readx;?hot spring palace, imperial study. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ!ybdu!

"Your Majesty, in fact, the matter of currency is a matter of believing it or not. What is the actual value of even real money? What can be done with gold and silver can be done with steel, and what can be done with steel may not be possible with gold and silver. But the common people believed in gold and silver, not in steel. Therefore, if we want to find another guarantee for banknotes, we must choose something that ordinary people believe. And in the eyes of the minister, such a thing is only land. ”

Tang Qiwen is still a smiling dough face, and there seems to be no change in the past 20 years. Speaking of which, he is also a veteran of Conglong who defected to Zhu Jishi very early, but he is not in the army or officialdom, but has been running HSBC for Emperor Zhu for 20 years. After Engels and Skopel left, he and Liu Peng were the highest-paid professional managers in the entire Ming Dynasty. Recently, HSBC is also considering a spin-off and transformation - as the Greater China Economic Circle is taking shape, HSBC's original "overseas business" has also become a domestic business, and the previous commitment not to participate in domestic commercial banking business is equivalent to nullification. And the existence of this super bank has made ordinary commercial banks in the entire Greater China region complain. Even Emperor Zhu himself felt that HSBC was a very abnormal existence.

Therefore, he has decided to split HSBC into two parts: Royal Bank of China and HSBC. HSBC's bank's banknote minting business and supervision of the financial market are all assigned to the Royal Bank of China, which will be the only central bank in the entire Greater China Customs Union region with the right to issue notes and mint money, although this bank is still owned by the Ming royal consortium, which is a privately owned central bank...... HSBC's "offshore" commercial banking business and Daming's onshore commercial banking business under the responsibility of Lixin Bank (wholly owned by HSBC) will be fully merged. Formation of the new Royal HSBC Bank. It will be the largest commercial bank in the world.

"Is the substitution of land for gold and silver a guarantee of money?" Zhu Jishi listened to Tang Qiwen's suggestion. He said to himself lightly, "My Ming Dynasty is incomparably vast, and there is no shortage of land. Not to mention the bitter cold of Siberia and the northwest. In the inner and outer northeast and southern Jiaozhou, there are no less than 400 million mu of flat land to be allocated, which is converted into a market price of no less than 1 million silver dollars......"

The Ming Empire has expanded like this, so naturally there will be no shortage of land. Moreover, in the past ten years, when the Zhu Ming court carried out the colonial and border extension undertakings, it was not pushed from near and far. Rather, at the same time as the resettlement of settlements. The next part of the land was reserved for the common people - one of the uses of this land was given to the nobles. When the Ming Emperor canonized the nobles, he had to give the house and land at the same time, which was in the Han land at the beginning, but now the land that can be given in the Han land is very little, and he can only find a place to give land in the border provinces close to the Han land. Another use is to cash out the value of frontier land to balance the growing fiscal deficit. The amount of reserved land is very large, not only all the mountains and forests and about 30% of the grasslands that are not very suitable for cultivation are state-owned. Even the amount of flat land suitable for arable land is incalculable. The 400 million mu mentioned by Emperor Zhu is only the Northeast and Jiaozhou, where the "location" is relatively good. If you include the cultivable land or pastures in the northwest, Siberia, Mongolia and Borneo, there are so many that even the Ministry of Agriculture and Forestry can't figure it out.

But there is a lot of land. It's not easy to sell, let alone sell for a good price. On the one hand, according to the "Daming Homestead Law". Ming citizens who migrated from the interior to the frontier could receive land, but there was no need to buy it, so the demand for land was limited.

On the other hand, the scale of the frontier land market is limited, but the transaction volume of one million mu a year. If the imperial court smashed 10 million mu at a time, it would have to collapse. This is no joke, many farms in the border areas are in debt, and land is a pledge, and if the land market collapses, there will definitely be a financial crisis.

Therefore, although the finances of the Ming Dynasty have always been relatively tight, it rarely sells land for cash - in fact, this is still a monetary issue, and the market value of the total land reserve of the Ming Dynasty not only exceeds the total amount of currency issued by the Ming Empire, but even exceeds the total amount of hard currency in the world. It's impossible to sell it......

"Liu Qing, what do you think? Is it possible to issue banknotes on the land and the gold and silver standard? Will this kind of banknote be accepted in the market? Zhu Jishi was still a little hesitant. Because now the Ming Dynasty implements the gold and silver standard, and gold and silver coins and paper money coexist. Once the guaranteed gold and silver of the paper money are exchanged for gold and silver plus land, it will cause a major financial shock.

"Your Majesty, the minister thinks the problem is not big." Liu Peng smiled slightly and said, "In fact, whether you can accept it or not is not a matter for the small people, but a matter for the wealthy businessmen and the financial community." How can those who are really rich not know the value of those fertile lands in Northeast China and Jiaozhou? Of course, the speed at which the Royal Bank distributes land guarantee banknotes must also be controlled, and if it invests millions at a time, something will happen. ”

Zhu Jishi smiled: "That's nature." He paused, his brows furrowed slightly, "So, how should Daming's banknotes and coins be exchanged in the future?" If the original ratio is still the same, where is the land-based system embodied? ”

This is indeed a problem. The coins of the Ming Dynasty are gold, silver and copper, and the exchange ratio of paper money is fixed, which is also where the credit of paper money lies. If a composite currency of land and gold and silver is to be introduced, then paper money should be exchanged for a certain amount of land and gold and silver, rather than for gold and silver entirely.

"Your Majesty, in fact, you can carry out a currency reform, so that gold and silver can be put into circulation and replaced by convertible paper money." Tang Qiwen smiled slightly. "These convertible banknotes can be called land vouchers, and the exchange ratio can be half of gold and silver and half of land...... Of course, the Royal Bank also has the right to exchange it for gold and silver in full, which can facilitate small transactions and foreign trade. The price of the land as a guarantee can be calculated at 25 yuan per mu, and those who hold a large number of land vouchers can also request the full exchange of land. ”

The price of 25 yuan per mu of land is actually the average transaction price in the land market in Northeast China and Jiaozhou. In this way, the 400 million mu of land in Northeast China and Jiaozhou controlled by the Ming Dynasty is equivalent to 10 billion yuan of land coupons. Of course, this is only a theoretical number. It is impossible for the Royal Bank to invest 10 billion base currency at a time, and these lands do not belong to the Royal Bank but to the Ming Dynasty.

Thus, once the land voucher reform is successful. The financial situation of the Ming court will be immediately improved. Theoretically, the Ming court suddenly had 10 billion yuan or more more cash in its hands. In this way, we will be able to smoothly implement the big plan of establishing a farmers' bank, supporting 100 acres of granges, building 100 million terraced houses, and promoting the urbanization of Daming. The role of these two plans in stimulating the economy of the Ming Dynasty cannot be overemphasized. If it can be successfully completed, the Ming Empire will be able to dominate the world economically.

"Land vouchers seem to be the only way out." Zhu Jishi thought for a while, and finally nodded, "But this matter is very important, and we need to solicit opinions from many parties." I went to consult with the Cabinet and the leaders of Al-Shabaab, and then I went to discuss it with the businessmen when we reached an agreement. Strive to come up with a one-size-fits-all approach. In addition, it is also necessary to consider the issue of international settlement, and there is no problem for this land voucher to circulate in the Greater China circle, and Western countries will not recognize it. In short, after the issuance of the land vouchers, the responsibility of the Royal Bank is much greater...... There is a need to set up a committee of experts to decide on the interest rate and issuance of land vouchers, as well as a dedicated Bureau for International Settlements. That's a complicated matter! ”

In the previous era of convertible banknotes and coins on the gold and silver standard, the role of central banks in economic life was not very large. The total amount of money issued is theoretically linked to gold and silver reserves, and there is not much room for additional issuance. And interest rates are also determined by the market - because the central bank has little room to issue more money, and naturally there is no way to steer the interest rate. Of course, the kind of irresponsible and indiscriminate issuance of paper money is not among them. (To be continued.) )