In the past ten days, the Beijing Times has serialized an article entitled "Theory of Currency". The author of this article is signed "Tokyo Xiaoxiaosheng". Even the most savvy newspaper detective cannot find out the specific situation of this "Tokyo Xiaoxiaosheng", but this article has caused a great response.

In the railings on Panlou East Street, Liu Shijiu was reading a loudly article in the newspaper at the request of everyone:

In primitive society, when productivity increased slightly, some surplus items appeared occasionally in the tribe, and sporadic transactions also appeared. Tribe A used the remaining two sheep to exchange two knives for Tribe B. At this time, the value of the two sheep can only be reflected by two knives.

With the further development of productivity, there are more and more things left in each tribe, including rice, salt, cloth, knife, bow, cattle and sheep, etc. At this time, commodity transactions also become frequent, and many problems arise. The value of commodities in each tribe is different, and there are many contradictions. How to exchange them?

As a result, metal currencies such as gold, silver and copper appeared, and all commodities were uniformly used to measure their value, which facilitated people's transactions.

However, metals such as gold, silver and copper are relatively scarce. With the continuous development of productivity, the number of commodities in society is becoming increasingly large, and the shortage of these metal currencies is becoming increasingly serious. Therefore, money shortages often occur in society.

Commodities are continuously produced, but there is not enough money to measure their value, so there is no way to trade.

The only way to solve this problem is to issue credit currency.

The characteristic of a credit currency is that its value as a currency is much greater than its coining material, and its credit depends on the ability to exchange the corresponding metal currency.

This convertible credit currency is circulated on the market instead of metal currencies, so it can be called a substitute currency. The paper money currently issued by the Song Dynasty is a substitute currency.

The substitute currency can be exchanged with metal currency equivalent, which guarantees its credit value. But it is precisely because it only replaces the characteristics of metal currency circulation in the market. It is destined to be unable to truly solve the problem of money shortage caused by the shortage of metal currency.

To solve the money shortage caused by the continuous development of productivity, the ultimate goal is to use full credit currency.

The so-called complete credit currency is a currency issued through the national credit procedure, which is characterized by the inability to exchange with metal currency, cutting off its connection with metal currency, issuance and circulation through credit procedures, and is compulsory;

The state can control and manage the circulation of credit currency through specific institutions. This credit currency is a debt certificate and is a debt of the state to the people, so its basic guarantee is the country's credibility.

The amount of it is issued is based on the needs of the country's economy, not the needs of the court. Only in this way can the credit of this completely and completely credit currency be guaranteed.

This serialized article is very long, and what Liu Shijiu reads is just the beginning.

This article serialized in this draft elaborates on the past and future of currency, as well as the relationship between currency and social development, commodity circulation, etc.

Most ordinary people in the city cannot fully understand it, but they understand one truth: with the development of social productivity, it is inevitable to use credit currency in the future.

This is the first article in history that has a comprehensive and profound explanation of the meaning of currency. Especially the part about banks mentioned later in this article has surprised many knowledgeable people and applauded them all. For example, this article gives an example:

In a country west of Dashi, merchants deposited their money in gold shops. The gold shop opened a voucher for the depositors, and then took the voucher and took out the gold.

Later, the merchants discovered that when they needed money, they didn’t need to withdraw gold at all, just hand over the gold certificate to the other party.

Later, the gold shop suddenly realized that the certificates they issued actually had the effect of currency! They could not resist the temptation and began to issue "fake certificates". But the magical thing is that as long as all customers do not come to get gold on the same day, "fake certificates" are equivalent to "real certificates".

In this story, gold shops are equivalent to banks, and the certificates it issues are equivalent to credit currency. From this story, we can understand that gold shops can amplify the amount of credit currency, but physical currency cannot do this.

The article also pointed out that the Ministry of Revenue is currently issuing paper money and has established exchange institutions for banknotes, gold, silver and copper coins in various ways, but the organizational functions are too single, just to ensure the credit of the paper money.

In fact, these institutions located in various places of the Ministry of Revenue can be transformed into real banks. By absorbing private deposits, loans, exchanges, savings and other businesses, they become institutions responsible for credit intermediaries, which facilitates the raising and financing of social funds.

On the one hand, banks gather idle monetary funds and small-scale monetary savings in society by absorbing deposits, and then lend them to those who need to replenish their currencies in the form of loans;

Here, banks act as intermediaries for lenders and borrowers. On the other hand, banks handle currency collection, settlement and other services for commodity producers and merchants, and they act as payment intermediaries.

The publication of this serialized article with currency and banks has made the Beijing Times suddenly become the focus of attention of officials, wealthy merchants, and even adapted to the people.

From this serialized article, people with insight can see the important role of banks in the national economy. Of course, banks are institutions that operate currency as commodities, and the profits contained in them are difficult to estimate.

Cai Jing urgently convened a meeting of the Ministry of Accounts to discuss the feasibility of establishing a Ministry of Accounts Bank.

The West Indian Ocean Trade Exchange also urgently held a shareholder meeting to discuss the establishment of a commercial bank.

Yang Yi leaned quietly in Adella's gentle arms and quietly looked at the fallen snow outside the window. This time he threw out this article "Theory of Currency" after repeated thinking, and felt that the time was ripe.

Since the founding of the Song Dynasty, industry and commerce have been encouraged. In terms of industry and commerce, even the Ming and Qing dynasties in later generations were inferior.

The wealth accumulation of the Song Dynasty was already extremely huge. In recent years, the Song Dynasty's economy has been growing rapidly under internal and external factors such as war and internal reform.

The imperial court has turned twice as much as the accumulation of people's wealth has increased several times. Various production workshops have emerged like mushrooms after a rain. Smart merchants are definitely not just merchants of Jiangnan trading clubs.

Driven by shopping mall demand, merchants and handicraft workshops everywhere expand their scale, innovate production technology, and compete for more surplus value. This is inevitable.

Especially this time, the stimulation of such a large-scale investment by the Western Indian Ocean Trade Trade Company, chambers of commerce in Hedong, Shaanxi, Shuzhong, Jinghu, Fujian and Youyan were also established. Major merchants were either united or watched over each other. Various large and super-large consortiums and factories emerged.

The development of industry and commerce in the Song Dynasty has reached the prelude of another boom. If you want to achieve a booming development smoothly again, Yang Yi believes that there must be a relatively complete financial system as support.

The state bank must be established as soon as possible and commercial banks are allowed to operate, but the threshold for commercial banks must be set higher. The court must formulate corresponding legal constraints to regulate the behavior of state and commercial banks.

Yang Yi withdrew his gaze from the window and asked Han Bier who was waiting for his answer: "How much money has the Shuzhong Chamber of Commerce raised to open a bank?"

Han Bier said unwillingly: "As far as the information I have learned has raised more than 20 million yuan."

After hearing this amount, Yang Yi understood why Han Bier was so anxious to come to him. Because of the huge investment in industry, the West Indian Ocean Trade Exchange would probably not be able to spend 20 million yuan to open a bank at once.

Now everyone has seen the huge potential of the financial industry. Everyone wants to seize the leading position in the industry. Han Bier and others have had different ideas about this, hoping to promote the court to issue corresponding regulations through Yang Yi, so that the Shuzhong Chamber of Commerce will not be qualified to open a bank.

Yang Yi smiled and said, "Startup capital does not represent anything. Although our chamber of commerce is slightly disadvantageous in the amount of start-up capital, it has an advantage in the areas of the right place. As long as it operates well, it will not be difficult to seize the position of the leader."

"This" Han Bier immediately understood. Yang Yi did not want to monopolize the financial industry. In this way, he could only rely on his own abilities. In addition to the merchants in Shu, merchants from Shanxi, Shaanxi and other places also intend to compete for the big cake of the financial industry. This battle seems to be very fierce.

"If there are no wolves on the grassland, sheep will breed very quickly, and more and more sheep will eat all the grass. What will happen? The same goes for our trading company. If you don't even have an opponent, it may not be a good thing. If the Shuzhong Chamber of Commerce wants to run a bank, don't have any bad thoughts. Think more about how to use your advantages, improve your competitiveness, and play with your opponents. You can even establish some mutually beneficial cooperative relationships with your opponents, which are both competitive and cooperation. Don't forget that the world is big, don't always keep your eyes on the country."

"Yes, Nu Nu understands." Han Bier retreated helplessly. The yard was in a state of storm and snow. Her graceful figure quickly disappeared at the other end of the inner courtyard curve corridor.

"Sister Han is really hard." Adela couldn't help but sigh, and gently massaged his temples with her slender fingers.

"It's very hard, but if I let her stay idle in the backyard, I'm afraid she won't be so energetic again."

"You are right." Adella smiled sweetly, lowered her head and kissed her gently on the forehead. The fragrance of her orchid-like musk-like body was gently filled with the air, making people intoxicated, "I'm just wondering, why didn't I help Sister Han this time?"

"How do you know I'm not helping her when I do this?"

"Master, this is what is called born from suffering and dying from happiness, right?"

"That's right."

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ps: Thank you for the divine light of autumn, the raindrops tap your window, the support of the passing Xia Han and others, thank you everyone.
Chapter completed!