application is used as evidence. ”

"Thirdly, the securities application form must be filled in with a quotation. Before the opening of each day, bid half an hour in advance, fill in and submit the subscription book. In the first 10 minutes, the order can be cancelled; In the middle of 10 minutes, no cancellation of orders is allowed; After 10 minutes, no cancellation of orders or application for transactions is allowed. Traders must rewrite the price on the blackboard at any time and publish it so that buyers can easily know the details. ”

"Fourth, the party that sells the securities must also submit a letter of sale. In the future, securities trading will no longer be a seller-to-buyer, but a group of sellers against a group of buyers. The trader matches the buy and sell orders, and the application for the same buy and sell price can be effective immediately. ”

"Fifth, if the price of a security rises or falls by more than 15% in a single day, the security must stop trading and be repriced the next day."

"Sixth, trading companies that issue shares to the public must be strictly examined to prevent people from maliciously accumulating wealth."

When the six rules were spoken, the ministers were so confused that they couldn't even understand many professional terms.

Zhao Han also knows a little about securities trading, and it is not easy to say this. More rules have to be added in actual operation, and if you believe in the wisdom of the public, they will make up for or exploit loopholes themselves, and then force the court to change them.

Without waiting for the ministers to return to China, Zhao Han immediately said: "Datong Bank will be dismantled and dismantled into a central bank and a commercial bank." Official bills, military bills, silver dollars, and copper coins are all issued and managed by the central bank, and commercial banks and private banks are also managed by the central bank......"

"We will rectify the ticket numbers and money banks of the private sector, and change their names to banks in the future. Private banks are required to pay reserves to the central bank. The cash in the bank's inventory must be handed over to the central bank for safekeeping on a pro rata basis, and this money is called reserves. In the event of a run on a private bank, if the funds are insufficient, it can apply to pay with reserves. Once a bank uses its reserves, it must be strictly investigated afterwards, and the banking license of those who are in difficulty in operating must be revoked. ”

"The ratio of reserves can be adjusted at any time, but it must not be lower than 20%. Prevent private banks from absorbing too many deposits, lending them all to trading companies, and having no money to give to the people when they encounter a run! ”

"Your Majesty Shengming!" Fei Chun immediately shouted.

The proposal for reserves was made by his cronies.

Private money banks use interest to absorb deposits, starting from the Zhengde and Jiajing years, which is due to the rapid development of the commodity economy.

After the establishment of the new dynasty of Datong, industry and commerce prospered rapidly, and the people's savings also increased. In this way, there was a boom in the banking industry, business owners needed money to expand investment, and ordinary people wanted to save money for interest, and the two sides hit it off.

The number of money banks and ticket numbers has increased rapidly, and the imperial court has been rectified, but it has not been able to keep up with the pace of development in recent years.

Private money bank and ticket number, in order to make a profit, play wild.

A few years ago, when the customs were rectified, many maritime merchants were involved in the situation and could not afford to pay huge fines and went out of business. And the money bank and ticket number that lent them money could not be recovered due to a large number of loans, and after the news was gone, more than one bank suffered a run. As a result, the money bank went bankrupt, and the people's deposits could not be recovered.

In addition, Datong Bank has too much power and can interfere too widely, which has also caused a lot of chaos.

Taking advantage of the establishment of the stock exchange, the Datong Bank was split up, the powers and responsibilities of the central bank and the commercial banks were clarified, and by the way, the very non-standard private banks were rectified.

The China Banking Regulatory Commission and the China Securities Regulatory Commission should also be established.

After the end of the imperial meeting, many ministers still did not understand, and asked Fei Chun, Wu Yingji and other professionals about the situation.

Two months passed, and various rules were worked out. For example, 35% of the people's savings deposits should be taken out as reserves and handed over to the central bank for safekeeping. For corporate deposits, only 20% of the reserve is required.

The decree was issued, and all over the country, chickens flew and dogs jumped.

More than 20% of the money bank and ticket number cannot take out enough reserves. The deposits they absorb are lent out in a blink of an eye, because there are too many companies that need money.

For such banks, the deadline is three months for rectification. If the reserves can be withdrawn, it will be renamed as a bank and issue a license. If you can't make a reserve, then I'm sorry and don't do banking anymore.

Bank practitioners complained, saying that the imperial court was looting people's money.

But in the face of a strong government, they can only complain, and they have no courage to resist at all.

As a result of this rectification, Datong China's banking industry has been put on the right track, and money banks and ticket numbers have become a thing of the past.

And in the winter of this year, the three major exchanges were officially opened.

The first to be happy was the owner of the cotton spinning factory. They are finally not subject to cotton suppliers, and they have been subjected to various arbitrary price increases, and they will be able to buy cotton on the exchange in the future. Although it is still controlled by others, the space for dark box operation is smaller, and most of it can be placed on the table.

Those porcelain suppliers in Jiangxi were already engaged in porcelain ticket futures, but now they are required to only do so on the exchange.

I am even happier that small and medium-sized maritime merchants have a clearer and clearer supply situation, and they will know it when they go to the exchange. If the maritime merchants want to monopolize the supply of goods, they have to smash it with real money, and they can no longer do things in the clouds.

Everyone didn't know much about it, and before the exchange opened, many people came to inquire about it.

There are also many companies that ask about the rules for listing and issuing shares, and they also want to issue shares to obtain funds.

Even businessmen in the Sichuan-Shaanxi region went to the coast to inquire about the situation. The economy of these regions is not as active as that of the coastal provinces, and many of the old rich people, who have hidden their silver in their cellars, now want to participate in securities trading, because they have heard that it can make money.

On the day of the opening of the three major exchanges, there were not many types of stocks and futures, but investors crowded the exchanges.

82 Chinese Net