Datang Nongsheng

Chapter 281 Conception of the Financial System

The value of money lies mainly in circulation. Shanyang has a free deposit box as a transfer station for cash, and uses paper deposits to solve the problem of circulation. The cash that Sun Xiangfu said is actually a deposit transaction.

So, is it feasible to move Shanyang's method to Chang'an?

As long as the imperial court adheres to the cash standard, it is of course feasible. However, the circulation and transaction volume of Chang'an is many times larger than that of Shanyang, because the permanent population here is as high as more than 100 million, and there are many high-consumer groups such as nobles and officials. Cash, however, may not be much more than Shanyang, because Shanyang Cabinet has attracted more than 2000 million cash in the past at the investment promotion conference. Up to now, the cash is still flowing into Shanyang.

In ancient times, the amount of money was relatively constant. When there was more cash in Shanyang, there was naturally less cash in Chang'an or other areas. Recently, in the trading market in Chang'an, silk cloth, raw silk, and even barter The situation has appeared, and copper coins have become scarcer, which is a phenomenon that is not conducive to the market.

Even if Sun Xiangfu has never read any history books, he also knows that during the Northern Song Dynasty hundreds of years later, the annual tax revenue of the whole country alone reached tens of millions. So, how much is the total cash circulation among the people?It must be many times the tax, at least reaching tens of billions, because the tax only accounts for a small part of the total market circulation. Even in the Northern Song Dynasty, due to technological and manpower reasons, it did not really achieve full tax coverage and tax evasion. It is common, and this is only the data actually collected by the government.

But now, Shanyang has just sucked out more than 2000 million cash from Datang, and it has caused money shortages everywhere in the country, which is very abnormal.

The economy of the Northern Song Dynasty was indeed stronger than that of the early Tang Dynasty, but it was not a thousand times stronger. In the past few hundred years, the Han people suddenly smelted so many copper coins?
Certainly not, there are copper coins in the Tang Dynasty, and conservatively estimated, the number of copper coins is as many as several billion guan. In this way, it is reasonable for the imperial court to tax two to three million guan in cash every year, but these money are in the hands of a small number of people. These people believe that the scarcity of cash in the market, the more profit they can make in the process of transactions.

Playing arithmetic, little people, who can play like a family!When they exchange their homemade raw silk in the market, they will first be discounted by the merchant, and then part of it will be lost by the merchant due to change and equivalent calculation. If there are too many, the quantity will be large. Behind these businessmen, most of them have family backgrounds, and they are the ones who benefit.

No one else knows how much cash is stored in the big cabinets in Chang'an. Wang Gui can definitely estimate it. His family has a cabinet shop business. If this business hinders the development of the country, then even if he struggles hard, it will be in vain. Li Shimin will not allow it. You know, at present, in the power struggle of the court, his Wang family is on the same side as the emperor. , Without the support of the emperor, it would be very difficult for his royal family to withstand the pressure of the other joint alliances and lose the power to survive.

"You wait and talk, the king has to use it, you hurry to send Ma Zhou over."

Li Shimin saw that Sun Xiangfu wanted to explain what happened in Shanyang Free Cabinet, so he reached out to stop him, and turned his head to shout at Wang Deyong, who was waiting on the sidelines.

Why Li Shimin called Ma Zhou is actually very simple. Ma Zhou has been doing research on various aspects of Shanyang's governance before, and he also mentioned the free cabinet set up by Sun Xiangfu. He believes that it is very useful, and Chang'an should follow However, Li Shimin did not follow his advice at that time. He knew the background of these cabinet shops, and he was afraid that if he made such a move, the family officials in the melee would stop fighting and unite to do things again, because the imperial court opened free cabinet shops. interests of all of them will be touched.

Ma Zhou is now a member of Zhongshushe, and he is on duty in the imperial city. Naturally, he came to the imperial study room very soon. After some greetings, Li Shimin asked someone to add a seat for him, which made him feel a little flattered.

"Prince Bin, I'm going to talk about the free cabinet shop. Just listen to it. If you have any suggestions, you can make them up in time and make up for them."

"Yes, Your Majesty."

After Ma Zhou answered, he turned his head and looked at Sun Xiangfu who was at the table.

"It's like this. Since there is no storage fee for the free cabinet workshop in Shanyang, it can help the common people avoid problems such as rusting of copper coins, damage to the color, and difficulty in carrying large quantities. The common people even called it the welfare of Shanyang City, so a large amount of cash was quickly gathered to make the more convenient and non-depreciating deposit certificates circulate in the Shanyang market."

Everyone knew what Sun Xiangfu said, and they all nodded, waiting for his next words.

"However, how to pay for the daily maintenance of the cabinet workshop and use it to solve the problem of money shortage? It is actually very simple, borrowing money."

"There are more than 2000 million cash deposits in the counters of Shanyang City. When merchants want to use the money, they directly show their deposit checks. The common people will not go to the counters to withdraw money after receiving the deposits, because cash will be damaged at home. Rust, when he wants to use it himself, it is not convenient to carry it, so the more than 2000 million cash has been stored in the treasury of Shanyang Cabinet.

However, an unprofitable industry is always difficult to maintain for a long time. The money in Shanyang's treasury will rust. It is a lot of expenses to pay the staff in many business halls. The minister cannot let the court suffer such losses. , Therefore, I thought of borrowing these useless money that has been in the treasury to earn a small amount of interest to maintain the loss caused by rust or labor consumption. "

Speaking of this, Ma Zhou expressed that there was a problem, and then said, "This method seems inappropriate. You have borrowed the money. What if those who save money come to withdraw money?"

Sun Xiangfu replied with a smile, "Of course not all of them are loaned out, but only for a small number of high-quality projects. Moreover, you don't have to worry about someone coming to withdraw the money, because I will loan out the money in front of me. Those who have earned the loan People who don’t have money will deposit money in immediately, because copper coins will rust if they keep them at home, and it will be inconvenient to use. No one is willing to bear such losses and inconveniences.”

Hearing this, Ma Zhou, Li Shimin and the others were stunned. Indeed, what Sun Xiangfu said seems to be feasible.

Seeing that everyone was in deep thought, Sun Xiangfu smiled again, "At present, all the operations of Shanyang Cabinet Factory are normal, and not only will they not suffer losses due to the need to feed hundreds of employees, but also to bear the risk of copper coins getting rusted and damaged. , but also make a small profit, because Shanyang Cabinet has loaned out more than 200 million cash in cash so far, and the borrowers are Shi Changsun Chong, the head of the Anbei University Protectorate, and Zhou Chun, the real estate developer of Shanyang.”

Hearing his son's name, Chang Shi Wuji's heart skipped a beat, and he stared at Sun Xiangfu suspiciously. His eldest grandson's family is not short of money, and his eldest Sun Chong is considered a prudent man. How could he borrow such a huge debt?
"Hehe, Changsun Chong didn't borrow the money himself to spend it. He wanted to tear down and rebuild the Dingxiang City he was in charge of. In the next one or two years, he would build it into a city comparable to Shanyang. After the construction of the city was completed, he You can use your income to pay off your debts.”

Borrowing money to build a city, and repaying the loan will result in millions of coins. In the past, no one would have dared to think about it, but now, it has actually happened, and everyone does not think it is inappropriate at all.

Hearing this, Changsun Wuji's face relaxed. If Changsun Chong really built a big city like Shanyang, then the debt of more than 100 million yuan is really nothing. He had read Sun Xiangfu's report before. , Shanyang City's financial report this year, in terms of commercial tax revenue alone, has reached hundreds of thousands of guan, which is one-sixth of Datang's national tax revenue, and it is not much worse than Chang'an City. The new city, which has been built for more than a year, is likely to surpass Chang'an in the future.

However, what Sun Xiangfu said is under normal circumstances, what if there is an organized malicious run!There is more than 200 million cash in the Shanyang cabinet, and the people who come to withdraw the money will not be able to withdraw the money. Wouldn't it be disruptive?
Ma Zhou raised this question, but Sun Xiangfu also smiled and said, "It's not a problem, our Shanyang Cabinet not only provides free deposits, but also provides fixed-term deposits, which are the same as the national debt issued by the imperial court before. , if ordinary people convert the money they save in the cabinet into time deposits, they can get a little interest. Time deposits can start from half a year, one year, two years, or three to five years. The longer the deposit, the higher the interest , in fact, since the counter shop has been in business for half a year, the amount of time deposits for more than one year has reached more than 200 million. Therefore, even if someone maliciously runs and withdraws cash, the counter shop will not be affected, because time deposits are already faster than loans. There is more money going out, and there is enough money in the cabinet for those who deposit money for free to withdraw."

All right!No matter how big the brains of the ancients are, it is difficult to imagine the banking and financial system that is well known to ordinary people in later generations. With these explanations from Sun Xiangfu, the operation of Shanyang Cabinet Shop is almost impeccable. No wonder the people of Shanyang regard the cabinet shop as The dependence on the payment is increasing day by day. In the market, as long as the transaction is slightly larger, it is paid by deposit check.

At this moment, Li Shimin asked a question, "Then how does the imperial court use the free cabinets to solve the money shortage problem in Chang'an and distribute cash salaries to all officials!"

Sun Xiangfu replied, "The cabinet workshop plays a pivotal role in the whole process. If the imperial court wants to control money well, it must centralize power. Of course, this process is divided into several steps.

The first is to set up government-run cabinets. I think it is more appropriate to call them banks or money houses.

At the same time, it is also necessary to prohibit all private charging cabinets from operating, and quickly spread the free deposit service to benefit the whole people, and attract fixed deposits from the whole people.

Then, the part of the fixed deposit is loaned to the imperial court to pay the salaries of officials, and the deposit certificates are directly used. Of course, the cash standard must be strictly controlled, and bearer deposit certificates cannot be randomly issued by the imperial court's counters, disrupting the financial market. ..."

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(End of this chapter)