If you don’t have enough money to spend, you have to borrow it, but you have to pay it back. If you say that the money is not repaid from the beginning, it is a fundraising. However, it is easy for people to raise funds as Yuwen Wen to raise funds.

First of all, others will think that Yuwen Wen is forcing a donation. After all, the King of Xiyang can walk sideways in Shannan and ask everyone to donate money. Who dares not to donate?

How much donation is a problem of ability, and whether to donate is a problem of attitude. As long as people with a little look, they will definitely donate more or less, so it is not a problem to raise enough money and grain to repair the plank road.

The problem is that Yuwen Wen's reputation has become so careless about raising funds. From then on, the one-legged bronze man made everyone rich before, but it turned out that it was like raising pigs. When they grew fat, they would kill pigs for the New Year!

The one-legged bronze man is short of money and asks us to raise funds. Today is the plank road construction, what about tomorrow?

In fact, Yuwen Wen had already held a donation before. Before the Lingnan Road marched, there were large merchants in Huangzhou, and merchants enthusiastically donated money and materials. Later, when the Jiangzhou-Guangzhou Post Road and Dayuling Road were repaired, some large merchants enthusiastically donated money and materials.

Why was Yuwen Wen's reputation not bad at that time? Because the meaning is different.

When the Lingnan Road marched, most of the soldiers were children from Huangzhou and Shannan. Everyone donated money and materials, not only supported the government, but also fulfilled the feelings of the villagers. The post road was repaired to benefit the people along the way, while the Dayu Ling Road was an important road between the north and the south of Dayu Ling, and a good thing that benefited future generations.

So Yuwen Wen raised funds for these two things, and everyone had nothing to say, but the waterways in Zhenyang Gorge were connected, and the plank roads were best without any traffic, so it would not be blocked. For most people, there was no interest to touch them, and they could be repaired or not.

Yuwen Wen wants to raise funds to build a plank road, and people like Li Fang must have strong support, but ordinary people are inevitably confused and think that King Xiyang is taking advantage of the opportunity to do corruption?

Moreover, if we want to repair the Zhenyang Gorge in a short period of time, the source of funds will be mainly based on the income from fundraising, and the amount is extremely huge, and everyone's mentality is completely different. Some people will inevitably worry that Yuwen Wen has tasted the sweetness of fundraising and wealth, and various names will come in the future.

It’s not okay not to donate, and it’s not okay to donate less. Isn’t this treating everyone as a fat pig?

So how to get money with decent taste is something that Yu Wen Wen needs to consider. In order to reassure everyone, it is best to borrow money for a paid time rather than raise funds free of charge.

It is not difficult to borrow and repay, but it is not difficult to borrow again. With Yuwen Wen’s current credit, he will definitely be able to borrow money if he wants to borrow money, but the problem follows. If he really wants to borrow money from big investors, it will be a lose-lose situation.

First of all, as a royal prince, he had a fief, salary and property, and was so embarrassed that he wanted to borrow money from a humble merchant. Where did this behavior put the court's face? Where did King Qi's face be?

There may be a discussion: Is there a profitable businessman who makes the prince owes usury loans? It is simply "unbearable"! If you don't kill someone, what's the majesty of the court?

Secondly, these merchants who lend money to the King of Xiyang seem to be quite rich. Since that’s the case, the government is short of money, so you can also "borrow" some money to help!

The status of merchants is relatively low these days, so rich merchants are too arrogant and can easily cause disasters. Therefore, both of the above situations are highly likely to happen, so Yuwen Wen has to raise funds in a low-key manner.

If fundraising is easily misunderstood, how to raise funds?

It’s easy to do! If you follow the popular routine, you should issue bonds. With this powerful tool, all problems that can be solved with money are not a problem!

Bonds are generally debts and debt certificates that are issued to investors and promised to pay interest at a certain interest rate and repay the principal according to agreed conditions when the government and financial institutions directly borrow money from the public.

The essence of a bond is a certificate of debt, which has legal effect. There is a debt-debtor relationship between the bond buyer or investor and the issuer. The bond issuer is the debtor, and the investor (the bond purchaser) is the creditor.

With the popular circulation coupons in Xiyang City as the foundation, if Yuwen Wen issues bonds, its credit will be very good and no one will be interested. In this way, the funding problem can be solved by decent borrowing.

Of course, the specific operation needs to be planned, but Yuwen Wen had immediately figured out the general process: the bonds issued to build the Zhenyangxia Plank Road will last for three years, with a interest rate of 5%, and will be paid once a year and settled in three years.

How to repay the principal and interest of the bonds? It depends on the tax on the Zhenyangxia Plank Road and the annual tax revenue surplus of the local government.

If the Guangzhou General Administration has sufficient tax surplus and passes through the caravans north of Zhenyang Gorge, there are enough pedestrians, and it is no problem to pay off the debt. Even if you lose money, you won’t lose too much.

Thinking of this, Yuwen Wen suddenly felt that issuing bonds is a good way to raise funds. If he really wants to issue bonds, it is very feasible to succeed, so he will not be criticized for "forcing donations" or forcing a prince to borrow money to insult the dignity of the court.

Bonds can be issued publicly, and ordinary people can subscribe as long as they are willing and have money. They are not limited to large households or merchants. This can not only avoid the concerns of large households that "discover wealth and cause disasters" but also eliminate the other party's doubts that "the King of Xiyang regards us as fat pigs."

Who will issue bonds? The government cannot do it, because the credit cannot reach that level, so only the Rixingchang Guifang, which has issued circulating bonds, can have enough credibility to make everyone believe that the bonds can be cashed.

In other words, the entire process of issuing bonds is guaranteed by Rixingchang Guifang with reputation, while the repayment of principal and interest is the responsibility of the Guangzhou General Administration.

Yuwen Wen is the big boss behind Rixingchang, so the issuance of bonds is very convenient to operate. He also has enough confidence to make most of the bonds sold, and he is not afraid that the Guangzhou General Administration will not repay the debt.

But there is a key question: Can the principal and interest of the bonds be repaid within three years by relying on the tax revenue of the Zhenyangxia Plank Road and the tax surplus of the Guangzhou General Administration?

Based on the face value of the bond, the interest is not counted. One million guan will be repaid for bonds that mature in three years, which means that the annual taxes on the boardwalk and the surplus of tax revenue from the government are combined, and the debts to be repaid are discounted by more than 330,000 guan.

In the future, the Guangzhou General Administration will have many places to spend money. How much surplus can you get to pay off your debts is a question that cannot be ignored.

Optimistically, the government's annual tax surplus can pay two-thirds of its debt, which is 220,000 guan, and the remaining 110,000 guan is replenished by the tax on the plank road. Assuming that the plank road can pass through 360 days throughout the year, the tax collected every day cannot be less than 300 guan.

How can I collect so much by collecting pedestrians' passing tax? So the big one is the caravan's passing tax. However, collecting 300 trump cards a day is simply an impossible task.

The passes on a major transportation road in the Central Plains are subject to normal tax rates. The taxes that can be collected in a year may float between 1,000 and 3,000 guan. That is still in places where people and goods flow are large.

There is no way that there is so much goods flow on the plank road in the Zhenyang Gorge. How can we receive taxes that others can only collect in one year within ten days?

Even if you only issue a bond of 500,000 yuan, the pressure to repay the principal and interest is as huge as that of interest. Unless the bond is extended, the three-year term is already the limit. If it is longer, many potential buyers will probably be discouraged.

If the tax surplus and tolls cannot be repaid as scheduled, the resulting deficit will still be relied on the initiator Yuwen Wen to find a way to make up for it. Therefore, after all the troubles, issuing bonds will not solve the problem at all.

This is just an economic account. The issuance of bonds by Rixingchang Guifang for the government will inevitably attract the attention of superiors. Once the court wants to entrust Rixingchang to issue bonds for emergency response, what should we do if we fail to pay it back in the future?

Yuwen Wen can roll around and ignore the monsters and monsters in the court, but if Qi Wang Yuwen Liang is short of money, he will put the overall situation first and need to issue bonds to raise funds for Rixingchang, and he will not be able to repay them in time for some reason in the future. What should he do?

The credit of Rixingchang Cabinet is Yuwen Wen's credit. It took him several years to build it up, but it is easy to destroy this hard-earned credit. Once the superiors know that the issuance of bonds can easily raise funds, Rixingchang is very likely to become a chamber pot and throw it away after use.

As a chess piece, Yuwen Wen may not be able to stop this from happening.

Once the credit is damaged, it will be even more difficult to recover, so he does not want to attract a group of hungry wolves to destroy Rixingchang Guesthouse for the sake of the Zhenyang Gorge Plank Road.

Taking into account all factors, Yuwen Wen had no choice but to come to a conclusion: Once the idea of ​​issuing bonds to raise funds to build a plank road is implemented, the risks are extremely high and the consequences are endless.
Chapter completed!