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- In the past ten days, the Beijing Times has serialized an article titled "On Monetary Theory". The author of this article is signed by "Tokyo Xiaoxiaosheng". Even the most astute newspaper detectives cannot find out about this "Tokyo Xiaoxiaosheng". "The specific situation, but this article caused a great response.
In the hook bar on Panlou East Street, Liu Shijiu was reading aloud a serialized article in the newspaper at the request of everyone:
In primitive society, when productivity improved slightly, some surplus items occasionally appeared in the tribe, and sporadic transactions also appeared. Tribe A exchanged two remaining sheep for two knives from Tribe B. At this time, two The value of the sheep can only be reflected by two knives.
With the further development of productivity, each tribe has more and more surplus things, such as rice, salt, cloth, knives, bows, cattle and sheep, etc. At this time, commodity transactions have become more frequent, and many problems have arisen. The values ??of commodities in China are different and there are many contradictory relationships. How to exchange them?
So, metal currencies such as gold, silver, and copper appeared, and all commodities were measured in value using these currencies, which facilitated people's transactions.
However, metals such as gold, silver, and copper are relatively scarce. With the continuous development of productivity and the increasing number of commodities in society, the shortage of these metal currencies is becoming more and more serious, so money shortages often occur in society.
Commodities are continuously produced, but there is not enough currency to measure their value, and there is no way to trade them.
The only way to solve this problem is to issue credit currency.
The characteristic of credit currency is that its value as currency is far greater than the value of its coinage materials. Its credit depends on its ability to be exchanged for corresponding metal currency.
This kind of convertible credit currency circulates in the market instead of metal currency, so it can be called a substitute currency. The banknotes currently issued by the Song Dynasty are substitute currencies.
Because the substitute currency can be exchanged with metal currency at the same value, its credit value is guaranteed. But precisely because it only replaces the characteristics of metal currency circulating in the market. It is destined to be unable to truly solve the problem of money shortage caused by the shortage of metal currency.
To solve the money shortage problem caused by the continuous development of productivity, the only way to solve the problem is to use full credit currency.
The so-called complete credit currency. It is a currency guaranteed by credit and issued through the national credit procedure. Its characteristic is that it cannot be exchanged with metal currency and is cut off from the metal currency. It is issued and circulated through the credit procedure and is mandatory;
The country can control and manage the circulation of credit currency through specific institutions. This kind of credit currency is a debt certificate and the country's liability to the people, so its basic guarantee is the country's credibility.
The quantity issued is based on the needs of the national economy, not the needs of the court. Only in this way. Only then can the credit of this completely creditable currency be guaranteed.
This serialized article is very long, and what Liu Shijiu has read is just the beginning.
This serial article elaborates on the past and future of currency, as well as the relationship between currency and social development, commodity circulation, etc.
Most ordinary people in the market cannot fully understand it, but they understand a truth. With the development of social productivity, the use of credit currency will be inevitable in the future.
This is the first article in history that comprehensively and profoundly explains the meaning of currency. Especially the part about banks explained at the end of this article has surprised many knowledgeable people and applauded it. For example, this article gives an example:
In a country west of Dashi, businessmen deposited their money in gold shops. The gold shop issues a certificate for the person who saves the money. With this certificate, he can withdraw the gold later.
Later the businessmen discovered it. When you need money, you don't need to take out the gold at all, you just need to hand over the gold certificate to the other party.
after that. Jinpu suddenly realized that it was the certificate he had issued. It actually has the effect of currency! Unable to resist the temptation, they began to issue "fake vouchers." But the magic is. As long as all customers do not come to collect gold on the same day, the "fake certificate" is equivalent to the "real certificate".
In this story, a gold shop is equivalent to a bank, and the certificates it issues are equivalent to credit currency. From this story, we can understand that a gold shop can enlarge the amount of credit currency, but physical currency cannot. at this point.
The article also pointed out that the Ministry of Accounts is currently issuing banknotes and has established exchange agencies for banknotes, gold, silver, and copper coins in various areas. However, the functions of the institutions are too single, just to ensure the credibility of banknotes.
In fact, these institutions of the Ministry of Accounts located in various places can be transformed into real banks. By absorbing private deposits, loans, exchanges, savings and other businesses, they can become institutions responsible for credit intermediaries, which facilitatesRaising and financing of social funds.
On the one hand, banks collect idle monetary funds and small monetary savings in society by absorbing deposits, and then lend them in the form of loans to people who need to replenish currency;
Here, banks act as intermediaries between lenders and borrowers. On the other hand, banks handle currency collection, payment, settlement and other services for commodity producers and merchants, and they also act as payment intermediaries.
The publication of this serial article about money and banking suddenly made the Beijing Times the focus of attention from officials, wealthy businessmen, and even ordinary people.
From this serial article, people of insight can see the important role of banks in the national economy. Of course, banks are institutions that operate currency as commodities, and the profits contained therein are also difficult to estimate.
Cai Jing convened an emergency meeting of the household department to discuss the feasibility of establishing a household bank.
The Western Indian Ocean Trading Company also held an emergency shareholders' meeting to discuss the establishment of a commercial bank.
Yang Yi quietly leaned in Adela's gentle arms and looked at the falling snow outside the window. He published this article on "On Money" after repeated thinking and felt that the time was ripe. .
Since the founding of the Song Dynasty, it has always encouraged industry and commerce. As far as industry and commerce are concerned, even the later Ming and Qing dynasties were inferior to it.
The accumulation of wealth in the Song Dynasty was already extremely huge. In the past few years, the economy of the Song Dynasty has been experiencing a blowout growth, stimulated by internal and external factors such as war and internal affairs reforms.
The annual income of the imperial court has doubled, the accumulation of private wealth has also increased several times, various production workshops have sprung up like mushrooms after a rain, and smart businessmen are by no means just those of Jiangnan Trading Company.
Driven by market demand, it is inevitable that merchants and handicraft workshops in various places will expand their scale, innovate production technology, and compete for more surplus value.
Especially this time, stimulated by such a large amount of money from the Western Indian Ocean Trading Company, chambers of commerce in Hedong, Shaanxi, Shuzhong, Jinghu, Minguang, Youyan and other places have also been established. The major merchants either join forces or help each other. A variety of large and super-large consortiums and factories emerged at the historic moment.
The industrial and commercial development of the Song Dynasty has reached the prelude stage of another blowout. If we want to successfully achieve blowout development again, Yang Yi believes that there must be a relatively complete financial system as support.
The national bank must be established as soon as possible, and commercial banks must be allowed to operate, but the threshold for commercial banks must be set higher, and the court must formulate corresponding legal constraints and regulate the behavior of the state and commercial banks.
Yang Yi looked away from the window and asked Han Bier, who was waiting for his answer: "How much money has the Sichuan Chamber of Commerce raised to open a bank?"
Han Bier said reluctantly: "As far as I know so far, more than 20 million yuan has been raised."
Hearing this amount, Yang Yi finally understood why Han Bier was so anxious to come to him. Because of the huge investment in the industry, the Western Indian Ocean Trading Company might not be able to spend 20 million yuan to open a bank at once.
Now everyone has seen the huge potential of the financial industry, and everyone wants to seize the leading position in the industry. Han Bi'er and others have other ideas for this, hoping to use Yang Yi to push the court to issue corresponding regulations so that the Sichuan Chamber of Commerce can't get it Qualifications to open a bank.
Yang Yi smiled and said: "Start-up capital does not mean anything. Although our chamber of commerce is slightly disadvantaged in terms of the amount of start-up capital, it has advantages in terms of location and people. As long as it operates well, it will seize the leading position. It¡¯s not difficult.¡±
"This" Han Bier understood immediately. Yang Yi did not want to create a monopoly in the financial industry. In this case, everyone had to rely on their own abilities. In addition to businessmen from Shu, businessmen from Shanxi, Shaanxi and other places also wanted to compete for the financial industry. The battle for the big cake looks like it will be fierce.
"If there were no wolves on the grassland, the sheep would breed very quickly, and more and more sheep would eat up all the grass. What would be the result? The same is true for our trading company. If there is no opponent, it is not necessarily a good thing. , the Shuzhong Chamber of Commerce wants to set up a bank, so don¡¯t think too much about how to use your own advantages, improve your competitiveness, and compete with your opponents. You can even establish some mutually beneficial cooperative relationships with your opponents. There is competition as well as cooperation. Don¡¯t forget that the world is a big place, so don¡¯t always focus on the country.¡±
"Yes, Nunu understands." Han Bi'er withdrew helplessly. The courtyard was confused by the wind and snow, and her graceful figure quickly disappeared at the end of the winding corridor in the inner courtyard.
"Sister Han is really working hard." Adela couldn't help but sigh, gently massaging his temples with her slender fingers.
"It's very hard, but if I let her idle in the backyard, I'm afraid she willI will be so energetic now. "
"You are right." Adela smiled sweetly, lowered her head and kissed him gently on the forehead. The fragrance of her body, like orchids and musk deer, filled the air gently, making people intoxicated, "Slave is just Strange, why don¡¯t you help Sister Han this time?¡±
"How do you know I'm not helping her by doing this?"
"Sir, this is what is called living in sorrow and dying in happiness, right?"
"That's right."
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