Then the problem is, businessmen are always profit-seeking, and their appetite will get bigger and bigger, and if they are too strict, they will not succeed. Take these cross-references as an example, since there are securities that can be traded freely, will anyone take the opportunity to hoard speculation for profiteering?

After all, the exchange is not a pure stock, but also takes into account the function of the bill of lading, or a bulk of daily necessities, once the circulation is too small, it will definitely affect the order of daily production and life.

The answer is yes, the ancients were no better than the modern people in business, and they could do the things of hoarding food in the war years, and it was not a matter of hyping up the exchange.

So what to do? Send the spies of the Imperial City Division to monitor one by one, whoever dares to hoard and hype will kill whose head? Or simply issue a decree stipulating the price of the exchange, and not allow everyone to speculate and make profits?

In this regard, the Song Dynasty government taught Hong Tao another lesson, their moral bottom line is really much higher than that of later generations, and they are very disciplined. Since it is the government that advocates everyone to play securities, it is unwilling to smoke its own mouth, take the initiative to break the rules of the game, and is not ashamed to use administrative orders to forcibly intervene in the laws of the market.

They have adopted a seemingly troublesome but actually more advanced method, which is to join the game and take advantage of the huge amount of funds of the state-owned banks to settle the price themselves.

It's okay to hype, this thing can't make a profit if it's not hyped. But there is a limit, once the safety value is exceeded, the state-owned banks of the Song Dynasty government will make a big move. You don't care about going long, right? Then I will go short in reverse, to see who has enough capital, and who lasts until the end will be the winner! Vice versa.

To this end, the government of the Song Dynasty also set up a special institution called the banknote buying field. When the exchange price in the securities market tends to be low, a large number of purchases, once the call price remains high, immediately sell a large number of them, using market means to achieve the role of natural price stabilization. And the execution is quite perfect, there has never been a phenomenon of price out of control, and Hong Tao can't help but give a thumbs up.

It's a pity that this financial street is in Dongcheng, which is not in the direction of today, and Hong Tao can't experience what the shareholders were like a thousand years ago for the time being. But he had already agreed with Fu Ji that as soon as he had time, he would have to take him around the city, as long as there was a lively place.

The arrival office and the cross-reference library have been figured out, and there is a school library? This organization is more interesting and more in line with the principle of the business community, which is integrity.

To what extent is the integrity? In later generations, everyone may have heard of a term called fiduciary responsibility. That's right, the concept of checking the school library was not born in England until the 18th century, but the Song people had already made it a habit in the 11th century.

In the beginning, this institution had no financial overtones, and its original intention was to help citizens deal with their legacy. For example, if a family encounters an accident and both parents die, there is only one orphan left.

The family's house, land, furniture, and money should be inherited by the government, but how to ensure that these inheritances are not usurped by the wicked? You can't expect human nature to be good, and everyone won't take the opportunity to seize the property of orphans.

There are also the inheritances of the lonely and widowed and those who have no legal heirs, and it cannot be said that all these properties belong to the government when people die.

So the check library appeared. It specializes in the inventory and management of orphans' property, household property, ownerless goods, disputed property, and stolen goods confiscated by the government. The specific provisions are:

"The law, the so-called inspector of the school, cover the dead male orphan child, the official is the property of the school, the degree is necessary, the orphan and the child, the relatives can be entrusted to raise it, wait for the year to pass, and the official will pay it back."

Translated into the following meaning: for orphans who have passed away, the government has the responsibility to verify their property clearly, register it, and store it in the inspection and school treasury for safekeeping. and regularly set aside a certain amount from the escrow property and give it to the orphans as living expenses. When the orphans grow up, the government will return the escrow property to them.

The government of the Song Dynasty hoped that through the official inspection system, the rights and interests of minors who had lost their relatives would be protected from encroachment. In addition to the general direction, there are also specific legal provisions and systems for implementation.

1. "Those who have property in the dead of their bodies, men and women, orphans and children, and those who do not apply for official copying shall be given eighty rods."

In the Song Dynasty, the inspection of the school had a certain compulsion, and those who met the conditions for the inspection (relatives died, leaving only orphans and property) must report to the official inspection of the school, otherwise they will be punished;

2. "If the state or county should not inspect the school, the school shall be allowed to sue."

Where the requirements for school inspection are not met and the government imposes school inspection, the victim is allowed to skip the level of accusation;

3. "Those who use the property that has been inspected shall be imprisoned for two years if they use the law of sealing money and property in the imperial court without authorization."

If the government embezzles the property of the school inspector for other purposes, it will be investigated for legal responsibility and sentenced to two years in prison;

4. "If there is any damage to the official treasury of the state and county, the loss of the destroyed and the accidental destruction of official and private utensils shall be compensated."

If the property of the inspection warehouse is damaged or lost, the government shall compensate for it;

5. "If the property of orphans and children is inspected by the official, so that the relatives can raise them, and the quarterly needs are given, and the savings are less than 5 million, the household shall be called to provide the pledge as the money, and the annual interest shall be divided into two cents, which shall be the maintenance fee." ”

If the interest proceeds are used to pay for the living expenses of the orphans, there is no problem of sitting on the empty side.

Hong Tao cannot judge whether these legal provisions are appropriate or not, but from the last article, it is reflected that the inspection and school library is not only a management body, but also takes into account the responsibility of investment profits. Otherwise, you will have to lose money, and you will sit on the mountain first, and how can you help the orphans maintain their property.

In addition to value preservation and appreciation, there is already a complete fiduciary responsibility between the inspection library and the orphan, but this contract is mandatory endorsement by the state, and it will automatically take effect when the conditions are met, whether you like it or not.

"I knew that I was not much behind the Southern Song Dynasty now, what kind of stupidity did I make to rush to carry the black pot, isn't it good to be a financial predator directly? As long as the exchange library is changed into a real stock market, won't it still provide the emperor with a profit point that can balance the old and new parties! ”

After listening to Fu Ji's introduction, Hong Tao not only didn't get happy, but hung his head. He hated, hated that he hadn't come out sooner, hadn't inquired about these things earlier, so he rushed out to be the savior.

Now it seems that he may not have to pay such a big price, nor do he have to open Pandora's box without missing eight lifetimes, and he can still save the New Deal and save this dynasty that people have to love.

But it's too late to say anything now, the matter of the ointment is easier to understand, and both the emperor and the prime minister can understand and approve of it. I know the thing of stock trading in my heart, but I really can't explain the whole set of theories, especially the emperor and the prime ministers in simple terms.

And whether these financial theories of later generations will be useful now Hong Tao has no bottom in his heart, after all, he is not a financial professional, and many details cannot be thought out so thoughtfully in advance.