Chapter 42 How can reform be as fast as grabbing money?
Xu Pu opened the memorial and read it with Liu Jian.
Due to the limited space, Li Dongyang and Xie Qian could only stand at the back, which made it difficult to read.
Originally, Xu Pu, Liu Jian and others thought that this so-called currency reform was just another way of saying that Zhu Youtang used Ming Dynasty treasure banknotes to plunder people's wealth.
As for the content, it should be similar to the Ming Dynasty banknotes issued during the Hongwu and Yongle years.
But I didn't expect that the specific provisions on the Ming Dynasty treasure banknotes in this memorial written by Zhu Youtang were actually very different from the Ming Dynasty treasure banknotes issued before.
Some of the new words, such as central bank, bank reserves, regular recycling, anti-counterfeiting banknotes, etc.
Although it seems inexplicable at first glance, once you think about it carefully, you will find that the design is very subtle.
In fact, the currency reform conceived by Zhu Youtang was not to be changed to paper money in the popular sense of later generations, but to be similar to Hong Kong paper in Hong Kong.
Actually, Hong Kong paper is not a legal currency, but an exchange note linked to the US dollar.
Every piece of Hong Kong paper has the words "pay upon presentation" printed on it.
This means that this Hong Kong paper is just an exchange coupon that can be exchanged for US dollars and does not have the effect of legal tender.
Hong Kong regulations require that when a note-issuing bank issues any amount of Hong Kong paper, it must hand over U.S. dollars to the Hong Kong Monetary Authority at an exchange rate of 7.80 Hong Kong paper to 1 U.S. dollar, record them in the accounts of the Exchange Fund, and receive a certificate of liability. Money can only be printed after the book is written.
In other words, for every 7.8 yuan of Hong Kong paper on the market, 1 US dollar must be deposited in the bank.
Hong Kong paper can be converted into US dollars at a fixed exchange rate at will.
According to Zhu Youtang, a central bank should first be established in the Forbidden City, and branches should be established in two capitals and thirteen provinces.
The central bank prints banknotes. Every time a Ming Dynasty banknote is issued to the market, one tael of silver must be deposited in the bank.
Each Ming Dynasty treasure note is linked to the silver and copper coins corresponding to its denomination.
And every bank in the Ming Dynasty, after receiving the corresponding Ming Dynasty treasure banknotes, will unconditionally pay the corresponding silver money on the Ming Dynasty treasure banknotes.
In this way, the new Ming Dynasty treasure banknotes actually become currency exchange coupons.
The new Ming Dynasty treasure banknotes are anchored to silver, and the two are deeply bound!
In this way, the two biggest problems faced by Ming Dynasty Baochao have been solved.
The first problem is the rapid depreciation of Ming Dynasty banknotes.
Now that we have bank reserves and the Ming Dynasty treasure banknotes are strongly bound to silver coins, there will never be a collapse of depreciation again.
The second problem is the distrust of Ming Dynasty people towards Ming Dynasty treasure banknotes.
Previously, the imperial court was only allowed to exchange treasure banknotes for people's money and food, but the people could not exchange treasure banknotes for money and food with the court.
Now people only need to take Ming Dynasty banknotes to the bank, and they can unconditionally exchange them for the corresponding silver coins.
The two big problems have been solved, and what is left is to improve and solve the problems that will be encountered in actual implementation.
After reading the memorial, Xu Pu and Liu Jian silently stroked their beards and pondered in silence.
Li Dongyang and Xie Qian were watching and whispering, with excitement on their faces.
Zhu Youtang waited for a while before asking: "My dear friends, what are your thoughts?"
Xu Pu thought for a while and then spoke cautiously: "Your Majesty's idea is generally feasible."
“Only in the actual implementation process, it is still There are many problems that are difficult to solve. "
"The biggest difficulty is how to make the people willing to use the new Ming Dynasty banknotes."
"What is the style of the new Ming Dynasty banknotes? Design?”
"And what should we do with the original Ming Dynasty treasure banknotes?"
Zhu Youtang has already had ideas about these issues.
"The original Ming Dynasty treasure banknotes were all recycled at one thousandth of the face value and then destroyed centrally."
"The new Ming Dynasty treasure banknotes, with the word 'Hongzhi' written on them, are It is a Hongzhi treasure note, which is different from the previous Hongwu treasure note."
"As for how to let the common people use it, it's simple. From now on, all the salaries paid to officials by the Ming court will be converted into Ming treasure banknotes." "Ming Dynasty officials and their families are not allowed to use silver money, only Ming treasure banknotes , Violators will be killed!”
At the end of the sentence, the picture will be revealed!
The four pavilion elders present felt that their eyes were darkened and the sky was about to collapse!
Not long after he stood up, he knelt down again with a plop.
"Your Majesty, no! Your Majesty!"
"Your Majesty, please think twice. We need to be cautious in reforming and must not be so hasty!"
"Your Majesty, you must not do it! You must not do it!"
"..."
< br>Zhu Youtang looked at the four people at his feet and sneered: "Oh? Why not?"
"This..."
Xu Pu racked his brains, thinking about how to reply.
Liu Jian was calm and calm: "Your Majesty, the new Ming Dynasty treasure banknotes have not yet been recognized by the people."
"If officials are rashly prohibited from using money, I am afraid that officials will not be able to use it and even buy food. Not coming back.”
“This is easy to handle.” Zhu Youtang said calmly: “All imperial stores in the capital accept Ming Dynasty treasure banknotes.”
“This policy will be piloted in the capital first. When it matures, After that, it will be promoted to the whole country.”
Liu Jian and Xu Pu looked at each other, at a loss.
At this point, they finally reacted.
Zhu Youtang really never thought about plundering people's wealth, but those who plundered it were all officials of the Ming Dynasty.
The money they had worked so hard for was all going to be plundered back by Zhu Youtang's simple policy.
Compared with ruthlessness, Zhu Youtang must be ruthless!
If this move continues, I am afraid that the entire Ming Dynasty officials will be anxious.
“Then it’s settled, I will open the Beijing branch of the Ming Bank in the capital in a few days. All officials in the capital can use their silver to exchange for new Ming treasure banknotes.”
“ I don’t care how much money you want to exchange.”
“But if I find officials and their families who have money in the capital, don’t blame me for not warning you in advance.”
“The officials who were trampled to pieces by thousands of horses outside the city today are still experiencing this. In the eyes, still in front of you.”
"Finally, give me a implementation plan within three days."
Seeing that there was no hope of stopping it, Liu Jian made a last-ditch effort: "Your Majesty, the officials in charge of banks at all levels..."
Zhu Youtang glared at Liu Jian: "Eunuchs are all responsible for this." , Civil servants are not allowed to take up positions in banks!”
“Also, the Baochao Department will no longer be managed by the Accounts Department, and will be merged into the Inner Palace Baochao Department, and will be managed by the Baochao Department!”
After Zhu Youtang finished speaking, he no longer stayed in Wenyuan Pavilion and returned to Qianqing Palace.
On the way back, Zhu Youtang's mood gradually improved when he thought of the collapsed expressions of the four pavilion elders that day.
Reform, of course, is necessary.
But reform takes time. How can you get money faster than robbing hundreds of officials?
If this rule continues to be implemented, if the officials in the capital still want to use money, they must use silver to go to the capital branch to exchange for new Ming Dynasty treasure banknotes.
Zhu Youtang was able to raise a large amount of silver without any effort.
As for how to gradually over-issuance of currency in the future, so that the new Ming Dynasty treasure banknotes can be in an orderly manner, slowly depreciate in a controllable manner, and slowly harvest the world's wealth, that is a story for another day.
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(End of this chapter)