The Ming Dynasty: Starting with taking Old Zhu on a journey to the future

Zhu Yuanzhang immediately shouted, "Grind the ink!"

If it's really badly written, I'll revise it a little myself.

Having ruled the country for twenty-six years, he certainly understands economic matters better than Lan Chen, this greenhorn.

Wang Sancai came to Zhu Yuanzhang's side to grind ink.

Zhu Yuanzhang opened the memorial.

[Da Ming Tong Bao Currency Stabilization Plan]

[There are three steps in total.]

[Part 1: Establish a credit anchor and rebuild monetary credibility.]

Second: Restrain the issuing authority and implement prudent policies.

[Three: Activate market circulation and expand money demand.]

Zhu Yuanzhang put down his vermilion pen.

That's quite a detailed and convincing story.

After glancing at the brief introduction to the table of contents, Zhu Yuanzhang continued reading.

[Your Majesty, you only collect taxes in kind, not in paper money. If paper money doesn't depreciate, what does it depreciate?]

Therefore, I offer the following suggestions.

[A portion of the imperial court's tax revenue can be replaced with paper money. Agriculture is the foundation of the Ming Dynasty and should not be lightly altered; therefore, commercial tax revenue should be the primary source of income.]

[For example: Salt can only be purchased with Tongxing Baochao (通行宝钞), and salt tax also requires the payment of Tongxing Baochao. If the anchor of Tongxing Baochao is salt, why worry about its devaluation?]

[As long as the people think of salt, they will think of the circulating paper money.]

[Let salt breed soldiers, just as oil breeds mold.]

However, if implemented improperly, it could lead to food shortages in border regions. While theoretically feasible, its practical application will inevitably encounter numerous obstacles.

Your Majesty may decide for yourself.

When I heard about this plan.

Zhu Yuanzhang slightly raised his eyes.

It seems that Lan Chen is not just a second-generation rich kid who can refine pills.

They even know to label the risks.

He could generally understand the contents.

What does it mean when mold grows on oil? What is oil? And what is mold?

I've never heard of it in historical records.

After glancing at it twice, Zhu Yuanzhang placed the memorial under his desk.

Judging from the beginning of this memorial, Lan Chen does seem to have some ideas.

And it seems feasible at first glance.

However, it's best to discuss the specifics in person.

When discussing national policies, he still prefers face-to-face meetings.

No matter how well a memorial is written, it is not as good as a detailed and comprehensive face-to-face meeting.

……

The next day, in the evening.

Zhu Yuanzhang returned to his study.

He spotted Lan Chen, who had come to report for duty, at a glance.

Because he had to attend the morning court session, it would usually be delayed until at least noon.

Therefore, he changed Lan Chen's reporting time to the afternoon.

The frequency has also been changed to once every two days.

"Your Majesty," Lan Chen bowed and cupped his hands.

Zhu Yuanzhang waved his hand: "No need for formalities, please sit down."

Lan Chen was slightly surprised; this seemed to be the first time he had been offered a seat.

After the eunuch brought over a chair, Lan Chen sat down calmly.

Immediately afterwards, Yu Xin, the Minister of Revenue, and Ru Chang, the Minister of War, entered the study.

They sat on either side of the emperor.

Looking at this scene, Lan Chen felt something was off. Why did it look like he was interrogating a criminal?

"We've seen your performance."

"I'm a little surprised. Let's talk about your memorial." Zhu Yuanzhang took out the memorial that had been hidden under his desk.

Then turn it over.

"First, tell me, what are petroleum and mold?"

Lan Chen explained, "Oil, like salt, is a form of energy."

"The mold refers to the army of a Western country."

"Oil is the anchor of this country's currency, therefore, wherever there is oil, there will be this country's army."

Zhu Yuanzhang pondered for a moment, then turned to the two men beside him and asked, "Have you heard of oil?"

Yu Xin and Ru Chang both shook their heads.

Seeing this, Zhu Yuanzhang didn't pay much attention to it.

People who cultivate Taoism are usually very mysterious and eccentric.

Back to topic.

"Using salt as the anchor for circulating paper money—you're copying the Yuan Dynasty's policy of using salt to support paper money, aren't you?"

The Yuan court also had a policy of using salt to support currency issuance.

Salt could only be purchased with newly printed banknotes, but the effect was not ideal.

The value of the paper money continued to depreciate.

Lan Chen nodded: "Yes."

"Given the precedent of this, why are you still proposing this?"

Lan Chen replied, "Your Majesty, the failure of the Yuan court to use salt to support paper money was not due to the policy being unworkable."

"It was caused by the excessive issuance of paper money."

Using salt to fund currency circulation was feasible at the beginning.

"In my memorial, I also wrote that if Your Majesty wants to prevent the value of paper money from depreciating, you must control the printing of paper money."

"Stable issuance is the foundation of monetary stability."

Zhu Yuanzhang was naturally aware of this.

However, given the tight fiscal situation, printing money is the most effective and efficient solution.

Zhu Yuanzhang continued to inquire, "I saw in your memorial that you wrote this memorial, since you knew about the Kaizhong method, why did you still write it?"

According to the "Open Salt Law," salt merchants had to transport a certain amount of grain to the nine border towns in order to obtain salt permits.

The transportation costs were borne entirely by the merchants, which greatly reduced the government's expenditures.

If we do as Lan Chen suggested, it will have a huge impact on the Kaizhongfa.

Salt merchants, whose interests were harmed, were unwilling to accept paper money and transport grain.

The resulting food shortage in the nine border towns would inevitably lead to chaos.

The security of the border areas has been compromised.

"In the second part of my memorial, I wrote that Your Majesty needs to reopen the exchange of paper money for gold, silver, and copper coins."

Yu Xin, who was standing nearby, quickly spoke up: "Your Majesty, if the paper money can be exchanged for gold, silver and copper coins, it will inevitably lead to a run on the bank. The court does not have that much gold and silver to exchange."

"The risk is that the value of the paper money will further depreciate."

Zhu Yuanzhang looked at Lan Chen: "You heard everything Yu Xin said?"

Lan Chen nodded: "If Your Majesty wants to implement monetary reform, you will inevitably need a large amount of silver as a foundation."

"So here's the question: where does the silver come from?" Zhu Yuanzhang asked calmly.

"Rob."

Zhu Yuanzhang, Yu Xin, and Ru Chang were instantly speechless.

Ru Chang immediately spoke up, "Your Majesty, has Lan Chen gone mad from taking too many pills? He's already spouting nonsense."

Zhu Yuanzhang sighed in exasperation.

He waved his hand.

Let's stop here for today.

"You two can leave now. We have other things to discuss with Lan Chen."

He actually had a sliver of hope that Lan Chen really had a solution to deal with the devaluation of the precious currency.

The result was just one word.

Rob.

After Yu Xin and Ru Chang left, Zhu Yuanzhang said, "You should focus on your Taoist studies; economics is not for you."

"Your Majesty, robbing is indeed feasible, it's just a bit troublesome."

Zhu Yuanzhang shook his head again.

"We've already robbed once, there's nothing left to rob."

In the Guo Huan case, he robbed once.

This robbery was mainly targeted at corrupt officials, wealthy merchants, and landlords.

He was young then, so it was one thing if he took it, but he could control it.

Now that he's old, if he tries to take it again, it might be harder to stop him.

Seeing this, Lan Chen stopped trying to persuade him.

If only Old Zhu could see America, a land of silver everywhere.

He refused to believe that Old Zhu wouldn't be tempted.

They robbed landlords and gentry; when pushed to the limit, they actually rebelled.

The Americas only have indigenous people. If they were robbed, would they dare to get angry? Do they really think muskets are just for show? Besides, the indigenous people don't need silver.

However, if one were to travel to Africa or Europe, the blood of the eunuch Zheng He could be used.

The only way to get to America is with white blood.