Borrow money?
The officials were stunned.
From ancient times to the present, farmers have borrowed money, scholars have borrowed money, businessmen have borrowed money, officials have borrowed money, and even emperors have borrowed money. But borrowing money from the Ministry of Finance has never been heard of or seen.
Xia Yuanji was also stunned. Zhu Yunwen asked the Ministry of Household Affairs to borrow money?
Look, who can I borrow from?
When farmers ran out of money, they turned to neighbors and relatives for help. When a scholar has no money, he can ask friends and celebrities for help. When a businessman has no money, he can borrow money by pledging debts. Officials can borrow money based on their reputation and salary. The emperor can act rogue and take money from the Ministry of Household Affairs.
The Ministry of Household Affairs is aggrieved. Who can I borrow it from?
How about your Majesty borrowing two million?
Zhu Yunwen issued an order to summon Liang Chengtong, the chief executive of the Royal Central Bank. After he entered the palace, he asked: "Can the bank spend two million taels to support Fengyang Water Conservancy Construction?"
Liang Chengtong said: "Your Majesty, at this time the central bank cannot come up with two million taels at a time. If we wait until autumn, two million taels will not be a problem."
"Why?"
Lian Zining asked quickly.
The drought in Fengyang cannot wait until autumn. If there is a severe drought, this summer will suffer. There will be no need for this money in autumn.
Liang Chengtong explained: "Your Majesty, ministers, it is not that the central bank is unwilling to contribute, but that it really does not have so much money. The bank is the busiest time every spring. In winter, most merchants sail south, and they often borrow money to purchase goods at the bank. This is It takes up 40% of the bank's available wealth. The remaining part is needed by merchants from all over the country for spring and summer shopping and turnover needs, and another 30% is occupied. The remaining 30% is the bank's daily reserve fund, and 20% is for large merchants. 10% meets daily needs..."
Lian Zining was extremely depressed and asked: "Isn't it possible that the bank can't get out any money?"
Liang Chengtong didn't care about Lian Zining. The bank belonged to Zhu Yunwen, not the imperial court. He had no control over him, so he replied to Zhu Yunwen: "The bank can withdraw up to 800,000 taels at the moment. No matter how much it is, it will be necessary." Impact on daily operations.”
Yu Xin nodded slightly, walked out and said: "Your Majesty, I think that the Ministry of Household Affairs can provide 1.2 million taels, and the joint bank can borrow 800,000 taels. Two million taels are enough to protect the main grain-producing area of Fengyang Mansion. of crops.”
Xia Yuanji had no choice but to nod.
Zhu Yunwen thought for a moment and said solemnly: "Fengyang Prefecture has had nine droughts in ten years and the people have been in poverty for a long time. Since the imperial court is determined to solve its water problem, it should be determined once and for all to build Fengyang into an important grain-producing country." District, rather than a poor place that has always reached out to the court, in the long run, it is worthwhile to spend more money. If two million taels are not enough, then add more. No matter how difficult it is, if the Ministry of Household Affairs takes it on, it must be in Feng Yang Mansion has fully dug wells and canals, repaired rivers, and lakes, so that the pain of drought and floods will no longer exist!”
Xia Yuanji looked embarrassed, Your Majesty, if you say more, you can make more money. What will happen if the Ministry of Revenue cannot come up with the money?
Zhu Yunwen continued: "Then the Ministry of Industry will coordinate with Fengyang Prefecture to mobilize the people of Fengyang, together with the sergeants of Fengyang Prefecture, Huai'an Prefecture, Yangzhou Prefecture, Luzhou Prefecture, Xuzhou Prefecture and other local guards, a total of 100,000 people, to overhaul the water conservancy project. ! Open wells and canals as soon as possible to ensure that summer grain production is not reduced, and the cool autumn can ensure a bumper harvest!"
Xia Yuanji, Huang Fu and others had no choice but to take orders.
Xie Jin, Yu Xin and others are also a little worried. The Ming Empire is now in great danger. Almost half of the country is involved in civil engineering matters. There is also a huge war in the west, and civilians and sergeants have to be transferred to Fengyang Mansion. Digging wells and building canals is indeed stressful.
But as Zhu Yunwen said, the matter in Fengyang Mansion cannot be delayed any longer. Droughts and floods there are too frequent, and it has become a bottomless pit for the court. If the drought is ignored and allowed to continue, the amount of money provided by the court for disaster relief will probably exceed two million taels within five years, and it is estimated that it will not be less than four million taels in ten years.
In the long run, it is cost-effective for the court to pay two to three million taels now. It's just that taking out so much money in one go puts too much pressure on the household department. Just looking at Xia Yuanji's frown, you can tell that this big housekeeper hasn't looked like this in several years.
After retiring from the court, Zhu Yunwen summoned Xie Jin, Yu Xin and Xia Yuanji.
There is still a gap of one million taels for water conservancy construction. With such a big gap, Zhu Yunwen cannot ignore the feelings of the Ministry of Household Affairs and completely throw the pressure on Xia Yuanji.
Xia Yuanji entered the palace and complained somewhat: "Your Majesty, Fengyang-water conservancy construction does not necessarily need to be completed overnight. It can be divided into three years. It may be more prudent to proceed step by step."
Zhu Yunwen waved his hand: "We have seen how miserable the people of Fengyang are during our northern tour. Throughout the year, we can only get a little harvest from the fields, but droughts and floods are frequent, and the people can't even afford to eat. It accounts for less than 20%. If we delay it for a year and lose one piece of land, more than ten or two hundred thousand people will go hungry and beg for food! Since Fengyang is to be governed, let’s solve it at once.”
When Xia Yuanji saw that Zhu Yunwen did not listen to the advice, he said directly: "It is not advisable to use too much money in the household deposits to avoid further disasters in summer, autumn and winter. Coupled with the current affairs in Peiping and Northwest, the withdrawal of 1.2 million taels by the household department is the limit." "
Xie Jin also helped to persuade: "Your Majesty, haste makes waste, so you might as well delay for a year."
Zhu Yunwen shook his head, picked up a pen and wrote two words on the paper, and then handed it to Xie Jin, Xia Yuanji, and Yu Xin: "The current problem is not a lack of people, but a lack of money. As long as the money problem is solved, Fengyang It’s easy to talk about the problems of one place. I said letting the Ministry of Revenue borrow money is not just a bank, but also borrows money from the people."
"Lending money to the people?"
Xie Jin and Yu Xin's mouths almost twitched. This was something they had never heard of or seen.
"This is?"
Xia Yuanji took the note with two big words written on it: bond.
Xie Jin and Yu Xin saw it and were also confused.
“What is a bond?”
Xie Jin asked himself how talented he was, but he didn't even know what a bond was. Although Xia Yuanji is well versed in finance, this is the first time he has heard of bonds.
Zhu Yunwen knew that there were no bonds in ancient Chinese dynasties.
The fiscal philosophy of the feudal dynasty was to live within one's means. People like Zhu Yunwen, who consumed ahead of schedule and promoted infrastructure and water conservancy on a large scale, either did not have it, or they were simply conscripted into corvee labor, that is, basically free labor.
Does the court lend money to the people?
Are you kidding? You must know that "the whole world belongs to the king, and the shores of the land are not the king's ministers." The whole world belongs to the emperor, so why do you need to borrow money from the people?
The treasury is out of money, so there are three solutions:
One is to print money, and you can buy it if you have money. A typical representative is Lao Zhu.
Second, increase taxes and apportionment. As soon as the exorbitant taxes and miscellaneous taxes were introduced, the tax revenue increased, and Wanli was a typical representative.
Third, donate money. A typical representative is the one from Meishan.
Apart from these three items, the ancient court really had no good way to open up money. It is hard to say whether the idea of borrowing money from the private sector has ever appeared, but the form of issuing bonds has definitely never appeared.
Zhu Yunwen didn’t think there was any shame in the court borrowing some money from the people. Which country in the future would not issue bonds? There is also a professional ranking in enterprises called debt ratio. The debt ratio is zero or too low, which is not good for the development of the enterprise. The country is in debt. It is no good if the rate is too low. The finance is not about balance of payments. A pair of books will be perfect. To pursue higher capital utilization rate and more efficient resource allocation, it is necessary to issue some bonds. means.
Although the Ming Dynasty has not issued bonds before, there is no problem. The Ming Dynasty must have the courage and courage to dare to be the first in the world. People are beginning to ask questions about the sky and research basic industrial products. The army is about to transform towards semi-firearms. It’s not a big deal to issue bonds.
Zhu Yunwen explained: "The so-called bonds are essentially the same as bank loans. It's just that the court is the borrower and the people are the creditors. The court creates a special bond, similar to treasure banknotes, which can be named Ming Dynasty National Bonds. National securities are specially placed in banks, and people, businessmen, etc. can spend money to purchase such national securities through banks."
"In order to attract people to buy national bonds, you can set a higher interest rate than depositing it in a bank. For example, if you buy one hundred and two national bonds, you can take the bonds to the bank to exchange them after one, two, three or five years. Money, while obtaining capital, also obtains higher interest.”
"This type of bond is guaranteed by the reputation of the imperial court, the reputation of the Ministry of Accounts and the reputation of the royal family. It needs to be ensured that after the national bond matures, the corresponding principal and interest can be fully redeemed to the bond holder..."
Zhu Yunwen explained the working principle of bonds, and Xie Jin, Yu Xin and Xia Yuanji finally understood.
Xie Jin and others believe that the so-called national bonds are not the court lending money to the people, but a pile of deposit notes.
Yes, that’s it!
The court does not lend money to the people, it is the people who save money for the court.
Understood!
It is impossible for the court to lend money to the people, but it is still feasible for the people to save money to the court and the court to be kind and give some interest, so that the people can enjoy some benefits.
Zhu Yunwen didn't know what the thinking of these people was, so they insisted on describing the court's borrowing as the common people saving money, as if the common people took advantage of the imperial court.
Yes, if they are stubborn, then be stubborn. They probably think this method can make money, but considering their old faces, they really can’t open their mouths, so they have to find another way to convince themselves.
The concept of national bonds is easy to understand and easy to implement. Bao Chaoti was very good at this matter. He issued one million taels, the maximum amount was one hundred thousand taels of bonds, and the minimum amount was one tael of bonds.
As for issuance and sales, Zhu Yunwen has no worries, nor does the Ministry of Household Affairs. He can just leave this matter to the Imperial College supervisors. The supervisors of the Business School need an opportunity to promote and do a vivid practical coursework, which is to promote national securities. If you can't promote it or sell it, it means your level is limited and you still need to study...
Tongjimen, Songming Tea House, second floor.
Zhu Yunwen, Xia Yuanji, and Yang Shiqi sat near the railing. Looking down, they saw the bustling street, and opposite was the Royal Central Bank branch.
Five young men dressed in elegant white clothes walked to the door of the bank, exchanged a few polite words, and then entered the bank one by one.
Zhu Yunwen looked at Yang Shiqi and asked with some suspicion: "Can these people you recommended succeed?"
Yang Shiqi smiled calmly: "Your Majesty, these five people are considered to be geniuses in the Imperial College. It is really rare for them to go to the Imperial College to further their studies after being admitted as Jinshi. Although these five people have different aspirations, they also have their own strengths. That Zhou Chen He is also a top talent in the School of Business and the School of Mathematics. He is very insightful about finance and has quick thinking. If he is here, he will definitely be able to sell it."
Xia Yuanji nodded repeatedly: "I have read Zhou Chen's "Jiangnan Tax Collection" and am determined to innovate. I advocate that agricultural taxes that have not been paid due to disasters should be cancelled, and should not be accumulated to increase the pressure on the people."
Zhu Yunwen nodded, then shook his head.
Jiangnan is a tax-rich area, which is related to the court and the country. After the disaster, the court reduced part of the tax burden and exempted part of the tax burden, but the rest should be paid. Although the court did not say that the next year However, if it can be made up in three to five years, it should still be made up. After all, Jiangnan is rich, has high food output, and has strong recovery capabilities. It is not like a barren land. If the food is lost in one year, it may not be able to pay an additional tax in ten years. Endowment.
Zhu Yunwen picked up the tea bowl and said softly: "Then let's see what they are capable of."
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