met free Page 2482
Page 2482
At the beginning of Emperor Huizong's reign, the paper money system had already been ruined.
However, Emperor Huizong and his minister Cai Jing issued iron coins even in Shaanxi and Huainan. The Sichuan Mint was so busy that it even asked the Zhejiang Mint to help with the production of iron coins.
How could they not be eyeing paper money?
In the first year of the Chongning era, Cai Jing, through the Tea and Horse Bureau, forcibly issued paper money in Shaanxi.
Because of the collapse of credit for Jiaozi (paper money) in Sichuan, Cai Jing initially dared not gamble too much.
In the first year, only three million strings of paper money were issued, and one million strings of copper coins were set aside as reserves.
After initially gaining credit in Shaanxi, they even issued paper money in the newly recovered Hehuang region the following year.
The border troops sent to garrison the Hehuang region had their military pay converted into paper money.
Because too much paper money was issued in some areas and supplies in the Hehuang region were severely insufficient, the soldiers were starving despite having the money, which led to the desertion of most of the border troops in the Hehuang region the following year.
In the third year, Cai Jing issued paper money in Henan.
In the fourth year, in addition to Zhejiang, Guangdong, Hubei, Hunan, and Fujian, even Jiangnan and Jiangxi provinces issued paper money.
The reason why Fujian did not issue the document was simply because it was Cai Jing's hometown.
As a result, the credibility of the paper money issued by Cai Jing completely collapsed.
But he didn't stop there; Cai Jing changed Jiaozi to Qianyin.
He changed the name and the issuing agency, and continued his crazy money-printing spree.
In just a few years, Cai Jing issued 2430 million strings of cash to cover military expenses in Shaanxi.
In the Lanzhou and Hehuang areas, the border troops received nothing but worthless paper. Every year they were conscripted to guard the border, and every month soldiers deserted.
This caused widespread public outrage and resentment, rendering paper money and coins unusable, forcing Emperor Huizong and Cai Jing to finally back down.
Zhai Ruwen continued Zhong Shidao's words, saying, "It has been less than twenty years since Cai Jing stopped issuing paper money."
"The military and civilians across the country have long been terrified, especially the soldiers and merchants. When they hear the words 'Jiaozi' and 'Qianyin,' their first thought is to flee and avoid disaster."
"The Ming Dynasty is not short of money and grain, and the national treasury is gradually overflowing. Why should we issue paper money and arouse suspicion from the people?"
Even Chen Dong said, "Back then, Cai Jing wanted to issue paper money in Zhejiang and Jiangsu. Merchants reacted strongly and organized a strike, which even affected the transport of grain and canal goods."
"For the sake of the safety of the canal transport, Cai Jing spared the two Zhejiang provinces."
"Our dynasty has established its credibility with the people through benevolent governance. Although we may gain some benefit from issuing paper money now, it is a case of losing more than we gain and should never be done!"
Zhang Tang added, "Even if paper money is to be issued, it cannot be used as military pay for the soldiers."
"If we are not careful, the soldiers may mutini."
One minister after another spoke, and the majority of them were opponents.
Zhao Yuan smiled wryly, realizing it was all the fault of Zhao Ji and Cai Jing; their excessive issuance of paper money had cast a shadow over the minds of officials, businessmen, soldiers, and civilians across the country.
No amount of explanation will help now, because the ministers are well aware of the advantages and disadvantages of paper money, and they know that as long as it is not over-issued, it will be fine.
The problem is, once this door is opened, who can guarantee that it won't be abused in the future?
Moreover, the credit of paper money has collapsed, and less than twenty years have passed since then, yet the people have not yet emerged from the shadow of it.
Even if currency is forcibly issued, it is difficult to guarantee its normal circulation.
The most important factor in the circulation of paper money is credit!
When the Song Dynasty first issued paper money, it was very popular among the people because it was difficult to imitate and easy to carry.
One hundred strings of cash could be exchanged for more than one hundred strings of money, and its actual value even exceeded its face value.
Qian Chen was actually against issuing paper money, but the emperor had spoken to him privately, so he had no choice but to speak out.
He took out a sample banknote that had already been made and began to introduce the paper money of the Ming Dynasty:
"This money is not called Jiaozi or Qianyin, but Da Ming Baochao."
"The anti-counterfeiting features of the Baochao (precious banknotes) were the same as those of the Jiaozi (paper money), and it was printed on ten-color paper. The reverse side of the Baochao featured a sun and moon pattern printed in Ming-style designs. The obverse side featured the denomination and a mountain and tripod pattern printed in Ming-style designs."
"As for the hidden pattern, it is printed with the portrait of the Holy Emperor of the Great Ming Dynasty."
"In the early Song Dynasty, paper money was mostly printed using red and black ink."
"The Emperor instructed the artisans of the Ministry of Works to create a four-color printing method, and all the Ming Dynasty banknotes were changed to four-color printing."
"There are also anti-counterfeiting features such as monograms."
“Every Ming Dynasty banknote must be stamped with the special seals of the Grand Secretariat, the Ministry of Revenue, the Ministry of Works, and the Censorate.”
"Each issuance of additional paper money requires joint discussion and approval by the Emperor, the Grand Secretariat, the Ministry of Revenue, the Ministry of Works, and the Censorate."
Chapter 3264 Selling Treasure Notes
"Anyone who counterfeits the precious paper money, or privately prints the portrait of the Holy Emperor of the Great Ming, or forges the official seals of the Grand Secretariat, the Ministry of Revenue, the Ministry of Works, and the Censorate, will be punished for treason!"
"The imperial court plans to establish the Baoquan Bureau, which will be responsible for printing banknotes."
"The chief official of the Baoquan Bureau is selected and appointed by the Ministry of Revenue, the Ministry of Works, and the Censorate, and the appointment is discussed in the Cabinet and submitted to His Majesty for approval."
"For every hundred strings of paper money issued, twenty-five strings of gold, silver or copper coins must be reserved as reserves."
"The paper money can be used to pay taxes, and the government must not refuse to accept it."
"Even if the banknote is damaged, as long as the writing is legible and more than 70% of the banknote remains, the government cannot refuse to accept it."
Damaged or depreciated banknotes can be returned to the Baoquan Bureau to exchange for new banknotes.
This sample banknote was handed out by Qian Chen and circulated among the ministers of the cabinet.
The paper it uses, called "Ten-Color Paper," originated from the water-patterned paper of Sichuan during the Tang Dynasty.
This thing can create watermark patterns, with both visible and hidden designs.
The subtle patterns are only visible when held up to the light, while the visible patterns have a raised, grainy texture. Doesn't it look a lot like the RMB notes in your hand?
Don't underestimate the anti-counterfeiting technology of ancient paper money!
There are also anti-counterfeiting features such as monograms, which were all used in the Ming Dynasty banknotes. Furthermore, the printing process was changed from two-color printing to four-color printing (cyan, yellow, red, and black).
These precious notes are quite expensive to produce and require highly skilled craftsmanship; only ordinary people can forge them.
Zhao Yuan added, "After the issuance of the Ming Dynasty paper money, all paper mills in the country that can produce ten-color paper must register with the local government."
"How many sheets were made each month, to whom they were sold, and how the scraps were disposed of—all of this needs to be recorded in detail by the government!"
"If you break the rules, you'll be fined at best, and in serious cases... hmph."
The ministers were completely bewildered. Weren't they just opposing it?
Why did they suddenly show a sample banknote and talk about how to deal with counterfeiters?
Zhao Yuan said, "The Great Ming Treasure Notes will only be issued in Sichuan and Hanzhong for the time being."
"Sichuan's commerce is prosperous, but the market is full of iron coins, and large transactions are all conducted with silk instead of coins."
"What era is this? This is the new Ming Dynasty, and merchants are still using silk as currency. What's the difference between that and bartering?"
"No matter how valuable the silk is, it is still a physical commodity, and the transportation costs are extremely high."
"Local transactions are manageable, but if the goods are transported to other places for trading, it will be extremely inconvenient for merchants."
Qian Chen then produced another investigation report, which was conducted by Zhao Yuan and his men.
Qian Chen said, "In fact, after the situation stabilized, wealthy merchants in Sichuan Province and Hanzhong Prefecture started using commercial drafts again."
"They are often wealthy businessmen who have long-term cooperation with you, are trustworthy, and live in different places. They print their own commercial notes and trade them privately."
"For example, I am a wealthy merchant in Chengdu, and I have a trusted rich merchant in Hanzhong."
“We would exchange commercial drafts, affix our personal seals and signatures, and record them in the ledger, which would then allow us to redeem goods in different locations.”
"What's the difference between this and a precious paper?"
"His Majesty's intention is to issue three million strings of cash this year and establish branches of the Baoquan Bureau in Chengdu, Hanzhong, and Yuzhou."
"First, let the local wealthy merchants buy the paper money with iron coins or goods."
"In the first few years of the issuance of the Treasure Notes, they did not involve ordinary people; they were used only among merchants as commercial notes."
"Moreover, if merchants wish to cash out, they can immediately go to the Baoquan Bureau to exchange the Ming Dynasty Treasure Notes for iron coins."
"For now, we can only exchange for iron coins, but in the future we can also exchange for silver dollars and copper coins."
Chapter 3265 New Technologies
"Once the paper money gains credibility among merchants, smaller denominations will be gradually issued so that ordinary people can also use it for daily transactions."
After listening, the ministers pondered the matter carefully but could not find any flaws.
As for the Baoquan Bureau, it was somewhat of a mishmash.
It was simultaneously under the leadership of the Ministry of Revenue, the Ministry of Works, and the Censorate, and possessed the function of printing and issuing paper money. It was somewhat like a central bank.
The branches of the Baoquan Bureau had the function of freely exchanging paper money and metal coins, somewhat like a commercial bank.
However, it does not currently have storage or lending functions.
Zhao Yuan said, "If none of you have any objections, then it's settled."
Many ministers hesitated to speak, but ultimately did not object further.
The emperor had already produced sample banknotes and established a series of rules, which clearly indicated that this was something that had been planned for a long time.
The four-color overprinting technology alone probably took the Ministry of Industry several years to develop.
Is it still useful for the ministers to object now?
Not only is it useless, it will also cause unpleasantness between the ruler and his subjects.
Zhao Yuan said, "In the first year, three million strings of cash will be issued, and in the second year, another five million strings will be issued."
"If the merchants are willing to accept it, additional payments may be made as appropriate."
"But no matter how much is issued, sufficient reserves must be maintained, and issuance must not be carried out indiscriminately when there are no reserves."
"This matter must be handled with caution; the collapse of paper money in the former Song Dynasty should serve as a warning."
"Yes!"
The ministers agreed, but they were actually quite unhappy about it.
The imperial court's bottom line is that it has no bottom line.
现在准备金和宝钞比列定为1:4，今后财政紧张就可能变成1:5，乃至于不要脸的变成1:100。
Emperor Taizu and Emperor Taizong followed the rules, as did the founding ministers.
But what about a hundred or two hundred years from now?
The later a dynasty goes, the less restraint it has. When financial problems arise, who cares?
Even the worst coins, such as the ten-cash coin, the tin-plated coin, and the iron coin, are still metal currencies and can be used to some extent.
But paper money is the only thing that, if you print too much, really becomes worthless.
As Zhai Ruwen left the capital, he sighed, "Paper money has reappeared. How will we deal with this a hundred years from now?"
Zhong Shidao, however, said, "Who cares about what will happen a hundred years from now? Just don't distribute them to the soldiers now."
Xiao Chu said, "A hundred years from now, if the Ming Dynasty is unable to make ends meet, the court will most likely issue paper money as a form of payment."
"Whether we issue the money now or not doesn't really matter much; we shouldn't let fear of choking throw us out with the bathwater."
The ministers had different thoughts, but most were quite worried.
After making his way through the cabinet, Xiao Chu went to the Eastern Palace to request an audience.
Zhao Yuan warmly received the old man and personally brewed him tea.
After some casual conversation, Xiao Chu asked, "The advantages of exchanging paper money are twofold. First, it is easy to carry and can be used for trade."
"Secondly, by using paper instead of gold, one can obtain even a small amount of money."
"What is Your Majesty's fundamental intention in issuing paper money in Sichuan?"
Zhao Yuan said, "Yes, I have them all."