In recent years, Yuanqi has used all means to export silver to the outside world to implement the gold standard, such as using the economic crisis to buy the bottom of the United States with huge amounts of silver, and using the agricultural crisis to purchase large-scale grain for disaster victims in northern provinces. This is something that everyone knows about the government and the public. Everyone knows that Yuanqi's inventory of silver is seriously insufficient, but according to regulations, within three years of trial of the gold standard, paper money cannot be exchanged for gold, but can be exchanged for silver freely.

However, because Yuanqi directly links paper banknotes to gold, the gold-silver exchange ratio has been rising steadily when Yuanqi sells a large amount of silver, resulting in paper banknotes being more valuable than silver. Therefore, although they can be exchanged freely, people rarely use paper banknotes to exchange silver for value preservation.

Even though many people know that Yuanqi has issued paper money on a large scale to provide disaster relief, he rarely exchanges silver, because everyone knows that the annual output of the Transvaal gold mine controlled by Yuanqi is as high as more than 4 million taels of gold, equivalent to over 100 million silver, and this hole can be filled in a few years.

But the situation has changed at present. The stock market plummeted, the economy fluctuated, and the smoke of gunpowder in South Africa was rising again. Moreover, it was still a battle for the Transvaal gold mine. Out of caution, many people exchanged the banknotes at hand for silver to seek peace of mind. After all, real silver is more reassuring than banknotes.

In this case, an announcement is issued to prohibit silver from exchanging banknotes. This is tantamount to disguised threats and intimidation. What's more, Yuanqi can ban silver from exchanging banknotes, and can also ban paper money from exchanging banknotes! In the case of panic in people's hearts, this move will not only fail to curb the run, but will backfire, inspire panic and cause a larger run.

Hu Guangyong's concerns were naturally clear. He waved his hand without hesitation, "It's okay, let them exchange them. The emperor has issued an order to prohibit paper money from being exchanged for silver during the war. You can announce it to the world at any time."

"Will such a tough guy affect Yuan Qi's reputation?" Hu Guangyong hesitated: "Once it arouses disgust or boycott from the government and the public..."

"Xueyan is too worried." Yi Zhizu interrupted his words and said: "Yuanqi has completely monopolized the financial and industrial economy of the Qing Dynasty, and Huayuan has also become the legal currency circulation of the Qing Dynasty. Even when everyone opposes and boycotts Huayuan today, it will be useless. Yuanqi has tough capital! There is also strong capital!"

"When it is time to be tough, you must be tough!" Zhao Liewen echoed: "In the current situation, if Yuan Qi is not tough, it will inevitably lead to a huge crisis or even a risk of collapse. It is not difficult to choose which one is more important."

"I understand." Hu Guangyong said softly.

From New Year's Day in 1879, the exchange of silver for banknotes was terminated. Yuan Qi's announcement immediately caused a sensation as soon as he saw the report. There was a lot of discussion among the government and the country. It was obvious that Yuan Qi hoped to use this to curb the momentum of banknotes for banknotes for banknotes. When this announcement showed Yuan Qi's strength, it also exposed Yuan Qi's lack of confidence. Who doesn't know about the empty silver inventory of Yuan Qi now?

For wealthy businessmen, gentry and wealthy households who still have a large amount of silver in their hands, should they exchange the banknotes at hand for silver? Or exchange the deposited banknotes in hand for paper money? This is a very difficult choice.

Now Yuan Qi is extremely strong, as can be seen from this announcement, it is necessary to terminate the exchange of silver for banknotes. If you hold the silver in your hand, then silver will withdraw from circulation to copper coins, and this loss will be great.

Keeping paper money in hand, Yuan Qi is now sending paper money indiscriminately, and war is about to begin overseas, so he will continue to issue more paper money. The stock market plummeted and the economy is showing signs of depression. The West wants to seize the Transvaal gold mine. Once the war is unfavorable or the war lasts, God knows what will happen? It is really hard to feel at ease with holding a large handful of paper money.

In a dilemma, many people made the wisest choice - to buy a property! Exchange all the banknotes or silver at hand for assets - such as fields, houses, shops, or purchase and store some goods to preserve value. Those with sufficient funds will invest in an industry, either sole proprietorship or joint venture, and try to spend the money at hand.

Even those with insufficient funds on hand, such as some workers, have begun to actively consume. Those with more money buy houses, and those with less money buy bicycles, watches, leather shoes, etc. are luxury goods in their eyes.

No one wants to leave too much money in his hands. In less than half a month, the Qing Dynasty's economy became unprecedentedly active, and prices began to rise steadily. The rise of prices stimulated further consumption, and no one wants to see the depreciation of the money in his hands.

"This is really, if you plant flowers and flowers, you won't bloom, and if you plant willows and willows, you will become shade." Yi Zhizu laughed loudly. He really didn't expect that the development of things would be so unexpected.

"Actually, this is not difficult to understand." Hu Guangyong said with a smile: "At present, whether it is banknotes or silver, you can't feel at ease when you hold it in your hands. You can just spend it and you can still feel at ease."

Zhao Liewen said slowly: "Big shopkeeper, if this situation continues, will it be of great benefit to the economy?"

After hearing this, Hu Guangyong's heart was thrilled and he hurriedly said, "Big shopkeeper, the faster the currency circulation, the less money it needs in circulation, and vice versa.

my country is currently under the over-issuance of paper money, and many silver that does not participate in circulation are suddenly released, and the amount of money circulating in the market is already relatively large. In this case, the faster the currency circulation speed, the greater the harm, which will cause serious inflation, cause price increases, and thus affect residents' consumption levels."

"My opinion is different." Yi Zhizu said slowly: "my country's currency has long been restricted by the quantity of gold and silver, and is no longer in line with my country's rapidly developing industry. The reason why it has exceeded paper money in recent years is not only because of the threat of the economic crisis, the need for disaster relief, and the demand for the five-year plan. The main reason is that deflation and oversupply of goods.

In recent years, the industrial development in the northern and inland provinces has been rapid, and many large and medium-sized projects have been launched. The total economic output is in a steady increase, and the demand for money will become increasingly greater. Although the output of the Transvaal gold mine is large, the holes left in recent years are not small. It is impossible to issue paper banknotes on a large scale in the following years. After all, my country's paper banknotes are currently directly linked to gold.

Therefore, it is necessary to properly stimulate and maintain a faster circulation rate of currency. It is also worth noting that the people of our country have the problem of storing precious metals, and the demand for gold among the people is also very large. Once paper money can be exchanged for gold freely, a large amount of currency will inevitably turn into gold and exit the circulation market."

Hu Guangyong didn't dare to think so long. He argued: "The current situation has caused inflation. If it is not stopped and allowed to develop, serious inflation will inevitably occur."

"There will not be serious inflation, and Xueyan is overly worried." Yi Zhizu said with confidence: "The rise in prices is just an irrational consumption, which will soon be calmed down. Besides, if there are signs of severe inflation, it can also be alleviated by increasing supply and demand. Nowadays, there are economic and agricultural crises around the world, and my country's industry is in a period of rapid development. Whether it is agriculture or industry, increasing supply and demand is easy.

In addition, proper inflation is a good thing. Don’t mention inflation and treat it like a flood. During this period, my focus has been on South Africa. Xueyan may wish to pay close attention to the situation in various provinces. If there are signs of severe inflation, report it in time."

After a pause, he continued: "Also, let the branches of various provinces strictly implement the regulations prohibiting the use of silver to exchange banknotes after New Year's Day, which will also lead to a portion of the silver withdrawing from the circulation market."

"Subordinate to obey the order." Hu Guangyong said hurriedly.

South Africa, Mozambique, Maputo.

However, in just eight years, Maputo, an unknown small stronghold in Mozambique, jumped into South Africa's second largest port, second only to Cape Town, and is the world-famous golden port - a veritable golden port. The gold from the Transvaal Gold Mine was shipped from Maputo to the Qing Dynasty.

In order to ensure the safety of the Transvaal Gold Mine, Yuanqi spared no effort to build Maputo, the largest port in South Africa, in the Qing Dynasty. The port facilities and transportation facilities are the best in South Africa, and the investment in urban construction is also quite large. Of course, the construction of military facilities is the top priority. With continuous expansion, Maputo can be regarded as a military fortress.

As noon approached, a large fleet slowly sailed into Maputo Bay. All ships were hung with the Yellow Dragon Flag of the Qing Dynasty. On a large warship in the middle, Yi Zhengxing stood on the bridge with excitement and looked at the land ahead. Maputo was not unfamiliar with. Seven years ago, he went to the navy to participate in the Navy's Navy's Navy's Navy, and now it can be said that he is a revisiting place in the old place.

Seven years ago, he was just a staff officer when he participated in the Mozambique Naval War, but now he is the commander-in-chief of the sea and land, commanding the battlefield in South Africa with all his power. He followed him with two brigades drawn from Manila and Yulin and a fleet of escorted. As early as when the cable telegram of Constantinople was interrupted, he quickly moved south, gathered the two brigades and rushed to strengthen Maputo's defense.

The port terminal, a group of officers from the Mozambique Military Region who had arrived early to welcome him sat in a temporary long shed and chatted happily, "I have fought with England in South Africa for only a few years. I didn't expect that there would be no eye-opener to come to Tai Sui to make ground..."

"The newspaper is vague, do you know which country it is, and you dare to be so bold."

"Who else must be England. Obviously, it was developed torpedo and his courage became stronger."

"The possibility of England is really not high. Even if the English Navy has torpedoes and the Army has heavy machine guns and rapid-fire cannons, it is impossible for us to be our opponent. How many battles have we fought with England? After three battles, when did England win?"

"You don't pay attention to the wording when reading the newspaper. You don't know the power. You think about this word carefully. This is not a country. It's obvious. This time it's a coalition of several countries. Europeans are just like this. They often send troops together for several countries..."

"Good guy, you might have really hit it. Tell me, which countries will it be?"

"It cannot be France. The defeat in the French-Prussian War, France can be said to be in a slump..."

"Is it Germany? Then this battle is really a bit chewy."

"Whatever you can do is to be the German Army be the dominant European leader..."

"You boy is quite a tone. The principal dares not look down on the German Army. If it is Germany, don't take it lightly."

"I heard that the commander-in-chief of Hailu who commanded this battle was our young shopkeeper. Everyone said that the general was Huzi. I wonder how capable our young shopkeeper and prince have learned from our principal?"

"This is hard to say, but it must be far less than the principal."

"Then it's not good to say that the principal is the military god of our Qing Dynasty. The army and navy of the Qing Dynasty were all founded by the principal. Since the establishment of the Yuanqi regiment, he has never lost all kinds of battles, and has never lost his achievements. He can be said to be an unprecedented and unparalleled shopkeeper. It's hard to say that this is the first time that he has led his troops to fight."

"Eat salty radish and worry about it. The country's major affairs are only sacrifices and military affairs. Who is the principal? How can it be a joke? It is natural that it makes sense to send a young shopkeeper."

"What I said is, if you take a step back, wired telegraph is very convenient now..."

Before he finished speaking, a sharp-eyed man saw the military commander Feng Zicai coming on his horse and quickly reminded him: "The commander is here."

The officers immediately stopped and stood up to greet them. Feng Zicai, who was already sixty, was still agile. He rode his horse in front of the long shed, jumped off his horse and said, "Check the military appearance, line up and welcome President Transvaal with me."

Shortly after the officers lined up, they heard a rapid sound of horse hooves. The one who took the lead was Transvaal President Pretorios Jr., and it was needless to say that they came to welcome their young shopkeeper Yi Zhengxing.

It has been two days since Pretorius arrived in Maputo. Feng Zicai sent a telegram to invite him to come, but he did not explain what the situation was. He has been in love with the past two days. He has heard of the news that the Qing Dynasty was preparing to send troops overseas, but he is not sure what the specific situation is.

After dismounting and meeting with the officers, Little Pretorius could not bear it: "Does Commander Feng want His Highness to tell me the truth about the matter in person?"

At this time, Feng Zi realized that there was no need to hide it, and immediately said loudly: "I don't know what the specific situation is, I only know that war will ignite again in South Africa."

"British?" Pretorius said in a deep voice: "Have the British not given up yet?"

Feng Zicai said in a foggy way: "Europe has cut off the cable telegram and cannot obtain detailed information. It is currently impossible to judge who the enemy is, but there should be more than one."

More than one? Little Pretorius was shocked. How many countries did the Europeans join forces this time?

"Mr. President, don't worry." Feng Zicai seemed to be able to see through his thoughts, "As long as our country controls the sea power, it will be invincible."
Chapter completed!