met free Chapter 202 This official is the innate sacred body of oxen and horses?
Chapter 202 This official is the innate sacred body of oxen and horses?
Wang Qiong couldn't understand why Magistrate Yang was looking at the banknotes with such disdain.
Wasn't this the thing that you, Magistrate Yang, first told me?
Including the face value, how to issue it, how to print it, how to prevent counterfeiting—all these messy details were spoken by you, Magistrate Yang. Now the paper money has basically been produced according to your instructions, yet you still look disgusted and worry that people in other prefectures and counties will not accept it.
I have a mother-in-law!
If you had told me earlier that the people in other prefectures and counties might not accept the paper money, I would have had to remind His Majesty and His Highness the Crown Prince, and the issuance of the paper money wouldn't have been so rushed.
You only told me after you'd already received the precious paper money! What am I supposed to do now?
After much deliberation between strangling Magistrate Yang and swallowing his anger, Wang Qiong ultimately chose to suppress his rage.
There was no other way. It would be easy to strangle that shameless Magistrate Yang, but strangling him would only give me a chance to vent my anger and let the officials in the court celebrate their success, while my entire family would suffer as a result. The difference between the effort and the reward was too great, so it wasn't worth it.
Left with no other choice, Wang Qiong could only bow to Magistrate Yang and say, "In your opinion, Brother Yang, how should Ningyang County promote the paper money? How can we get the people of other prefectures and counties to accept it as well? Or rather, how can we get the whole world to accept the paper money?"
Yang Shaofeng held the paper money and pondered for a moment before saying, "In that case, I will give the order that salt shops in the county town and other shops set up by the county will only accept paper money and no longer accept copper coins or silver. When shops pay commercial taxes, the government will also only accept paper money and not copper coins or silver."
"When the three-year tax exemption period is over, when the people have to pay taxes, they will only be required to pay in grain and paper money. Nothing else will be accepted. All goods such as fodder and silk will be converted into paper money and collected."
"As for the people..." Yang Shaofeng said carefully, "First, open a shop in the county government office that allows people to exchange copper coins and silver coins for paper money. When people come to exchange for paper money, explain to them that for the first six months, paper money and copper coins can be exchanged at the same value, one copper coin for one paper money. After six months, eleven copper coins can be exchanged for ten paper money. If they use paper money to exchange for copper coins, then ten paper money can be exchanged for ten copper coins."
"It is estimated that in about six months, the people of Ningyang County will get used to using paper money, and merchants or peddlers from other places who want to do business in Ningyang County will have to follow suit and use paper money."
"Over time, it can spread from Ningyang County to the surrounding prefectures and counties, and encourage nearby merchants to also get used to using paper money."
"If other prefectures and counties also opened a shop that could exchange paper money for copper coins and silver coins, the expansion would probably be even faster."
As Magistrate Yang explained the methods for distributing the precious paper money, Wang Qiong's expression gradually relaxed, and she was no longer as tense as before.
Before Wang Qiong could completely relax, Magistrate Yang changed the subject and chuckled, saying, "However... if we open shops that exchange paper money and copper coins for silver, we have to consider one issue."
Wang Qiong's heart tightened, and she asked, "What's the problem?"
Yang Shaofeng slowly uttered two words, "Gentry!"
Wang Qiong was slightly taken aback, then stood up abruptly like a cat with its fur standing on end, and said in a trembling voice, "Brother Yang, do you mean a bank run? Even if the imperial court or local authorities have the money to exchange, they will collude in advance and all rush to exchange paper money for copper coins and silver on the same day, creating the illusion that the imperial court and government are unable to exchange?"
Yang Shaofeng was greatly surprised and looked at Wang Qiong, asking, "Brother Wang, do you know about a squeeze?"
Wang Qiong chuckled, but his smile was full of bitterness: "Hu Yuan has issued paper money before, and he has experienced bank runs before. How could I not know about bank runs? It's just that I originally thought that the country had just been pacified and the people were looking for peace, so I thought it was unlikely that this would happen. But just now, when Brother Yang mentioned the word 'gentry'..."
Emperor Zhu issued an edict to provide preferential treatment to scholars, but then abolished all preferential treatment for scholars after they left school, or to put it more bluntly, abolished all preferential treatment for gentry.
Emperor Zhu created paper money, which he intended to use to replace gold and silver, and he allowed paper money to be exchanged for gold and silver.
These two points, taken separately, are not problematic on their own, but when considered together, they are enough to destabilize the newly stabilized Ming Dynasty. The gentry would certainly be dissatisfied with the cancellation of various preferential treatments. If it weren't for the issue of paper money, the gentry would have had to endure their dissatisfaction, since the Zhu Emperor held the power.
However, with the introduction of paper money, the gentry had the opportunity to use various means to coerce the people into a run on the banknotes.
If such a situation arises, what good is it if Emperor Zhu has a knife in his hand? You can kill the gentry, but can you kill all the common people in the world?
If a run on the bank could occur, the newly issued Ming Dynasty banknotes would become worthless, just like the Zhiyuan banknotes issued by the Yuan Dynasty, and the image of the Ming Dynasty in the eyes of the people would plummet.
Wang Qiong became increasingly frightened as she thought about it, and beads of cold sweat kept seeping from her forehead and back.
Who should be blamed for this?
The idea was all proposed by Magistrate Yang, and the middle part was all conveyed by me, the interpreter. The final decision was made by Emperor Zhu and the officials in the court.
If a run on the government were to occur, His Majesty the Emperor and the officials in the court certainly could not bear the blame. His Majesty, His Highness the Crown Prince, the Chancellor of the Secretariat, and the Grand Councilor would certainly not bear the blame. Even if one had to be chosen from among the officials to take the blame, it would be at most the Minister of Revenue.
Magistrate Yang certainly couldn't take the blame. Just because His Majesty and His Highness the Crown Prince had bestowed gifts upon him on several occasions, because the Second Prince, the Third Prince, Princess Jin, and Princess Yu had all visited Ningyang County, and because the Empress had also visited Ningyang County with His Highness the Crown Prince, the Second Prince, the Third Prince, Princess Jin, and Princess Yu, Magistrate Yang absolutely didn't need to take the blame.
So, isn't it obvious who should take the blame?
Just as Wang Qiong was becoming increasingly desperate, Magistrate Yang frowned slightly and said, "Well, we still need to classify the shops that exchange paper money for copper coins and silver coins, and then implement a reservation system for large-amount exchanges."
But as soon as he finished speaking, Magistrate Yang felt something was amiss.
Doesn't this just turn it into a bank?
No, what does a run on the government have to do with me, a mere sixth-rank county magistrate?
What does it matter to me whether it's a bank or not?
Now look what's happened, I have to write a memorial to the throne again!
This official truly possesses the innate divine body of an ox or horse!