I'm only seven years old, Lao Zhu, you let me supervise the country?

Chapter 199 The Emperor's Mandate of Heaven is for the People!
Upon hearing this number, Yao Guangxiao and Xu Miaojin were stunned, looking shocked and in disbelief.

"One hundred million taels?"

Yao Guangxiao said with difficulty, "This is too much."

Zhu Yunxi smiled slightly.

To raise so much money, even he didn't expect it.

When the Ministry of Household Affairs reported the figures, he was frightened.

This is partly due to Zhu Yunxun's high prestige among the people.

The common people believed that Yousheng Zhenjun would not deceive them.

On the other hand, thanks to the great power of newspaper propaganda.

The people of the Ming Dynasty still had a very superficial understanding of advertising.

The yelling among the salesmen and the signboards in front of the shops are almost all they understand about advertisements.

Nowadays, newspapers and periodicals are hyping up how good the national debt is and how many people are snapping up the national debt, which naturally causes countless people to follow suit.

In a sense, this is also a blow to dimensionality reduction.

If we put it in the era when advertisements are ubiquitous and pervasive in later generations, everyone is numb and doesn't believe it, so it is naturally impossible to have such a good effect.

But now the people of Ming Dynasty are still very simple.

They believe what they see printed in the newspapers.

There are too many people who follow to buy government bonds.

People follow the crowd.

It has been the same since ancient times.

If it weren't for the limited amount of private deposits of silver and the restriction that only silver is allowed to be used for purchases, the number of treasury bond sales would have been even greater.

After hearing so much, Yao Guangxiao became anxious.

"His Royal Highness, although the interest on the national debt is only 200% a year, if it is [-] million taels, it is [-] million taels a year."

"This expenditure is too much. The imperial court only has 2000 million taels of silver in taxes a year. One-tenth of the revenue should be used to pay interest on the national debt. It is absolutely unacceptable!"

"Besides, if you collect so much money and put it in the treasury, you can use it for a while."

"If you don't care about your income, spend your money recklessly, what will you use to pay the interest in the future, and what will you use to pay it back?"

"According to the poor monk's opinion, there should not be so much issued in the first place. Hurry up and return some of the excess money to the people, which can also reduce interest losses."

Borrowing money to spend, in his view, can only provide temporary relief.

In the long run, it will do more harm than good.

Zhu Yunxi laughed out loud when he heard this.

"The money collected will be of great use. It can't be repaid, it can't be repaid!"

Yao Guangxiao asked puzzledly: "What does Your Highness the Grandson want to do that requires [-] million taels of silver?"

"Whether it is the construction of the new army or the expedition to Beiyuan, it is impossible to spend so much."

Zhu Yunxi shook his head and said, "Of course it's not just for building a new army, that's just a pretext."

He said, looked at Xu Miaojin and asked: "How is the anti-counterfeiting design of the new banknotes, how is the Technical Research and Manufacturing Bureau doing?"

"A total of [-] kinds of anti-counterfeiting have been designed, twelve of which are in the open, which are used by ordinary people to distinguish the authenticity, and the other eight are in the dark, which are not announced to the public, and are used for internal identification, which is a higher level of anti-counterfeiting."

"You can rest assured that this new set of banknotes will never be copied by anyone in Daming."

"In order to enhance confidentiality, the design and manufacture of each anti-counterfeiting solution are strictly independent, and no one knows all the anti-counterfeiting measures."

"Design and production also use the strictest methods."

"In addition, the new banknotes also use the latest paper and new technology. Even after being soaked in water, they will not rot and can be stored for a long time."

Zhu Yunxuan nodded.

"Then new banknotes can be issued."

"I think it is more appropriate to set the exchange ratio of old banknotes to new banknotes at 4:1."

The value of the old banknotes has been severely depreciated.

If it is recovered at a rate of 1:1, the court will suffer a huge loss.

The original intention of solving the currency problem cannot be realized.

"His Royal Highness."

Seeing that Zhu Yunxi didn't answer himself, Yao Guangxiao asked about Xu Miaojin's new banknote development instead, so he couldn't help feeling a little anxious.

Zhu Yunxi laughed and said, "This one hundred million taels of silver is the reserve fund for issuing new banknotes."

"Reserve money?" Yao Guangxiao was taken aback for a moment.

Immediately react.

In fact, the reserve fund is not unique to modern times.

During the Yuan Dynasty, the Yuan government issued banknotes and also prepared a reserve of 50 taels of silver.

But still a mess in the end.

Lao Zhu didn't believe that anymore. The Ming Dynasty treasure banknotes were issued without any reserves at all.

Yao Guangxiao is well-informed and read a lot of books, so he naturally knows these things.

"A reserve of [-] million taels of silver?"

He took a deep breath: "Isn't this too much?"

Zhu Yunxi laughed and said: "According to the reserve ratio of 20.00%, if you want to issue banknotes of [-] million taels of silver, you need a reserve of [-] million taels of silver."

"A banknote of five hundred million taels of silver?"

Yao Guangxiao was frightened again: "With so many printed, wouldn't the banknotes depreciate rapidly?"

"will not!"

Zhu Yunzhen is very confident.

On the one hand, he issued banknotes, unlike Lao Zhu, who did not have any reserves at all.

On the other hand, with the development of commerce and industry, the society's demand for banknotes will increase greatly.

All in all, five hundred million taels of silver is not a lot.

This is only his early plan.

In the later stage, with the reconstruction of currency credit, he can further reduce the reserve ratio and issue more banknotes.

With the rapid commercialization of Ming Dynasty, it can be expected that more and more money will be needed.

"The face value of the new banknotes is limited to a maximum of one hundred cash."

Prior to this, Ming Dynasty banknotes were printed in large quantities with consistent face values ​​(thousands of coins).

It can even be said that most of the face values ​​are consistent.

But in Zhu Yunxi's view, this is a very speechless approach.

Excessive face value means that it is difficult for ordinary people to give change.

In reality, circulation will be very difficult.

It can only be used in specific places.

To make the people of Ming Dynasty proficient in using the new banknotes as soon as possible, and get used to using the new banknotes in any transaction, they must do everything possible to increase the frequency of daily use of the new banknotes.

"The smallest denomination is one penny. In addition, there are two, five, ten, twenty, fifty, and one hundred pennies. There are seven different denominations in total."

"I also designed the pattern."

Zhu Yunxi took out the new banknote pattern he had drawn.

Compared with the original text, the advantages of using patterns are many.

At least, people who don't know how to read can also distinguish different denominations through different patterns.

It can also leave a deep impression on the people.

"After the new banknotes are issued, people can exchange old banknotes for new banknotes, or exchange new banknotes for silver."

"However, a certain handling fee is required to exchange the new banknotes for silver."

This is the key to rebuilding credit.

Let the common people believe that the new banknotes are equal to silver.

Only in this way can currency credit, which has now collapsed, be re-established.

Otherwise, no matter what you do, it will be in vain.

This is also the meaning of reserves.

Zhu Yunxi had already made strict calculations.

In these years, Daming has printed a total of about 2 million taels of treasure banknotes.

According to the exchange ratio of 4:1, it is also more than 5000 million taels of silver.

Even if the common people exchanged all the new banknotes for silver, a reserve of [-] million taels of silver would be enough.

This exchange does not have to be done all the time.

After the currency credit is rebuilt, it will not be needed.

"Need to set up a bank for exchange."

"And the postal remittance of large sums of money, replacing today's private money houses."

"bank?"

Yao Guangxiao stroked his beard and said, "It's a good name, and it's also good for the imperial court to set it up, but it must be strictly supervised."

Xu Miaojin smiled and said: "The name of the bank is called 'Da Ming Bank', how about that?"

Zhu Yunxuan shook his head, and said: "Although the establishment of the bank is to solve financial problems for the court, more importantly, it is to make life more convenient for all ordinary people and improve their living standards."

"In the final analysis, the imperial court increased financial revenue, and it was the same."

"He who owns the world, the people of the world rule the world."

"Heaven's herdsmen, the imperial court governs all directions, and it is also to enable the people to live better."

"The emperor's destiny is for the people; the monarch is the lord of the people."

"The name of the bank, in my opinion, the newly opened bank is called the "People's Bank"!"

Yao Guangxiao clapped his hands and praised: "Good name, the newly issued Daming Banknote can also be called "RMB"!"

(End of this chapter)