18 million taels!

Although this figure is still far from the 30 million taels promised by Chongzhen, it is also very scary.

You must know that at the peak of the Ming Dynasty, the total annual tax was only 20 million taels of silver, but the profit of one institution of the Shiyi Institute reached 18 million taels!

And that's just less than half a year of Lilan.

If it is open all year round, won't Lilan have to double?

At least that's what the major shareholders present are looking forward to.

But it won't be long before they realize that this is just an extravagant hope when the entire bond market collapses, and when the bond market crashes, the trading of the market will fall off a cliff.

But at this time, these shareholders are unforeseeable.

So at this moment, including Ma Mingluo, who attended the meeting on behalf of the Ministry of Internal Affairs, all the shareholders present at the meeting had only one idea, the enlightenment of the Holy Coal Mountain is absolutely true, otherwise how could it be possible to get the current market exchange?

Before the enlightenment of Coal Mountain, it was very difficult for the Holy Lord to raise hundreds of thousands of taels of silver.

But after the enlightenment of Coal Mountain, the Holy Shang just made a random market change office, and the silver flowed into the Internal Affairs Office like flowing water, not to mention the royal silver number, which can really scare people to death.

……

It is an exaggeration to say that it scares people to death, but it is true to scare people.

And it was none other than the four cabinet elders of the Ming Dynasty, Zhang Youyu, the left attendant of the household department, and Shen Shaofang, the right attendant of the household department, and other senior officials of the cabinet and the six ministries.

Today is the first day after the end of the annual leave.

Shi Kefa called Gao Hongtu and the other three cabinet elders and Zhang Youyu and Shen Shaofang, the two household officials, to his duty room to discuss the matter of paying the arrears to the Beijing officials.

At the end of last year, because the household department could not come up with the money, only half of the salary was paid.

At the beginning of this year, the relief from the provinces was finally delivered, and the arrears of wages could be repaid.

So Shi Kefa gathered Gao Hongtu and Zhang Youyu together, thinking of discussing a piece of Chen, and distributing the arrears of Beijing official salaries and New Year's gifts.

It was a nice thing to do.

But when Gao Hongtu received a message and told the others, all the high-ranking officials who attended the cabinet meeting suddenly lost their mood, and they couldn't live this day.

The market changed its profit of 18 million taels in the first half of last year?

At present, the tax of the entire Ming Dynasty is only 10 million taels!

But the Ministry of Internal Affairs made a profit of 18 million taels just by a city exchange office!

Then, in addition to the municipal office, the Ministry of Internal Affairs also had an arsenal, an ironwork factory, a weaving factory, and so on.

So last year, how much money did the Internal Affairs Office presided over by Ma Mingluo earn?

Just now, they were still very happy because of the 1 million taels owed by the provinces to Nanjing, but the 1 million taels compared with the 18 million taels of the City Exchange Office were not fragrant in an instant.

"It's hard to believe." Gao Hongtu said quietly, "Since the Holy Lord has realized the Tao in the Coal Mountain, how can it be so easy to earn silver? You can raise 60 million taels by issuing a bond, and you can make a profit of 18 million taels a year by making a market exchange. ”

Shi Kefa and other senior officials are still digesting this amazing news.

Because this news is so amazing, at the beginning of last year, the saint was still worried because he couldn't make up the 500,000 taels of silver, but in less than a year, the saint's internal silver was already approaching 100 million taels!

And that's not even counting the silver in the Royal Silver Trumpet that can be used at any time, there's more over there!

Limited by the times and knowledge, Shi Kefa naturally couldn't figure it out.

But what Chongzhen did was not unusual, it was nothing more than gathering idle funds in society through financial means and then harvesting leeks.

In Europe, these tactics were already played by the kings and dukes.

The principal of the Dutch East India Company was raised through the stock exchange in Amsterdam.

A small Netherlands, with a population of more than one million, can obtain powerful capital power through financial instruments, and then support the crazy colonization of the world, not to mention the Ming Dynasty.

In essence, the Ming Dynasty did not lack silver, what was lacking was only the tools to make silver flow.

What Chongzhen did was to provide a financial instrument that was convincing enough and had enough room for appreciation, so that the silver deposited in the folk cellar could flow.

This is the case, and if you understand this, you will understand.

If you don't understand this, you won't understand it if you want to break your head, this is a dimensionality reduction strike.

The financial economy, compared with the small commodity economy at the end of the Ming Dynasty, is really a dimensionality reduction blow.

However, it should be noted that the financial boom at this time was nothing more than a false boom.

If this amassed financial capital is not channeled to industry or overseas colonization, through which more wealth is generated and returned to financial capital, this false prosperity will soon be disillusioned.

And soon, the nascent financial economy of the Ming Dynasty will usher in a severe storm.

……

After the Lantern Festival, the market of the market was hot for two days.

However, on the eighteenth day of the first lunar month, Sun Tinglan suddenly found Wang Tao and said: "Wang Gong, quickly sell all the bonds you have in hand, and don't keep a tael!" ”

"Why is that?" Wang Tao asked in surprise.

"I think this hot situation will continue for a while."

"It's almost over." Sun Tinglan whispered, "Wang Gong, you might as well calculate the general ledger, according to the current bond price and the total number of bonds before and after, it is already close to 300 million taels!" ”

I have to say that there are still smart people in this world.

Let's just say that this Sun Tinglan is just a small cloth merchant, and he doesn't understand liquidity depletion and financial speculation at all, but he can't stand people's sense of smell is sharp enough.

"So what? It's only 300 million taels. ”

Wang Tao's thoughts are similar to those of other gentlemen and businessmen.

This is also the general opinion of most people, Daming must not have billions of full silver?

Therefore, 300 million taels is just a small meaning, and it has to rise, and some are made in silver!

Sun Tinglan shook his head and said: "Anyway, I feel very bad, I sold it anyway, Wang Gong, you can do it." ”

After speaking, Sun Tinglan called his buddy and asked him to hang up all the bonds in his hand by half, but it took a long time before he was bought by others.

"Wang Gong, I'll go to the royal silver number to redeem the silver, you can do it yourself."

After finishing speaking, Sun Tinglan took the silver ticket and went to the royal silver number on the same banknote street, and took out all the 30,000 taels of silver in his account.

Seeing Sun Tinglan so resolute, Wang Tao was also a little shaken.

In the end, Wang Tao still decided to believe Sun Tinglan's vision and hung up all the bonds in his hand, but only half of them were sold, and the remaining half was not accepted.

At this point, the liquidity of the market has officially dried up.

[Note: Explain the depletion of liquidity here: Suppose A and B have 10,000 taels of silver each, and A and B go out one day to pick up a stone, and think that the stone is particularly good, so they sell it for one tael of silver, and B also thinks that this stone is very special and buys it, and then A regrets it and wants to buy it back, so it is worth two taels of silver, and B thinks it is profitable and agrees, and then B also regrets it and buys the stone back...... In this way, the price of the stone rose all the way to 20,000 taels and was bought by the first member, at this time, the first member had a stone in his hand, and the second member had 20,000 taels of silver in his hand, and the total wealth of the two did not change, but the price of the stone had risen to 20,000 two, and the second member could not afford it, and the liquidity was lost.

[Because the bonds in the book are scattered, they are not sold as a whole, so the liquidity will not dry up immediately, but it will gradually fall into a crisis, the specific manifestation is that as the price of bonds has been rising, there are fewer and fewer buying orders, more and more selling orders, and after a critical point, it will not be able to sell, and then there will be liquidity depletion, and they will not buy!] 】

[Note: These 300 words are not counted, and will be supplemented in three chapters, with more than 90 words in each chapter]

Wang Tao just caught up with the critical point and sold half of the bonds, which is half of the capital.

But the remaining half of the bonds could no longer be sold, Wang Tao lowered the price from half a percent increase to sell at parity, but no one sold it, at this time he remembered what Sun Tinglan said, and he was a little panicked.

As a result, Wang Tao decisively lowered the price of the bonds he held and listed them for sale.

Wang Tao originally just wanted to sell the bonds in his hand as soon as possible, but he inadvertently caused a stampede, and in an instant, the platform was full of selling orders with a price reduction of 10%, and then no one bought it, and more people were selling.

Although Wang Tao was a little annoyed, he was not too worried, thinking that he would definitely be able to sell the bond the next day.

As a result, what we waited for was a sharp drop for more than 20 consecutive days, and although there was a small pullback in the middle, there were still very few actual effective buys, so Wang Tao's bonds were still not sold.

It fell until mid-February, and the price was reduced to only 20% of its original price.

At this point, the bond basically fell back to its original price, and there is no room for it to fall.

However, at this time, there was a terrible news from the north, Jiannu levied an army of 300,000 and launched an attack on Xuzhou.

If the Ming Dynasty can't withstand it, these bonds will immediately become waste paper!

As soon as the news spread, bond trading began to fall into an avalanche mode, not only falling below the original price, but also falling by 10% every day.

If Chongzhen hadn't set a limit of one percent, he might have fallen by more than ninety percent in one day!

However, even if the restrictions are set, for the market that has completely lost confidence, it is only a lingering breath, so it is still falling and falling every day, and there is no sign of recovery at all.

As a result, every day, people commit suicide by throwing themselves into the Qinhuai River, Xuanwu Lake, and even the Yangtze River.

Painting boats on the Qinhuai River and fishermen fishing in the Yangtze River can find soaked corpses almost every day, and most of these corpses are well-dressed and sad.

As a result, there began to be rumors of the imperial history, criticizing the royal internal affairs office and the people for profit.

The well-written Imperial Historian even listed the ten major crimes to the Royal Home Office, and also said that the Royal Home Office should buy back the bonds at the original price as soon as possible.