Chapter 82 The Royal Central Bank and Treasure Banknotes
While Zhu Yuanzhang was busy consolidating his territory in Guangzhou in the late Qing Dynasty and going on a killing spree.
The historical process of the early Ming Dynasty also began to enter an extremely critical step.
After nearly ten years of recuperation, and Zhu Yuanzhang's continuous implementation and modification of various policies and regulations based on the entire history of the Ming Dynasty, all aspects of the Ming Empire today have become completely stable.
It even gradually showed a prosperous scene.
Coupled with the continuous promotion of high-yielding crops such as potatoes, corn, and sweet potatoes brought from the late Ming Dynasty, the food problem that plagued the Ming Dynasty in the early years of Hongwu was completely solved.
In addition, the Royal Iron and Steel Company established by Zhu Biao in the third year of Hongwu's reign and the large-scale state-owned workshops covering all walks of life established in the fifth year of Hongwu's reign greatly enriched the material resources of the entire Ming Dynasty.
The result of this is that the value of silver is higher.
There is a lot of money in the market, and a certain degree of deflation has even begun.
Zhu Biao was already prepared for this situation.
He had already transferred Shen Wansan from the Royal Iron and Steel Company half a year ago and began to establish the first state-owned bank in the Ming Dynasty, the Royal Central Bank.
This bank will issue the first-generation treasure banknotes of the Ming Dynasty, which can be used as currency instead of silver money.
In the original history, Zhu Yuanzhang also issued treasure banknotes. Unfortunately, Zhu Yuanzhang was a master in fighting wars and governing the country, but he was a complete layman in economics.
The treasure banknotes he issued were only issued but not collected, and they had no anchor. There was also a cost of exchange of old money for new money. The most serious issue was that the currency was overissued.
No matter whether the economy grows or social productivity expands, treasure notes are issued every year, and more and more are issued every year.
Therefore, although the treasure banknotes were endorsed by the credit of the country, they were only useful for the first ten years or so. By the end of Hongwu, they began to depreciate all the way. Later, in Yongle and Xuande, they were even devalued to the point that even their parents did not recognize them.
Basically, by the mid-Xuande period, the property of Ming Dynasty banknotes as currency had disappeared.
After all, even the imperial court began to collect gold and silver instead of collecting taxes, let alone the common people.
But now, of course, Zhu Biao will not let such a thing happen again.
As early as when Lao Zhu was still in the late Ming Dynasty, Zhu Biao suggested that Zhu Yuanzhang transport back 20 million taels of silver and one million taels of gold from the late Ming Dynasty.
Anyway, these gold and silver were all taken from the homes of landlords and wealthy people. The source was also the foreign exchange earned by the gentry on the southeast coast through smuggling. They were not circulated in the market at all, and naturally they would not affect the country's economic operation.
Coupled with the money earned through the Royal Steel Trading Company and large state-owned workshops in the past few years, the silver reserve in his hands has approached 30 million taels.
These gold and silver are the reserves and anchors prepared by Zhu Biao for the Royal Central Bank.
In addition, with the endorsement of national credit, there is no possibility of malicious bank runs, so the issuance of the treasure banknotes is foolproof.
It was the third day of June in the eighth year of Hongwu. This was a day worthy of joy.
Because today is the day when the imperial court pays salaries.
Lin Yuan is currently a sixth-grade experience officer in the Metropolitan Procuratorate, and can receive seven stipends of gold per month.
To be honest, this salary is just enough for their family to eat and drink in Nanjing. In addition, this is the Hongwu Dynasty, and he himself serves in the most important Metropolitan Procuratorate. I don’t know how many pairs of eyes are watching him every day. With him, it is even less likely to be corrupt or bribery.
Therefore, Lin Yuan has always lived a very poor life, and every time he receives his salary, it is the happiest day for him.
He has now begun to make plans. After receiving his salary, he will first buy two kilograms of fat pork and eat something good tonight.
As a result, when I arrived at the Ministry of Accounts, I was told that the issue of salary payments to officials would no longer be under their control, but would now be under the jurisdiction of a newly established department, the Banknote Collection Department under the Royal Central Bank.
Although he was confused, Lin Yuan did not dare to neglect the issue of his one-month ration, and hurriedly ran to find this new government office.
At this moment, in front of the Baochao Lifting Office, officials who came to collect their salaries had already lined up in a long queue, and Lin Yuan hurried over to queue up.
But when he was finally queued up, Lin Yuan was dumbfounded when he saw the other party pointed out eight colorful pieces of paper for him.
He went to Beijing on business this month and just came back yesterday to report on his work. He really didn't know what this thing was.
"What does this mean?" he asked carefully.
The official smiled and explained: "This is a banknote issued by the imperial court, called a treasure banknote. This one has a denomination of one hundred yuan and is worth one tael of silver. If you want to change the silver, you can get the treasure banknote."
Then go to the Royal Central Bank next door to change it.”
"Now let's calculate your salary. Your monthly salary is seven shi. Now one shi of grain on the market is worth one or two taels of silver, so I should give you eight hundred and forty yuan."
"I've already given you eight hundred yuan. These are twenty yuan bills. If I give you two more, your salary for this month will be settled."
Lin Yuan saw that everyone was like this, and two of his familiar colleagues accepted the treasure notes, so he naturally accepted them too.
Just as he was about to leave, the official stopped him again.
"Just wait a minute!"
"I just saw that you were out on the field this month. There are new regulations. If you go on a business trip, you will be subsidized. It is ten yuan a day. You have been out for a total of twenty days, so it is two hundred yuan!"
"You put it away!"
Lin Yuan confusedly put away the two big red banknotes that were handed to him, and left the team under the envious eyes of an old man next to him.
He just took two steps and realized what he was thinking. If this was the case, wouldn't his salary this month increase by nearly 20%?
This couldn't help but make him a little happy.
If you convert it, this is two taels of silver!
"I just don't know if this thing can really be used as money as the person just said...!" Lin Yuan held a handful of banknotes and slowly joined the crowd to test the purchasing power of the banknotes.
Zhu Biao and Shen Wansan were watching this scene from the Royal Central Bank next to them.
Looking at Lin Yuan's back, Zhu Biao couldn't help but ask: "Has everything been arranged?"
"Don't worry, Your Highness, all the stores in the capital have notified each store as early as half a month ago. According to the size of each store, each store has reserved a certain amount of treasure banknotes for turnover purposes. There will be no store that refuses to accept
Treasure banknotes, or the issue of inability to redeem large-denomination banknotes.”
"The banknote exchange counter of the Royal Central Bank will also always be open to ensure that when people come to exchange, they can exchange the banknotes into money at any time."
"good!"
Zhu Biao nodded and continued: "This is not enough. Soon the imperial court will promulgate the Banknote Law and announce the abolition of the use of silver coins. From now on, government tax collection, officers and soldiers' pay, and official salaries will all be changed to treasure banknotes."
"The bank branches we set up in various prefectures and counties must also play a role. The exchange of treasure notes and silver coins must be smooth."
"Don't worry, Your Highness, I will definitely handle this matter well!" When Shen Wansan said the word "Xiaguan", his little eyes could not help but narrow.
He was transferred from the Royal Iron and Steel Company. Although he could no longer receive the huge 5% silver dividend, he had no regrets at all and was even ecstatic about it for a long time.
Money is already just a number to him, what he wants is an official position.
Just like now, although his monthly salary is only 1,400 yuan, he is the president of the Royal Central Bank and an upright fourth-rank official of the Ming Empire. He does not need to pay homage to the emperor when he meets him.
Moreover, His Royal Highness the Crown Prince also revealed to him that as long as he can run the Royal Central Bank well in the future, the level of the Royal Central Bank can be improved even further.
If he can really become a high-ranking official of the third rank or above, then he will really be able to honor his ancestors.