Cheng Qian never thought that the emperor could do it so unhappily.
He wanted to suppress these big nobles led by the Zhang family in coinage, but Chu Suiliang and Cen Wenwen, who only knew that Zhang Chao was the head of the horse, immediately came to the bottom of the kettle to draw salaries and launch new coins.
The profits of the coinage plummeted, Cheng Qian did not reap the benefits, and he lost six million a year In line with the idea that I will lose you too, Cheng Qian swallowed his teeth and agreed to allow private coinage, but with a tax increase.
The special seigniorage tax was raised from 20% to 50%.
The operating income tax of the mint should not be less, and these two percent must be paid.
As a result, the cabinet passed the bill to raise taxes, but in the House of Representatives, it was directly beaten back.
Nine members of the Household Department were responsible for deliberating the bill, and nine votes were unanimously against the rejection, leaving no mercy for the emperor.
The councilor directly and unceremoniously said that if it was sent again, they would reject it.
Anyway, this bill can't pass with them.
As for the reason for the rejection, the tax of seventy percent is levied, and the court is crazy about money These parliamentarians did not mention at all the fact that the imperial court's salt tax increased the price of salt tenfold.
A tenfold salt tax can be used, but a seventy percent levy can't be used But they were adamant that it would not work.
"Uncle Guo, do you have any good solutions" Cheng Qian used to find Zhang Chao when he had difficulties, but now he is fighting with Zhang Dang, and he can't find Zhang Chao anymore, so he can only turn to Uncle Guo's eldest grandson Wuji for help.
Pinching a chess piece, the eldest grandson Wuji said helplessly, "A hundred times a year, for Zhang Chao, it's just a drop in the bucket."
Even if he handed over the mint, it wouldn't hurt him in the slightest. ” "Your Majesty, in fact, the real point is the right to issue banknotes, not the right to mint coins."
To make money by minting coins, he must first have enough gold, silver, copper, tin, lead and other materials before he can mint them.
The more you cast, the more you earn.
And now that the imperial court wants to adjust these metal coins, the profit of coinage is greatly reduced.
In comparison, it is the printing of money, but it is different.
Printing money itself is not profitable, because banknotes are not metal money, and there is no additional profit such as fineness.
But this should not be disregarded as not important to print money.
Printing money, on the contrary, is quite important and lucrative.
What he earns is not the money itself, but the money that can be overissued.
The scale of the Zhangjia family's former Zhang Ji Qian Zhuang and today's commercial banks is far greater than that of the Minsheng Bank of the imperial court, the other two Agricultural Bank and the China Construction Bank, and even the Minsheng Bank combined, the three together are far inferior to the scale of industry and commerce.
Moreover, the Li family also has shares in the other two private banks.
With the help of such a huge platform, the Zhang family has absorbed quite a lot of deposits, and the amount of gold, silver and copper currency in their hands is also very large.
With these physical currencies as reserves, the Zhang family issued banknotes.
Their family issuance, the reserve is 20%, that is, there is a consistent amount of metal currency reserves, and they can issue five banknotes.
In this case, the more gold, silver, and copper coins they have, the more banknotes they issue.
And these over-issued banknotes enter circulation.
In most cases, it is used to lend and collect interest.
Zhangjia Qianzhuang has developed so rapidly to its current scale over the years, what does it rely on In the early days, it relied on interest-bearing deposits, absorbing the scattered money in the hands of the people, and then pooling it to lend money, relying on the interest rate difference to make money.
Later, when the scale became larger, it directly carried out foreign exchange business and provided convenient access to the deposit receipts such as bank bills.
Later, when the credit was high, they directly issued treasure banknotes.
The treasure banknote was developed from the Zhangjia banknote, and the earliest banknote was a deposit certificate, even a bearer note.
Later, it developed into bearer, and finally formed a fixed denomination, which can be taken at sight, can be directly circulated, and can also be exchanged for copper money at any time.
Treasure banknotes were supposed to be issued consistent banknotes, and there were consistent copper coins in the bank's treasury, and the number of treasure banknotes and copper coins was the same.
But it's just like people who deposit money in the bank and don't take it out at the same time.
Money banks can take part of the people's deposits to lend, as long as the proportion is well controlled, they will not find the problem of not being able to pay the people's deposits, and they will take the people's money to earn interest.
The same is true for treasure banknotes, which should normally be consistent copper coins and consistent banknotes.
But in fact, copper coins can always be issued four or five times, because it is impossible for all people to exchange copper coins at the same time.
With the Zhang family's method, the larger the scale of the bank, the safer it is, the more deposits that can be used for lending, and the more banknotes that can be overissued.
Therefore, the more chickens the Zhang family can borrow to lay eggs.
This set of things has been understood by some shrewd people.
The profits of coinage are visible, but the money earned from issuing banknotes is hidden.
"If the imperial court really wants to do it, it should take all the power to print money and mint coins into the possession of the imperial court.
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Banks are only engaged in storage, lending, foreign exchange, and other businesses, while the power to mint and print money should belong to the imperial court. ” Cheng Qian was very moved to hear it.
The chess piece in his hand couldn't be put down.
If the right to mint money is in the hands of the imperial court, then the imperial court can have at least a few million coinage profits every year.
And if you have the right to print money, it is even more difficult.
Even if the imperial court uses 20 million yuan as a reserve fund every year, it can issue 100 million yuan.
With the financial knowledge that Cheng Qian learned from Zhang Chao, as long as the currency maintains a certain aggregate, which is roughly equivalent to the total amount of commodities, then it is safe.
If there is too little money, then there will be too little money and too many commodities, and there will be a money crunch, and then prices will fall and the economy will shrink.
This drop in prices is not a good thing, but because there is no money available, which hinders transactions.
And if there is too much money, there will be too much money chasing too few goods, and there will be inflation, and prices will rise sharply.
This will also disrupt the economy.
Too much money and too little money are all problems.
In the past, there was always too little currency, so it had to be used as a currency for trading, which greatly affected market transactions and made economic development difficult.
The circulation of paper money has greatly reduced this dilemma.
With 20% of the copper money reserves, there are five times the amount of paper money in the market, which greatly increases the amount of money, but the issuance of paper money has been well controlled in recent years, so there has been no inflation.
According to a market report by the Industrial and Commercial Bank of China, Datang's monetary volume is still insufficient.
The total amount of money is insufficient, and the market circulation is even more insufficient, and a lot of money is concentrated in the hands of those nobles, rich businessmen, and the circulation is insufficient, and the currency gap is still not small.
Cheng Qian, who is too specific, still doesn't quite understand, but he knows that if the imperial court gets the right to issue banknotes in its hands now, then as long as the imperial court has tens of millions of reserves, printing one or two hundred million will not have too serious an impact.
In addition, the use of printed banknotes should be more cautious, such as issuing some loans with less risk, or using them for some basic construction, such as road repair, water conservancy, etc., and the money is used up and exchanged for various materials, as well as money for the people's work.
That's what it's safe to do.
As long as you don't use it in one place, you don't have to worry about too much money pouring into the market at once, causing prices to rise.
It is also a good idea to use paper money as the salaries of officials, teachers, and soldiers in various places.
The imperial court received the right to print money, and the central bank had the right to issue money, and the other four major banks, including some other small banks, were not allowed to issue banknotes, and they could operate storage, lending, and exchange businesses.
Correspondingly, only the central bank will be able to exchange metal coins in the future.
"But will they let go?"
asked Cheng Qian.
Everyone can see how important the right to issue banknotes is, which is fatter than coinage.
"Then it depends on Your Majesty's determination."
The eldest grandson, Wuji, said he was willing to contact a group of supporters.
"If the Cabinet vetoes it, what if the Academy of Sciences rejects it?"
"Your Majesty can let them be tried again."
"Rejection again" According to the system, if it is three times in a row, the Academy of Sciences will reject the same proposal.
Then His Majesty has the right to dismiss the current term of the Academy of Sciences, appoint others ahead of schedule, and reorganize the Academy of Sciences. ” The members of the six sections of the Senate have the power to refute them.
But just in case, if there is a disagreement between the cabinet, the emperor and the academy and the bill is dismissed, there are two options.
First, the cabinet or the emperor amends the edict or bill.
If the emperor and the cabinet refused to revise it, if the same proposal was rejected three times, then the people of the academy would have to resign automatically, and the emperor would reappoint the councillors.
This is a situation that will not happen easily.
However, now, if Cheng Qian personally issues an edict to take back the right to mint money and issue banknotes, the Academy of Sciences will be responsible for examining and refuting it.
The Academy of Sciences either passed or dismissed.
If it is rejected, the undertaking refuses to revise and revoke it, and continues to submit it.
Three times in a row, the emperor can be replaced.
"But what if the newly appointed members of the section still reject it?"
The six section members, each of whom has nine members, are elected from among the current senators.
"If there is another rejection of three times in a row, according to the system, not only will the six sections of this brush be dissolved, but also the current House of Lords will be dissolved, and all senators will be re-elected."
"Then if the new senators are elected, the new six subjects elected from them will still be rejected and not passed" Cheng Qian asked, this is not impossible, the current nobles are not completely of the same mind as the emperor.
The eldest grandson Wuji smiled slightly.
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"If that happens, then Your Majesty can dismiss the council again, and then pass the edict directly."
The emperor and the parliament really screwed up like this, and the final result was, of course, greater imperial power.
However, the eldest grandson Wuji believed that unless these parliamentarians wanted to rebel, no one would dare to trample on the emperor's majesty like this.
Of course, if Cheng Qian wants to use it like this, it will also take the initiative to break the bottom limit.
It's hard to say what the consequences will be.
"The ministers will do their best to lobby the prime minister and the councillors."
The eldest grandson Wuji also didn't want to see that kind of rupture scene, if he could properly come up with some benefits in exchange for other aspects, he believed that this matter was not without discussion. t1706231537: