"The next set of 'offshore silver treasure money system', and the domestic 'silver treasure money system', is a theory of parallel internal and external systems."

"It's not only the most complicated part of the lesson, but also the most brain-burning content."

When he heard this, Zhu Gaoxu's brain was already hurting.

Jiang Xinghuo said slowly: "But only when you understand how the internal and external systems work, can you understand the essence of designing silver treasure banknotes." ”

Hearing this, everyone inside and outside the wall became serious.

If the previous content is all about principle explanation, substitution and understanding, and pre-steps.

It's as if Prince Dan wants to teach Jing Ke how to enter the temple and salute, how to speak, and how to unfold the map.

This is the last knife that the poor dagger sees!

This is the ultimate mystery of the 'silver treasure banknote' that Jiang Xinghuo wants to talk about.

Jiang Xinghuo glanced at the two of them and said, "If there is anything, even if you think it is insignificant, as long as you don't understand, you can interrupt me at any time." ”

Li Jinglong and Zhu Gaoxu nodded at the same time.

"Okay, then let's start to elaborate on the internal and external systems."

"First of all, let's talk about the domestic 'silver treasure money system'."

"The domestic 'silver treasure money system', when I talked about anchors before, I mentioned a few words by the way, but this is far from enough."

As soon as Jiang Xinghuo began to speak, he was ruthlessly interrupted by Li Jinglong.

"Jiang Lang." Li Jinglong suddenly asked: "I have always had doubts about the domestic silver treasure banknote system. ”

"Ask, don't worry, ask boldly."

Li Jinglong organized the language and asked.

"I said before that the domestic silver treasure banknote is anchored by silver, and the silver treasure banknote follows the anchor price of silver up and down, which is a one-way anchor, so please ask, if the people use the silver treasure money in their hands to run on silver, and the country does not have so much silver to exchange, this system will not collapse? Do you still want to announce a ban on the non-redemption of non-exchange? If this is the case, the silver treasure cannot be exchanged for silver, and there will be no credibility at all! ”

Hearing this, Zhu Di in the secret room next door also nodded, he felt that what Li Jinglong wanted to ask was exactly what he wanted to ask.

Zhu Di didn't react before, and was taken down by Jiang Xinghuo's set of theories, but now that he thinks about it carefully, he feels that there is indeed a problem.

And Xia Yuanji is the one who really understands the meaning of the anchor, he saw Zhu Di's nodding and contemplative look, and wanted to say something, but in the end he still kept his mouth shut.

Sometimes they show their professional ability and can be recognized and trusted by the emperor.

But you'd better not appear all the time. Smarter than the emperor.

This is the survival philosophy of the old bureaucrat Natsuhara.

Otherwise, why was it that when Emperor Taizu Gao was alive, everyone seemed very ignorant when they were asked about economics and mathematics in informal occasions.

It's not that the officials in charge of the economy in the Ming Dynasty are not as good as the self-taught Emperor Taizu Gao, but there is no need to refute the emperor and make trouble for himself in vain.

Bojun smiled.

Jiang Xinghuo was a little surprised: "Who told you that the silver treasure banknotes can be held by the common people and exchanged for silver by the country?" ”

"Isn't that so?" Li Jinglong was stunned.

"Of course not!"

Jiang Xinghuo frowned, he didn't remember saying this, and he definitely wouldn't say it.

"Anchors are not what you understand to be." Jiang Xinghuo asked rhetorically: "If the silver treasure banknote is anchored to silver, it means that the common people can use the silver treasure banknote to find the country to exchange for silver anytime and anywhere, then won't it return to the old road of the Yuan Dynasty's gold and silver leveling treasury?" ”

yes, isn't that going back to the old path of the Yuan Dynasty?

Li Jinglong was completely stunned, looking at Jiang Xinghuo's reaction, he seemed to have misunderstood the concept of anchors, but he didn't know where he had misunderstood.

Isn't the anchor just a banknote issued at the price of silver, and the banknote can be exchanged for silver in proportion?

Isn't it???

A gust of autumn wind blew, and Li Jinglong's hair fluttered, messy in the wind.

Jiang Xinghuo patiently explained: "The one-way anchoring of silver treasure banknotes with the price of silver is the anchoring of value, or from the most superficial phenomenon, the price of silver treasure banknotes is anchored to the price of silver. ”

"Deeper, the so-called value anchoring, that is, the silver treasure reflects the true value of the domestic silver of the Ming Dynasty."

"For the Ming Dynasty, silver is a 'currency', and silver is not a 'currency'."

"In other words, silver treasure money can buy silver, and silver cannot buy silver treasure banknotes!"

Hearing this, Zhu Gaoxu had already begun to faint.

And Li Jinglong can probably understand it, but so far, Jiang Xinghuo's explanation still does not explain why silver treasure banknotes cannot be directly exchanged for silver.

Jiang Xinghuo continued: "If the common people want to use silver treasure money to buy some silver to go home, make jewelry or save it, the state allows silver to be traded privately, and the price of silver is set by the imperial court with reference to the market price. ”

"But this does not mean that the state will re-establish the silver leveling warehouse, so that the people can exchange silver treasure banknotes for physical silver anytime and anywhere."

"Country, no official silver exchange is provided!"

Li Jinglong's mind could keep up for the time being, and he persevered in raising questions.

"What if the price of private silver fluctuates violently?"

"You still don't understand. Now the silver in Daming is already a near-perfect value anchor. ”

Jiang Xinghuo tried to explain in a language they could understand.

"The price of domestic silver in Daming is determined by the stock of private silver, no problem, right? The stock of silver in the private sector increased, and the price of silver decreased; If silver is "stored" (the favorite thing for silver holders to do) or cast into jewelry, the stock of silver in the people decreases, and the price of silver rises. ”

"No problem." This explanation was easily understood by Zhu Gaoxu and Li Jinglong.

"Then let me ask you, the silver mines in Daming are about to be exhausted, how can the stock increase?"

Li Jinglong was stunned.

Oh, yes!

If there is no new silver in the country or there is very little new silver, then the price of domestic silver is close to constant.

No, it's not constant, it's going to appreciate slowly.

Because the scarcity of silver will cause the holders of silver to [cellar] it, which in turn will lead to less domestic silver stocks and higher prices.

"Is it true that the price of silver does not fluctuate violently?"

Faced with Zhu Di's same question, Xia Yuanji was silent for a few breaths.

"Your Majesty."

Xia Yuanji tried his best to explain: "Jiang Shi's design is no problem, and the price of silver can't fluctuate at all. ”

"Why?" Zhu Di was a little incomprehensible.

"Because in terms of volume, although the total amount of silver is much smaller than the total amount of copper coins, as long as the state does not intervene, no one in the private sector can disturb the price of silver, and the price of silver is there, at most it fluctuates up and down a little bit. If someone is hoarding. Not as stupid as a businessman, this is saving money for the treasury. ”

Hearing Xia Yuanji's answer, Zhu Di felt a little relieved.

"You're right, I'm overthinking."

Zhu Di sighed softly.

As the emperor, what he was worried about was that the price of silver would affect the price of animals, and now that he was sure that there was no problem, Zhu Di himself was relieved.

And what Xia Yuanji said also makes sense.

Under the Ming Dynasty's system, if someone really wants to hoard a large amount of silver to drive up prices, Zhu Di doesn't mind letting him experience what it means to be "all my money".

This kind of thing that affects the economic stability of the entire Ming Dynasty, even if it is done by a noble at the level of Guogong, Zhu Di will definitely not tolerate it.

Besides, everyone is not so stupid, doing this kind of thing just to make money?

The princes above the temple have power, how much money they want, and they have to spend time and effort to be splashed with dirty water and do such things with their own hands?

Locally, who has the ability to raise the price of silver in the whole country?

Of course, Zhu Di is not afraid of others doing this.

On the contrary, he wants to replenish the treasury.

It's like Kublai Khan, who killed a fattened tea envoy and a salt envoy when he was idle.

Li Jinglong struck: "Jiang Lang, I understand, as long as external silver is not imported, then the domestic silver price is always constant, and a stable value anchor/price anchor is formed. ”

"Of course, external silver must be imported, but it can only be strictly controlled by the state, otherwise it will inevitably lead to a large inflow of silver, impact the silver anchor, make the domestic silver treasure passively depreciate, and cause domestic inflation in the Ming Dynasty."

"Actually." Jiang Xinghuo reluctantly said, "There are two reasons why the country must import Japanese silver every year. ”

"The first point is to prevent the normal rise in the price of domestic silver in the Ming Dynasty because of the 'scarcity is expensive', and it is necessary to import a certain amount of Japanese silver every year for balancing, so that the domestic silver price of the Ming Dynasty can remain in a range of very small fluctuations, so as to stabilize the silver anchor."

"The second point is that the state should control the over-issuance or suspension of currency through the price of the silver anchor according to the changes in the ability of the Ming Dynasty to create real value."

Jiang Xinghuo explained the second point in detail, that is, how the silver treasure banknote is controlled in quantity according to the price changes of the silver anchor.

"When the country analyzes and judges, it is believed that the ability of Daming to create real value in China is growing rapidly, that is, when it is necessary to issue more banknotes. It is only necessary to increase the inflow of Japanese silver to the country, so that the value of the domestic silver anchor will be reduced, and the value of paper money will decline simultaneously. ”

"On the contrary, if the ability of Daming to create real value in China no longer grows, or even falls into recession, it will come time to control the amount of banknotes. It is only necessary to reduce or stop the inflow of Japanese silver into the country, and the value of the domestic silver anchor will naturally rise due to the characteristic of "cellaring", and the value of paper money will also rise slowly at the same time, so as to achieve the purpose of raising the value of paper money and reducing inflation. ”

"Do you understand?"

"Understood." Li Jinglong breathed a sigh of relief.

The secret room next door.

Xia Yuanji was stunned.

"What is Japanese Silver?"

Xia Yuanji turned his head to look at Zhu Di, but found that Zhu Di didn't look surprised at all.

"Oh, I forgot to tell Xia Qing."

Zhu Di picked up the teacup and took a sip of tea, so that he could say leisurely: "Yesterday, I told the Ministry of Rites to send officials to form a mission to Japan with the Inner Court and Jinyiwei, Xia Qing knows, right?" ”

Xia Yuanji was frightened by Jinyiwei in the Hongwu Dynasty, and at first glance, he thought that Zhu Di was testing whether he was forming a party for personal gain.

And after thinking about it, it seems that there is no need for this, he Xia Yuan Ji is a scholar, the God of Wealth of the Ming Dynasty, and it is normal to know some news in the court.

"I've heard a little about it."

Xia Yuanji also picked up the teacup and took a sip of tea to suppress the shock.

"Hmm." Zhu Di put down the teacup and said softly, "That is to say, Jiang Xinghuo said that there is a silver mine in Japan." ”

Xia Yuanji nodded and echoed vaguely: "I see." ”

"Eight million taels of silver a year."

"Oh, that's not already, poof."

Xia Yuanji took a sip of warm tea and sprayed it on the ground, and his beard and official robe were also slightly stained.

Xia Yuanji didn't care about wiping it, and looked at Zhu Di in disbelief.

"Your Majesty, Your Majesty, you, say, more, less?"

"Eight million taels, the map has been drawn, so I can find it and wait until I find the place to confirm that it is correct, and this land will be Daming's in the future." Zhu Di took another sip of tea.

"Ahem!"

Xia Yuanji coughed violently, his eyes full of incredulity.

Then, the eyelids jumped wildly.

As the head of the Ming Dynasty, Xia Yuanji of course knew that these silvers could not flow into the country suddenly, otherwise it would bring a more violent impact to the domestic Ming treasure banknotes.

You can bring the fleet to foreign countries, and you can buy countless good things!

Isn't this the equivalent of picking it up for nothing?

"Your Majesty, you, didn't you joke with the minister, did you?" Natsuhara still couldn't believe it.

Zhu Di asked rhetorically: "Do you believe what Jiang Xinghuo said?" ”

Natsuhara Ji honestly admitted: "I believe it now." ”

"I think it's credible, it's as simple as that."

After Zhu Gaoxu asked a few more questions, he also said that he had figured it out.

Seeing that Li Jinglong and Zhu Gaoxu finally had difficulty understanding the operation logic of domestic silver treasure banknotes, Jiang Xinghuo continued to speak.

"The operation logic of the domestic silver treasure system is over."

Jiang Xinghuo paused and said: "Next, let's talk about the operating logic of the foreign 'offshore silver treasure money system'. ”

"Mr. Jiang, what is the 'Offshore Silver Treasure Banknote'?"

Li Jinglong conscientiously played the role assigned to him by Zhu Di.

It means that the silver treasure banknote should be divided into two kinds, one is for domestic use, and the other is for special identification on the layout, which is only used for international trade settlement. In other words, it is only regarded as a general equivalent of trade exchange, and does not become a currency that can be circulated domestically. ”

"I don't understand."

Zhu Gaoxu said very honestly.

"Can Mr. Jiang change the way it is easy to understand?"

"Yes."

Jiang Xinghuo thought for a while and said: "In layman's terms, the 'offshore silver treasure banknote' is the wooden chip you use to represent money in the gambling stall!" ”

Then Jiang Xinghuo gave them an image analogy.

With this explanation, Li Jinglong and Zhu Gaoxu probably understood.

To put it bluntly, different people (countries) in the gambling stalls (trading places) exchanged the money they brought (gold, silver and copper) for the same wooden chips (offshore silver treasure banknotes) to settle with the shopkeeper (Daming).

The shopkeeper collects the customer's money and gives the wooden chip, and the ratio between the money and the wooden chip is different from that outside (Daming domestic) in the gambling stall.

The proportion in the gambling stall is the rule set by the shopkeeper himself, and this wooden chip can't change the paper money used outside.

In the same way, the money used to exchange for wooden chips will not enter the outside circulation, but will only circulate inside the gambling stall.

After explaining the two gamblers in a familiar way, Li Jinglongfu asked again: "Then why do you want to make such two sets of systems?" Isn't one set of one-size-fits-all? ”

"Not yet."

Jiang Xinghuo continued: "The reason why we want to set up two systems is because the domestic silver treasure banknotes are anchored and issued at the price of the domestic silver anchor. If there is no restriction on the silver brought by normal foreign trade, it will inevitably lead to a large influx of silver brought by normal trade into the Ming Dynasty due to the difference between domestic and foreign prices. ”

"The reason is that in order to maintain the stability of the current domestic silver anchor, the domestic silver price will be significantly higher than that of foreign silver, and there is a lot of arbitrage space."

"Foreign merchants will buy goods that are very expensive in Daming with silver, which is very cheap for them. This leads to inflation and a trade deficit, which is absolutely not allowed. ”

"Therefore, a silver barrier must be erected, and all trade settlements must be settled with the 'offshore silver treasure currency pool'."

Xia Yuanji, who was next door, listened attentively at this time.

Xia Yuanji subconsciously muttered to himself: "Offshore silver treasure banknote currency pool? Could it be to form an independent treasury for settlement? ”

Xia Yuanji swallowed, and at this time, he suddenly felt as if he had touched the door of a new world under the guidance of Jiang Xinghuo.

Whether it is the Ming Treasury bonds or the inverted interest rate of the Treasury bonds, or this new set of offshore silver treasure money currency pools, the significance of Xia Yuanji is no less than a rebirth.

——This is a new way to play the ship that has never been seen in China's economic history.

Because Xia Yuanji clearly knows the gold content of these things, it represents epoch-making significance.

Xia Yuanji looked at the wall, as if he wanted to see Jiang Xinghuo on the other side.

Xia Yuanji's heart swelled with strong gratitude and awe.

You must know that Xia Yuanji has received the highest level of economic education since he was a child, and it is just the way of helping the people that Yu Xinxin taught him and inherited from the Song and Yuan dynasties.

And among those things, there are no new things that Jiang Xinghuo talked about.

Jiang Xinghuo's explanation continued.

"Offshore silver banknotes only play the role of general equivalents, and do not enter the country to become a circulating currency, but fluctuate according to the value of international silver."

"If a foreign merchant comes to Daming to trade, he sells the goods and gets this special offshore silver treasure banknote, and then he can go to the city to exchange silver at the international silver rate, and what he gets is not domestic silver, but silver that exists in the 'offshore silver treasure banknote currency pool'."

"That is to say, theoretically, the trade was completed through the exchange of silver for offshore silver treasure banknotes, but no silver entered the Ming Dynasty, and was intercepted by the 'offshore silver treasure currency pool', precipitated in the pool, or allocated from the pool for payment."

"And because of the dominant trade position of the Ming Dynasty, the Ming Dynasty's exports must be far more than imports, so it will use the Ming Dynasty's specialty goods, such as porcelain, silk, etc., to continuously obtain silver from foreign countries, and the 'offshore silver treasure currency pool' must be more and more full."

After a series of vivid metaphors of gambling stalls and wooden chips above, Li Jinglong and Zhu Gaoxu have already understood what this 'offshore silver treasure money pool' is about.

Therefore, the two did not continue to ask stupid questions.

Zhu Gaoxu just asked: "Do you need to maintain the independent 'gambling stall' of the 'Offshore Silver Treasure Money Pool' all the time?" ”

"No, I don't." Jiang Xinghuo shook his head.

"How long is that going to last?"

"Maintain until the gamblers lose all the money in their hands, at that time, the shopkeeper has the vast majority of the money in his hands, even if he changes an overlord clause, the gamblers are powerless to resist."

Jiang Xinghuo said seriously: "In this era, Western countries don't have too much silver (before the Age of Discovery, they can't get American silver), so once the Ming Dynasty uses the 'offshore silver treasure currency pool' to absorb the existing silver in Western countries, and the Ming Dynasty completely grasps the world's silver pricing power, it can carry out this last step." ”

"That is, it signed an agreement with all the countries in the Ming trade system, and the trade was changed from 'silver as the actual settlement unit, and offshore silver treasure banknotes as the general equivalent' to settle with silver treasure banknotes."

Hiss~

Li Jinglong and Zhu Gaoxu glanced at each other.

Of course, they understand how terrifying this conspiracy is!

What a ruthless gambling stall shopkeeper!

Not only do you have to take away all the money in the hands of the gamblers, but you also have to sign a deed of sale, and you can't turn over for the rest of your life!

The two couldn't help but rejoice for a while, fortunately, it was Da Ming who led the system!

Otherwise, if you buy and sell things, you have to use the currency of other countries, and look at other people's faces, how aggrieved you must be!

Jiang Xinghuo's gaze looked into the distance.

"From now on, silver will become the world's currency."

"The inflation of the Ming Dynasty will be transported to every country in the world in the Ming trade system through the depreciation of silver treasure banknotes, so as to dilute and alleviate the domestic inflationary pressure. It can also allow the economy of Daming to develop handicraft manufacturing through trade and achieve a new tax hematopoietic cycle. ”

The silver coin of Ba Si Pa Wen that Jiang Xinghuo was holding in his hand rose into the air again.

"Zheng!"

The silver coin bounced into the air, shimmering in the sunlight.

"With the right to mint the world's currency, the king of any country must rely on the Ming Dynasty to survive. That's the real meaning of what I said before class. ”

"Class."

In the secret room next door, Xia Yuanji was stunned for a long time before he was withdrawn from the new world.

Seeing that Zhu Di was looking at him, Xia Yuanji said calmly: "I was distracted for a while, which made Your Majesty smile." ”

"How do you feel after listening to this lesson?"

Zhu Di was still drinking tea slowly, in fact, his economic knowledge was not an ordinary lack, so he didn't understand much in many places, and he was not so shocked.

Jiang Xinghuo didn't let him have any mood swings.

Xia Yuanji's answer made the tea cup in Zhu Di's hand ripple.

In this life, I would like to be a lackey of Master Jiang's disciples."

Today, 18,000 words are served. Repeat the update time, and fix it at 8 o'clock every night in the future~ I'm afraid that someone won't see the update instructions. Incidentally. Ask for a monthly pass!!

(End of chapter)