"Your Majesty agreed?" ap.

In the newly formed Daming Bank, Jiang Xinghuo is looking at the data on the circulation of treasure banknotes and the recovery of recent treasury bonds.

"Is there any reason to disagree?" Xia Yuanji didn't have much joy instead, he sighed.

Daming Bank is mainly composed of the Treasury Lifting Division and the Treasury Bond Lifting Division of the Ministry of Households, as well as newly established analysis institutions, market supervision agencies and entity bank outlets, and the business scope of the outlets is currently limited to Nanjing.

Since there is no formal bank in Daming, and it is facing huge pressure of currency recovery, the current Daming Bank not only undertakes the responsibility of the central bank to formulate monetary policy and issue currency, but also undertakes the responsibility of financial supervision, market supervision, and the issuance of treasury bonds and the recovery of exchange banknotes.

It can be said that in the whole city of Nanjing, and even in the whole world, this is already the top financial institution.

Jiang Xinghuo was not satisfied with this.

Because since the middle of this year, there have been some bad phenomena - that is, the Ming treasury bonds have begun to be unsold!

In the initial version, the Daming treasury bonds were bound to the income of the fertilizer workshop, and the later version did not have this condition, and now among the various treasury bonds, only the war treasury bonds of the expedition to Annan, and the dynamic treasury bonds (with an upper limit) bound to the income of the glass workshop, these two kinds of sales are better, and the others are basically in a semi-unsalable state.

In order to sell treasury bonds and recoup the treasure money that is still flooding the market, the newly established Daming Bank can be said to have tried all kinds of methods, but the results are still very little, the people no longer have the enthusiasm at the beginning, and the merchants and landlords who have money in their hands will also consider the problem of the rate of return, and they will not choose to buy ordinary treasury bonds under the premise of war or monopoly commodity treasury bonds.

Despite the efforts, the imperial court has been using an excessively loose monetary policy, and this has been the case for more than thirty years.

Well, it's not "overly loose" at all, Hongwu Dynasty is the kind of uncontrolled printing of money, the kind of flooding.

If we continue like this······

"Look at these data, just by selling treasury bonds, I am afraid it is impossible to control the excess liquidity of Daming treasure banknotes."

The finished data chart draws the monthly recycling volume of Daming treasure banknotes, and marks the actual copper coin-treasure banknote exchange ratio on the market, the exchange price of treasury bonds and other details.

After reading it carefully, Xia Yuanji sketched it in his mind again.

"It is still necessary to intensify the ban on gold and silver trading."

In April of this year, the imperial court issued an edict to Musheng, the Marquis of Xiping, and the political envoy of Yunnan, ordering the border of Yunnan to "prohibit the trading of gold and silver with money, and the offender will be a quasi-woman to do evil, and those who can be the first to be arrested will be rewarded with the gold and silver they trade, and those who trade in two phases and one person surrenders will be exempted from sitting, and the reward will be the same as that of the first arrest." If you buy jewelry and utensils, it is not prohibited", this is the last political envoy to be ordered to ban gold and silver trading since the 35th year of Hongwu.

The purpose of banning gold and silver trading is naturally to help stabilize the value of treasure banknotes, because the greater the circulation of illegal currencies such as gold and silver, the smaller the circulation of treasure banknotes.

Although the imperial court sometimes converts grain, copper coins, cloth and other value units into tens of thousands of taels of silver for the sake of convenient calculation, in fact, the Ming Dynasty does not have so much silver in circulation, and silver is not legal currency.

But just by banning gold and silver trading, can the value of the treasure banknote be stabilized?

Apparently impossible.

The root cause of the depreciation of treasure banknotes is that they are printed too much, not that they are squeezed out of the market by other currencies.

"It's useless." Jiang Xinghuo said.

Xia Yuanji was a little depressed, of course he knew that this trick did not have much effect, it was a symptom rather than a cure, but in traditional financial management, this was the only solution.

"The actual value of the Daming treasure banknotes has rebounded, but it is still too far from reaching the level of currency exchange." Natsuhara fell into deep thought.

If we want to avoid the mistakes of the Yuan Dynasty in the next few years, we will not let the exchange of money become a tool for harvesting the wealth of the people, but truly achieve equal proportions

Exchange, with the price of silver as the anchor of new banknotes, then it is necessary to raise the value of the seriously depreciated treasure banknotes, and it is necessary to collect the treasure notes that are flooded in the market on a large scale.

However, the current reality is that neither the ban on gold and silver trading, nor the Ming treasury bonds, can have such an effect.

"Now that the first year of Yongle is not over, there are still a few months before the Chinese New Year, but there is plenty of time to prepare

Jiang Xinghuo rubbed his chin and pondered secretly.

The adjustment of the entire monetary system is by no means an easy matter, and any small variable may lead to extremely large and serious consequences, but in any case, the Ming treasure banknote is a relatively pure currency, and the gameplay is not as complicated as that of later generations, so there are still solutions.

"Is there anything Jiang Shi can do?"

The central bank's tightening monetary policy is nothing more than that, the first is to reduce the amount of currency issued, which is now being done by Daming Bank, and plans to reduce the amount of new currency issued every year...... It is definitely not possible to stop the issuance directly, because there is a demand for currency circulation, and to use a figurative analogy, it is the same as people who can't eat a mouthful of food in order to lose weight; The second is the national debt, which goes without saying; The third is the business between the central bank and commercial banks, such as controlling the scale of credit, raising the reserve requirement ratio, and increasing the rediscount rate, which do not exist at all now, because there are no commercial banks in Daming.

Although there is no answer that can be copied directly, the thoughts in Jiang Xinghuo's mind are not completely restrained.

As the only main currency, everyone can use it as long as they have it in their hands.

So, how can you make the treasure money unusable? Such as....... Stock.

With the advent of the corporate system, it is naturally not difficult to deal with stocks, because stocks were used to finance companies in the beginning of the Great Voyage Period, and they are not something that only exists in modern times.

In Jiang Xinghuo's previous life, the world's earliest joint stock company system was born in 1602 (the first year of Yongle was 1403), that is, the East India Company established in the Netherlands...... With the birth and development of a company limited by shares, the way of raising funds in the form of shares has also been developed, and there has been a demand for the transfer of shares through buying and selling transactions, which has led to the emergence and formation of the stock market and promoted the improvement and development of the stock market.

The same East India Company, whose shareholders traded shares on the Amsterdam Stock Exchange in 1611, and later became the world's first stock market with a special broker.

There is no reason what Westerners can do in 200 years, after the Ming Dynasty in the East promoted the company system, it will not be possible to do it 200 years earlier, after all, the original stock and stock market, there is no technical insurmountable difficulty, and if you talk about factors such as capital, the Ming Dynasty is probably stronger than the West 200 years later.

Jiang Xinghuo had this idea.

The stock market can indeed absorb a large amount of treasure money on the market.

But the problem is that there is no mature concept in this world, so if Jiang Xinghuo wants to do it, it is equivalent to creating things out of thin air, and there will be many uncontrollable factors, which are destined to start from a small scale.

However, the stock market is small, and then it gradually develops, and it cannot play the role of absorbing treasure money into the pool.

And after the continuous struggle in the temple, Jiang Xinghuo gradually gained a new perspective on things, and became sensitive to the key points of some problems.

Having the conditions to do stocks and stock markets does not mean that you have to do it, because under the current feudal dynasty system of the Ming Dynasty, many things are not what you want to do, and what you can do in the end, but how you want to be, and in the end it will become completely opposite to what you think.

He also knew that in the Ming Dynasty, when a large amount of wealth was gathered together, it was not good news.

This kind of thing often means disaster.

Just like those wealthy businessmen and giants in history, they obviously hold an astonishing amount of wealth in their hands, but as long as the will of the imperial power is slightly coveted, they will still be reduced to lambs to the slaughter, leading to the decline of the family.

Jiang Xing

Huo was unwilling to pull out the seedlings to help him do a hard job, and finally was cut leeks, after all, Daming does not have a mature business system and financial transaction system.

Therefore, after hesitating for a long time, he finally shook his head.

"Huh?" Just as Jiang Xinghuo was pondering, a thought suddenly appeared in his mind, "What if you treat the two things of treasure money and salt law as one thing?"

When Xia Yuanji heard this idea, he also fell into deep thought.

Xia Yuanji quickly figured out the key point, but his face became extremely solemn.

What do you mean by two things, treasure money and salt law? To put it bluntly, it is to expand the scale of the distribution of salt introduction under the premise of satisfying the supply of military rations to the border army in China and France, that is to say, merchants recycle treasure money in the people, and then use these treasure money to exchange salt introduction with the imperial court, so that the imperial court can quickly recover a large number of treasure money, and then make the actual value of treasure money close to the value of paper money.

But there is no such thing as a perfect policy in the world, so what is the cost?

"This is overdrawing the potential of the salt method, and I will eat the grain."

Jiang Xinghuo disagreed with him, shook his head and said, "This is a double win."

Xia Yuanji is still a little worried, he is worried that this will not only make the salt law more and more out of control, but once it is not done well, the banknote law will be self-defeating, and even affect the entire national economy and people's livelihood...... This is not an exaggeration, the supply of salt has increased, so according to the most basic economic common sense, the price of salt will inevitably fall, and the profits obtained by the imperial court from salt will decrease. At that time, the price of salt quoted by the government became another version of the Daming treasure banknote, which was inflated and seriously inconsistent with the actual value.

The method of "salt in the banknote", this is equivalent to pressing the gourd to float the scoop, and the currency depreciation of the banknote method is a chronic poison, according to the absolute rate, only 1-3% per year, and the Hongwu Dynasty has only depreciated for more than 30 years.

But the price of salt is different, if there is a problem with this thing, the people can't afford to eat salt, and they will rebel.

"You can continue next year, you can continue the year after next, what about the year after the big year, the year after the big year? As I have calculated before, the amount of salt that the people eat every year is a certain amount, and if the amount of salt is increased to attract the treasure money, the effect will become weaker and weaker, and the consequences are completely unknown." Natsuhara made his concerns clear.

Of course, Jiang Xinghuo was justified in this concern, but after some thought, Jiang Xinghuo still said.

"The reform of the entire monetary and taxation system is a system engineering, and we cannot just look at the changes in one or two systems, let alone treat the national economy as a static state. The battle of Annam is about to be won, Li Jinglong has crossed the glue and defeated the main force of the southern front of the Annam army, and when the market of Annam is in hand, the scale of Daming's foreign trade will inevitably reach a new level, and the markets of so many countries around are waiting for Daming to expand."

Jiang Xinghuo didn't continue, but Xia Yuanji understood what he meant.

Jiang Xinghuo is gambling.

He is betting that the speed of the expansion of foreign trade and economic growth of the Ming Dynasty will definitely form a spillover effect.

What is a spillover effect? The image point is a metaphor, that is, the total amount of Daming treasure banknotes as a reservoir, at present, there is too much water in the pool, which has far exceeded the warning line, and is about to overflow.

What Jiang Xinghuo had to do was to reduce the water supply inside the reservoir (to reduce the printing of new Ming treasure banknotes), and on the other hand to release water from the pool through the sewer (the Ming treasury bonds and "salt in the banknotes" to return the currency), and on the other hand, to open up the connection between the reservoir and several pits of different sizes (markets in Annan and other countries) next to it, so that these pits could carry the overflowing pool water.

In this way, the three-pronged approach, as long as the value of the Daming treasure banknote can be quickly restored before the salt price problem occurs, then the method of "salt in the banknote" will be successful.

This kind of recovery does not even need to completely restore the value of the paper banknote, only needs to restore 40-50%, and the basic line of banknote exchange has been reached.

After all, salt as large

In the short term, that is, within a year or two, increasing the supply of consumer goods will not cause much fluctuation in the price of salt, because the people can eat more or hoard it.

The supply of salt will only begin to affect the market after it exceeds the limit of the increase in the consumption of the people themselves, as well as the limit of hoarding.

This time, at least one or two years can be obtained.

Even if the market price of salt is affected, it is still not in a more dangerous situation, because it is difficult for the price of salt to fall all at once, the salt works are controlled by the imperial court, and the price of salt has fallen.

But objectively speaking, this kind of thinking is a bit wishful thinking, and no one can be sure whether the three-pronged approach of "paying money and salt", Daming treasury bonds, and overseas markets can safely release water from the reservoir that has accumulated for more than 30 years to the warning line.

"What if it fails?"

Needless to say, then waiting for the ending of Jiang Xinghuo and Xia Yuanji is not as simple as demotion or recall.

You may not even be able to save your life.

After all, it is not uncommon in history to launch a scapegoat to slaughter the people to be angry, and this scapegoat is not uncommon in history, and this scapegoat is not uncommon as the original leader.

After Jiang Xinghuo heard Xia Yuanji's words, he was silent for a long time before he spoke: "Don't worry, as long as you can rectify the salt business, there will be no problem, but this premise must be to completely rectify the salt business, otherwise no matter how exquisite the design is, it will not be implemented at the bottom, and it will become a castle in the air."

"Of course, no one would dare to try it at the beginning, and it was just the opportunity of the major money banks in Nanjing to move from underground to the ground this time to let Daming Bank also carry out business."

"What does Master Jiang mean......" Xia Yuanji was stunned, and then as if he remembered something, his face changed suddenly.

"With this money, I plan to lend it to the private sector as a special loan to help businessmen who don't have so many Daming treasure money on hand."

Jiang Xinghuo said slowly.

When Xia Yuanji heard this, his eyes suddenly widened: "Lending to the people? But where do we get all this money?"

He knew what Jiang Xinghuo meant, but if Daming Bank didn't print money, it really didn't have that much money.

And although the imperial court has been encouraging merchants to do business and make money, this does not mean that the imperial court will fund these merchants in this way! This can easily be labeled as colluding with businessmen and harming the interests of the imperial court.

Now, a few days after Jiang Xinghuo took office as president, the main department under Daming Bank, that is, the treasure money lifting division allocated from the household department, has no money in hand, and the national debt lifting department has the money obtained by the people, businessmen, nobles, officials, etc. to buy treasury bonds, but this money is not easy to use, after all, it is necessary to repay the principal and interest, and this embarrassing situation makes Daming Bank unable to take out more money at all to pay for the special loan of "paying money in salt".

"You don't have to worry about this money."

Jiang Xinghuo smiled lightly: "I have the means to raise it myself."

"But Master Jiang has ...... at hand," Xia Yuanji said hesitantly, "I'm afraid it's still far away, right?"

"It's okay, you can leave this matter to me."

Jiang Xinghuo didn't say how he raised money, but said: "In addition, you don't have to worry too much about the amount of treasure money recovered from the 'salt in the banknote', you won't put salt in a lot at the beginning, there is always a gradual process, and there is no way out."

Seeing this, Xia Yuanji suddenly felt much more relaxed, nodded and said, "Then you have to work hard for Master Jiang during this time."

Jiang Xinghuo nodded: "There are still a lot of things in the household department, you go and get busy first, I'll leave after reading this report."

Xia Yuanji arched his hand and exited the room of the president of Daming Bank.

After Xia Yuanji left, Jiang Xinghuo sat on the chair and was silent for a moment, then suddenly raised his head and muttered, "It's time to open."

The major salt merchants' guilds in Nanjing City also began to receive news gradually.

Not long after Ma Jing was imprisoned, worse news came one after another.

"Permission is granted to civilians and soldiers

It is equivalent to the old banknotes in the library of the Daming Bank of Beijing, and went to six salt transportation divisions in Lianghuai, Changlu, Hedong, Shandong, Fujian and Guangdong, regardless of the number of funds, one pound of salt per salt, and the treasure banknotes are consistent; If the amount of salt is large, then Lianghuai and Changlu are 300 per banknote, Hedong and Shandong are 150 per 100, and Fujian and Guangdong are 100 per 100 yuan; If there is not enough money and there is a willingness, Daming Bank can provide a special loan of no more than 30% for a period of one year, which needs to be repaid with copper coins in the future."

Why is "salt in money" bad news for salt merchants?

Because of two points, first, the imperial court not only opened the opening, but also set a very low threshold, although ordinary people could not go to the salt field to get a pound of salt, but the imperial court did not restrict the form of group entrustment, and the way to play was the same as the whole village raising funds to speculate in later generations...... In addition, for small and medium-sized businessmen who are short of treasure money, Daming Bank also provides special loans intimately, lends you treasure money to spend, and finally pays back the copper money, and the interest is very low.

Second, if there are more people who buy salt through treasure money, it is equivalent to cracking down on the illegal salt in the hands of salt merchants in disguise, because if they can exchange it with treasure money from the government, they do not need to go to the salt merchants to buy private salt.

In the city of Nanjing, Wu Chuanjia, the head of the Wu family of Huai Shang, who had participated in the auction before, was also flustered, and he was restless at this time, he kept pacing in the house, full of sweat.

The announcement on the table smashed on Wu Chuanjia's head like a thunderbolt in the clear sky, and after taking a few more steps, Wu Chuanjia only felt that it was dark in front of him, and he almost fainted.

sat down for a long time, Wu Chuanjia was speechless now, he knew that he would definitely not be able to escape this time, not only that, but his family would also be implicated.

"Yuan Heng showed me my face and said that I must have a threshold at the age of forty, and now it seems that it has really come true." Wu Chuanjia muttered.

"Big brother, what should we do now?" His brother asked.

Now in the Wu family's business, it can be said that people are panicking.

The Wu family is one of the largest Huai merchants, and the things in the two Huai salt farms, whether it is directly buying and selling surplus salt with the stove households, or reversing the order of grain payment and salt extraction, are inseparable from the Wu family...... Although the Wu family always takes itself out and lets the subordinate firms that transfer several layers of control to do it, this is the era of feudal imperial power! Do you think you can't do it without evidence? That's naïve.

Wu Chuanjia took a deep breath and said, "Now our only hope is to let Hou Ye speak, otherwise we will really die!"

Hou Ye, that is, the family of the Wu family of Huaishang, An Luhou is in the lineage, and the An Luhou of this generation is Wu Jie.

Wu Jie, as one of the few second-generation nobles who can fight, is a veritable famous general of the Southern Army, in the Battle of Jingyan, he successively followed Geng Bingwen and Li Jinglong, fought against Zhu Di's Yan Army, and participated in the two major battles of Zhending and Baigouhe.

And Wu Jie's father, Wu Fu, the Duke of Qianguo, although his reputation is not obvious, he is an important minister who followed Zhu Yuanzhang to play the whole audience, a core member of the Huaixi Group, Wu Jie's sister is still the princess of Qi, and the Marquis of An Lu is a top Zhumen in the Hongwu Dynasty and the Jianwen Dynasty, and the energy in the temple is also very large, so he is qualified to support the branch of his hometown to become the leader of Huaishang.

But now that feng shui is changing, the core families of the Huaixi Group, except for Li Jinglong of the Cao Guo Mansion, have reluctantly returned to the center of the political arena, and the other families are a little frustrated.

The clan brother said, "But....... How could the Hou Ye agree to intercede with His Majesty at this time? You must know that Jiang Xinghuo was a thunderous method as soon as he made a move, and he ordered to kill so many people, and now even the waiter of the criminal department has been arrested!"

Wu Chuanjia shook his head bitterly and said, "No matter what, this matter must be solved after all!"

Wu Chuanjia thought for a while, and instructed his brother: "You go and prepare pen, ink, paper, and inkstone, and I will write a document, our family has paid filial piety to the Anluhou Mansion for so many years, and the Anluhou Mansion can't see death without saving."

The clan brother hesitated and asked, "Big brother, will this cause the Hou Ye to be disgusted?"

Wu Chuanjia sighed: "I don't want to do this either, but if I don't do this, I will definitely go to prison or even kill my head, although Wu Jie is not as majestic as before, but he is still An Luhou, and he is still the *** of the Governor's Mansion of the Five Armies

, he had many friends, relatives, and protégés at the imperial court...... What's more, without us, how could he maintain such extravagant pomp and circumstance in the Anluhou Mansion?"

Wu Chuanjia is right, at this time, Wu Jie is indeed capable and possible to help him. And this undoubtedly contains hints of some threats.

The Wu family of Huaishang has paid filial piety to the Marquis of Anlu for so many years and has sent so much money, so naturally they have evidence in their hands.

Usually, you can grovel, because you have to rely on the name and relationship of the Marquis of Anlu to do business, but when it comes to the moment of life and death, you should be tough, and you have to be tough.

"Alright, I'll do it."

The clan brother turned to go out, and after a moment he returned to the room, and he already had a pen, ink, paper, and inkstone in his hand.

Wu Chuanjia wrote on the desk, and then handed it over to someone to send to the Anluhou Mansion.

However, it didn't take long for the man to return, and he brought back a letter.

Wu Chuanjia took the letter and glanced at it a few times, his face changed slightly, and he roared, "Not a son of man!"

Obviously, An Luhou Wu Jie did not intend to help him.

Wu Chuanjia took out a wooden box from a secret place, which contained an account book, which was written in great detail, clearly writing the financial transactions between the Anlu Marquis Mansion and the Wu family of Huaishang, and also recorded many relevant witnesses.

These pieces of evidence were all left by Wu Chuanjia privately, obviously, Wu Chuanjia also had selfish intentions in collecting this evidence, even if these pieces of evidence could not completely bring down the Anluhou Mansion, it was enough for Wu Jie to be charged with corruption and perverting the law.

This is a complete self-explosion method, if it is exposed, it will be the Huaishang Wu family and the Anlu Hou Mansion The jade is burned, and the fish are dead and the net is broken.

"Big brother, if this thing is sent, Your Majesty will definitely be furious, and it will not be a matter of one or two people dying at that time! Our whole clan has to be buried together!" The clan brother eagerly dissuaded.

"Do you think Wu Jie wouldn't have guessed that we had evidence in our hands? Why did he have the audacity to sacrifice us to protect himself at this time? It's because he, like you, thinks I don't dare to use it."

Wu Chuanjia gasped for breath, and only after a while did he say, "He thinks that with a lowly businessman like us, the most important trade-off is interests, and he must be willing to sacrifice a few or dozens of people to keep the continuation of the family, but he doesn't know, I have other choices."

Wu Chuanjia's words made the clan brother's eyes widen in shock.

He swallowed involuntarily and asked in a trembling voice, "Alternative?"

Wu Chuanjia was silent for a moment, and then slowly spoke: "You were right before, once this thing is sent, Your Majesty will not spare me, and the lives of our entire clan will probably not be saved, but if I don't send it, I will inevitably die in the end...... I don't want to die, I'm going to give this thing to the national teacher, and at the auction and the banquet for the Japanese businessman Fatfu, I talked to the national teacher, who is not a person who despises businessmen, and knows how to make trade-offs."

When the clan brother heard this, he couldn't help but pat his leg and said, "Big brother, you are confused! Haven't you seen the current situation clearly, it's the national teacher who is rectifying the salt affairs, it's the national teacher who wants our lives, you don't need the national teacher to check, you take the initiative to explain, don't you give him a chance?

Wu Chuanjia slumped weakly in his chair and said, "I know...... But I'm not reconciled, I don't accept it!"

Wu Chuanjia straightened up for a long time, held his knees, gritted his teeth and said, "Only if this thing is handed over to the national teacher, we make a deal with the national teacher, and do what the national teacher wants us to do the most, will he let go of our Wu family."

"Big brother, you are gambling with the wealth and life of the whole clan!"

"Of course."

Wu Chuanjia knew very well that he was gambling, but as the top businessman of the Ming Dynasty, he also knew that he had the chips in his hand.

The chips are not only the account books in this box, but also the resources of his Wu family in Huaishang.

Huai Shang, as the land-sitting household of the two Huai salt farms, for their own fundamental interests, must have resisted Jiang Xinghuo's rectification of salt affairs, and the local snakes were united, and Jiang Xinghuo's work could not make any progress for a while.

And if the Wu family can jump back, then Jiang Xinghuo has obtained relevant information

, insiders, resources, will undoubtedly be much more handy.

Wu Chuanjia gambled that he was not wrong about Jiang Xinghuo. This national teacher is also a master of business.