Late at night, next door to the Yamen of the Hexi Jiedu Envoy, around the big courtyard, there were more than 100 elites of the Chishui Army patrolling everywhere, and when they encountered suspicious characters, they would directly catch the Yamen of the Hexi Jiedu Envoy for interrogation. After a period of beating, he was imprisoned.

And this mansion responsible for printing Jiaozi, even at night, is still brightly lit.

There are craftsmen who are rushing to make engravings with a denomination of one silk, there are craftsmen who are making ink, and there are craftsmen who are cutting large sheets of special paper into the size of engravings. In the innermost courtyard, Jiaozi's printing is in full swing.

The air was filled with the scent of ink.

Except for Fang Chongyong and Cen Shen beside him, there was no idler here. On a night in the northwest in spring, the temperature is not comfortable, but these people in the yard seem to be unaware and are still busy.

"Fang Jieshuai, can this thin piece of paper replace silk silk and do whatever you want on the market?

Can it really be used to buy cattle and sheep, or even slaves? ”

Cen Shen took out a handicap from his arms, handed it to Fang Chongyong and asked.

"It's hard to say a word, you come to the study with me to talk about it in detail."

Fang Chongyong waved his hand disappreciably and said.

The beast that transcends the times has come out of the cage, whether it is a blessing or a curse, it is not something he can fully control.

Knowing that I sin against me, it is only spring and autumn. Fang Chongyong felt that the evaluation of him as a person might take hundreds or even thousands of years before he could give a proper evaluation, and now he thinks so much, just because he is full of food and support, and he can do whatever he wants!

Fang Chongyong witnessed the whole process of Liangzhou City today, how many merchants in the market of Liangzhou City had no choice but to exchange silk for Jiaozi under the coercion of the Chishui Army.

Why is it a one-to-one exchange, instead of sending more and collecting less silk?

Fang's consideration is to minimize inflation, at least not to inflate naturally at the beginning. At present, Jiaozi can only be regarded as a "domestic currency", not an "international currency". If you want to promote Jiaozi to the Western Regions, it depends on the results of the expedition of the Hexi Border Army to Xiaobolu.

Wherever the Tang army's soldiers went, it was the place where Jiaozi was rampant.

The two came to the study of the Yamen envoy of the Hexi Jiedu and sat opposite each other in front of the table.

Fang Chongyong took out a bag of loose tea from his arms and asked the servants in the house to brew a pot of tea. He poured a cup for Cen Shen and another for himself.

"The issuance of Jiaozi is a matter of great importance, not just to replace silk silk."

Fang Chongyong said with a solemn face.

Cen Shen nodded slightly: "I would like to hear about it." ”

"If Judge Cen is an ordinary person who has dozens of acres of land at home, and has to take turns to cultivate the land, he can barely make ends meet.

And a certain is a state thorn history.

Last year's year was not good, but this year's spring ploughing is coming again, and Judge Cen has no surplus grain at home, so he needs to go to the market to buy seeds, farm tools, and pay rent.

So what is Judge Cen going to do? ”

Fang Chongyong took a sip of tea and asked slowly.

"Naturally, it is to borrow money from large local investors and tide over the difficulties first.

It's just that although it is easy to borrow money, it is difficult to repay it. Nine in and thirteen out are all ordinary, who can afford it? ”

Cen Shen said with a light sigh.

A lot of things are obvious, don't talk about it.

This is true.

Now, a certain state has been assassinated, and seeing that the people's livelihood is difficult, he wants to judge Razen. Therefore, in the name of the government, he borrowed some money from the treasury to Judge Cen.

Well, it's not a lot, it's almost ten.

Of course, the interest rate can't be high, right, if it is, it's about the same as a loan shark.

So Judge Cen got the money from the government and left with a thousand thanks. After that, I took the ten yuan to buy seeds and farm tools, and there is no need to go into details.

But this year's year is not good, and there is still no harvest. Judge Cen naturally had no money to pay back, and he didn't dare to disobey the authority of the government, so he had no choice but to mortgage his children to the government.

However, for the history of a certain state, the wealth in the treasury is counted, and if it is short, it will be punished with the official hat. So he only needs Judge Cen to repay the money. There are many slaves in a certain family, and there is no need for Judge Cen to sell his sons and daughters.

Therefore, Judge Cen finally had to sell his children to a large local family, and the money obtained was used to pay off the government's accounts.

Although so-and-so knows these things, as a state assassin, the money lent to you belongs to the imperial court, not one's own. If you just want to procrastinate, you can't procrastinate, isn't that the truth? ”

Fang Chongyong asked with a smile and took a sip of tea.

Cen Shen stopped talking, because this situation is so common that homesteaders do not have any risk of defending themselves against natural disasters, let alone man-made disasters.

He knew from the question Fang Chongyong said that this person was very familiar with local government affairs. The other party is now able to do the official position of the envoy of the Hexi Festival, at least most of it is relying on his own ability and knowledge.

From what I just said, we can see that an ordinary local official, even if he wants to help these yeoman farmers, is taking huge risks, and in the end it is very likely to be thankless.

And once the government intervenes in private lending, in case of natural and man-made disasters, who will make up for the financial deficit?

If you can't get back the money you lend ten times, then you have to make up for it from elsewhere, and even charge ten more taxes elsewhere!

Otherwise, this money can't be said to let the Son of Heaven come out, right?

In the feudal era, even if the local government was not corrupt, even if it was not in collusion with the local clans, what they could do was very limited!

Silk silk worth ten times needs people to weave; Ten copper coins, on the other hand, need copper to be minted, and a large amount of firewood needs to be burned to smelt.

Who can make up for these losses? By that bankrupt peasant?

"So after a circle, the government can't actually do anything, right?"

Cen Shen smiled bitterly.

Fang Chongyong waved his hand, signaling that the other party didn't need to interject.

"Then let's put it another way."

Fang Chongyong took another sip of tea and moistened his throat.

"A certain state assassin history, printed ten Jiaozi and lent it to Judge Cen. It's still the same, this year, in the event of a natural disaster, there is no harvest, and these ten connections are equivalent to a waste.

The one-year period has arrived, and now the government is going to collect your debts, what should you do in this state? ”

Fang Chongyong asked rhetorically.

Cen Shen thought about it, and always felt as if his eyes were covered by a layer of gauze. This question is similar to the previous one, but not identical.

"The imperial court can print another Jiaozi and let a certain person lend this Jiaozi to Judge Cen in the name of the government, so that you can tide over the difficulties of this year. In the future, your family will pay off the two ten-guan payments in five years.

Although this still can't save Judge Cen's family immediately, at least it gives you hope to live. In this way, Judge Cen will not pick up a hoe and become a bandit when he can't get out of trouble by selling his sons and daughters.

Isn't that the truth? ”

Fang Chongyong took out the ten-silk Jiaozi that Cen Shen handed to him before from his arms, shook it in front of the other party and said.

"But the one that was printed before ......"

Cen Shen's mind hadn't turned a corner yet. Although this Jiaozi can be printed, it is difficult to say how much it will be printed.

There is only a slight difference between the two situations that Fang Chongyong just mentioned. However, this difference is fundamentally different.

Fang Chongyong didn't break it, and quietly waited for Cen Shen to think slowly.

The difference is a thousand miles, and this is very appropriate here.

Before Jiaozi, the central government in the feudal era did not have the right to mint money.

Or rather, the right to mint is severely restricted.

How much copper is dug up in the country, how much capacity is there to issue coins. If you can't keep up with the market demand, you have to use usable silk as a circulation, which can only be regarded as "bartering". And it has caused serious deflation and a series of social problems.

For example, privately minted copper coins.

In the first example mentioned by Fang Chongyong, the financial loss of every penny is borne by the government itself. If the peasants can't afford to pay it back, it will directly become a headless account, and the government will not have any buffer room.

Either the bankrupt peasants' families are forced to die, or the government grits its its teeth and bears the losses.

After the issuance of Jiaozi, the central government is equivalent to establishing its own central bank, which can issue Jiaozi as currency as needed.

Theoretically, it is possible to print money without any restrictions! A Jiaozi has become a bad debt, and another one is printed! There are no technical limitations!

If the ten guan jiaozi lent to the farmer are lost because the grain is not harvested, then the ten guan jiaozi will become the bad debt of the bank. From an M1 currency that can be circulated, to an M2 currency that cannot be circulated for the time being.

From a Jiaozi that can circulate freely, it has become a bad debt that cannot be taken back temporarily, or even can never be recovered.

The ten yuan that the farmer spends becomes a debt that "accidentally" circulates on the social level (the farmer has already used it). Ten percent of inflation has been increased, and the consequences will be borne by the whole country and society.

Of course, this is ideal, but the process is very similar.

If the central government in the feudal era is compared to a person's head. Then when there is no central bank, every penny lost is equivalent to a slap in the head of the person, and the financial collapse is equivalent to pronouncing the person in a near-death state of brain death!

But if there is a central bank, then the central bank can continue to issue M1 money, increase liquidity by printing jiaozi, and alleviate the government's fiscal crisis by creating inflation. In other words, the overall inflationary consequences are borne by the person's body (the subject of the state).

No matter how you look at it, the latter's ability to withstand pressure far exceeds the former's.

After owning Jiaozi, the "Qingmiao Loan" in the Northern Song Dynasty, something like this, can be easily operated.

Of course, there are many more details here. Fang Chongyong, as the envoy of Hexi Jiedu appointed by Ji Ge, has very limited space for policy maneuvering. I can't play that many tricks yet. Even if he has already written a recital, he has to nod his head from Brother Ji and Li Linfu to push it strongly.

"Fang Jieshuai, Jiaozi is really ...... It's scary. ”

Cen Shen said with emotion.

He thought about it for a long time, but he didn't understand the question raised by Fang Chongyong, but he was already very aware of the opportunities and risks.

Once Jiaozi is rolled out across the country, the changes brought about by it must not be underestimated.

"We can't use this thing because it might cause trouble. The strategy of borrowing money to help small farmers and small households buy seeds and farm tools is called the seedling method.

A certain has already written a decree on the Seedlings Law, which will be promoted in the five states of Hexi next. The local government borrowed money to hand over the children to the farmers, and this law was prepared to be written to the imperial court in order to promote it. ”

Fang Chongyong sighed and said.

On the Hexi side, he can guarantee the effect of the promotion of the decree, but in other parts of Datang, the Qingmiao Law is to move the money bags of the powerful family.

There is no need to think about the resistance that will be encountered in the meantime, and it will definitely make a lot of trouble when the time comes.

The government has delayed the usury of the wealthy merchants controlled by the wealthy families, so no matter what name the Qingmiao Law changes and what means it is used to implement it, it will naturally be resisted by these people.

Sure enough, Cen Shen said helplessly: "Jieshuai's idea is good, but many people live on the interest of eating Indian money, and once there is a natural or man-made disaster, the people will sell their sons and daughters." They are looking forward to natural disasters every year. ”

"Judge Cen, ask you.

In the past, to buy a set of finished clothes, you needed three to ten silks. Now I bought it with ten silk jiaozi, so where did the silk silk that I was going to use to buy clothes go? ”

Fang Chongyong asked Cen Shen a question that seemed simple, but its connotation was very profound.

Cen Shen was a good writer of poetry, but he was not proficient in arithmetic, and he was unable to understand economic issues that were ahead of his time. His brows furrowed into the word "Chuan", thinking about the question Fang Chongyong had just raised.

That's right, the silk silks that were originally circulated in the society and used as "money", when Jiaozi completely replaced them, where did these silk silks go?

It is an obvious fact that these silk silks never disappeared out of thin air, let alone burned by someone!

"There is a house to rent, and yesterday I signed a contract with A, including a deposit of 20 yuan, a contract of one year, and A will return it after returning the lease."

Fang Chongyong's voice exploded in Cen Shen's ears.

Later, A quit the lease, and B continued to lease, so he asked B to give 20 guan and A and let B live in the house.

So the twenty times that A gave to a certain person at the beginning, is it still in a certain hand? As long as a certain house has been rented, does that mean that the 20 yuan deposit will always be in a certain pocket? ”

Fang Chongyong asked with a smile on his face.

"Ahh Yeah!

That's it! I didn't think of that! ”

Cen Shen suddenly realized that Fang Chongyong was a person who woke up in his dream with a word, and he finally understood what game the other party was playing in this wave of Jiaozi in Hexi.

As long as Jiaozi is constantly issued and circulated in society, then the part of the wealth that was previously used for bartering is equivalent to being "replaced" and becoming the "extra" wealth of the whole society.

It's the magic of conjuring wealth out of thin air!

"However, if Fang Jieshuai doesn't rent the house, or if the house is broken, wouldn't he have to take out twenty yuan to fill the shortfall?"

Cen Shen suddenly thought of this almost unsolvable problem.

Since it is a house, there will always be a day of damage. Although these 20 times are equivalent to indefinite loans, there will still be a day when the money will be repaid.

What will happen when that day comes?

"If you take these 20 yuan to plow the field, do a small business, or use it to slowly develop the family's industry, you naturally don't have to worry about not being able to pay back the money in the future. At that time, this deposit must have been just a small amount of money for so-and-so.

But if a certain person takes this money, goes to the gambling house to be chic and happy, and finally loses a fine sum, then ...... What does Judge Cen think will happen in the end? ”

Fang Chongyong asked meaningfully.

"Taught."

Cen Shen sincerely convinced the other party to bow respectfully, poured himself a full cup of tea, and then drank it all, took a deep breath and calmed down.

He had a hypothesis in mind.

If the Son of Heaven accepted Fang Chongyong's suggestion, he began to issue Jiaozi in most areas of the Tang Dynasty, especially in areas where commerce was prosperous and the population was flourishing. Then there will be what Fang Chongyong called the "deposit effect".

It's like renting out your house for the first time and collecting a large deposit.

In the process of Jiaozi's issuance, there will be a large number of hard currencies that were originally used to barter, such as grain, silk and silk, which are recognized by everyone but are inconvenient to carry, will be "replaced" by Jiaozi, so that the whole society has a large amount of wealth that can be used.

It's like the landlord getting a deposit for the first time.

For the government, this is a windfall!

Of course, not everyone will be able to enjoy the benefits in the process. But it is certain that the vast majority of people will profit from it, just look at how much. The more powerful and wealthy people are, the more benefits they can get from it.

When Jiaozi is spread across the country, and finally the whole society recognizes that there is no obstacle to circulation, the "deposit effect" will disappear, and there will be no good thing of turning wealth out of thin air. At that time, it will be the "old for the new" of A's rent and B's rent.

The period between when A starts renting a house and when he checks out for B rents a house is the acceleration period of Datang's economic development. How much development it can have, how long it lasts, and how fast it will develop depends on what the ruling class headed by Ji Ge will do with this wealth after it gets it.

Thinking of this, Cen Shen's heart suddenly cooled by half.

Fang Jieshuai ...... What if, in the future, the people will no longer recognize the people and change back to bartering, then what should we do? ”

Cen Shen swallowed a mouthful of saliva and asked.

"Then you give me back the twenty deposits!"

Fang Chongyong stretched out his hand to Cen Shen and teased.

"Where can I afford it?"

Cen Shen smiled bitterly, they both understood what the other party was talking about.

"If you can't afford it, what will happen in the end depends on whether you want to take a knife to Judge Cen's house to collect debts. It also depends on whether you have enough people at home to take care of the home and how your martial arts are.

In short, such a large sum of money is not something that can be sold. ”

Fang Chongyong said with a helpless sigh.

Cen Shen was silent, there was no need to say a lot of words, everything was silent.

Insist on giving you dry goods, and I won't write boring plots

(End of chapter)