stjorthotic Chapter 163: Either It Is To Facilitate The People And Benefit The Country, Or It Is A Paper Money S
Chapter 163: Either It Is To Facilitate The People And Benefit The Country, Or It Is A Paper Money S
After giving Zhu Yuanzhang, Empress Ma and Prince Zhu Biao, Zhu Di, Zhu Fan, Zhu Di and other princes a brief understanding of the reasons why Meng Yuan chose banknotes, he gave them a moment.
Yan Changqing just continued writing on the blackboard while narrating:
"The issuance of Mongolian banknotes has gone through three stages, from stability to chaos, and finally to complete collapse."
"In the early days from Mongolia's march south to Kublai Khan's rule, the paper currency system was in a stable operating state."
"At this time, the Yuan Dynasty's Zhongtong Yuanbao banknotes had a stable currency value. A hundred guan of Zhongtong Yuanbao banknotes could basically be exchanged for a hundred guan of gold, silver, and copper."
"At this time, the country's overall economy is running well and there is no inflation."
"This is mainly because the Mongolian and Yuan rulers in the early Yuan Dynasty understood the harm caused by the hyperinflation of currency in the late Jin Dynasty, so they were relatively cautious in the monetary policy and implementation of banknotes.
"Mainly through measures such as controlling the quantity of currency issuance, setting up gold and silver balance warehouses, improving currency recycling and other systems, and strictly combating counterfeit currency currency laws and regulations.
"Consciously ensure the currency value of the Zhongtong Yuanbao banknotes and avoid inflation as much as possible."
Speaking of this, Yan Changqing couldn't help but glance at Zhu Yuanzhang. With the living example of Meng Yuan placed there, he didn't even know how to refer to historical experience and lessons!!!
Zhu Yuanzhang below felt Yan Changqing's glance, and couldn't help but frown. He found that Yan Changqing today seemed to be deliberately looking for trouble.
However, Yan Changqing only glanced at it, then withdrew his gaze and continued:
"And by the end of Kublai Khan's reign and before the currency reform of Emperor Yuan Shun, the paper currency system became increasingly chaotic.
"The Mongol and Yuan Empire at that time mainly maintained domestic financial pressure and reduced the rate of inflation through continuous conquest, expansion of territory, and plundering the wealth of other countries."
"But at the end of Kublai Khan's reign, the Mongol and Yuan Empire's foreign conquests and expansion basically stopped."
"Without the huge benefits brought by foreign conquests and expansionary wars, the Yuan Dynasty's financial expenditure pressure suddenly appeared. In order to alleviate the financial pressure, Zhongtong banknotes began to show a trend of over-issuance, the currency value of Yuan banknotes fell, and the inflation problem began to emerge. "
"In response to the declining currency value of Zhongtong banknotes and rising prices, in the twenty-fourth year of the Yuan Dynasty (1287), the first "banknote exchange" (currency reform) in the history of the Yuan Dynasty was carried out, and the "Zhiyuanbao Banknote Passage Regulations" were promulgated ”
"The main content of this currency reform is to issue Zhiyuan banknotes in addition to Zhongtong banknotes. The price ratio between Zhiyuan banknotes and Zhongtong banknotes is 1:5, that is, 1 Zhiyuan banknote is worth 5 Zhongtong banknotes. The ratio of silver to 1 yuan note is 1:2, that is, 1 tael of silver is worth 2 yuan notes~.
"At the same time, private trading of gold and silver is prohibited. Except for the 80% depreciation of Zhongtong banknotes, other legal status remains unchanged and they circulate together with Zhiyuan banknotes.'
"However, because the Yuan Dynasty did not reduce military and reward expenditures, the fiscal deficit increased sharply."
"In the twenty-ninth year of the Yuan Dynasty (1292), the fiscal revenue was 2,978,305 ingots. By October, 3,638,543 ingots had been spent.
Medicine 660,238 tablets.
"Converted to one ingot of fifty taels of silver, the deficit is as high as 33,011,900 taels of silver."
"This time's currency reform has not only failed to alleviate fiscal pressure, but has further worsened the inflation problem.
"And after Chengzong came to the throne, he misappropriated banknotes from local treasury in order to give out rewards, and prices increased even further."
"In the seventh year of Dade (1303), prices at this time had risen about ten times compared to the beginning of the Yuan Dynasty!"
"And after Wu Zong was supported as a military commander and ascended the throne, Wu Zong gave a new round of rewards to the Mongolian nobles, making the fiscal deficit even more serious."
"This further led to the Yuan Dynasty's court's reliance on over-issuance of currency to make up for the fiscal deficit, and the depreciation of paper currency further accelerated."
"In order to change the situation of 'notes are light and material is heavy', in the second year of Zhida (1309), the Yuan Dynasty court issued another Zhida banknote.
“One tael of the largest silver banknotes is accurate to five yuan notes, and ten guans of the unified banknotes are equivalent to another artificial devaluation of 80% of the central banknotes, with the nominal value reduced to 4% of the initial issuance!
"This shows how serious the inflation was in the Mongolian and Yuan Dynasties at that time."
"The result of this 'banknote exchange' has not changed the situation of falling currency value and rising prices of Zhongtong banknotes."
"On the contrary, the credibility of the Yuan Dynasty court and the banknotes were greatly reduced again and again with the depreciation of banknotes.'
Below, whether it was Zhu Yuanzhang, Empress Ma, or the princes Zhu Biao, Zhu Di, Zhu Fan, Zhu Di, etc., all had a look of horror in their eyes.
[Zhongtong banknotes have been artificially devalued by 80%, and the nominal value has been reduced to 4% of the initial issuance. Isn’t this, this, not worthless?!!]
[If I were to go shopping, wouldn’t it be possible to spend the usual Zhongtong notes to buy something worth tens of cents?!!]
[I’m afraid such Zhongtong banknotes are no longer like waste paper, right?!!]
[Zhongtong banknotes, Zhiyuan banknotes, and Zhida banknotes, so many banknotes are issued in parallel, and their respective values are different. How much confusion will this cause if they are distributed to the public?!!]
[I don’t know how many people with evil intentions will take advantage of the different price differences between banknotes to defraud and defraud!!!]
Just by listening to what Yan Changqing said, Zhu Yuanzhang, Empress Ma and the princes Zhu Biao, Zhu Di, Zhu Fan, Zhu Di and other princes already knew how chaotic the second chaotic stage of the former Yuanbao banknote was!!!
Yan Changqing looked back at the horrified Zhu Yuanzhang and others and continued:
"After Emperor Yuan Shun came to the throne, the politics of the Yuan Dynasty entered a relatively stable period, but the devaluation of Yuan banknotes accelerated and inflation was almost out of control.
"In the sixth year of Zhizheng (1346), one tael of gold was worth three hundred guan of Zhongtong banknotes, and one tael of silver was worth 30 guan of Zhongtong banknotes."
"In the tenth year of Zhengzheng (1350), it had been devalued by inflation and was worth one tael of gold and five hundred guan of Zhongtong notes."
"At the same time, due to the huge pressure on financial expenditures caused by 'kaihe' and 'counter-rebellion', in order to alleviate the financial pressure, Emperor Shun of the Yuan Dynasty issued another Zhizhengjiao banknote in the 10th year of Zhizheng. This was the first time in the history of the Yuan Dynasty that The third and final 'money change'."
"This time the banknotes are changed, the Zhizhengjiao banknotes are parallel to the Zhiyuan banknotes, and they are always worth two yuan banknotes. At the same time, in addition to banknotes, copper coins are also issued as a supplement.
"At this stage, the Yuan Dynasty's paper currency system had actually completely collapsed, and inflation was completely out of control."
".The issuance of this Zhizhengjiao banknote was entirely to serve the rapidly expanding financial needs of the Yuan court.
"In the twelfth year of Zhizheng (1352) and the thirteenth year of Zhizheng, the amount of Zhizheng banknotes issued was 19.5 million ingots according to Zhongtong banknotes."
"In the fifteenth year of Zhengzheng, it was equivalent to 60 million ingots of Zhongtong banknotes, the highest in history."
"It was said at that time, 'The most upright banknotes are printed every day, countless numbers are printed, and they are regarded as hidden away.
"Coupled with the re-issuance of copper coins, people have an alternative to choose from."
"In the end, the credibility of the Yuan court embodied in the banknotes handed over by the Yuan Dynasty was completely eroded, and it lost its role as a credit currency."
"At the same time, the Yuan court forcibly changed banknotes again and again, despite the best intentions."
“However, these currency-changing reforms are not accompanied by any fiscal reforms. They simply adopt the method of ‘changing currency’ and transfer all problems and contradictions to the people.
“Thus, the three banknote reforms not only failed to solve the problem, but further pushed up prices, aggravated inflation, and increased the burden on the people [eventually leading to the outbreak of widespread civil unrest.
"In the eleventh year of Zhizheng (1351), that is, the second year after the last currency reform of the Yuan Dynasty, Red Scarf Army leaders such as Liu Futong, Han Lin'er, and Xu Shouhui began to carry out large-scale activities in Yingzhou, Xuzhou and Huguang."
"Afterwards, Guo Zixing, His Majesty, Zhang Shicheng, Chen Youliang and others also succeeded in separatism and rule."
"In the end, the Yuan Dynasty was finally destroyed by His Majesty and other rebels under the superimposed effect of the above-mentioned series of chain reactions."
"If the Yuan Dynasty did not implement the paper currency system, then even if the Yuan Dynasty perished, it would not be destroyed in less than a hundred years.'
"With the implementation of the paper currency treasure banknote system, as long as the imperial court is willing, it can easily and incomparably collect the wealth of the city below by issuing a large amount of treasure banknotes![!"
"Simply, all the money that had taken previous dynasties two or three hundred years to be squeezed out of the people was squeezed out in just a few decades."
"And when all the money from the common people has been squeezed out and they can no longer survive, then naturally it will be time for tens of millions of common people to revolt and overthrow the imperial court.
Yan Changqing put down the charcoal in his hand, turned to look at Zhu Yuanzhang, Queen Ma, and the princes Zhu Biao, Zhu Di, Zhu Fan, Zhu Di and other princes below, and concluded lightly.
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