Although others regard land as Yongli or Deng Ming, Deng Ming neither believes that the land belongs to the emperor nor himself, so he gives it to veterans who are willing to move without any psychological burden. However, in addition to land that does not cost money, there are also many things that need to be spent. For example, food, seeds, various tools, vehicles, and livestock for immigrants, all of which cost Chengdu's financial resources.

"The problems that can be solved by spending money are not a problem." Deng Ming's first reaction was that this was not a big problem. If it were three years ago, it would definitely be a worry. However, now the horse shops and blacksmith shops in western Sichuan are starting to produce continuously. With the influx of a large number of immigrants into Chengdu, the proportion of non-agricultural population has increased sharply, and even labor is not a big problem. There is no problem in supplying veterans - if it were not for such production capacity, the Western Sichuan Group would not consider re-occupying Mianzhu, Jiangyou and other places. When Chengdu was too busy to take care of itself, she wanted to move everyone to the city.

However, Deng Ming soon discovered that there were actually big problems. Last time he went to Zhejiang, the West Sichuan Group did not make any money but paid a large sum of money. Deng Ming did not pay the spoils from Myanmar to the treasury, but instead used it to build 51 pavilions. Therefore, the West Sichuan Group had serious financial difficulties. Chengdu and Xuezhou had a large number of immigrants who needed resettlement, but the military expenditure could not be cut. Deng Ming did not agree to cut education funds. After all, it seemed that there was no other way except to start the printing machine and print money overtime.

However, Chengdu has printed a lot of IOUs in recent years. Now that immigration has just arrived, taxes have not increased significantly, and a lot of things that can be cashed out have been sold - such as those canal ships sold to the Lord Deng's yamen.

The consequences of large-scale printing of IOUs are unpredictable. Deng Ming has never learned economics, but only qualitatively knows that increasing the issuance of currencies will cause inflation. He has no idea how to quantitatively control the issuance amount. Others under him, such as Governor Xiong, also know nothing about this.

The immigration funds needed seemed quite a lot, which made Deng Ming a little shocked. After saying the bold words "It's not a problem", he was stunned for a long time with the document and no longer had the confidence he had before.

"Everything is difficult at the beginning. We need to provide these veterans with all the initial necessities of life. In fact, in order to save money, we can save as much as possible." Liu Jinge, Xiong Lan, Qin Xiucai and others saw Deng Ming's guilt and hurriedly explained: "Their rations can be transported uniformly by the army, and the farm tools, quilts and tents they gave them can also be transported by the army. But even so, they must carry some luggage, clothes, and softness with them. They have family members, and some may have children. If they leave Chengdu, they don't know when they will come back. They will definitely buy necessities of life."

The military also participated in this discussion. They accumulated a lot of valuable experience in the last major immigration of Zhejiang, and they were also used in this immigration operation. If it was a military camp, it would be simple, but these people were fellow scholars from Chengdu, and forced immigration is not allowed in western Sichuan. They all have complete citizenship rights. If they only want to save money, the immigrants will not survive and plan to migrate back, then western Sichuan will lose money this time.

Mu Tan pointed out, "As Liu said, everything is difficult at the beginning, because the road is completely abandoned, the losses along the way will be very shocking, and there will be a large amount of road construction expenses; but in the future, people come and go and the roads are constantly repaired, and the expenses will definitely not be so much next year."

Deng Ming turned the document back two pages and saw that there were budgets for the next few years. There were many unknown factors, but the future expenses were indeed greatly reduced. One of these expenses was subsidies for the caravan. After the immigrants moved over, they could not let them die. They could hunt, provide fur and other goods to Chengdu, and exchange daily necessities from the caravans. This kind of caravans may lose money, but they cannot be left out. Therefore, the Chengdu government guaranteed them that all the money earned belonged to the merchants themselves. If they lost money, the government gave subsidies. Now the Chengdu government does not know how much it will pay, so they can only overestimate the losses and list them all in the budget. After the caravans have several times, the government can have accurate numbers.

Deng Ming carefully checked the documents and felt that as his subordinates said, it was full of necessary expenses. He also followed Deng Ming's usual idea, that the government and the army would withdraw from the transportation work as soon as possible and hand over the work of replenishing immigrants to the merchants to complete. Deng Ming believed that the merchants knew very well what was the most popular among immigrants, and knew that what production was needed by Chengdu, and would carefully calculate the cost. In this process, the government only played a job of accounting checking and supervision, so as not to cause any messy corruption problems, or to let the immigrants produce local specialties, and then spent a lot of money to transport these goods that the Chengdu official had come up with slap in his forehead and piled up.

After reading the document twice, Deng Ming sighed again: "In this way, immigration will still be very hard. If they have more money now, their lives will be better soon. If they only want to save a little now, they may have to slow them down for several years."

"Then you need to print more IOUs." Xiong Lan whispered. Since the beginning of issuing IOUs, Sichuan Bank has been committed to keeping print volumes and tax revenues equal. However, this goal is becoming more and more out of reach, and Chengdu's ever-inflated economic scale also requires more currency to maintain. Relying on trade income and immigration to Sichuan, although the circulation of IOUs is getting bigger and bigger, the IOUs have not depreciated. However, if you have to reprint IOUs to improve people's livelihood by increasing the printing of IOUs every time, then inflation is inevitable, and this does not require too much economic knowledge to understand.

"What if taxes from newly developed areas are used as collateral?" Deng Ming pondered for a moment and asked the opinions of the officials around him. After these lands were developed, there would definitely be new taxes - Deng Ming not only did not think that the immigration plan they formulated was extravagant, but also wanted to allocate more subsidies to immigrants: "Besides, they bought more goods, isn't it also a stimulus to Chengdu's industry? I seem to have heard many people complain that hundreds of thousands of strong men and strong women came at once, and the job was not as easy as before."

"Ten thousand retired soldiers, and thousands of immigrants will be sent every year. When will they repay such a large subsidy?" Qin Xiucai asked back. He is now an expert in taxation: "It is impossible for more than ten years without ten years."

"Well, that is to say, in these ten years, this burden will be borne by the unleavened scholars." Deng Ming understood very well that printing such a large IOU at once would overdraw the taxes of these newly developed places in the future for many years: "The rise in prices is equivalent to plundering the savings of the people under our rule. They don't have much savings, and most of them still owe huge debts, and every little saving is saved by saving frugality."

No one around Deng Ming said that. Printing IOUs is the same as manufacturing coins. If the government strives to maintain credit, then the interest rate is the service fee for the government to provide credit currency; if the government allows the currency to depreciate, it is robbery. For example, the minting of money in the late Ming Dynasty was no different from robbery, so when the wealthy businessmen heard that the emperor had minted money again, they rushed to escape from the capital.

"The depreciation of savings is equivalent to other people helping immigrants. It is not completely unreasonable to ask them to bear a little bit. These immigrants will make the surroundings of the capital safer. But we should still try our best to compensate." Deng Ming thought about it for a while and finally made up his mind: "Issue bonds."

“What is a bond?”

...

At the urgently convened Imperial Parliament, Duke Bao once again reported to all the Imperial Parliament members, asking the Imperial Parliament to agree to issue the "Daming Sichuan Construction Bond". The government bond is for three years and pays three percent of the interest every year. In this era, it is normal to save money to pay custody fees to the money shop, so most people would rather risk being stolen and dig a hole and hide the money under the ground of their own residence.

Influenced by this tradition, even if banks in Sichuan do not charge storage fees, the interest rate is very low or there is no interest at all. Moreover, many people who save money think it is quite cost-effective - avoiding the danger of being stolen and being bitten by mice, and letting others be responsible for storage without spending money.

Although Deng Ming thought this trend was wrong, he did not intend to use administrative means to reverse it. However, after the treasury bonds appeared, the commercial banks would probably have to change it - business would not be so easy to do in the future.

This time, Deng Ming asked for the issuance of 50 million yuan of treasury bonds, which theoretically amounted to 500,000 taels of silver. Deng Ming guaranteed that every penny of this treasury bond would be used for immigration work. At the same time, Deng Ming also asked the Imperial Parliament to set up a special committee to supervise the use of this construction fund.

"This batch of bonds can be purchased in equal amounts of IOUs, or in silver, converted in proportion to one or two taels of silver in Kuping. The 50 million yuan is used to pay for early road maintenance, provide daily necessities and immigration subsidies. In the future, the taxes in the two places will be used first to pay interest before they can be used by the government. If Jiangyou and Mianzhu encounter war, there will be natural disasters, or the cultivation failure will fail, the scholars will return to the capital, and the imperial government will also ensure that the scholars who purchase bonds will not suffer losses. For those who purchase the scholars who build treasury bonds, the imperial government will provide full guarantees..."

After Deng Ming finished speaking, a member of the parliament asked: "I have several questions about what the Duke of the State just said. The first is what the purchase of silver means? Isn't silver not circulating in the empire now?" Many people have equated the area controlled by Deng Ming to the empire, and this member of the parliament is also one of them. Regarding Deng Ming's two consecutive emphasis on guarantees for fellow scholars, this member of the parliament also has his understanding: "Is it true that if a military disaster or natural disaster, the bonds purchased by the right and the scholars will be invalid?"

"Oh, I made a mistake here. Like a scholar and Quan Rusu-Scholar are also fully guaranteed by the imperial government." Deng Ming quickly made up for his mistake: "Sir, please sit down, I'll explain this issue. Our bond is also planned to be issued overseas..."
Chapter completed!