The rice market tea house next to the rice market on Hanzheng Street is as lively as a pot is boiling today, and there is a lot of people. In the morning, as Wu Sangui took office as the governor of Sichuan and Shaanxi and Wang Yongji took office as the governor of Shaanxi, the transaction prices of the first phase of Pingxi Fan bonds and the first phase of Shuofang Fan 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 vassal bonds to raise 5 million taels of silver (the Pingxi Army raised 3 million and the Shuofang Army raised 2 million) for the battle in Sichuan, and that the Ming Dynasty was going to attack Hong Xingyuan. Before the end of the year, it was a "very good thing" to provide each of the two vassals with 500,000 taels of silver for preparations for the war in Sichuan. At this time, the first tranche of Pingxi Fan debt and the first tranche of Shuofang Fan debt immediately skyrocketed.
Of course, the reason for the skyrocketing bonds is not just good news. The real reason is actually that the two major business groups around the Maritime Bank and the Salt Commercial Bank are manipulating the bond market!
Since the "send-in system" (guilty mail, contribution) was dismantled by Zhu Cixi (the send-in system concentrated land and industrial and commercial property rights in the hands of bureaucrats and scholar-bureaucrats, seriously hindering the development of capitalism in the southeast region), so the industry and commerce in the southeast of the Ming Dynasty And the rich peasant economy has also developed rapidly in recent years.
Among them, the fastest growing ones are the Huibang Consortium, which is based on Salt Merchant Bank and Yangzhou Huishang Salt General Corporation, and the Quanshang Consortium, which is based on southeast maritime trade and is based on Anping Zhengjia and Maritime Bank.
These two major business groups were very successful before Zhu Cixang dismantled the remittance system and accumulated huge wealth. That is to say, there was a large amount of cash on their books that could not be spent, so they could only use it to buy land and collect rent.
According to the generally accepted view of later generations, these Chinese profiteers did not invest the money they earned in reproduction, but used it to purchase land. That is why capitalism cannot develop... It is the Chinese who like to buy land that causes capitalism to fail. Developed!
But Emperor Zhu Da, whose soul comes from later generations, knew that even in China in the 21st century, capitalists who invest blindly or blindly expand reproduction when they have some spare money often end up worse than those who buy houses and collect rent after making money. "Loud rich man". Anyone who borrowed a bunch of usury and became a bad guy because of being listed on the list of dishonest people is blindly trying to get bigger. Anyway, he has been in Shanghai's financial circle for so many years, and he has never heard of anyone who bought a house in Shanghai and became a bad guy. .....
In the 17th century, capitalism was still in its infancy, and the era of large-scale industry had not yet arrived, so there were not so many money-burning projects that could consume the funds of the Quanzhou merchants and Huizhou merchant consortiums.
What they need most now is a market where they can make sound financial investments - bank deposits (now is the era of precious metal currency where funds are relatively scarce, and the peak of the price revolution has passed, so deposit interest rates are higher and profitable), Government bonds, urban real estate and farmland all meet the requirements of Quanzhou Merchants and Huizhou Merchants Consortium.
Emperor Zhu also understood the thoughts of these "local rich people", so he took advantage of the situation, opened banks, developed bond markets, and built emerging industrial and commercial cities to absorb the excess funds of the "local rich people".
With more investment channels, the funds of the wealthy will not flood into the farmland market to compete for land with capitalists who can actually run farms.
And a "stable" bond market is indispensable for a certain degree of copy-selling - without anyone copy-selling, trading will be extremely sluggish, trading will be sluggish, and liquidity will be poor. Without liquidity, bond yields will inevitably rise... and Fangzhens like Pingxijun and Shuofangjun simply cannot afford such high interest rates.
Therefore, before the first tranche of Pingxi Fan bonds and the first tranche of Shuofang Fan bonds were listed, the layout of the copy-selling activities had actually begun.
Because there is great uncertainty in the terms of the redemption of the debts of these two vassals - only the withdrawal of the vassal can be used to realize the principal!
Moreover, this "removal of the vassal state" was provided by the Ming Dynasty court in the form of an imperial edict. Based on Zhu Cixiang's creditworthiness and the current financial situation of the Ming Dynasty, this "full irrevocable guarantee promise" ” is completely believable.
Therefore, the principal repayment of the debts of the two vassals is guaranteed. The only question is when?
While the repayment of the principal is guaranteed but has no time limit, the coupon rate of the two feudal bonds is too low, with an annual interest rate of only 6%.
This interest rate was already quite good in later generations, but it was not possible in the 17th century... The 17th century was the era of precious metal currency. There were no nuclear-powered money printing machines, not even steam-powered money printing machines, and even manual printing machines. There is no money machine!
Therefore, the "capital market" is a seller's market, and interest rates around the world are on the high side. Ten percent is a very conscientious interest rate, and the capital cost of six percent is like giving it for free!
In the case of low interest rates, it is certain that the two vassal bonds will break their par value when they are listed!
How much it falls is determined by the level of "expectations for the withdrawal of the vassal vassal"...
If the two feudal towns are about to withdraw, then the "coupon price" of the bonds may be higher than the face value.
If the two vassals are withdrawn after 100 years, the bond prices will plummet!
Therefore, the terms of these two issues of vassal debt are very deceptive. The two bankers Huang Jiang and Su Sheng are so treacherous... In the future history, both of them will be shameless profiteers. !
"It's gone up, it's gone up, it's gone up again... The price listed by the Haishang Bank next door has reached 60 taels!"
"60 taels...it was only 40 taels yesterday! It has increased by half in one day!"
"It's still going to go up! How could it not go up? The imperial court established the two vassals just to attack the rogue bandits in Sichuan. After the attack on Sichuan, the vassals will definitely be withdrawn!"
"Withdraw the vassal state after conquering Sichuan? Is the news reliable?"
"Why 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 vassals will also follow him. , if we don’t withdraw the vassal state, how can we also seal Sichuan to the two vassals?”
"How is that possible? How can the imperial court allow the two vassals to continue to grow? And with the land in Sichuan, how can the soldiers of the two vassals be willing to return to Shaanxi to suffer poverty?"
"But Sichuan is not easy to fight, right?"
"Why is it difficult to fight? Three armies attack together. Pingxi and Shuofang vassals move south from Shaanxi. The imperial army advances from Huguang to the west. The Sichuan army retreats to Guizhou and then fights north. The rogue bandits are attacked on three sides. Isn't this a dead end?"
"Yes, yes, it's a dead end!"
"The feudal debt will still rise... buy more!"
"Quick, quick, hurry up and buy it!"
After discussing for a while, another group of interested wealthy locals from Huguang rushed out with large-denomination banknotes issued by salt merchants and maritime merchant banks. After a while, those who bought the bonds will probably come back with joy...
Seeing them rushing out, Yao Daqiao, who had been sitting in the teahouse all morning, finally couldn't bear it anymore!
"No, I have to buy some more!" Yao Daqiao muttered, then walked out of the teahouse.
He has actually bought a lot of feudal bonds, which he bought when the feudal bonds fell a while ago. I spent 5,000 taels of silver to buy 102 Pingxi Fan bonds (each with a face value of 100 taels).
It fell a lot when I first bought it, and lost nearly 1,000 taels within a few days, which made shopkeeper Yao very distressed and almost liquidated his position.
When he came to the teahouse this morning, he brought 102 bonds with him, hoping to sell them after the bonds rebounded a little.
But he never expected that the debt notes would rise so sharply... Now he not only made up for his losses, but also made 1,000 taels of silver!
And looking at the market, it’s going to go up!
Yao Daqiao thought about it for a moment and decided to increase his position. He had money on hand! He sold a batch of autumn grain to a rice merchant from the south of the Yangtze River. He had more than 300,000 taels of cash on hand - not all of it was his, because he still owed the previous family more than 200,000 yuan in payment. However, this account does not need to be settled immediately, it can be settled before the end of the year.
So Yao Daqiao can use these two hundred thousand taels to earn some interest - that is, deposit it into the two major banks or other relatively reliable banks and earn a few months of interest.
But now he has changed his mind, he wants to play a big one! They all bought the feudal bonds and made a lot of money...
