I served as an admonisher in the Song Dynasty

Chapter 456: Increase in the amount of Jiaozi? Su Liang: I don’t believe in human nature!
There was a shortage of Jiaozi notes in the city of Bianjing.

This is definitely not something that can be solved by the imperial court simply adding more seals. There are many hidden dangers involved.

present.

The denominations of Jiaozi notes were all five and ten strings of coins, which were rarely used by ordinary people in their daily lives.

Most of it is concentrated in the hands of businessmen.

Once blind printing occurs and capital reserves are insufficient.

It can easily cause prices to soar, and even cause the Jiaozi business to go bankrupt due to loss of credit.

For example, the Jiaozi Affairs Office of Kaifeng Prefecture.

The last printed amount was 2 million guan, and the reserve (i.e. capital) was 600,000 guan.

Under normal operating conditions, the capital reserve of 600,000 guan can meet the operation of the Jiaozi quota of 2 million guan.

But once it is printed, if the reserve is insufficient.

As long as a businessman finds that he cannot withdraw money when he takes Jiaozi to the Jiaozi Bureau, it will trigger a credit crisis for the Jiaozi Bureau.

Merchants would exchange Jiaozi notes for cash, which would trigger a vicious cycle.

If the imperial court cannot replenish cash in time, the value of Jiaozi will depreciate, causing prices to rise and endangering people's livelihood.

Kaifeng Prefecture has a national treasury and the largest market exchange bureau in the entire Song Dynasty. It has a strong ability to resist risks, so this situation is unlikely to occur. However, it is hard to say about local prefectures.

Today, Jiaozi is commonly used throughout the Song Dynasty.

Once such problems occur locally, it will be a big problem.

Especially when a large-scale war breaks out and food supplies are in short supply, a large number of Jiaozi notes will inevitably be exchanged for cash.

If the local Jiaozi affairs do not have sufficient reserve funds and are not handled properly.

It is very easy for the people to become uneasy and even to suffer from civil unrest.

Therefore, this is the deciding factor for whether or not to print more Jiaozi tickets.

It depends on the bearing capacity of the national treasury, various transportation offices, and local provincial and municipal trade offices.

No link can be missing.

……

After Su Liang walked out of Kaifeng Prefecture.

He went to Sansi together with Tang Yi, the official of Jiaozi Affairs Office of Kaifeng Prefecture.

This matter cannot be resolved by just holding a meeting and discussing it. It requires specific data from the three departments to support it.

Inside the Sansi Yamen.

Tang Yi reported the problems with Jiaozi in Kaifeng Prefecture to Wang Yaochen, the Three-Division Envoy.

The Jiaozi affairs of Kaifeng Prefecture were jointly managed by Kaifeng Prefecture and the Three Departments. Wang Yaochen also had a certain understanding of the circulation of Jiaozi in Kaifeng Prefecture.

After listening to this, Wang Yaochen let out a long sigh.

"Last year, Jiefu and I talked about Jiaozi. Every winter and twelfth month are the peak trading seasons, and it is easy for Jiaozi to be insufficient. Last year, it was barely enough, but I didn't expect that there would be a shortage in winter this year!"

Tang Yi said: "Prime Minister Ji, I'm afraid we have to print more Jiaozi. As for how much to print, it depends on the financial resources of the national treasury!"

The most direct way to solve this problem is to print more Jiaozi.

Wang Yaochen shook his head.

"No, even if the national treasury has sufficient financial resources, I do not recommend printing more!"

"Why?" Tang Yi looked puzzled, and Su Liang also looked at Wang Yaochen.

"Printing more Jiaozi will increase the reserve fund. Even if the national treasury has sufficient financial resources and the transportation department and local market exchange departments can operate well, printing more Jiaozi will cause problems."

"At present, except for the winter and twelfth months, the Jiaozi quota is sufficient at other times, and there is even a surplus."

"Once the reprinting is completed, although the commercial circulation is guaranteed for these two months, the remaining ten months will be wasted. In this way, the Jiaozi notes will be stored in various local Jiaozi offices, and at the same time, the local government offices will need to prepare a large amount of reserve funds. Such a large amount of money will directly turn from active money to dead money. It is not cost-effective!"

Hearing this, Su Liang and Tang Yi couldn't help but nodded in agreement.

indeed.

If money is hoarded for the sake of two months, and the other ten months are blocked from circulation, problems will easily arise if famine or war occurs.

Wang Yaochen thought for a moment, looked at Su Liang, and said, "Jingming, Jiaozi involves the foundation of the country. We all need to think about this matter carefully. I will inform my colleagues in the Reform Department of this matter, and you will also report to the emperor. Tomorrow afternoon, we will discuss it in the Reform Department. It would be best if the emperor can participate!"

"Don't worry, leave it to me!" Su Liang nodded.

……

The next day, in the afternoon, inside the Reform Department.

Fu Bi, Zeng Gongliang, Liang Shi, Wang Yaochen, Su Liang, Wang Anshi and Sima Guang gathered at the Reform Office.

This year, people rarely gather in the Reform Department like this.

As various new laws and measures have been implemented, the focus of the reform is now on implementation results.

at this time.

Su Liang was suddenly stunned when he saw Wang Yaochen and Wang Anshi both had dark circles under their eyes.

"Prime Minister Ji, Jiefu, did you stay up late last night?"

Wang Yaochen said, "From last night till now, I have only slept for two hours, while Jiefu has not slept a wink."

Wang Anshi puffed out his chest and said, "I'm still young! I'm still young!"

Everyone rolled their eyes at him at the same time. Among them, Wang Anshi was the youngest.

At this time.

Sima Guang, who knew him best, said, "Jiefu, you stayed up late last night thinking about how to solve the problem of the shortage of Jiaozi in Kaifeng Prefecture. Do you have any good ideas?"

Wang Anshi's lips curled up slightly, revealing a smug smile.

"Minister Ji and I have sent someone to the Three Departments. They know more about the operation of Jiaozi than you do. We have looked up some data and have some ideas, but they are not mature and have not been put into writing. I will explain in detail later."

Hear this.

Everyone knew that Wang Anshi had a good idea.

Fu Bi looked at Wang Anshi and said with a smile: "Wang Jiefu, fortunately you are young, otherwise we old guys would have retired long ago!"

Wang Anshi has always had many ideas. Even Su Liang can't compare with him in this respect.

Just as everyone was talking and laughing, Zhao Zhen arrived.

Zhao Zhen really enjoyed the feeling of being called upon by officials during discussions.

If you feel involved, you will have a sense of accomplishment.

After Zhao Zhen sat down, he got straight to the point and said, "The shortage of Jiaozi is not a big deal at the moment, but as our trade becomes more and more prosperous in the future, it will inevitably become a big problem. Do you have any good ideas?"

Wang Yaochen, the envoy of the Three Departments, was the first to speak: "Your Majesty, even if there is a good plan, it will be difficult to quickly solve the current problem. In the winter and twelfth months, many merchants will gather in Bianjing City. The measures that the Three Departments want to take are to go to Daming Prefecture, Nanjing Prefecture, Henan Prefecture, and Jiangning Prefecture first to exchange some Jiaozi tickets, so as to ensure that the business operations of the merchants in Kaifeng Prefecture will not be stagnant!"

"Yes, yes, that's right." Zhao Zhen nodded and asked, "Then how can we cure it completely?"

Swish!
At this moment, everyone looked at Wang Anshi. Zhao Zhen smiled and said, "Jiefu, do you have a good plan?"

Wang Anshi stood up quickly and said, "Your Majesty, after discussing with Prime Minister Ji, I do have some ideas. I want to completely change the status of Jiaozi in the hearts of the people, so that it is no longer a voucher, but the same as copper coins and iron coins!"

"Tell me in detail." Zhao Zhen became interested.

Su Liang narrowed his eyes, feeling that his ideas might very well coincide with those of Wang Anshi.

Wang Anshi immediately raised his voice.

"First of all, I think that in the minds of the people, Jiaozi is still a bill or voucher. After the commercial transaction is completed, some people hoard copper coins, some hoard gold and silver, but no one hoards Jiaozi. They all exchange Jiaozi for money. I suggest that it be renamed "Qianyin" and the court should determine its status as "money" to be consistent with copper coins and iron coins. After the name is changed, the people can have a new impression of it."

"Secondly, the role of Jiaozi is too single at present. Most of them are used by merchants for trade. I suggest that its use be broadened. In the future, the court can issue Jiaozi for salaries, rewards, military expenses, etc. Let Jiaozi flow, and turn the accumulated reserves from dead money into live money!"

"Finally, I think the amount of Jiaozi is not enough for trade, and we should increase the amount to produce Jiaozi notes with a quota of 20, 50, or even 100 guan. According to the current transportation capacity of the national treasury and various transportation departments, the amount of Jiaozi printed next year can be doubled. Last year, Kaifeng Prefecture printed 2 million guan, with 600,000 guan as reserve funds. This year, it can be increased to 4 million guan, and the reserve funds only need to be 1 million guan, which Kaifeng Prefecture can fully take out."

"In addition, the amount of Jiaozi is always the same as the copper coins. Ten strings of Jiaozi are equal to ten strings of copper coins. No one can resell them at a lower or higher price. Only the court has the right to manufacture Jiaozi, or money notes."

……

After Wang Anshi finished speaking, everyone fell into deep thought.

Renamed.

Broaden the use.

Incremental increase.

These three moves are intended to make the use of Jiaozi notes exceed that of iron coins and copper coins.

Once the Jiaozi notes were circulated on a large scale and their quantity and amount increased, the Jiaozi business in various places would be revitalized and Kaifeng Prefecture would no longer have the problem of Jiaozi shortage.

Zhao Zhen nodded slightly.

"Using Jiaozi as currency, I think this strategy is feasible! The name Qianyin is also a good one, what do you think?"

"I think it's a good idea too. Our Song Dynasty is entering a prosperous era, and Jiaozi tickets represent the court's credibility. People will certainly be willing to use them. In this way, the pressure on copper and iron will be relieved, and our commercial circulation will surely be faster!" said Fu Bi.

"I second the proposal!"

"I second the proposal!"

"I second the proposal!"

……

Except for Su Liang, all officials agreed that this strategy was feasible.

After the officials finished answering, they all looked at Su Liang, who was silent and frowning.

What Su Liang was thinking was actually similar to what Wang Anshi was thinking. He also wanted to expand the use of Jiaozi and keep it in circulation.

However, there were two things he didn't like.

"Your Majesty, I agree with changing the name and expanding its use, but I do not agree with doubling or increasing the amount of Jiaozi?"

Wang Yaochen looked at Su Liang, somewhat puzzled.

"Jingming, the doubling of the quota is calculated based on the treasury surplus and the operational capacity of the Road Transportation Department and the local market department. There will be absolutely no problem in implementing it."

Wang Yaochen thought that Su Liang thought it would be difficult for Kaifeng Prefecture to implement the policy after the quota was doubled.

Su Liang shook his head.

"It's not a problem for the court, but it's a big problem for the people. The amount of Jiaozi has doubled, and the reserve fund accounts for less than 30% of the amount, which will definitely dilute the purchasing power of the people and lead to rising prices."

"When we set the quota, we should consider the growth of private commercial trade, not the burden of the national treasury."

"The bigger the increase, the less valuable the money in people's hands will be. If we double the amount now, how many times will it increase in three to five years when the prosperity comes? People's money will seem to increase, but it is actually a false prosperity, and the money will also depreciate! By then, the national treasury will definitely increase revenue, but a large part of it will be money squeezed out of the people, and we don't know it."

"That makes sense! It makes sense! We indeed overlooked this point when we were thinking about this policy. Throughout the Song Dynasty Reform, we have always pursued the common prosperity of the people and the country. This approach is indeed competing with the people for profit!" Wang Anshi sighed.

Wang Yaochen added: "If we calculate based on the growth of private commerce, the amount will probably increase by 30% at most. If Bianjing City is approaching the end of the year, we will have to collect Jiaozi notes from the local areas, but there should be no shortage of Jiaozi notes from the local areas!"

"Su Qing's reminder is good. The court must move forward with the people and must not seize profits from the people!" Zhao Zhen nodded.

At this time, Sima Guang looked at Su Liang.

"Jingming, I understand that you are against doubling the quota, but why are you against increasing the amount?"

Increase.

That is, new Jiaozi notes with quotas of 20 guan, 50 guan, and 100 guan were added.

"Yes! The increase can make merchants' transactions more convenient, and it can also allow merchants to keep large-value Jiaozi notes in their hands, which also reduces the exchange tasks of Jiaozi affairs. It is beneficial to both officials and the people. As long as the total amount is controlled, the increase is indeed a good thing!" Fu Bi also spoke.

Everyone else nodded, including Zhao Zhen, who thought the same.

Su Liang shook his head again.

"Do you know what one hundred strings of cash can buy?"

"One hundred strings of cash can buy ten mu of good farmland outside the capital, one hundred boars, hire a boatman on the Bian River to work for seventeen months, and buy a concubine of decent appearance..."

"Tear!"

Su Liang tore a page from a blank booklet on the table.

"For the lower-class people, not to mention 100 strings of cash, 20 strings of cash, and 50 strings of cash are all big money. Not to mention that such amounts of Jiaozi are more likely to attract theft and counterfeiting, we have given a piece of paper a value of 100 strings of cash. It will become a capital for the rich to show off, a scarce item that the poor will find difficult to obtain in their entire lives, and even a tool for the court to exploit the people!"

"Your Excellency, take a look at this thin piece of paper. It is so easy to print a hundred sheets, but a hundred sheets means a huge fortune. If one day, the treasury is short of money due to war or epidemic, it seems that we can survive the disaster by printing a few hundred sheets of such paper. This is really too simple. Aren't you tempted?"

"Even if the national treasury is in deficit, we can print higher amounts, such as 1,000 or 10,000 guan!"

"A high limit will cause money to depreciate and prices to rise, which will make the lower-class people dissatisfied with the huge gap between the rich and the poor. The extra money we print will be spent on the blood of the people. If this continues, the people will definitely rebel!"

After Su Liang finished speaking, the whole hall fell silent.

Fu Bi thought for a moment and said, "Jingming, the government will not do this, and we will not formulate such a strategy. You are worrying too much!"

Su Liang shook his head slightly.

"If we set this precedent, will someone do it a hundred years later? Two hundred years later? Those who do this may not necessarily be incompetent monarchs or corrupt officials. They may just be short of money in the treasury and think: let the people suffer, and this matter will pass!"

"Under such a huge temptation, I really can't believe in human nature!"

This made Zhao Zhen frown.

If the imperial court printed more Jiaozi notes in order to increase revenue for the national treasury, the people would not be able to tell the difference. They even thought that the soaring prices were only due to natural disasters.

But after this happened more and more, they finally understood.

Make the people suffer.

If the people suffer too much, they will rebel.

The imperial court had countless ways to exploit the people, and increasing the amount of Jiaozi would indeed reduce the court's guilt when sucking the blood of the people, and would also create a huge conflict between the rich and the poor.

Su Liang opposed too much increase and opposed the increase in amount.

In fact, all of this is for the long-term stability of the Song Dynasty. It is not only based on the present, but also takes into account the future of the Song Dynasty.

Zhao Zhen thought for a moment and said, "This policy will be modified according to Jingming's suggestion. The Jiaozi quota will be set at five and ten strings of cash and cannot be modified."

"I obey your command!" All the ministers bowed at the same time.

Sima Guang looked at Su Liang with admiration on his face, and murmured in his heart: Jingming is indeed a first-class figure in the world, and this is how a scholar-official should be!
(End of this chapter)