The legend of the king of crossing

Chapter 265 National Bonds

No policy, even the best, can be achieved overnight.

People have inertia, whether it is thinking or behavior, there is a lagging process, which is different from the improvement of machines, which can be effective immediately with a slight adjustment.

Nearly a month after the opening of the state-owned commercial bank in the Song Dynasty, with the increase of state-owned commercial banks and Yinzhuang outlets, coupled with the hype of the Royal Newspaper, the people in Lin'an gradually accepted the Huaxia currency. At this time, it has been two years since the issuance of the Huaxia currency It's been more than a month.

Although paper money itself has no value, but because it is a compulsory currency issued by the country and is easy to carry, paper money has become a form of currency commonly used in countries all over the world in later generations.

The advent of Huaxia coins in the Song Dynasty opened the prelude to paper money officially replacing the original gold, silver, copper coins, and Jiaozi, Huiyin, Qianyin and other currencies issued by various parties, and laid a solid foundation for the future economic development of the Song Dynasty. .

"Ruan Aiqing, the number of people exchanging Huaxia currency in Yinzhuang has been increasing recently, right?"

"Returning to Your Majesty, that's exactly the case. According to a survey data from Yinzhuang, all Lin'an people will exchange their Huiyin and Qianyin for Huaxia coins, and the proportion of people who exchange silver and copper coins has also changed from the original non-existent. increased to about [-]%,"

I said happily: "Well, as long as you guide it well, the people will gradually accept paper money. After all, this is the trend of social development."

Ruan Dengbing didn't understand why banknotes are the trend of development, but he didn't dare to ask more.

"Yes, Your Majesty, the shops in Lin'an City have begun to accept He Huaxia Coins now,"

I suddenly remembered the price difference of currency exchange, and hurriedly asked: "Ruan Aiqing, how much loss will I have if I exchange Huaxia currency for other banknotes in the hands of the common people?"

"Your Majesty, I'm going to report this matter to Your Majesty today. Your Majesty, the paper money I originally issued will depreciate greatly. If it is converted according to the current price, it is estimated that it is only in Lin'an, and I will lose at least 50 copper coins."

"50 guan." Although I knew that there would be a huge loss in the exchange, I didn't expect to lose 50 guan in Lin'an alone. Zheng Huchen's one-time donation of 50 guan at the unveiling ceremony of the Red Cross that day had already The people present were amazed, not to mention as many as [-].

"What about the whole country?"

Ruan Dengbin said: "According to the calculation of the Huiyin in the hands of the people of our dynasty, if the exchange is completed, the preliminary estimate will be a loss of 300 million guan."

My heart sank, and I thought for a while and said, "Ma Aiqing, Ministry of Household Affairs, what is the expected tax revenue in Lin'an this year, and what will be the national tax revenue?"

"Your Majesty, based on last year's tax revenue and combined with the current situation, the Ministry of Household Affairs predicts that this year's tax revenue in Lin'an will reach 150 million guan, and the country's tax revenue will reach more than 500 million guan,"

"That means more than half of this year's tax revenue is going to subsidize the exchange loss,"

Ma Guangzu said: "It's about the same."

I frowned, and my original happy mood disappeared, and I quickly calculated in my heart, "Next year is the most critical year for both Song and Mongolia. Everyone will spend a huge amount of money on armaments. If we lose 300 million yuan first , will inevitably affect various investments next year, and it may be too late in the year after next,"

"In this way, my economy towards next year will be seriously affected," he said.

Ma Guangzu said: "Your Majesty, there is such a possibility."

I said anxiously, "Is there any other way?"

Ma Guangzu said: "Your Majesty, can the loss be reduced by increasing the exchange rate?"

"No," I said without thinking, "No matter how difficult it is, the imperial court must not break its trust with the people, let alone increase the burden on the people in exchange for revenue from the treasury."

Although Jia Sidao's public land law relieved the pressure on the state treasury to a certain extent, it also increased the burden on the people at the same time. It is difficult to comment on whether it is good or bad.

There have always been different views on whether to hide wealth in the country or in the people.

Of course, everyone knows that a rich country and a strong people are the best choice, but what if you can only choose one of the two.

Ruan Dengbing said: "Your Majesty, don't worry, the impact will not be as great as your Majesty imagined. The nationwide exchange of Huaxia currency will not be concentrated this year. According to Yinzhuang's prediction, by the end of this year, the Liangzhe Road around Lin'an will It will basically be exchanged, and it will take at least a year for other exchanges, so there is a buffer period in the middle, and, as Yinzhuang's outlets gradually improve, people will also deposit a large amount of currency. Many of them are deposited according to the number of years, and this part of the funds can also be temporarily flowed through lending and other methods. Therefore, I think that although losses are inevitable, as long as our economy develops rapidly, these losses will not affect us. The foundation of the dynasty, "

Ma Guangzu said: "Master Ruan, what if the common people want to withdraw this money after one year?"

Ruan Dengbing said: "Master Ma, after a year, new people will deposit money into the silver bank. This cycle goes on and on. As long as the links continue, there will be no problem at all."

"What if the middle link is broken?" Ma Guangzu didn't continue to ask, but just thought to himself.

After listening to Ruan Dengbing's analysis, I calmed down a bit. Ruan Dengbing's analysis was good. It is impossible for the common people to exchange Huaxia coins overnight. The buffer period should be well utilized, and the transition should be smooth. The premise is Our economy is developing rapidly to offset the losses caused by the exchange.

"Ministry of Commerce Jiang Aiqing, Liao Aiqing, and Ruan Aiqing mentioned that as long as our country's economy develops rapidly, we can overcome the impact of exchange losses. What do you two think?"

Jiang Wanli said: "Your Majesty, I think what Lord Ruan said is very true. Your Majesty, in the past, the disorderly distribution of banknotes would lead to a rise in prices and depreciation of banknotes. If there is no improvement, it will cause social turmoil sooner or later. The so-called long-term pain is not as good as it is." Short-term pain, the issuance of Huaxia currency must continue, and must be issued in accordance with the established guidelines. The stability of the currency will have great benefits for our future economy. From the perspective of the country's commerce and trade this year, the progress is rapid. The Ministry of Commerce has issued support policies one after another, and I believe that the speed of development next year will definitely be stronger than this year, and this will overcome the impact His Majesty said, "

"Well," I nodded and said, "Dear dears, the loss of currency exchange is unavoidable. What good strategies do you have so that I can have enough funds to smoothly invest in various affairs next year?"

The ministers in the DPRK and China were not very clear about the economics, and no one responded for a while.

"Your Majesty, I have an official performance," Jia Sidao said suddenly on the chair.

"Master, please speak,"

"Your Majesty once mentioned that we need to increase revenue and reduce expenditure. This year's reduction of expenditure has performed well this year. All departments have carefully calculated their budgets and saved a lot compared to last year. If the economy is to develop rapidly, the focus will naturally be to increase revenue. Development Therefore, the minister proposed that Yinzhuang could take the lead in issuing national bonds of the Song Dynasty, "

"Is it a national debt?" I asked such a familiar name, "Master, please tell me in detail, what is a national debt?"

"Your Majesty, Lord Ruan just said that it is an unpredictable event for people to deposit their excess currency into Yinzhuang, and when they will withdraw it. Yinzhuang and the court don't even know how many people will deposit money today. , If there are people whose deposits are due today, and they need to withdraw [-] guan, and there are only [-] in the bank, then they will lose their trust in the depositors, so the old minister came up with the idea of ​​issuing national bonds, the so-called national bonds It refers to a bill issued by Yinzhuang with the state as a guarantee, with a fixed term of one or two years. If the people have surplus currency in their hands, they can choose to deposit it in Yinzhuang or buy bonds. Then you can calculate the amount to be paid at maturity based on the amount of bonds sold, and at the same time borrow a lot of excess money from the people. Then it will be back to normal next year.”

National debt is issued by the state. It is a kind of government bond issued by the government of later generations to raise financial funds.

In the history of our country, it was not until the end of the Qing Dynasty that domestic public bonds began to be issued.

"This Jia Sidao, what kind of head does he have? I can think of that," I secretly praised Jia Sidao.

At this time, I only heard Ruan Dengbing say: "The Grand Master has a great opinion, and the officials admire it. The Grand Master's suggestion has indeed solved a major problem in Yinzhuang's lending."

I also praised: "The teacher and minister's proposal is feasible, and I will play it. I will slightly change the name that the teacher and minister said, from the Dasong National Bond to the Dasong National Bond to distinguish it from other money notes. Ruan Aiqing, "

"The minister is here,"

"You discuss this matter with the people in Yinzhuang immediately, make a detailed plan as soon as possible, and officially release it early next year,"

"Yes, Your Majesty, I obey the order,"

"Master, your proposal is very good. It seems that Wei Guogong and Xianwenge Grand Bachelor are not in vain," I laughed.

"Thank you, Your Majesty, for your appreciation. This is the way to be a minister," Jia Sidao said, looking secretly at Liao Yingzhong.

"No matter who it is, they should be praised for their good proposals. As the heads of all officials, teachers and ministers should take the lead in offering suggestions and suggestions, so they should be praised,"

"Thank you, Your Majesty,"

"The minister Lu Xiufu has a book to play,"

"My love, please tell me,"

"Your Majesty, the recruiting work has come to an end. I found a problem in the Imperial Army. If the soldiers of the Imperial Army sign up to join the Imperial Forest Army or the Lin'an War Zone but are not accepted, can they re-apply at the recruiting point in the city as a commoner?"

For the [-] imperial troops, I originally planned to keep only half of them, and the remaining half would be disarmed and returned to the fields, but I didn't expect that many of these half wanted to continue serving as soldiers.

"Lu Aiqing, what's the situation at the recruiting point in the city?"

"Your Majesty, judging from the current situation, the number of recruits has basically been reached,"

"Well, Lu Aiqing, after the recruitment is over, you will report the number of those who are not selected in the Forbidden Army who want to continue serving as soldiers. I will reconsider it. After all, these people have experience in military training."

"Yes, Your Majesty,"

"Lu Aiqing, is there any result on the recruitment of generals?"