Otaku Engineer in Great Tang Dynasty

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"I know that Your Majesty is worried, but the appearance of Yanhuang Qianzhuang and Tang Yuan is definitely more good than bad for the Tang Dynasty. Please consider it carefully!"

Inside the Ganlu Palace, Li Zexuan bowed.

Qianzhuang and Tang Yuan, which have been on the market for more than half a month, finally ushered in the super "big test" that they must go through!

If you pass the test, you will live; if you fail the test, you will die!

Li Er asked indifferently: "Oh? Then tell me, what benefits can this Qianzhuang and Tang Yuan bring to the Tang Dynasty~?"

Li Zexuan organized some language in his heart, and said slowly:

"Your Majesty, first of all, Tang Yuan is lighter than copper coins, which is more conducive to transactions between merchants and common people, especially large-value transactions! For example, to buy a carriage, the price of a carriage nowadays is mostly several hundred kan, and a few hundred kan copper coins. , the weight is over a thousand catties, and at least two or three bullock carts are needed! And if you pay with Tang Yuan, you only need a few banknotes with a face value of one hundred Tang Yuan, and you can easily complete such a sum. The transaction, both for the buyer and the seller, is a huge time saver!”

As he spoke, Li Zexuan took out a banknote with a face value of one hundred Tang Yuan. Li Er asked Zhao Song to present Tang Yuan, looked at it carefully, and said:

"As Xuanling said, your Tang Yuan is very exquisitely printed! I have already understood what you just said, but I can't just abandon copper coins and use Tang Yuan just because Tang Yuan is more convenient than copper coins! Once the country is turbulent, you can't take this responsibility, and I can't take it either!"

Li Zexuan cupped his hands and said, "Your Majesty is right! This Tang Yuan may indeed cause national turmoil, so it is absolutely right to be cautious!"

Li Er frowned and said angrily: "You kid just said that Tang Yuan is so good, why do you say that now?"

"Your Majesty, the reason why this Tang Yuan may cause national turmoil is entirely because it is so easy to use and has too many advantages! To talk about the disadvantages of Tang Yuan, we must start from the advantages of Tang Yuan!"

Li Zexuan smiled and continued: "In addition to what I just said, Tang Yuan's second advantage is that it is extremely safe to carry, and it can also make up for the "money shortage"! I Datang currently produces about three hundred copper per year. More than ten thousand catties, even if all of them are used to cast copper coins, they can only cast more than 600,000 copper coins!

Since His Majesty ascended the throne, he has cooperated with the civil and military affairs of the Manchu Dynasty to vigorously develop the people's livelihood. The 600,000-carat coinage vehicle may have been enough in the past few years, but since last year, the private copper coins have been stretched out. With the development of production in various states and counties in Datang and the acceleration of commodity circulation, the speed of casting copper coins will become more and more unable to keep up with the needs of the common people for copper coins!

At that time, there will be a large-scale shortage of money. How should the court deal with it? Is it necessary to restrict private production? Of course not, this is hindering the progress of my Datang! And if there are Qianzhuang and Tang Yuan, and it is mandated by the imperial court that Tang Yuan can completely replace copper coins, then there will be no problem of money shortage! "

Li Er's heart moved, what Li Zexuan said really touched the sore spot in his heart. His family knew about his own affairs. The annual coinage of Datang was actually less than the 600,000 coins Li Zexuan said, and it is undeniable that since the world was at peace In the future, the agricultural production of the people has recovered very fast, and the increase of copper coins in the whole Tang Dynasty is almost unable to keep up with the demand for copper coins of the common people.

At that time, will it be up to the imperial court to suppress the value of all commodities? For example, three cents for a bucket of rice is suppressed to two cents, and there will naturally be less demand for copper coins among the people, but how is that possible? The price at this time is already very, very cheap, and it must not be suppressed any more!

"You mean, after Tang Yuan replaces copper coins, I can relieve the money shortage by issuing Tang Yuan wantonly?"

Li Er asked with a frown.

There are indeed problems with Datang's current currency system, but he always feels that Tang Yuan will also have hidden hidden dangers, and it is "not reliable" to use!

Li Zexuan hurriedly shook his head and said, "Your Majesty, this is a disadvantage of Tang Yuan, and also the hidden danger! Tang Yuan can solve the money shortage and quickly generate a lot of wealth for the court, but there is a huge risk hidden behind it! Your Majesty, you You are wise, martial and self-control, but you can guarantee that the emperors of future generations will be the same as you?

In case there is an emperor who is greedy for a momentary gain and uses the indiscriminate printing of Tang Yuan to deal with the financial difficulties of the court, the Tang Yuan flowing to the people is far more than the people need. Converted into copper coins, at that time, the new currency system established with Tang Yuan will collapse rapidly, and if one fails, the country will also collapse. "

Li Er suddenly realized, and finally understood what he had been worrying about in his heart. He asked, "Then what is the basis for the circulation of your Tang Yuan?"

Li Zexuan replied: "At present, of course, it depends on how much copper coins are prepared in the bank! In the early days of the bank and Tang Yuan, the bank must provide 100% or at least 80% of the reserves for the issued Tang yuan! In other words, if the bank wants to To issue 100,000 Tang Yuan, you must have a reserve of at least 80,000 yuan, which can be used for the usual exchange of people and businessmen!

Tang Yuan put it bluntly, it's just a credit certificate. Only when everyone believes that Tang Yuan can be exchanged for copper coins at any time, they will use Tang Yuan with confidence! And as people and businessmen trust Tang Yuan more and more, the frequency of exchanging copper coins will be significantly reduced. At that time, the reserve required by the bank can be reduced to about 40-60%! At that time, although Datang could only mint 600,000 copper coins every year, it could

Go for at least one million Tang Yuan! "

Li Er's eyes lit up and finally smiled: "It's a good idea, but I listen to you, isn't the issuance of Tang Yuan in the future based on how many copper coins are prepared in the bank?"

Li Zexuan replied: "Of course not! This method of issuing Tang Yuan with copper coins as a guarantee is just the most basic method of the bank! When Tang Yuan is accepted by most people, there is no need for a corresponding proportion at all. At that time, the credit of the imperial court was used as a guarantee to decide how many Tang Yuan to issue according to the value created by everyone in the Tang Dynasty every year! Therefore, this bank must be in the hands of the imperial court!”

Currency issuance in modern society has basically gone through three stages:

One is the gold and silver reserve system: under the metal currency system, it was stipulated that the central bank must have 100% reserves in the issuance of bank rolls, because the bank rolls at that time could be freely exchanged for gold and silver.

The second is the guaranteed reserve system: after the non-fulfillment credit currency system replaces the metal currency system, the central bank's currency issuance is allowed to be guaranteed by securities, foreign exchange and even other assets. (This is also one of the reasons why the country attaches great importance to foreign exchange reserves)

The third is to manage the currency system: In order to prevent the central bank from issuing banknotes indiscriminately, many countries have implemented a system of maximum banknote issuance.

In Li Zexuan's plan, Tang Yuan must develop from the original exchange currency to the credit currency, and finally develop into an official official currency led by the state, completely replacing copper coins!

After all, in his opinion, in addition to making money, copper is still very useful in other aspects!

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