Chongzhen revived the Ming Dynasty

Chapter 69 Sunchon Bank
The establishment of Sunchon Bank was a decision made by Zhu Youjian after careful consideration. It is planned to use this bank as leverage to leverage the financial system of Ming Dynasty.

In order to ensure the smooth operation of Shuntian Bank, Zhu Youjian issued a special policy, stipulating that transactions between Shuntian nobles and mainland businessmen must go through this bank.

At this time, Wang Chengen was explaining the policy to the Shuntian nobles on the grasslands:

"I have already opened all your lordships' accounts at Sunchon Bank. All you need to do is bring your seal and unique mark to start using it."

"In the future, the royalties distributed by the imperial court to all the nobles will be directly transferred to the Shuntian Bank account. You can withdraw the money, or you can keep it in the bank."

"Don't worry, everyone, Shuntian Bank does not charge any storage fees, nor does it charge exchange fees for transporting it from Shuntian Prefecture in the capital to Zhangjiakou in Xuan Prefecture."

"This is a grace specially given by His Majesty to all the lords, so that you do not have to suffer losses due to the quality and transportation of the silver."

Accounts were opened directly for these people without even asking for their consent. Wang Chengen also described this incident as the emperor's grace, which made these grassland nobles very grateful:

You don’t have to transport it yourself, you don’t have to worry about the quality, and you won’t be charged for storage—

There are such good things in the world, and the emperor really takes care of them!

Someone even thought of the loan Wang Chengen just mentioned and asked:
"There is no custody fee for depositing money in the bank. What about borrowing money?"

"Doesn't it require interest?"

Wang Chengen shook his head repeatedly and explained to these people:
"The interest on the loan is calculated monthly, one percent per month."

"If you borrow for a whole year, there will be a discount, which will be reduced from 12% to 10%."

"However, His Majesty has authorized that interest on your loan will be exempted before this year's salary is released."

"Each person can borrow an amount equivalent to the Jue Lu and pay it back after the Jue Lu is released."

In order to cultivate the borrowing habits of these grassland nobles, Zhu Youjian did not set a particularly high interest rate, and allocated one hundred thousand taels of silver from his internal treasury as principal to directly issue loans to these nobles. In order to let these people understand what lending is and adapt to borrowing from banks.

When these nobles heard that interest would be waived before the royalties were distributed this year, they all smiled as if the emperor was distributing royalties to them in advance.

They don't think carefully about the difference, they just know that they have money to spend.

He ordered the eunuchs who followed him to issue accounts to these people. Wang Chengen confirmed each person's seal and unique imprint on the spot, and issued authorization certificates to them, allowing them to designate account users.

After all, these people are also nobles in the final analysis, and it is impossible for everyone to participate in trade personally. Naturally, you need to designate close friends as users to help them manage their accounts.

This kind of considerate service makes these grassland nobles even more satisfied.

But Wang Chengen’s next words did not satisfy them so much:
"In order to facilitate transactions and prevent the Lords from suffering losses, His Majesty stipulates that all mutual market transactions must be transferred through Sunchon Bank."

"Businessmen participating in the mutual market must deposit the payment into the account of Sunchon Bank. After signing the contract, the money in the account will be directly transferred to the account of the lords."

"In this way, the nobles will no longer have to worry about collecting payment. Whether it is collecting debts from those merchants or determining the weight and fineness of the silver, it will be completed by Sunchon Bank, ensuring that the nobles will not suffer losses. "

The words sounded nice, but some smart prairie nobles came back to realize that once this policy was implemented, their transactions with Central Plains merchants would have to go through Sunchon Bank.

Sunchon Bank must know exactly how many things they sold and how many goods they bought. This makes some people feel a little dissatisfied: "Can't we buy and sell by ourselves? Why do we have to go through a bank?"

"It's too much trouble!"

Facing these people’s complaints, Wang Chengen still smiled and said to them:

"It's more troublesome, but it can reduce disputes."

"Your Majesty stipulates that all contracts should be made in triplicate, one copy each for the buyer and seller, and one copy for the Sunchon Bank Notary Office."

"If there is a dispute arising from the transaction in the future, the notarized contract will prevail and serve as the basis for trial."

"In this way, you don't have to worry about some unscrupulous businessmen breaking their promises and deceiving you, sir!"

This statement made many grassland dignitaries nod their heads, thinking it made sense. In the past, they had suffered losses from merchants in the Central Plains. Now that they have notarization from Sunchon Bank, they are naturally more at ease.

Moreover, Wang Chengen also said:
"Now all the lords have trade quotas in their hands, which is different from the previous market rewards that were based on the tribe as a whole."

"Through Sunchon Bank transactions, it is easier to calculate the trade quotas used by everyone, and there will be no disputes over who uses more and who uses less."

“We no longer need to use trade quotas as a whole, we can use them independently.”

These words touched the hearts of some prairie nobles. They all knew that Lin Dan Khan wanted to concentrate the trade quotas in the hands of various nobles and use the quotas centrally with the Chahan tribe as a whole.

Now that they have the account issued by Wang Chengen, they have reason to reject Lin Danhan:

It’s not that we don’t want to, it’s that the Sunchon Bank account is ours. The Great Khan wants to centralize trade quotas, so let’s discuss centralized accounts with Sunchon Bank first!

In this way, they could use the authority of the Ming Emperor to secure trade quotas from Lin Dan Khan.

Therefore, many people responded positively and rushed to receive accounts from Wang Chengen.

This Shuntian Bank, which had not yet been opened in Beijing and only existed in Wang Chengen's mouth, got its first batch of customers.

After the mutual market in Zhangjiakou started, those merchants who wanted to do business with Shuntian nobles also had to open accounts at Shuntian Bank. This bank, which had special policies at the beginning of its birth, would grow rapidly and affect the financial industry of Ming Dynasty.

Zhu Youjian has many long-term plans for Sunchon Bank, but in the short term, Sunchon Bank's main task is to ensure the smooth operation of the mutual market. At the same time, the amount and materials of the mutual market are monitored to prevent some people from violating the regulations of the mutual market and selling prohibited items.

In particular, grain, salt, and ironware were important strategic materials at this time. Although Zhu Youjian ennobled the Chahan tribe as a Shuntian noble, he also strictly controlled these types of items. Prevent some people from changing hands with Houjin and enhance Houjin’s strength.

One of the responsibilities of Wang Chengen, the admiral of Shuntian Bank, is to monitor unscrupulous businessmen and unruly nobles, collect relevant intelligence and evidence, and deal with them according to law.

It can be said that Sunchon Bank was the tool used by the Ming Dynasty to suppress the grasslands and block Houjin. Through economic and trade, the grasslands were truly integrated into the Central Plains. At the same time, it cut off Hou Jin's channels for obtaining supplies from the grassland and weakened his war potential.

The Ming Dynasty under the rule of Zhu You never allowed Hou Jin to obtain supplies from Zhangjiakou and supported them in pursuing Lin Dan Khan for 41 consecutive days.

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(End of this chapter)