Ming Dynasty: A mere unruly commoner is rebelling against the heaven?

Chapter 42: How can reform be faster than making money?
Xu Pu opened the memorial and read it together with Liu Jian.

Due to limited space, Li Dongyang and Xie Qian could only stand at the back and read with some difficulty.

Originally, Xu Pu, Liu Jian and the other three thought that this so-called currency reform was just another way of saying that Zhu Youtang used the Ming treasure notes to plunder the wealth of the people.

As for the content, it should be similar to the Ming Baochao issued during the Hongwu and Yongle periods.

But unexpectedly, the specific provisions on the Ming Baochao in the memorial written by Zhu Youtang were actually very different from the Ming Baochao issued before.

Some of them are new words, such as central bank, bank reserves, regular redemption, and anti-counterfeit banknotes.

Although it seems puzzling at first glance, upon careful consideration, it seems to be a very ingenious design.

In fact, the currency reform envisioned by Zhu Youtang was not to change it into paper money in the popular sense of later generations, but to something similar to Hong Kong paper in Hong Kong.

In fact, Hong Kong dollars are not a legal tender, but a kind of exchange certificate linked to the US dollar.

Every piece of Hong Kong paper is printed with the words "Payable on Presentment".

This means that this piece of Hong Kong paper is just an exchange voucher that can be exchanged for US dollars and does not have the effect of legal tender.

Hong Kong stipulates that when issuing any amount of Hong Kong dollars, the issuing bank must hand over the US dollars to the HKMA at the exchange rate of 7.80 Hong Kong dollars to 1 US dollar, record it in the foreign exchange fund account, and only print money after receiving the certificate of indebtedness.

In other words, for every 7.8 Hong Kong dollars of paper money on the market, 1 US dollar must be deposited in the bank.

Hong Kong dollars can be freely converted into U.S. dollars at a fixed exchange rate.

According to Zhu Youtang's idea, a central bank should first be established in the Forbidden City, and branches should be set up in the two capitals and thirteen provinces.

The central bank prints money, and for every string of Ming treasure notes issued to the market, one tael of silver must be deposited in the bank.

Each Ming Dynasty treasure note is linked to the silver and copper coins corresponding to its face value.

Moreover, every bank in the Ming Dynasty will unconditionally pay the corresponding silver and money on the Ming Treasure Notes after receiving them.

In this way, the new Ming Baochao actually became an exchange voucher for silver and money.

The new Ming treasure notes are anchored to silver, and the two are deeply tied together!
In this way, the two biggest problems facing the Ming Dynasty's treasure notes were solved.

The first problem is the rapid depreciation of Ming Dynasty treasure notes.

Now that we have bank reserves, the Ming treasure notes and silver and money are strongly bound together, and that kind of collapse-like depreciation will never happen again.

The second problem is the Ming people’s distrust of Ming treasure notes.

Previously, only the imperial court was allowed to use treasure notes to exchange for the people's money and grain, but the people were not allowed to use treasure notes to exchange for money and grain with the imperial court.

Now, as long as people take the Ming treasure notes to the bank, they can exchange them for the corresponding silver and money unconditionally.

Now that the two major problems have been solved, what remains is to improve and solve the problems that may be encountered during actual implementation.

After reading the memorial, Xu Pu and Liu Jian stroked their beards silently, thinking without saying a word.

Li Dongyang and Xie Qian were watching and whispering to each other, with excitement on their faces.

Zhu Youtang waited for a while before asking, "My dear ministers, what do you think?"

Xu Pu pondered for a moment and spoke cautiously: "Your Majesty's idea is generally feasible."

"It's just that there are still many problems that are difficult to solve in the actual implementation process."

"The biggest difficulty is how to get the people to willingly and actively use the new Ming Dynasty Treasure Notes."

"What is the design of the new Ming Dynasty Treasure Note?"

"And what about the original Ming treasure notes? How should we deal with them?"

Zhu Youtang had already had some ideas about these issues.

"All the original Ming Dynasty treasure notes will be collected at one thousandth of their face value and then destroyed in a centralized manner."

"The new Ming Dynasty treasure notes have the words 'Hongzhi' written on them, which distinguishes them from the previous Hongwu treasure notes."

"As for how to let the people use it, that's easy. From now on, all the salaries paid by the Ming court to officials will be converted into Ming treasure notes." "Ming officials and their families are not allowed to use silver and money. They can only use Ming treasure notes. Those who violate this will be executed!"

At the end of the conversation, the real purpose is revealed!

The four ministers present felt a darkness before their eyes, as if the sky was falling!
He had just stood up for a while, and then he fell to his knees again with a thud.

"Your Majesty, you can't do that! Your Majesty!"

"Your Majesty, please think twice. Reforms must be cautious and must not be so hasty!"

"Your Majesty, you must not do this! You must not do this!"

"..."

Zhu Youtang looked at the four people under his feet and sneered: "Oh? Why not?"

"This……"

Xu Pu racked his brains, thinking about how to respond.

Liu Jian said calmly: "Your Majesty, the new Ming Dynasty treasure notes have not yet been recognized by the people."

"If we rashly prohibit officials from using silver and money, I'm afraid they won't be able to spend it, and they won't even be able to buy food."

"That's easy." Zhu Youtang said calmly, "All the imperial stores in the capital accept Ming treasure notes."

"This policy will be piloted in Beijing first, and then rolled out nationwide after it matures."

Liu Jian and Xu Pu looked at each other, at a loss as to what to do.

At this point, they finally reacted.

Zhu Youtang indeed had no intention of plundering the people's wealth. Those who were plundered were the Ming officials like them.

All the money they had worked so hard to embezzle was taken back by Zhu Youtang's simple policy.

If we talk about cruelty, no one is more cruel than Zhu Youtang!
With this move, I’m afraid all the officials of the Ming Dynasty will be so anxious that they will jump to their feet.

"Then it's settled. I will open a branch of the Bank of Ming in the capital in a few days. All officials in the capital can exchange their silver for new Ming treasure notes."

"I don't care how much silver you want to exchange."

"But if I find that there are officials and their families in the capital who use money, don't blame me for not warning you in advance."

"The officials who were trampled to pieces by thousands of horses outside the city today are still vivid in my mind."

"Finally, give me a plan for implementation within three days."

Seeing that it was hopeless to stop it, Liu Jian tried to fight back: "Your Majesty, the officials in charge of the banks at all levels..."

Zhu Youtang glared at Liu Jian and said, "All positions should be held by eunuchs. Civil officials are not allowed to work in banks!"

"Also, the Baochao Tizhu Division will no longer be managed by the Ministry of Revenue. It will be incorporated into the Inner Palace Baochao Division and will be managed by the Baochao Division!"

After Zhu Youtang finished speaking, he did not stay in Wenyuan Pavilion any longer and returned to the Qianqing Palace.

On the way back, Zhu Youtang's mood gradually improved when he thought of the devastated expressions of the four ministers that day.

Reform, of course, is necessary.

But reform takes time. How can you make money faster than robbing officials?

If this regulation is implemented, if officials in the capital still want to use money, they must go to the branch in the capital to exchange silver for new Ming treasure notes.

Zhu Youtang was able to raise a large amount of silver without any effort.

As for how to gradually over-issue currency so that the new Ming treasure notes could depreciate in an orderly and controllable manner and slowly reap the world's wealth, that is all a story for later.

　Please add it to your collection!!! Please read it!!! Please vote!!! Please click to the last page!!!
　　
　
(End of this chapter)