In the rice market next to the rice market on Hanzheng Street, it is as lively as boiling a pot today, and the voices are boiling. In the morning, with the inauguration of Wu Sangui as the governor of Sichuan and Shaanxi and the inauguration of Wang Yongji as the governor of Shaanxi, the transaction prices of the first phase of Pingxi feudal bonds and the first phase of Shuofang feudal bonds began to stop falling and rebound.

Later, it was reported that the Pingxi Army and the Shuofang Army would issue the second phase of feudal bonds to raise 5 million taels of silver (3 million taels raised by the Pingxi Army and 2 million by the Shuofang Army) for the battle in Sichuan, and that the Ming Dynasty would provide 500,000 taels of silver to each of the two feudal clans before the end of the first year of Hongxing for the preparation of the battle into Sichuan. At this time, the first phase of Pingxi feudal bonds and the first phase of Shuofang feudal debts immediately soared.

Of course, the reason for the soaring bonds is not only that there is a good thing, but the real reason is that the two major merchant groups around Haishang Bank and Yanshang Bank are manipulating the bond market!

Because the "mail-in system" (trickery, contribution) was dismantled by Zhu Cihong (the mail-in system concentrated land, industrial and commercial property rights in the hands of bureaucrats and doctors, and seriously hindered the development of capitalism in the southeast), the industrial, commercial and rich peasant economy in the southeast of the Ming Dynasty also developed rapidly in recent years.

Among them, the fastest growing is the Huibang Consortium based on the Salt Merchants Bank and Yangzhou Huishang Salt Corporation, and the Quanshang Consortium based on the southeast maritime trade and based on the Anping Zhengjia and Haishang Bank.

These two major merchant groups were very successful before Zhu Cihong dismantled the mailing system, and accumulated a huge amount of wealth, that is, a large amount of cash lying on the books could not be spent, so they could only be used to buy land and collect rent.

According to the view accepted by later generations, these Chinese profiteers did not invest the money they earned in reproduction, but used it to buy land, so capitalism could not develop...... It is the Chinese who like to buy land, which causes capitalism to not develop!

However, Emperor Zhu, whose soul came from later generations, knew that even in China in the 21st century, capitalists who blindly invest or blindly expand reproduction with a few spare money often end up as "local rich people" who buy houses and collect rents after making money. Anyway, he has been in the Shanghai financial circle for so many years, and he has never heard of anyone who bought a house in Shanghai and bought a laid-back......

In the 17th century, capitalism was still in its infancy, and the era of big industry had not yet arrived, so there were not so many money-burning projects that could consume the funds of the Quanshang and Hui merchant consortia.

What they need most now is a market where they can make sound financial investments—bank deposits (now is the era of precious metal money, which is relatively scarce, and the peak of the price revolution has passed, so the deposit interest rate is higher and profitable), government bonds, urban real estate, and farmland, all of which meet the requirements of the Quanshang and Huishang consortia.

Emperor Zhu also understood the thoughts of these "local rich people", so he took advantage of the situation to open banks, develop bond markets, and build new industrial and commercial cities to absorb the surplus funds of the "local rich people".

With more investment channels, the money of the big rich will not flock to the farmland market to compete for land with the capitalists who can actually run the farms.

And a "stable" bond market is also indispensable to a certain degree of copying and selling - without copying, trading will be extremely sluggish, trading will be sluggish, and liquidity will be poor. Without liquidity, bond yields are bound to rise...... And Fang towns like Pingxi Army and Shuo Fang Army can't afford too high interest rates at all.

Therefore, before the first tranche of Pingxi Domain Bonds and the first tranche of Shuofang Domain Bonds were listed, the layout of the copying and selling activities had actually begun.

Because there is great uncertainty about the terms of the redemption of these two feudal debts, the principal can only be cashed out if the feudal debts are withdrawn!

Moreover, this "fulfillment of the withdrawal of the feudal domain" was provided by the Ming court in the form of a holy decree and a "full irrevocable guarantee commitment", with Zhu Cihong's creditworthiness and the current financial situation of the Ming court, this "full irrevocable guarantee commitment" is completely credible.

Therefore, the repayment of the debts of the two feudal clans is guaranteed, and the question is only when will they be repaid?

While the repayment of the principal is guaranteed but indefinite, the coupon rate of the two feudal bonds is too low, with an annual interest rate of only 6 percent.

This rate was quite good in later generations, but not in the 17th century...... The 17th century was the era of precious metal money, there were no nuclear-powered money printing presses, not even steam-powered money printing presses, not even hand money printing machines!

So the "money market" is a seller's market, and interest rates are high all over the world. Ten percent is a very conscientious interest rate, and six percent of the cost of funds is simply the same as giving it for nothing!

In the case of low interest rates, it is certain that the two feudal bonds will break the face value when they are listed!

The amount of the drop is determined by the level of the "expectation of withdrawing the feudal domain......

If the two feudal towns were to be withdrawn soon, it would be entirely possible that the "interest-bearing price" of the bonds would be higher than the face value.

If the two feudal towns are not withdrawn until 100 years later, then the bond price will fall miserably!

Therefore, the terms of these two tranches of feudal debts are very deceitful, and the two bankers, Huang Jiang and Su Sheng, are really treacherous...... In the future history, both of them are shameless big profiteers!

"It's up, it's up, it's gone up...... The price listed by the maritime firm next door has reached 60 taels! ”

"60 taels...... It was only 40 taels yesterday! It rose by half in one day! ”

"It's going to go up! How can it not go up? The imperial court set up two feudal domains in order to attack the Liukou in Sichuan, and after the battle in Sichuan, the feudal domain will definitely be withdrawn! ”

"Withdraw the feudal domain after fighting Sichuan? Is the message reliable? ”

"How is it unreliable? Didn't you see what the newspaper said? Wu Sangui became the governor of Sichuan and Shaanxi, and Wang Yongji became the governor of Shaanxi...... After conquering Sichuan, Wu Sangui will definitely enter Sichuan, and the elites of the two feudatories will also enter Sichuan together, and if they don't withdraw the feuds, will they also give Sichuan to the two feudatories? ”

"How is that possible, how can the imperial court let the two feudatories continue to grow? And with the land of Sichuan, how could the soldiers of the two feudal clans be willing to go back to Shaanxi to suffer poverty? “

"But Sichuan is not easy to fight, right?"

"Why is it not easy to fight? The three roads were launched together, the two feudal domains of Pingxi and Shuofang went down from Shaanxi, and the imperial army marched from Huguang to Guangxi, and the Sichuan army that retreated to Guizhou and then fought north. The rogue is attacked on three sides, is it not a dead end? ”

"Yes, yes, it's a dead end!"

"Then the debt has to go up...... Buy a little more! ”

"Hurry up, go buy it!"

After discussing for a while, another group of wealthy people from Huguang who had moved their minds poured out with large silver bills issued by salt merchants and maritime banks. After a while, the people who bought the bonds will probably come back in a happy mood......

Watching them rush out, Yao Daqiao, who had been sitting in the teahouse for a morning, finally couldn't help it!

"No, I'll have to buy some more!" Yao Daqiao muttered, and walked towards the outside of the teahouse.

In fact, he had already bought a lot of feudal debts, which he bought when the feudal debts fell a while ago. For 5,000 taels of silver, he bought 102 Pingxi feudal bonds (each with a face value of 100 taels).

When I first bought it, it fell a lot, and I lost nearly 1,000 taels in a few days, which made Yao's shopkeeper feel distressed to death, and he was almost cut out.

When he came to the teahouse this morning, he brought 102 bond bills with him, and he wanted to sell them when the bond notes rebounded a little.

But he never expected that the debt bill would rise so fiercely...... Not only has he made up for his losses now, but he has also earned 1,000 taels of silver!

And look at this market, it has to go up!

After a little calculation, Yao Daqiao decided to increase his position, he has money in hand! He sold a batch of autumn grain to a rice merchant from Jiangnan, and he had more than 300,000 taels of cash on hand—not all of which was his, because he still owed more than 200,000 yuan to his family. However, this account does not have to be settled immediately, just settle it before the end of the year.

Therefore, Yao Daqiao can use these 200,000 taels to earn some interest - that is, to deposit in the two major banks or other more reliable money banks, and eat interest for a few months.

But now he's changed his mind, and he's going to play the big one! All of them bought the feudal debts and made a lot of money......