No policy, no matter how good it is, can be achieved overnight.
People have inertia, and both their thinking and behavior have a lagging process. This is different from the improvement of machines, which only require slight adjustments to achieve immediate results.
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 bank outlets, and the publicity of the Royal News, the people of Lin'an gradually accepted the Huaxia currency. At this time, it had been two years since the issuance of the Huaxia currency. It's been more than a month.
Although paper money itself has no value, because it is a mandatory currency issued by the state and is easy to carry, in later generations, paper money has become a commonly used form of currency in countries around the world.
The emergence of Huaxia coins in the Song Dynasty marked the beginning of paper money officially replacing the original gold, silver, copper coins, and various self-issued currencies such as Jiaozi, Huiyin, and Qianyin, laying a solid foundation for the future economic development of the Song Dynasty. .
"Ruan Aiqing, there have been more and more people exchanging Chinese coins at the bank recently, right?"
"Back to Your Majesty, this is exactly the case. According to a survey data from Yinzhuang, all the people in Lin'an will exchange the Huiyin money in their hands into Huaxia coins, and the proportion of people who exchange silver and copper coins has also changed from the original no. It has increased to about 10%,”
I happily said: "Well, as long as we provide good guidance, people will gradually accept banknotes. After all, this is the trend of social development."
Ruan Deng Bing didn’t understand why banknotes were the trend of development, but he didn’t dare to ask any more questions.
"Yes, Your Majesty, now the shops in Lin'an City have also begun to accept Hehua coins,"
I suddenly remembered the price difference of currency exchange and asked quickly: "Ruan Aiqing, how much loss will our government suffer if we exchange Huaxia currency for other banknotes in the hands of ordinary people?"
"Your Majesty, I am going to report this matter to Your Majesty today. Your Majesty, the original banknotes of our country have depreciated greatly. If calculated according to the current prices, it is estimated that Lin'an alone will lose at least 500,000 copper coins."
"Fifty thousand guan." Although I knew that there would be a huge loss in the exchange, I never thought that Lin'an alone would lose 500,000 guan. On that day, Zheng Huchen donated 100,000 guan in one go at the opening ceremony of the Red Cross Society. Wan Guan has already amazed everyone present, let alone as many as five hundred thousand.
"What if it's the whole country?"
Ruan Dengbing said: "Based on the total amount of money in the hands of the people of our country, if the exchange is completed, it is initially estimated that there will be a loss of three million yuan,"
My heart sank and I thought for a while and said, "Ma Aiqing from the Ministry of Household Affairs, how much is Lin'an's tax revenue expected to be this year, and what is the national tax revenue?"
"Your Majesty, based on last year's tax revenue and the current situation, the Ministry of Revenue predicts that Lin'an's tax revenue this year can reach 1.5 million guan, and the country's tax revenue can reach more than 5 million guan,"
"That means that more than half of this year's tax revenue will be used to subsidize the loss of exchange,"
Ma Guangzu said: "That's about it."
I frowned, and my original happy mood suddenly disappeared, and I quickly calculated in my mind, "Next year is the most critical year for both Song and Mongolia. Everyone will spend huge amounts of money on armaments. If we lose three hundred dollars first, Wan Guan will definitely affect next year’s various investments, and it may be too late the year after next.”
"It seems that our economy will be seriously affected next year,"
Ma Guangzu said: "Your Majesty, it is possible."
I said anxiously: "Is there any other way?"
Ma Guangzu said: "Your Majesty, is it possible to reduce losses by increasing the exchange ratio?"
"No," I immediately denied without thinking, "even if there are difficulties, the court cannot break its trust with the people, let alone increase the burden on the people in exchange for revenue from the national treasury."
Although Jia Sidao's public land law relieved the pressure on the treasury to a certain extent, it also increased the burden on the people. It is difficult to comment on whether it is good or bad.
There have always been different views on whether to store wealth in the country or in the people.
Of course, everyone knows that a prosperous country and a strong people is 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 big as your Majesty imagined. The nationwide exchange of Huaxia coins will not all be concentrated this year. According to Yinzhuang's prediction, by the end of this year, the Liangzhe Road around Lin'an will The exchange will basically be completed, while other exchanges will take at least a year. Therefore, there is a buffer period in the middle. Moreover, as the bank's outlets gradually improve, people will also deposit a large amount of currency. Many of them are deposited based on years, and this part of the funds can also be temporarily circulated through lending and other methods. Therefore, I believe that although losses are inevitable, as long as our economy develops rapidly, these losses will not affect us. The foundation of dynasty,”
Ma Guangzu said: "Sir Ruan, what if the people want to withdraw this money after one year?"
Ruan Dengbing said: "Master Ma, in a year there will be new people who will deposit money in the bank, and the cycle will repeat. As long as the links are continuous, there will be no problem at all."
"What if the middle link is broken?" Ma Guangzu did not continue to ask, he just thought to himself.
After listening to Ruan Dengbing's analysis, I calmed down a little. Ruan Dengbing's analysis is good. It is impossible for people to exchange Huaxia coins overnight. The buffer period only needs to be used properly, and the transition should be smooth. The premise is that Our country's economy is developing rapidly to offset the losses caused by exchange.
"The Ministry of Commerce Jiang Aiqing, Liao Aiqing, and Ruan Aiqing mentioned that as long as our economy develops rapidly, the impact of losses caused by exchange can be overcome. What do you two think?"
Jiang Wanli said: "Your Majesty, I think what Mr. Ruan said is very true. Your Majesty, in the past, unruly hair would cause wastage of banknotes, which would lead to skyrocketing prices and devaluation of banknotes. If it is not improved, sooner or later it will cause social unrest. The so-called long-term pain is worse than In the short term, the issuance of Huaxia coins must persist and must be issued in accordance with established guidelines. The stability of the currency will have great benefits for our future economy. Judging from the national commerce and trade industry this year, progress is rapid. In addition, With the support policies that the Ministry of Commerce has successively introduced, I believe that the development speed next year will definitely be stronger than this year, which can overcome the impact mentioned by His Majesty,"
"Well," I nodded and said, "My dear friends, losses in currency exchange are unavoidable. Do you have any good ideas that can help us have enough funds to smoothly invest in various affairs next year?"
The ministers in the DPRK didn't know much about economics, and no one responded for a while.
"Your Majesty, I have this memorial," Jia Sidao suddenly bowed on his chair and said.
"Master, please speak,"
"His Majesty once mentioned that the government has done well in reducing expenditures by increasing revenue and reducing expenditures. All departments in the DPRK have performed very well this year. All departments have been careful in budgeting and have saved a lot compared to last year. If the economy is to develop rapidly, the next focus will naturally be on increasing revenue and development. The economy will encounter funding problems. Therefore, I propose that Yinzhuang can 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 bill?"
"Your Majesty, Mr. Ruan just said that people deposit their excess currency in the bank. When people deposit and when they withdraw money, this is an unpredictable event. The bank and the court don't know how many people will deposit money today. , if some people happen to have their deposits mature today and need to withdraw 10,000 guan, but there are only 9,000 guan in the bank, then they will break the trust of the depositors, so the veteran came up with the idea of issuing national bonds, so-called national bonds. It refers to a kind of bill that is guaranteed by the state and issued by the bank. It has a fixed term of one or two years. If the people have surplus currency, they can choose to deposit it in the bank or purchase the bond. In this way, the court You can calculate the amount to be paid at maturity based on the number of bond bills sold. At the same time, you can also borrow a large amount of excess money from the people. Next year, if all the old currency in the country can be smoothly exchanged, It will be back to normal in the year after next,"
Treasury bonds are issued by the state and are a type of government bonds issued by later governments to raise fiscal funds. They are debt certificates issued by the government to investors and promise to pay interest and repay the principal at maturity within a certain period of time.
In the history of our country, it was not until the end of the Qing Dynasty that the issuance of domestic public bonds began.
"This Jia Sidao, what kind of head does he have? You can imagine this," I praised Jia Sidao secretly.
At this time, Ruan Dengbing was heard to say: "The grand master's advice is appreciated by me. The grand master's suggestion has indeed solved a major problem in the bank's lending."
I also praised: "Shi Chen's proposal is feasible, I will give it to you, I will slightly change the name mentioned by Shi Chen, and change the name of the National Debt of the Song Dynasty to the National Debt of the Song Dynasty to distinguish it from other money bills. Ruan Aiqing,"
"I am here,"
"You should discuss this matter with the people in the bank immediately, make a detailed plan as soon as possible, and officially issue it early next year."
"Yes, Your Majesty, I obey your order,"
"Master, your suggestion is very good. It seems that Wei Guogong and Xianwen Pavilion's bachelor are not in vain," I laughed.
"Thank you for your compliments, Your Majesty. This is the way to serve as a minister," Jia Sidao said and secretly looked at Liao Yingzhong.
"No matter who has good suggestions, he should be praised. As the leader of officials, the teacher and minister should take the lead in providing suggestions and suggestions, so he should be praised,"
"Thank you, Your Majesty,"
"Your Majesty, Lu Xiufu, has written a memorial."
"My dear, please speak,"
"Your Majesty, the recruitment work has come to an end. A problem has been discovered in the Forbidden Army. If the Forbidden Army officers sign up to join the Imperial Guard Army or the Lin'an War Zone but are not admitted, can they re-register as civilians at the recruitment point in the city?"
Of the 70,000 forbidden troops, I originally planned to keep only half, and the remaining half would disarm and return to their fields, but I did not expect that many of these half wanted to continue serving as soldiers.
"Lu Aiqing, how is the situation at the recruitment points 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 were not selected and want to continue serving as soldiers. I will reconsider it. After all, these people have experience in military training."
"Yes, Your Majesty,"
"Lu Aiqing, has the recruitment of generals come to an end?"