The second year of the republic of the Great Zhou Dynasty, on the eighth day of the fifth month.

On the fourth day of the fifth day of the movement, Wu Haogu, who was far away in Tianjin, received a report written by Yang Jian.

Yang Jian was born in the Song Dynasty and had many friends in the Imperial City Division. So it was easy to find out the overview of the incident. The chaos on the fourth day of the fifth lunar month was written by a student of the Four Schools, Fu Que, who opposed the treason of martial arts and literature.

Somehow, the letter suddenly turned into a large-scale protest. At least 100,000 people from Kaifeng Prefecture participated in it, protesting the operation of housing prices and grain prices by profiteers. During the protest, there were many conflicts with the soldiers in Kaifeng Prefecture. The scene was out of control for a while. In the end, the court arrested Wu Haowen and seized several commercial banks that were said to have manipulated housing prices and prices. At the same time, they mobilized the new army to suppress the chaos.

"I'm afraid it's going to be messy!"

Tianjin City, the Head of State Palace, and the big study room. Wu Haoguzheng and several confidants were having a small meeting to discuss the news of the turmoil in Kaifeng Prefecture that he had just obtained.

Wu Haogu sighed and was the first to express his opinion.

"How could it be?" Mi Youren smiled, "Isn't it already leveled?"

"Haha," Wu Haogu smiled, "Is it going to settle down? It is clear that the court has made concessions.

Now that the mobs in Kaifeng Prefecture see their own strength, will they still be as obedient as before? Moreover, the prices of Kaifeng Prefecture are high and the housing prices are high, it will not be solved in a short while. In the future, the chaos will be even more troublesome.

Yuanhui, Dalang, we must withdraw our investment from Kaifeng Prefecture.”

"Head of the People's Republic of China," said Su Dalang, who also had a large investment in Kaifeng Prefecture, frowned, "It's really that serious? The money from Kaifeng Prefecture is easy to make!"

The handicraft industry in Kaifeng Prefecture is underdeveloped, and ordinary people cannot make much money. However, the real estate and financial industries are very developed and are a place to make a lot of money.

Wu Haogu smiled and said, "You can't make all the money, leave it for others... The housing prices in Kaifeng Mansion will not rise for too long! We must try to get out of it, and sell everything we can. Bring back to Tianjin Mansion. It seems that Tianjin is better now."

The incident in Kaifeng Prefecture allowed Wu Haogu to see the weakness of the Northern Song Dynasty court. It was not only weak outside but also weak inside. He was unable to suppress the new or half-new and half-old intellectuals represented by the four students.

Moreover, the court in Kaifeng Prefecture did not dare to use the new army to rashly suppress the Kaifeng Prefecture's chaos, because the new army stationed in Kaifeng Prefecture was almost all composed of locals - recruiting heroes in Waizhen could suppress the people of Kaifeng Prefecture, but recruiting soldiers in Waizhen was too easy to be controlled by officers and was too dangerous to the court.

Unless the court abandons the new army officers, the tradition of the imperial army soldiers and generals not know about it...

But now the new army of Song State has become more powerful and cannot be abandoned easily.

Therefore, the Song Dynasty court has now fallen into the revolutionary trap that Wu Haogu wants to avoid as much as possible. On the one hand, the court must rely on the Kaifeng New Army to defend; on the other hand, the Kaifeng New Army was influenced by new officers and Kaifeng citizens.

Most of the new-style officers in the Song Dynasty were poor, and the citizens of Kaifeng Prefecture also had difficulty living.

If this trend continues, Kaifeng Prefecture is likely to become a revolutionary cradle in the future!

If it really turns out that way, what investment value does Kaifeng Prefecture have? Who is too busy to invest in real estate in Paris during the French Revolution?

"But where will you invest such a large sum of gold and silver when you get back?" Su Dalang asked in thought, "The land held by Wanjiahang alone is worth more than 10 million yuan! If you sell it all and pay the loan again, you can get back seven or eight million yuan, and at least 1 million taels of gold."

"How much gold and silver have we saved now?" Wu Haogu asked.

"There are about 31 million taels of silver deposited in the Dazhou Bank and 2 million taels of gold." Pan Xingye, the general manager of the Dazhou Bank, also attended today's meeting.

The Dazhou Bank he was in charge of was not open to the public, but a bank, that is, the central bank. According to the Civil Code of the Dazhou Republic, all banks, qualifying warehouses, gold, silver and silk transfer shops, Changsheng warehouses, etc. that open and operate within the Dazhou Republic (including local and colonies) must exchange 20% of the absorbed deposits for gold and silver, and deposit them at the Dazhou Bank as reserve fund.

In addition, the government of the Great Zhou Republic will also exchange the fiscal treasury funds into gold and silver to deposit them into the Great Zhou Bank.

Although the Dazhou Bank, which collected the big two gold and silver, did not directly participate in the transaction of lending and interest collection, it also had its own way of making money - remote remittance and gold and silver exchange.

Remote remittance refers to the remittance business from Tianjin to Xingzhou (the Nanyang Protectorate's Office), including copper coins and gold, which can be transferred from Tianjin to Xingzhou. Of course, silver can also be transferred, but few people do this. Because the price of silver is expensive in the east and the west is cheap, in the current Tianjin city, one tael of gold can be exchanged for six taels of silver. In Xingzhou, one tael of gold can be exchanged for eight taels of silver. If you go to the Sinai Republic between the Red Sea and the Mediterranean, one tael of gold can be exchanged for ten taels of silver. In Western Europe, one tael of gold can be exchanged for twelve taels of silver.

The huge gold-silver difference between the East and the West became an opportunity for Dazhou Bank to make profits. Dazhou Bank would take advantage of the opportunity of naval gunboats to cruise south every autumn to send a certain amount of gold to the gunboats and transport it to the branch of Xingzhou in Nanyang. Then Xingzhou exchanged gold for silver and transported it back to Tianjin in the spring of the following year.

JD.com, controlled by Ji Yi, and Nanyang Bank opened by the Nanyang Protectorate, will transport the gold from Xingzhou to the West, exchange it for silver and then transport it back.

Through this process, the prices of gold and silver between the East and the West are slowly approaching. A large amount of silver has thus gathered in the Dazhou Bank vault in Tianjin.

"There are also a lot of silver in the Tianjin Bank's vault," Wu Haogu nodded and said, "It's about 20 to 30 million, right? The Daxiangguo Temple Changshengku and Pan Ji Bank also have a lot of silver on hand... Add one in several aspects, and there are eighty million without 100 million. It's time to issue silver coins."

The plan to issue silver coins was formulated long before Wu Haogu seizures Yan land. The plan at that time was to jointly mint "one or two" coins by Tianjin Bank and JD Bank.

One liang coins weigh one liang, and are made of silver, of which 85% are silver and 15%. The exchange rate with silver is one liang for one liang for one liang. The exchange rate with copper coins is one liang for one liang for 1,540 yuan, which is not enough for two pieces.

In other words, the seigniorage tax of one or two coins is 10% (there is loss and labor during the minting process), which is a stable source of income for banks. If all the silver that can be collected on the market can be minted into one or two silver coins, tens of millions of income can be obtained. For private minting, there is no benefit. At least "private minting of real silver" is not possible.

However, the purpose of Wu Haogu's introduction of one or two coins is not just to obtain seigniorage tax. It is not enough to really mint hundreds of millions of silver coins in one or two years, and it is mostly busy for ten years. Therefore, there are not many benefits that can be obtained every year.

The purpose of Wu Haogu's silver coins is mainly to provide an "anchor" for the issuance of "bank coupons".

The so-called banknotes are an evolutionary version of the private partner. They are convertible banknotes issued by banks, or they can also be regarded as a circulating and convertible interest-free bond.

This kind of banknote is different from the banknotes issued by central banks in later generations. It was issued by commercial banks. Without the endorsement of the central bank, it depends entirely on the commercial banks' own credibility as a guarantee.

Of course, in the Middle Ages, there would not be many people who exchanged real money and silver for bank coupons, no matter who issued the issuer. Because gold and silver are good coins and bank coupons are bad coins, only bad coins drive out good coins, and few good coins actively convert them into bad coins. At least before the expulsion is completed, this situation will not happen on a large scale.

However, bank notes can still be popular because these convertible and circulating bills have the effect of amplifying the base currency and reducing market interest rates.

As base currency, gold and silver have very few quantities. If there is no bank bonds to amplify, the market will inevitably shrink. High interest rates and deflation will exist at the same time, which is extremely unfavorable to the development of capitalism.

Bank bonds can be used as tools for bank credit - banks create more liquidity by lending bank bonds, thereby reducing interest rates and activating the market.

"The money in the Song Dynasty is about to collapse!" Wu Haogu thought, "So we have to arrange silver coins and bank coupons, otherwise the market interest rate will rise unreasonably. Silver coins will be issued within the year, and bank coupons will be launched next year... Bank coupons are focused on silver coins, one tael of coins and one tael of coins can only be issued by qualified large banks."

"Will money be destroyed?" Pan Xingye was incredible, "Is it unlikely?"

Su Dalang didn't believe it either, "Head of the People's Republic of China, the money is good, and it's all about one to one for exchange for copper coins. How could it collapse?"

"Of course it will collapse!" Wu Haogu smiled, "What is the link between money? Is salt, tea, wine, iron?" He shook his head, "It's not enough, mainly real estate, real estate in Kaifeng Prefecture. The transaction volume of real estate in Kaifeng Prefecture is over 100 million yuan per year, and the sale of official land can easily reclaim millions or tens of millions every year. The money issued by the court a year is only over 20 million yuan, so it will not collapse. Unless the house in Kaifeng Prefecture falls sharply!"

"Will the houses in Kaifeng Prefecture plummet?" Wu Haogu's "prime assistant" Mi Youren was stunned, "Teacher, are we going to enter Kaifeng Prefecture?"

"Enter Kaifeng Mansion?" Wu Haogu smiled, "Those knights, the soldiers of the mansion are screaming and going to fight? No?"

Of course, the military citizens of the Great Zhou Kingdom had a strong desire to expand, but they did not continue to expand, expand, expand, expand. Instead, they were linked to the reproduction and reproduction of the Knights and the military families. Before their next generation grew up, the military citizens did not have much power to expand.

"If we don't fight, how could the houses in Kaifeng Mansion fall?" Mi Youren said, "Teacher, for more than a hundred years, the houses in Kaifeng Mansion have basically only risen but not fall."
Chapter completed!