Even in the Tang and Song dynasties, copper coins were still the most mainstream currency, and silver was still scarce. Silver was not used for eating and drinking, but was used for large transactions like gold.

That is to say, in the Ming Dynasty, as various countries traded with the Ming Dynasty, more and more silver became the main currency. The Ming Dynasty also started to issue a new treasure banknote system based on the massive amount of silver.

It can be said that the treasure banknote system is built on silver.

However, the treasure banknote system based on silver is really unstable. Because the world market changes too much, silver is far from as stable as gold. Therefore, the gold standard currency is the most stable. After all, even in future generations, no matter how different countries are,

Currency is issued with national credit, but it is also an implicit gold standard.

Zhang Haogu thought about it and said: "Your Majesty, I believe that the treasure banknotes can no longer be bound to the silver. If this continues, it will be detrimental to the court and the treasure banknotes. If the currency value simply plummets, what will happen?"

Okay, but if someone else takes the opportunity to cause trouble, the court may go bankrupt."

Zhu Youxiao nodded: "Master is right, the link between silver and treasure banknotes is suitable for the previous Ming Dynasty, but now the imperial court has more and more silver, and more and more silver is scattered in the world, these banknotes are no longer linked to silver

The imperial court would be too passive if we hook it up."

"We must turn passivity into initiative and keep the initiative in the hands of the court. Do you have any good suggestions?"

Lu Xiangsheng said: "Your Majesty, I think it would be better to link the treasure banknotes to gold." "Gold?" Zhu Youxiao thought about it.

Zhang Haogu originally wanted to directly establish the Ming Dynasty's credit system. After all, the Ming Dynasty now dominates the East, and is the world's commercial and trade center, where wealth is accumulated all over the world. With the Ming Dynasty's national strength and credit, it should be possible to promote Baobao.

But Lu Xiangsheng wanted to link treasure banknotes to gold, which was also an appropriate approach.

After all, there must be someone with enough weight to take charge. A simple credit system is really not as good as the gold standard.

After all, gold is always scarcer than silver, and the price of silver is far less valuable than gold.

Zhu Youxiao said slowly: "Speaking of which, in the past when Western countries traded with me, the Ming Dynasty, there was gold and silver, but now, it is mainly silver, and gold is scarce. Also, every country needs gold, and everyone needs it.

To save it, this gold is always worth more than gold. Gold is a hard currency at any time, so it is reasonable to link treasure banknotes to gold."

Zhang Haogu also said: "I agree with Mr. Lu's opinion. There are many places in the world that produce silver. For example, the Japanese country has a huge silver mine. It's just that our Ming Dynasty lacks enough silver mines, but in the world, silver

There is always more than gold. Gold is scarcer than silver and more valuable than silver. Linking gold to treasure banknotes can better reflect the weight of treasure banknotes."

Qian Qianyi added: "I also agree with gold. The Ming Dynasty currently has too much silver. If so much silver hits the market, the market that the Ming Dynasty has worked so hard to establish will directly collapse. It is better to replace the silver with gold, so

As a result, the circulation in various countries will be smoother."

Zhang Haogu said with a smile: "That's it. By linking treasure banknotes to gold, the currency of the imperial court will have wider circulation: all countries can use fixed banknotes as the main currency. Even in our Ming Dynasty, we can also use fixed banknotes as the main currency.

Harvest seigniorage and make the treasure banknotes more legal."

Seeing that the three of them all agreed that gold is linked to treasure banknotes, Zhu Youxiao also nodded: "Well, since you all agree that treasure banknotes are linked to gold, let's do it."

After leaving Wuying Hall and returning to Wenyuan Pavilion, Qian Qianyi couldn't help but ask: "Linking treasure banknotes to gold will cause a lot of changes for the court, not to mention that there is too much silver held by the court and the people now, so much

Silver, what should I do?"

Zhang Haogu said: "Silver is still valuable, but not as much as before." "If the Ming Dynasty didn't have too much silver now, I wouldn't want to link treasure banknotes to gold now."

"But Mr. Qian, think about it, how much silver has flowed into our Ming Dynasty from Nanyang, the West, and Japan over the years, and how much gold has flowed into our Ming Dynasty?"

"The previous strategy designated by the imperial court was that gold and silver should not be circulated among the people, and all gold and silver should be returned to the imperial court. But now the gold is okay, but what about the silver? On the southeast coast, in the northern provinces, the major chambers of commerce, and the gentry everywhere, who doesn't have a lot of silver at home?

"

"There is too much silver held by the people, and the silver is no longer valuable as before. If all this silver is exchanged by them to the court in exchange for treasure banknotes, how many more treasure banknotes will the court issue? Is the court's money still money?"

Lu Xiangsheng said: "In this case, it is these gentry and merchants who will be the losers." Zhang Haogu smiled: "We can't let the court suffer, right?"

"As I said before, people are not allowed to store large amounts of gold and silver. They have to keep it in their own homes. Who can be blamed if it depreciates?"

"Let's hold a meeting when we go back to discuss and fix the link between treasure banknotes and gold. At the moment, one tael of silver is still worth a thousand treasure coins, but later, it may be worth a hundred treasure coins."
Chapter completed!