Cui Xiuning said: "The people who attempted to destroy the Yuan court were the remnants of the Yuan court, and they were fleeing the net. They incited some merchants in cities to hoard goods, refuse to accept paper money, and fuel the fire, causing the prices in the city to rise to heaven. They wanted the people to rise up and make our rebellion. People are already arresting, and the military, police and Xiante are searching."

Li Luo would not ask about the fate of these people at all, because their fate was no longer questionable when it fell into the hands of spies and military police.

"The prices soar, and even if you wipe your butt, it's also an opportunity! Get the bank first and use the bank to recycle the money from the people's hands and exchange them for silver dollars and copper coins." Li Luo said gritting his teeth.

He can't feel sorry for Jinzi, he must do this!

By suppressing the great landlords and powerful people in the entire southeast and confiscating the official silver of the Yuan court, Li Luo obtained more than 80 million taels of silver. In addition, he obtained silver in Annan, Zhanpo and Japanese countries, and the Tang court controlled nearly 100 million taels of silver!

It can be said that one-third of the silver in East Asia in the entire later generations was in the hands of Tang Ting.

The problem is that hard currency is just a currency medium and is not a material wealth itself. As the king of more than 30 million people in the southeast, Li Luo can only export silver to rebuild the currency credit.

Cui Xiuning frowned a little distressedly, "We have really lost so much money to exchange for banknotes that are almost turned into waste paper. But I know that this is not the time for selfishness, who says the money is in our hands? I feel sorry!"

Why did the banknotes in the Southeast depreciate so quickly and thoroughly?

The reason is Li Luo.

Originally, although the Yuan court's money exchange depreciated due to excessive issuance, it was still the main currency in circulation. Although the inflation was strong, it had not collapsed yet.

Therefore, the Yuan court's excessive hairpin was not the first reason.

Although the war has a great impact on paper money and is also an important reason for inflation, it is also not the first reason.

Otherwise, look at the Song State in the south and the Liang State ruling region in the west, and have also experienced wars. Why has the banknotes not collapsed yet? But the Tang State, which has the best governance and the strongest rule, is almost collapsed?

The first reason is that most of the silver was taken away by Li Luo.

Before Li Luo confiscated the Southeast, 20% of the circulating currency in the world were silver. Moreover, the Yuan court stipulated that silver and paper banknotes could be exchanged. In other words, silver actually became the credit cornerstone of paper banknotes.

But after Li Luo raised his army, the confiscated ones were confiscated, the severance of the rebellion, and the houses were raided, and the vast majority of the silver was concentrated in Li Luo's hands, which reduced the silver among the people by 80%, and there was almost no silver circulating in the world.

Then, the banknotes cannot be exchanged for silver, and thus began to collapse. Fortunately, there was still copper coins as support, but they did not completely collapse.

Li Luo objectively became a person who plundered people's wealth. If I don't kill Boren, Boren died because of me.

Cui Xiuning picked up a market material provided by the Special Inspection Bureau, "What the hell, this certificate has become a currency, it's really crazy."

Li Luo said: "So we must do a good job in monetary reform. Abolish all paper money and implement the bank standard. If the time is not ripe and the preparation is not sufficient, we cannot issue our own paper money."

The original intention of issuing paper banknotes in Song and Yuan dynasties was to make up for the shortcomings of metal currency, and to legally plunder people's wealth. As for the consideration of convenient transactions... I'm sorry, the court never thought about it.

At this time, the paper banknotes had abolished the Southern Song Dynasty Huizi, Duzi, Guanzi, and official reports, and used the Zhongtong banknotes and Duzi issued by the Mongolian Yuan. These paper banknotes accounted for more than 60% of the currency circulation.

What’s especially amazing is that the monk’s certificate actually accounts for 20% of the circulation share in paper money, which is really a big wonder!

Speaking of which, this wonder was not the first creation of the Song and Yuan dynasties. The one who used the certificate of decrees to make money was the Tang Dynasty.

During the Anshi Rebellion of the Tang Dynasty, Xuanzong raised one million coins by selling monk certificates in Taiyuan alone for military expenses.

As a result, the vassal states in various places rushed to imitate and use their authority to issue councils to sell councils for profit. The governor of Xuzhou also "sold out with tears". As long as he handed over two stanzhs of copper coins, he could get councils and become a monk's book.

Therefore, the certificate of the quotation began to become a transfiguration banknote, which can be transferred and traded.

Why are the sacrificial certificates so popular? Because the sacrificial certificates can be exempted from taxes and labor service. Therefore, the government sells sacrificial certificates, which is actually selling privileges.

What a talent.

With the certificate of vassal, I am sorry, donor, I am a monk, so I don’t have to pay taxes or work hard. In addition, I can also beg for alms and build a temple to collect incense money.

What did you say? I have not been ordained but became a monk? Is that important? What’s important is that I have a certificate of sanctions. The court recognizes me as a monk, but you don’t?

In the Northern Song Dynasty, the "face value" of the quotation was even higher. The price of a quotation was as high as thousands of trump cards, becoming a real large-scale currency. Merchants traded large quantities and could handle it in just a few quotations, and I would like to ask whether you agree or not.

Therefore, monks from the Northern Song Dynasty were not something that ordinary people could be called. I think that monks like Lu Zhishen in "Water Margin" did not have a certificate of sanctions, and they were not recognized as "wild monks" who were caught and wanted to be slaughtered for three thousand miles.

There were many major cases of "killing monks and robbing certificates" in the Song Dynasty. There is a record in "The Story of the Shui Ji Wen" that someone walked with a monk and had the intention to kill him when he saw the certificate of decree. He killed the monk, snatched the certificate of decree, and became a "monk" himself.

In most of the Song Dynasty, the reputation of the Duzi was very good, far stronger than that of Jiaozi and Huizi, because the imperial court could not have been too relaxed in the number of monks.

Su Shi was the prefect of Hangzhou. In order to raise funds to build Su Dike, he submitted a memorial to the court, asking the court to grant him 10,000 tributes. Wen Tianxiang used the certificate to recruit soldiers and horses, and briefly recovered Jiangxi from the Yuan court.

This thing acted as a currency until the Qianlong period, and lasted for a thousand years.

It’s a thousand years, it’s okay if you don’t accept it.

There is no ancient paper money that is as strong as the certificate of tribute.

Why was it banned when he arrived in Qianlong? Because Qianlong believed that using the certificate of decree makes people imprisoned monks and nuns, which corrupts customs and harms education.

The problem is that Qianlong can refuse to admit it unreasonably, but Li Luo and Cui Xiuning must not refuse it.

After all, the sacrificial certificate has actually become a widely circulated monetary asset among the people. Most of the sacrificial certificates are in the hands of the people, and only a few are in the hands of real monks. If you prohibit a political order, many people will lose their money and the couple will not be scolded to death?

So the couple had to pinch their noses and recognize them.

Li Luo stretched out a finger and said, "The certificate of decree must not be recognized, but except for the real monks, everyone's certificate of decree must be exchanged for silver dollars and copper coins within a time limit, and no longer the certificate of decree is allowed."

He extended his second finger, "All the covenant certificates that can be exchanged must be covenant certificates from Liangjiang and Fujian, and no covenant certificates outside the Tang Dynasty will be recognized."

Cui Xiuning nodded, "Of course. What about the exchange price? It is estimated that all the sacrificial certificates in the Tang Dynasty have hundreds of thousands of sacrificial certificates. If the price is high, we cannot afford it. If the price is low, the people holding the sacrificial certificates will also suffer a lot."

Li Luo said: "You have the most information. According to your opinion, how to determine the price appropriately?"

Cui Xiuning seemed to have a draft, and answered without thinking: "A certificate of tribute exchanges for 20 silver dollars is a relatively fair price, and we and the holders are not at a disadvantage. As for the Zhongtong Banknote issued by the Yuan court, it is the most fair price to exchange for the price half a year ago, five-cent banknotes, and one silver dollar."

"I roughly calculated that it takes 12 million to 18 million silver dollars to exchange for the certificate. It takes 35 million to 60 million yuan to exchange for the Zhongtong banknote. The lower limit of the silver dollars we have to spend is more than 40 million, and the upper limit is 70 to 80 million yuan. Take a middle value, which is about 60 million yuan."

"It's okay." Li Luo breathed a sigh of relief, "We now have more than 90 million taels of silver reserves, which can mint 120 million silver dollars and release 60 million free of charge, so the national treasury still has 60 million yuan."

"No, it's not released for free. The Central Government money we took back can go to the Mongolian Yuan, Japanese, Annan, and Goryeo to flowers. Haha!"

Why not mention Zhao Song and Xiao Liang?

Because according to the information, Zhao Song and Xiao Liang also started to mess with money. However, they did not confiscate their families in their jurisdiction like Li Luo. They were more gentle to the landlords and powerful people, resulting in insufficient gold and silver. Therefore, they could only issue their own banknotes, and they could not use the silver standard as rich as Li Luo.

The small court in Guangzhou still wanted to issue a meeting, while Xiao Liang planned to issue "grain banknotes", using grain as a reserve and measurement benchmark, which could be exchanged for grain.

Obviously, the "grain banknotes" that Xiao Liang intends to promote is considered a hard currency because they are tied to grain. If they are well operated, they are still a good banknote, which can even be stronger than Li Luo's silver dollars.

But Li Luo did not believe that Liang State could successfully take over the "grain banknotes" because Liang State did not have a large amount of grain as a reserve for issuing grain banknotes.

If the granaries in various parts of the Liang State were empty, the function of exchanging grain banknotes for fixed-quota grains anytime and anywhere would be lost. Grain banknotes that could not be exchanged for grain would also become waste paper.

Moreover, according to the secret agent's return, Xiao Yin was unable to exchange and collect Zhongtong's banknotes and Ducai, and on the other hand, he did not dare to disregard the Zhongtong's banknotes and Yuan Dynasty banknotes in the hands of the people. He could only use the method of exchange at a low price. In this way, he would plunder the people's wealth.

Zhao Song was even more bizarre. He planned to issue paper money directly and exchange it for the Zhongtong banknotes and Yuan Dynasty certificates. He did not use precious metals as reserves or grain as reserves. He was purely paper and was completely endorsed by official credit.

This is the tradition of the Lao Zhao family: distributing banknotes indiscriminately.

Cui Xiuning shook her head and said, "You're not doing it right. It costs to cast silver dollars. More than 90 million taels of silver can produce 120 million silver dollars, but the cost of casting is two or three million yuan, and the money will be deducted."

"This is a small amount of money!" Li Luo waved his hand proudly, "Let's transfer the reserve talents of Haidong Bank here and first establish the Datang Royal Bank. All the matters of minting, issuing, and exchange silver dollars will be handed over to the bank. Then appoint the Banking Department's department's exerciser Cui Xian as the president of Datang Royal Bank."

Once the bank is operated, finance and taxation will be easy to operate. At least, local officials will never have the chance to collect fire and waste.

"Okay. The hydraulic stamping technology of silver dollars has matured and is just in full swing. Many institutions in Haidong are also moving here. However, although Haidong is no longer the court, we cannot be bored with the new and old." Cui Xiuning said reluctantly.

Haidong has devoted a lot of her efforts. Now that she has moved the capital to Lin'an, she is of course a little reluctant to leave.

Li Luo thought for a while, "Then promote Haidong to Dongzhou, Cui Mu as the governor of Dongzhou. Then promote Luoning City to Haidu, and Cui Mu also serves as the remaining guard of Haidu."

Haidong became a state, the same as Zhejiang, Yangzhou, Ganzhou and Minzhou. At the same time, Luoning City was promoted from a county town to Haidu.

In this way, at least political explanations were made to Haidong.

The next morning, a letter from the King of Tang was issued to the whole country:

"...Recycle all Zhongtong Notes and the covenant certificates not held by monks. Each covenant certificate is exchanged for twenty taels of silver, and each covenant is exchanged for one tael of silver. Before December, the whole conversion will be completed and expired and will not be exchanged..."

Of course Li Luo was not stupid. At the same time he issued an edict, he secretly ordered the garrisons and governments in the western and southern regions to strictly prohibit the banknotes of Zhao Song and Xiao Liang from flowing into the Tang Dynasty.

At the same time, private trade between the Tang Dynasty, Zhao Song and Xiao Liang is temporarily prohibited, and all unofficial private exchanges are also prohibited.

The purpose is to prevent banknotes outside the Tang Dynasty from flowing into the Tang Dynasty and exchanging silver dollars.

Cui Xiuning also ordered the mobilization of a large number of craftsmen and began to cast silver dollars of Tang Kingdom on a large scale.

After the "Redeem of Exchange", the people of Tang were ecstatic and the banknotes quickly recovered their purchasing power. Because the king said that the banknotes issued by the Tartars could also be exchanged. They would not lose their fortunes!

"The king is wise!"

"The king is kind, the parents of the people!"

Wherever the imperial edict goes, there are endless praises of praise.

…………

In the Xiaoliang Inn, hearing the hard work of Li Luo's orders, he was looking at the bustling market outside with a complicated look on his face.

Lin'an City is much more prosperous than Jiangling City, Kyoto, Liang Kingdom.

And the Tang King Li Luo is much better than His Majesty.

Even the Queen of Tang is far from comparable to Queen Daliang.

Everything is incomparable.

Not to mention the others, just the "Decision of the Kingdom" at the ceremony of Kings yesterday was not promoted by His Majesty with courage.

It’s not that Your Majesty is not smart, but that Your Majesty does not have the vision and courage of Li Luo at all. Your Majesty is the lord of Daliang, but he dares not offend the gentry, nor is he willing to benefit the people, nor is he able to implement the equal land order.

After a few days of official career, the officials in Daliang began to indulge in pleasure, compete for fame and fortune, and compete for comparison. As soon as they took over the entire Huguang, the administration of officials showed signs of corruption.
To be continued...