In the third year of the Guangxu period, drought in the north not only continued, but also further expanded. The disaster-stricken prefectures and counties in the nine northern provinces increased from 222 prefectures to 402, and the number of victims suddenly exceeded 100 million. The entire north was overland and many rivers were cut off. If it weren't for the deep wells drilled by machines in all prefectures and counties, let alone irrigating the land, drinking water would have become a problem.

The drought that continues to aggravate and gradually expands the drought areas have further increased the scale of immigration in various disaster-stricken prefectures and counties. The attitudes of local officials and gentry have also changed. They have begun to spare no effort to support and cooperate and actively encourage immigration. Everyone knows that in this case, the victims of the disaster have become a source of chaos and a disaster. If you are not careful, you may lead to uncontrollable chaos.

The victims of Zhili, Shandong, Shanxi, Henan, northern Jiangsu and northern Anhui provinces migrated on a large scale to the northeast, north, northwest and southwest under the organization of the imperial court and Yuanqi.

At the same time, the Qing Dynasty launched a large-scale road construction campaign from south to north, from east to west, and a large number of engineering teams formed by northern disaster victims continued to travel to various provinces to participate in this vigorous road construction campaign.

Because of this severe drought, the entire Qing Dynasty seemed to have become a huge construction site, including roads and bridges, embankments and dams, factories and mines invested, urban reconstruction... All kinds of labor-for-relief projects were launched.

Reliefs from more than 400 disaster-stricken prefectures and counties, large-scale immigration, labor-for-relief projects blooming everywhere, and investment and construction of factories and mines like mushrooms after the rain. Behind all this is huge financial support!

Shanghai, Zhennan Wangfu, Changle Bookstore.

"Big shopkeeper--" Hu Guangyong said in a heavy tone: "So far, Yuan Qi has exceeded 600 million yuan. If the drought continues for another two or three years..."

In recent years, Yuanqi has imposed mandatory regulations on the grounds of preparing to implement the gold standard. All economic activities related to Yuanqi must be used. In addition, the guidance of public opinion and Yuanqi deliberately raise the gold-silver exchange ratio, making Yuanqi's paper banknotes more valuable than silver dollars, so that banknotes are more popular than silver dollars in recent years. However, if a banknote is over-issued on such a large scale, the consequences will be unimaginable once a run occurs.

"Snow Yan doesn't need to worry." Yi Zhizu waved his hand indifferently, his tone was very calm, "The amount of loans borrowed by the imperial court from Yuanqi has exceeded 200 million, and the investment in the United States is more than 200 million. There is nothing to worry about. Keep out of the money, don't be afraid!"

Even Zhao Liewen, who was standing by, was a little anxious, "The shopkeeper, the paper is not enough to keep it. If you continue to issue such a super-issue, it will sooner or later trigger a run and a depreciation of the banknotes!"

Hu Guangyong tentatively said: "The shopkeeper is preparing to implement the gold standard?"

"No," Yi Zhizu said: "The domestic silver has basically been removed, and it is time to implement the gold standard. Let's prepare for it. Next month, the gold standard will be implemented. The international Chinese currency is directly linked to gold. However, it will not be exchanged in China for the time being, and it can be exchanged freely in three years."

The gold standard was finally implemented. Hu Guangyong was a little excited. In the past two years, a global economic and agricultural crisis broke out. The Qing Dynasty changed to the practice of gold settlement and used silver to import grain and mineral products from countries such as the United States, Russia and South America. It really spent a lot of silver. In addition, the domestic expectation for the Yuanqi to implement the gold standard has been long-awaited, and it is indeed not advisable to delay it.

Zhao Liewen said in a muffled voice: "Such a large-scale super-issue, and it will continue to increase the issuance. Can such a large hole be filled in three years?"

"Absolutely." Yi Zhizu said slowly: "The annual output of South Africa's gold mines is steadily increasing, and it can fill at least 100 million holes a year. In addition, after three years of investment in the United States, the principal and interest can be recovered at least 300 million. Even if there is a slight lack, the problem is no longer great."

Speaking of this, he looked at Hu Guangyong and said slowly: "With Yuanqi's current industrial, commercial and financial scale, plus the gold mines in South Africa, not to mention the holes of 200 million or 300 million or 500 million or 600 million or 500 million or 600 million, don't worry, just issue additional issues!"

Zhao Liewen said in a deep voice: "Big shopkeeper, will such a large-scale issuance in a short period of time cause currency depreciation and price increase?"

"This is for sure." Yi Zhizu nodded, "Such a large-scale increase in currency is bound to cause prices to rise. However, this is only temporary. For large-scale rapid development of industry, there must be a corresponding currency circulation, otherwise deflation will occur.

Now that nine northern provinces have severe droughts and prices are rising, it is reasonable. No one will put this responsibility on Yuanqi for the time being. Even after the disaster, it will take two or three years of recovery period. With such a long buffer, it is enough to allow prices to fall steadily."

Li Hongzhang, who had not spoken, suddenly asked: "It was announced that the gold standard was implemented, but the country would have to wait three years before paper money could be exchanged for gold freely. Will this move cause dissatisfaction? Or will it cause a run?"

Before Yi Zhizuo spoke, Hu Guangyong smiled and said, "Brother Shaoquan is worried too much. Our country has always been a silver country. Once our country announces the implementation of the gold standard, the international silver price will inevitably fall sharply, and the gold-silver exchange ratio will rise sharply. In this case, no one is willing to exchange the banknotes at hand for silver dollars, because banknotes are more valuable than silver dollars. Moreover, because of South African gold mines, no one will worry that Yuanqi cannot exchange the banknotes issued."

After hearing this, Yi Zhi couldn't help but smile, "Xue Yan reminded me that paper money is not impossible to be exchanged. In these three years, paper money can still be exchanged freely, but it can only be exchanged for cash silver, not gold. This must be noted that it cannot be misunderstood paper money cannot be exchanged for cash within these three years."

Zhao Liewen said with concern: "Now Yuanqi's current silver reserves are seriously insufficient. If there is a run, wouldn't it be a problem?"

"There is no need to worry about this." Hu Guangyong smiled and said, "Although the cash is seriously insufficient, there are still about 200 million yuan. Unless there is a large-scale run nationwide, there will be no trouble."

Li Hongzhang said: "This disaster relief, Yuan Qi offended all the gentry in the northern provinces. If they had the chance, they would not let it go."

"This is a must-be guarded." Hu Guangyong said and looked at Yi Zhizu and said, "Can the shopkeeper add to it that from the date of the announcement of the implementation of the gold standard, no silver exchange business will be accepted."

Once the gold standard is implemented, silver is no longer a legal currency. Yuanqi's announcement that it will not accept silver exchange is enough to play a great deterrent effect. If you want to exchange silver with paper money, you have to carefully consider whether you can withstand such a large loss.
Chapter completed!