Prince of Chaos

Chapter 447 Construction of the Daming Financial System

Taking advantage of this wave of rhythm, Zhu Changluo struck while the iron was hot to reach multiple consensuses with the cabinet.

National debt can be issued, but how much is the specific amount?How?
Zhu Changluo and Shen Shixing discussed this issue for a long time.

Shishi Bank and the others want to transfer all the rights to issue national debt to the cabinet.

After all, it is of no harm to them.

However, Zhu Changluo obviously would not agree. After all, the final backer of the national debt is his Xishanhuangzhuang. Without his Xishanhuangzhuang as a guarantee, the national debt cannot be paid 100%, and even jokes will be made.

Of course, this is not Zhu Changluo's alarmist talk.

But the fact!

The Ming court had no problems with legal authority and rule.

Moreover, for more than 200 years, no matter whether they are scholar-officials, traffickers, or villagers, they have become accustomed to the imperial rule of Ming Dynasty, and they have been deeply rooted in the hearts of the people.

Therefore, as long as the emperor does not act as a demon, and God rewards him with food, there is no problem for such a court to survive for another hundred and eighty years without internal and external troubles.

It's a pity that there will be no heavenly rewards for Da Ming in the future, and the Little Ice Age has already arrived.Moreover, various meteorological disasters have begun to show their power.

So, what I can do now is to save myself, to save myself desperately, to try my best to save myself.

However, in such an era when imperial power is supreme, the financial integrity of the imperial court is almost zero.

Speaking of this, I have to mention Zhu Yuanzhang.

In the early years of the Ming Dynasty, Zhu Yuanzhang relied on his stable position and cruel means.He also creatively issued Daming Banknotes with national credit endorsement!

Although there were some bank notes such as "Jiaozi" that were popular before.

However, the nature of these banknotes is completely different from that of Daming Banknotes.

These banknotes are issued by private banks or authorized institutions with a certain official background.

However, this kind of bank note is essentially a form similar to a bearer passbook, and the state agency does not guarantee them.It is completely supported by their own vitality.

Therefore, they are essentially different from the Daming banknotes issued by Zhu Yuanzhang.

Zhu Yuanzhang used national credit and his own power as the leading force to issue the first batch of national banknotes in Chinese history.

If Zhu Yuanzhang had a modern economic mind at that time, maybe in the Ming Dynasty, China would have completely entered the era of paper money, and silver and metal money might have withdrawn from the stage of history early.

However, history has no ifs.

Zhu Yuanzhang was born with mud legs, and he has spent countless lifetimes of luck if he was able to create the Ming Dynasty.

Expect him to have any modern financial acumen, unless he is also a time traveler like Zhu Changluo.

It's a pity, judging from some of the things that Lao Zhu did, he was obviously not, and he even had some cruelty and savagery.

He actually restored the system of human martyrdom that had been swept into the dustbin of history!
What kind of cruel system is this?A modern person simply cannot do such a thing.

It can be seen that Zhu Yuanzhang has some limitations of the times, which is inevitable.After all, no one is perfect.

Therefore, when it comes to issuing Daming banknotes, Zhu Yuanzhang is capricious.

Almost none of them have a decent financial plan and distribution plan, and they start to print frantically as soon as they hit their heads.

In the beginning, Daming Banknotes still had a certain purchasing power.

However, as more and more, spamming takes place.This led to a sharp decline in the purchasing power of the Daming Banknotes, and finally, with the unremitting efforts of the next few generations of emperors, the Daming Banknotes became waste paper to deceive their own people.

In the end, no one would accept this kind of thing anymore, but sometimes the imperial court ran out of money, and would shamelessly take out the Daming banknotes to pay the clan's salary.

The top clans naturally don't care, after all they have land, even without the salary from the court, they are still at ease.

However, the clan at the bottom is miserable. They are delimited by their identities, they are not allowed to engage in all kinds of professions, and they are not allowed to take imperial examinations. .

If it weren't for Zhu Changluo's current reform measures for the clan's self-reliance, these people could only be slaves, and they could only do long-term work for various feudal lords under the glory of the clan.

Therefore, if you expect the Ming court to issue national debts by itself, no one will buy them unless you are a fool.

The cabinet also understood the difficulties, so after a few rounds of entanglement with Zhu Changluo, they finally compromised.

After the cabinet and the Ministry of Households accounted for the state debt of the Ming Dynasty, it was reported to the crown prince for approval and fixed. The specific issuance was led by Xishan Huangzhuang and was responsible for the recovery of the national debt.

In this regard, Xishan Huangzhuang will also establish Daming Royal Bank as a national bond issuance and recovery agency.

The amount of interest for the issuance of national bonds shall be determined jointly by Ciqing Palace and the cabinet.

The specific face value of the national debt is also determined by the Daming Royal Bank.

It can be seen that this is a plan of "fake national debt and real banknotes".

However, at this stage, Zhu Changluo can only abide by the silver standard system, and cannot issue too many banknotes, otherwise, the financial system that he has worked so hard to create will collapse in a blink of an eye, which will make people feel distressed.

After determining the rights and responsibilities of the national debt, Zhu Changluo was extremely happy.

This can be regarded as his first time to intervene in the establishment of Daming's financial system openly and aboveboard.

national debt.

This is just a gimmick by Zhu Changluo.

In fact, he just wanted to use the name of national debt to rebuild Daming's financial system.

These treasury bonds are issued, and they are banknotes with symbols of wealth.

If it works properly, Zhu Changluo will indirectly control the development of Daming's future financial system.

At that time, with the power in hand, people under his command, and money in his pocket, when he wants to change some outdated systems, it will be a piece of cake.

Therefore, Zhu Changluo is extremely looking forward to this.

As for these national debts, that is, the denominations of banknotes, Zhu Changluo has already thought about it.

First of all, large-value banknotes cannot be issued, because excessive issuance of large-value banknotes will directly lead to the collapse of the financial system.Moreover, large banknotes also affect circulation.

Therefore, to control the face value.

In Zhu Changluo's vision, the largest face value is one tael, and the smallest is one penny.

In the middle, we are doing some denominations of 500, 200, 100, 50, and 10.

Although these denominations do not look exciting enough, this denomination is definitely the most in line with circulation.

Zhu Changluo had also experimented with vouchers in Xishan Huangzhuang for a period of time.

However, due to lack of good coordination and planning, the vouchers issued by Zhu Changluo have never been really put to use.

Those who get these vouchers, in their subconscious mind, these vouchers are coupons, not money.

Therefore, the issuance of vouchers is undoubtedly a failed financial attempt for Zhu Changluo.

However, it is different now. Now that the cabinet has been recruited, and the rigid payment system of the silver standard is going to be implemented, Zhu Changluo believes that this time it will be a success!

After all, the scale this time is unprecedented. Moreover, with the backing of Xishan Huangzhuang and the implementation of the silver standard system, this market can definitely be revitalized.

Therefore, Zhu Changluo has confidence in this!

(End of this chapter)