The banks temporarily replaced the banknotes with the current shortage of new currency, and if they did not spend the banknotes a month later, they could exchange them for huàn, but it was only a transitional measure, and the local government came forward to guarantee it and sent people to maintain order.

People will be suspicious, although very uneasy, but thinking that this banknote is also today's holy promise of effective things, now Yu Xiaotian has a high reputation among the people, it can be said that he has done a lot of practical things for the ordinary people, quite popular with the people at the bottom, and the first batch of people to receive the banknotes are also soldiers and those local officials, they take the banknotes to shop in the market, and the merchants on the market are ordered not to accept it.

So people pinched their noses and tried to exchange huàn first, and with the mentality of giving it a try, they began to exchange some banknotes, and then some people hurriedly took them to spend these banknotes to see if they could buy things, and the merchants did not dare not accept them, and after receiving them, they also hurried to the bank to exchange huàn into new currency at the specified time.

The process of this experiment lasted for a long time, and Yu Xiaotian even extended the time for exchanging old coins for huàn for half a year in order to promote paper money, so that the people had more time to verify the monetary value of these banknotes.

In addition, when the government collects the tax burden, all the local governments will collect all such banknotes in the future, and will not collect those new metal coins for the time being, so as to forcefully issue these banknotes and establish the monetary credit of the paper-money.

The common people experimented and found that these banknotes did not seem to be as unbearable as they thought, and they could buy things like those metal coins on the market, and they would not reduce the value of the currency.

Especially the merchants, they are more careful, they have tried many times, found that the collected banknotes can indeed be taken to the bank to exchange huàn out of the new currency, gradually relieved, of course, when the implementation of the new currency, there is also a problem, that is, the Chinese have the habit of hiding money, after getting the new currency, they are not in a hurry to use, but stored, so that a large number of newly issued new currency, soon precipitated in the people, unable to enter the circulation field.

This has caused the problem of insufficient circulation of new currencies in the market, and Yu Xiaotian has also thought of many ways to deal with these problems, but he insists on one thing, that is, to ensure that there will be no problems with the value of these currencies, and the state-owned banks must have sufficient silver reserves, and cannot over-issue currency without authorization, so as to maintain the stability of the currency, especially the stability of the paper money issued.

People habitually keep the new currency in their hands and store it, and spend the paper money as much as possible, so as to accelerate the circulation and circulation of the paper money, over time, the value of the paper money has always been strongly supported, and gradually the paper money is also trusted by more and more people, Yu Xiaotian believes that for a long time, as long as the value of the paper money is maintained, sooner or later the people will gradually get used to using paper money, and no longer use those metal coins.

Although the metal currency retains its value better, but after all, it is heavy, not easy to carry, with the commercial circulation is getting faster and bigger, the business travel from the south to the north to carry paper money is much more convenient than carrying metal currency, and the business of huàn in various places is also unified, and gradually paper money can definitely become the main force of the currency circulating on the market, and sooner or later the metal currency will be squeezed into auxiliary currency, but this needs a process.

In addition, Yu Xiaotian also issued an edict to prohibit any private money bank or money shop from privately exchanging new currency, standardize their business behavior, and require them to pay a certain percentage of the deposit in the banks of Greater China before they can continue to operate.

In short, the implementation of the new monetary policy has also improved the monetary system of large and medium-sized enterprises, although it is still difficult to implement it now, but the new monetary policy has been able to be implemented, which will play a very good role in the future development of industry and commerce.

All the places where money was spent under the Ministry of Industry began to use paper money instead of metal money, and those state-owned industrial and commercial enterprises and Yu Xiaotian's original private royal enterprises were the first to accept paper money transactions.

The most important thing is that after the implementation of paper money, the official attitude towards paper money, the treasure banknotes issued by the Ming Dynasty in the past, because of the sharp depreciation, after reaching the hands of the people, they could not use the treasure money to pay the tax burden, and even the government refused to accept the treasure banknotes, which must have immediately lost credit, so the treasure banknotes issued during the Ming Dynasty soon became waste paper.

However, after the issuance of paper money, the Great China Dynasty has always insisted on stabilizing the value of paper money, and the government has also made it clear that when paying taxes, it is mainly to collect paper money, which makes the people completely relieved.

In this way, the promotion of paper money has gradually been implemented, and the monetary credit of paper money has been initially established, so that more and more people are willing to use or accept these paper money.

It can be said that after the establishment of the Great Middle Kingdom, Yu Xiaotian was very busy, constantly abolishing all kinds of bad policies left by the previous dynasty and introducing various new policies, so that the development of the Great Middle Dynasty began to quickly enter a fast lane, and began to develop like a rocket.

With the Qingming of the rule of officials, the original officialdom waste and greed for ink have been greatly curbed, and also for the financial expenditure of the Great Middle and North Korea, saving a lot of money, Yu Xiaotian in the implementation of various new policies at the same time, but also began to invest a lot of surplus money in the infrastructure construction of various places.

Among them, the construction of water conservancy projects, in the reign of Chongzhen, has begun, the rivers that often flood everywhere, in these years, a lot of money has been invested in repairs, and led by the local government, in the farmland, also vigorously build various water conservancy facilities, in the northern farmland, a large number of wells.

To this end, Yu Xiaotian also ordered the Ministry of Industry to use the existing technical level to personally design a new type of animal-powered well-drilling machinery to replace the previous way of digging wells entirely by manpower.

In ancient times, digging a well out is quite laborious and quite dangerous, basically relying on manpower to dig into the ground, until the water is dug out, during which it often collapses, burying the person who digs the well alive below, drilling a well is an absolutely risky industry, if you don't do it well, you will die, and it costs a lot.

However, the new type of animal-powered well drilling machinery can make the thing of drilling wells simpler and much safer, which also provides great help for the drought resistance of agriculture in the north, and makes the drought resistance ability of the northern agriculture development a great improvement.

Of course, these are all trivial things, like such small things, Yu Xiaotian has always paid attention to them, and is constantly implementing new policies.

And in order to vigorously develop industry and commerce in the future, in terms of infrastructure, after he established the country and ascended the throne, he began to vigorously build roads.

Many official roads have been driven for many years, coupled with the lack of maintenance, they have become deep ditches, and if it does not rain, it is thick floating soil, and when it rains, it becomes a ditch, and it is impossible for pedestrians or vehicles to drive.

So Yu Xiaotian jokingly copied a slogan of later generations, that is, if you want to get rich, build roads first, and build roads first, then all places can get rich faster.

As for the funds for road construction, he ordered the household department to find a way to allocate them, starting from the north, using the methods he used to build roads on the island of Taiwan, and if the funds were not enough in advance, he would select the main official roads for construction, and then start to build more official roads as the financial situation became better and better.

As for the manpower to build roads, they are levied on the spot in various places, but the project can only be started when the farmers are slack, and the work must be stopped when the farmers are busy, and the people are only allowed to be requisitioned and issued within 50 miles to repair the roads, and the people are not allowed to work on the construction site for a long time.

Although the common people can't make money by doing this, as ordinary people with poor business awareness, they are idle when they are idle in the farming, although they are idle, they eat less and eat less, and two meals a day are always inevitable, even if they only drink porridge, they also have to eat their own food.

Now the government requisitioned them to build roads during the slack time, although they have to pay labor, but during this slack time, they can eat for free on the road construction site, without eating their own food, which saves them some food, which is compared to the previous dynasty, the government often levies and sends labor, but also they have to pay their own grain, has made them feel that the treatment is quite good, even if the pay and income are not proportional to the total, just a day can eat two full meals on the construction site, but also let them be very satisfied.

Moreover, working in the public enemy, eating real dry rice, basically you can be full, which is much better than drinking gruel at home, so the common people are willing to work on the construction site just for this full meal.

So in fact, in this era, the real investment in the construction of roads and rivers is not very large, the local government mainly pays only some food and some tools, and the materials used to build roads are also found to solve the problem with local materials, and the cost is not very high.

There are even some people in various places who originally let each family contribute only one laborer to work on the road construction site, but in order to save their own rations, some poor families actually drove all the labor that they could not use at home to work on the construction site, just for the two meals provided free of charge on the construction site, so that they could eat enough and save their own rations, which shows that the common people are still quite hungry in this era.

At the beginning of the third year of Xiaotian's ascension to the throne and the emperor, that is, in the third year of Chengtian, as the situation in the interior of Dazhong and Korea was basically completely calmed down, Yu Xiaotian's decree began to expand the navy, so that the navy, which has always been in an absolute supporting role all these years, finally ushered in their spring and began to enter a fast lane of rapid development.

Since the end of the twelfth year of Chongzhen's reign in Xiaotian, the maritime trade activities along the coast of China have begun to develop in a blowout.

A large number of merchants began to invest their money in the sea trade, some set up workshops to produce all kinds of goods for export trade, and others invested money in the speculation of building ships to recruit sailors to go to sea for trade.

This has also led to the explosive growth of the shipbuilding industry along the entire coast of China, which has been due to the Ming Dynasty's policy of banning the sea for more than 200 years, and the situation of stagnation and even regression of China's shipbuilding industry has been reversed in just a few years.

As long as you have money, the shipyard also has this technology, and you can build as much as you want, but the premise is that it must be strong and able to withstand the wind and waves at sea.