In the afternoon, in the palace and Rixingchang Bank salesmen were handling business. In the compartment, Chen gave the filled-in documents to the maid, and the maid handed the documents and a stack of circulation coupons to the salesmen.

Chen Meng has to remit a considerable amount of living expenses to her mother every month, and her two brothers will get a portion from her mother to ensure her daily expenses and her family.

As a concubine, Chen Meng has "self-employed money" every month. She is in charge of the royal industry and has "wages". Yuwen Wen also gives "bonus" to the concubines from time to time, so Chen Meng has a good income, so it is no problem to support her mother's family.

It is just because it is inconvenient to leave the palace, Nixingchang Bank provides door-to-door services, and the major shareholder of Nixingchang Bank is the royal family, so this is also a special service from the bank to the major shareholders.

The two salesmen confirmed the information on the documents and the face value of the circulation coupons, and quickly completed the remittance business for the customer. After handing the receipt to the maid, they returned the receipt in a password box containing the circulation coupons.

As soon as he left the house, he saw the emperor coming towards him. The two salesmen quickly let him go.

After the emperor passed by, they walked out of the palace under the leadership of the eunuch.

Yuwen Wen walked into the hall and saw Chen Yao busy in front of the desk. He walked up and reached out to pick up a circulation voucher on the desk and asked, "Isn't it missing one?"

Chen Zai looked up and replied: "No, this one is not something to be saved."

"Then put it in place, otherwise it will be easily lost." Yuwen Wen said this, but he did not mean to put the circulation coupon back.

Of course, he didn't want to take this circulation coupon away, but took it in his hand and studied it carefully.

It has been thirty years since the birth of circulating coupons. As credit vouchers for bulk goods transactions, they were only circulated in Xiyang City at the beginning. Now, there are still commercial ports in various metropolises across the country, and circulating coupons can be seen in regular markets.

The credit of circulating coupons has been recognized by merchants all over the world. A thin piece of paper can replace a cart of copper coins and circulate in the hands of buyers and sellers, and in a sense it assumes the function of currency.

Thirty years of spring and autumn have passed, and the circulation vouchers have become much more exquisite, but most of the patterns on them have not changed, and they are still the familiar scenery of Xiyang.

This reminds users all the time that the origin of the circulating coupon is in Xiyang, Huangzhou. Others may not recognize its credit, but Rixingchang Bank will definitely recognize it.

The amount of cotton cloth of the circulating coupon is worth, and in Xiyang, Huangzhou, it will definitely be exchanged for how many cotton cloth it can be exchanged for.

Yuwen Wen sat down with the circulation coupon, looked at his hard work, and thought of many things.

The circulation voucher implements the "cloth standard", which was linen when it was, but now it is cotton.

The amount of cloth for the circulating coupon can be redeemed as much as the face value of the circulating coupon. Therefore, in principle, the amount of cloth for the issuer has on hand can only issue the circulating coupon with the corresponding face value so that the holder can redeemed at any time.

This is considered a "reserve" system in monetary policy. If a "bun-based" circulation voucher is implemented, there must be sufficient reserve (bun-) when issuing.

However, when the credit of the circulating coupon is established, the person holding the circulating coupon will not rush to exchange it for cloth, but will use the circulating coupon as a credit voucher to replace copper coins, cloth, grain, and large-scale transactions with others that are not easy to carry.

This makes circulating bonds no longer face the risk of exchange at any time. Therefore, when circulating bonds are issued additionally, Nixingchang Bank no longer starts over-issuing according to the principle of "one to one".

I have ten thousand pieces of cloth in my hand and issued 20,000 pieces of circulation vouchers, which are expressed in later economic terms, as "the reserve ratio is 50%".

As time goes by, the credit of circulating bonds has been recognized by more and more people, and the risk of being run further decreased. As a result, the reserve ratio gradually declined, and now it is 30%.

Banks, cabinet shops, and textile workshops that participate in the joint guarantee of circulating vouchers have been spread all over the world. Workers and businessmen loyally support the convenient credit certificate of circulating vouchers.

At the same time, the issuance rights of circulating vouchers are no longer the final decision of the Nixingchang Bank. A guild organization called the "United Savings Association" has become the "family" of circulating vouchers, which determines the issuance of circulating vouchers.

Of course, Nikkei Chang Bank is an important member.

The "United Savings Association", referred to as the "Federal Association", is the "headquarters" of the bank and the Kuaifang. It coordinates various matters such as savings, lending, risk guarantees in the industry, and assists the court in managing banks and Kuaifang.

The Federal Reserve will manage the issuance and recycling of circulating bonds, and hold special meetings every year to decide the issuance of circulating bonds.

Because circulating coupons are essentially just a kind of credit certificate agreed by the public, circulating coupons are not currency and the court will not participate in the management of circulating coupons.

However, if Yuwen Wen hadn't forced himself to let go, the circulation coupon would have been taken over by the court.

If you print patterns on paper, you can spend them as money. From then on, the court will never have any financial crisis and will never be short of money. How can the ruling enticement be tolerated?

If Yuwen Wen had not become the emperor, he would not allow the circulation of the circulating coupons to exceed Huangzhou, because once the emperor opens his request for the issuance of the circulating coupons, he will not be able to protect it after all.

Now, he is the emperor and can suppress the urge to "spend paper as money", so the circulation coupons can pass the world, but they will not face the crisis of excessive issuance.

However, when he passed away, the biggest backer of the circulation coupon was gone. It is unknown whether the new king could restrain the urge to "spend paper as money" after he ascended the throne.

The prince he carefully trained would realize that the credit of circulation coupons was important in the future, but the fiscal revenue of the court would never be enough.

So, if an emergency occurs, urgently need money, the bureaucrats will write a letter saying that they only need to "issuing a little more circulation coupon" to help them. Besides, what about "no examples"? Can the emperor withstand such temptation and pressure?

As long as there is a "no example" in this kind of thing, there will inevitably be a second or third time, and then the credit of the circulating bonds collapses instantly, depreciates rapidly, and becomes waste paper.

Yuwen Wen did not believe in the integrity of the bureaucratic group. He felt that these bureaucrats looked down on merchants, so they naturally looked down on the so-called monetary credit. They would not solve financial problems and currency problems according to economic laws, and regard credit as a chamber pot.

Merchants talk about goodwill. Only when goodwill can they make a lot of money. However, the court can do whatever they want with the army. Who cares about goodwill?

Therefore, Yuwen Wen wants to find a good "mother's family" for circulation coupons. His family is not his children and grandchildren, but the Fed. The Fed holds the right to issue circulating coupons, and the positioning of the circulating coupons is still the credit certificate for bulk goods trade, which is mainly used by merchants.

Circulation vouchers can be used as currency, but they are still not currency.

The management of the Fed is the representative of major banks and large guilds, and the owners and shareholders of major banks and warehouses are powerful people, wealthy merchants, and local tyrants.

The powerful, wealthy businessmen, big investors, and all kinds of local snakes who cannot make profits from usury have now adapted to the new "financial instrument" such as banks (guillotines), and rely on this "financial instrument" to obtain considerable returns.

Most of the gentry and cold people in various places also save or conduct "financial management business" to earn profits in banks and cabinets. It can be said that the emergence of the Federal Reserve is the result of the summary of the interests of interest groups of various parties. Banks (counters) link the interests of all classes.

The circulating bonds controlled by the Federal Reserve are a credit certificate recognized by interest groups of all parties. Various financial activities are based on this credit certificate.

Therefore, even the emperor does not have the opportunity to easily use the circulation coupons, because the consequences of touching the interests of most people are not a joke.

The emperor himself also has a direct interest relationship with the circulating coupons: the major shareholder of the circulating coupons is the royal family.

Yuwen Wen developed such a structure, forming a unique phenomenon: the circulation coupons are not from the court, but are closely related to the emperor. The emperor is the backer of the circulation coupons, but cannot determine the issuance of the circulation coupons.

The credit of circulating bonds lies in the Federal Reserve Association where Rixingchang Bank participated, and not in the court. Circulating bonds have nothing to do with the court.

The court could not control the circulation coupons, the ministers could not fool the emperor into issuing circulation coupons, and even the emperor himself could not issue circulation coupons.

If the court wants to issue paper money, it will not be able to borrow a chicken to lay eggs, that is, it will use the credit of the circulation coupon to guarantee the paper money; secondly, the credit of the paper money is far inferior to that of the circulation coupon, and it will inevitably end in failure.

Therefore, the court can only issue metal currency honestly, and don’t think about spending paper as money all day long, or doing something like “thousands” or “thousands” of money to plunder people’s wealth.

If the court urgently needs money and issuing national debts cannot be saved, the tax can be used as collateral and borrowed from the bank.

If the court has no money, it does not mean that the emperor has no money. If the court raises debts, the emperor is one of the creditors. The bureaucrats dare to cheat... Haha.
Chapter completed!