Without money, what is the point of being a traitor?

Chapter 372 I Want to Trade Cryptocurrencies
Zang Xian was stunned. He did not rush to answer, but asked, "Why do you ask that?"

Pei Yuan was stunned, not knowing how to answer for a moment.

The seven major banknote-collecting offices had been collecting real money and handing it over to the Siyueku in the past few years. In the fifth year of the Zhengde reign, the imperial court ordered that all the tax revenues from the seven banknote-collecting offices be converted into silver and put into the Neichengyunku for use.

If he remembered correctly, it seemed that shortly after this, the Zuo Shaojian of the Ministry of Revenue submitted a letter to the court, claiming that there was a shortage of money in the treasury and requested that all major tax offices resume collecting money.

A large amount of silver income for the imperial court was thus cut off.

Pei Yuan thought about the series of events involving the draining of silver from Taicang and was very sure that this was part of the follow-up plan to deplete the court's silver.

Hey, hey, hey, wait!
Pei Yuan was thinking about it when he suddenly found an opportunity to make a fortune.

If the imperial court resumed collecting money, wouldn't that mean that the Ming Baochao, which had already depreciated and was like waste paper, would be able to experience a counter-trend rise?

What the hell!

Pei Yuan couldn't help but feel refreshed.

If he remembered correctly, the Ming Baochao would be eliminated from history in the near future.

This tax adjustment may very well be the last gasp of the Ming Dynasty's treasure notes.

There are three types of currencies in circulation in the Ming Dynasty: coins, banknotes, and silver.

Money refers to copper coins. Banknotes refer to Ming Dynasty treasure notes. Silver, of course, refers to white silver.

China has always been a country lacking in precious metals. The copper and silver it produces are simply not enough to support the trade circulation of such a huge country.

Moreover, copper coins and silver will encounter a strange problem during the circulation process.

That is because copper and silver are scarce, which leads to the high value of copper and silver utensils.

A copper coin worth one string of coins, after being processed, can be made into copperware that is likely to be worth several strings of coins.

This meant that if Ming Dynasty wanted to satisfy transactions of such a large scale, it had to come up with effective trading methods.

So in essence, the Ming Baochao was produced as the equivalent of this transaction.

However, the Ming Baochao has been plagued by problems since its birth.

First of all, in terms of issuance, due to the lack of a perfect system and supervision, the Ming Baochao was seriously over-issued. A large number of banknotes were issued without sufficient guarantees, resulting in a crazy decline in the value of the Ming Baochao.

Secondly, in terms of circulation, the circulation of Ming Treasure Notes is not as some people say, that the court only prints but does not collect them. In fact, the court has been trying to recover these Ming Treasure Notes.

The various banknote offices of the imperial court collected taxes. In addition to paying taxes in kind, the rest was paid in the form of Ming treasure notes.

In other words, Ming treasure notes can be used to pay taxes, and the imperial court will recognize it.

However, in the court's tax system, because Zhu Yuanzhang strictly limited the people's household registration, taxes were also collected in kind.

In the imperial tax system, the largest taxes were in-kind taxes such as grain, cotton, and silk.

The tax revenue measured in treasure notes is nothing compared to the huge amount of tax in kind.

In addition, in private trade transactions, physical transactions are more commonly used.

For example, high-end equivalents include gold and silver, and low-end equivalents include grain and cloth.

These can all replace the role of Ming Dynasty treasure notes.

This resulted in the public no longer needing to hold extra Ming treasure notes, causing the Ming treasure notes to lose their important water storage function of "savings".

As a result, the price of Ming Dynasty treasure notes began to plummet.

In the 23rd year of Hongwu, one string of Ming treasure notes could be exchanged for 250 coins. By the 27th year of Hongwu, it could only be exchanged for 160 coins.

By the first year of Chenghua, one string of Ming treasure notes could only be exchanged for four coins.

Before the fifth year of Zhengde, one string of Ming treasure notes could be exchanged for two cents. However, after the fifth year of Zhengde, the most important channel for recycling Ming treasure notes was changed to paying in silver, which caused the Ming treasure note system to completely collapse.

Nowadays, Ming Treasure Notes are basically no longer circulated among the people, and the imperial court has also stopped printing them, because the value of Ming Treasure Notes is already lower than the manufacturing cost.

In many places, one penny could be exchanged for dozens or even hundreds of strings of Ming Dynasty treasure notes.

But is this monetary system on the verge of collapse really worthless?

Not to mention the distant future, just the future resumption of tax collection at the customs will cause a surge in the price of Ming Dynasty treasure notes.

As long as it can offset taxes, merchants will of course be happy to use treasure notes for settlement.

From a long-term perspective, what if the imperial court could protect the treasure notes and tie the "One Whip Law" and the Ming treasure notes together?
The "Single Whip Law" tied silver to its value, which led to a sharp increase in the value of silver. Economic production began to use the scissors spread to frantically harvest agricultural production.

But what if we could solve the problem of excessive issuance of Ming Dynasty treasure notes while expanding the scope of application of treasure notes to all types of taxes?
The trickle that originally accommodated the treasure banknotes has turned into a vast ocean.

Then there will be a huge reservoir and liquidity demand sufficient to consume the existing treasure notes.

The value of Ming Dynasty treasure notes will also rise slowly.

With the increasing demand for Ming Baochao and its rising value, many problems will be solved.

The Ming Baochao would also become a credit currency guaranteed by the imperial tax revenue.

Even if he didn't have to go that far, as long as he could persuade Zhu Houzhao to show his support for the Ming Treasure Notes, Pei Yuan would have enough opportunities to cash out the Ming Treasure Notes he had purchased at a high price.

Several major steps appeared in Pei Yuan's mind one after another.

First, take advantage of the super low price to purchase a large amount of Ming Dynasty treasure notes.

Secondly, mobilize public opinion, put forward the concept of "One Whip Law", and then re-empower the Ming Baochao and hype tax restructuring.

Once again, taking advantage of the fact that several major customs offices had resumed collecting treasure notes, the market was completely ignited.

Finally, if Zhu Houzhao was willing to join him in this effort, the two of them would work together to completely destroy the silver economy in the south, making the flooding silver only valuable property, reducing its financial attributes.

If Zhu Houzhao did not accept the offer, Pei Yuan could only cash out the Ming Baochao at a high price when the market was hottest.

Nowadays, one penny of Ming Dynasty treasure notes can be exchanged for dozens of strings of coins, and the face value has dropped to a point where it is no longer worth mentioning.

As long as there is a slight hope that the Ming treasure notes can be saved, others will also see the huge profits in this huge price difference.

It can be said that as long as the Ming Baochao moves up a little, it will bring huge profits.

You have to know that just two years ago, one string of Ming Dynasty treasure notes could be exchanged for two cents!
The imperial court did not issue any new treasure notes during the past two years, which was entirely due to the credit collapse caused by the suspension of banknote collection.

Even if the value of the Ming Baochao could not return to the two cents it had in the fifth year of Zhengde, even if it was cut in half and one coin was exchanged for one cent, it would still be a profit of dozens of times.

As Pei Yuan thought about it, his mind became clearer.

Even if the battle between Ming treasure notes and silver is not fought now, it will have to be fought after the young emperor comes to power.

The Ming treasure notes must not die, even if dozens of strings can only be exchanged for one penny, we must keep this breath.

Once the Ming Baochao dies, the credit currency route will be completely over.

Then the southern economy, which controls silver, will have the final say in the court, and history will eventually repeat itself, with first the northern defense line collapsing and then the south being bloodbathed.

So, how can I take advantage of this opportunity?
Pei Yuan was slowly thinking about it, and Zang Xian asked again tentatively, "Brother?"

Pei Yuan came to his senses and focused his eyes on Zang Xian's face.

Zang Xian smiled and said, "I think there's something wrong with your reaction, brother." Pei Yuan adjusted his mood and smiled, "It's just that I'm too concerned."

Zang Xian, the fox, was not so easy to fool. He said in disbelief, "What's wrong with the court reducing taxes? I think Brother Pei is more worried."

Pei Yuan smiled and said, "It's obvious what Feng Luan said is not practical. I'm doing business with them, so why should I worry about the business tax?"

"I don't need to pay taxes in the first place. If those merchants pay less taxes, it will only cause trouble for me."

Zang Xian instinctively felt that Pei Yuan's words were not entirely true, but he could not ask any further questions, so he just said, "I see."

Zang Xian's eyes moved, and seeing another guest coming, he turned to Pei Yuan and asked sharply, "How did you get involved in the affairs of King Ning?"

When Pei Yuan saw that it was Li Shishi who came in, he knew that Zang Xian probably had this question in his mind since last time.

Pei Yuan is not sure that he can control the "three-level breakthrough" plan, as there are many relationships that need to be smoothed out.

Moreover, when the three subsequent levels are completed and Prince Ning obtains the establishment of three guards, he will definitely use those followers who are determined to rebel against him to strengthen the three guards.

So what could be more reliable than the remnants of Bazhou who fled to Jiangxi?

When Prince Ning rebels in the future, it is hard to say who these three core guards will obey.

Pei Yuan decisively withdrew from the matter.

He explained to Zang Xian awkwardly, "I just said a few words without thinking. Right now, I have to go to Shandong to pacify the Luo Sect, and also to do business with several important officials. How can I get involved in such a big thing?"

Zang Xian laughed, and it was unclear whether he believed it or not.

Zang Xian raised his chin and gestured, "Li Shishi has just been promoted to the position of Grand Military Governor. It would be rude of you not to go and greet him."

Pei Yuan took this opportunity to confess his crime to Zang Xian and went to meet Li Shishi.

As soon as Li Shishi entered the yard, he saw acquaintances chatting inside.

After he looked around, he was also shocked.

He never expected that when Pei Yuan took a concubine, so many people from all walks of life would come.

If he was not on Prince Ning's side and had no ulterior motives, he should not have been associated with this group of people just because of his identity as the Left Censor-in-Chief.

Pei Yuan stepped forward to greet him, and Li Shishi also hurried to congratulate him.

After the greetings, Li Shishi smiled and said to Pei Yuan, "Brother Pei, this is a good thing for you. I don't have anything valuable, but my hometown just happened to send me some local products from Jiangxi. I hope you will accept them."

As he spoke, Li Shishi turned around and gestured.

Soon several strong servants came in carrying boxes.

Pei Yuan looked at the boxes, then at the heavy footsteps of the servants, and had a rough idea in his mind.

This was the reward Li Shishi paid for his work for the Bazhou Army.

The money was transferred openly and was separated from the previous identity.

Pei Yuan turned his head and signaled the Jinyiwei soldiers to come forward and take the valuables.

Pei Yuan smiled hypocritically at Li Shishi and said, "Dadu Xian is too polite."

Li Shishi laughed, "Don't be polite to me, my dear brother."

After he finished speaking, he stepped forward and whispered, "There is a military meritorious official who reported to the court that Lu Ting's army has not moved camp for several days, wasting the court's food and grass. He hopes that the court will reprimand them."

Pei Yuan felt relieved after hearing this.

It seems that after I left, the situation on the front line was exactly as I expected.

I just don't know if Liu Liu, Liu Qi and the others know what's good for them.

The two were whispering to each other. Liu Zhishu, who was just about to go back and report to the Censorate, was now completely numb.

Li Shishi was the Left Censor-in-Chief of the current dynasty!
Now he is the steward of Qingliu Censor.

But, but how come even this big banner of Qingliu came to Pei’s house to attend this wedding banquet?

In Liu Zhishu's mind, the things that were originally a little confusing became more and more entangled.

Seeing that Liu Zhishu had remained silent, Huo Tao asked him, "Who is this?"

Liu Zhishu complained helplessly, "This is the new Left Censor-in-Chief of the Censorate, his name is Li Shishi."

Huo Tao's eyes almost popped out of his head when he heard this.

Is this the Left Censor-in-Chief?
The newbie Huo Tao asked Liu Zhishu in confusion, "Since you are the current Grand Chancellor, why did you come to attend such a smoky wedding banquet?"

Liu Zhishu was even more speechless.

I don’t fucking know either.

Huo Tao asked again, "Should we still change it..."

Huo Tao stopped talking halfway through his speech.

It turned out that as Li Shishi waved his hand, his servants brought up many gifts, and the two of them didn't know what to say.

Those gifts looked very valuable.

But who could have imagined that the head of the Censorate, who was in charge of the court's discipline and cracking down on evildoers, would actually come running to give gifts to this evildoer.

I'm afraid that all the previous things combined would not have as great an impact on the two of them as this incident.

For a moment, Liu Zhishu found it difficult to simply distinguish these people as "good" or "evil".

Liu Zhishu looked at those people, each of whom represented a force, and felt mixed emotions.

Do they know whether they represent "good" or "evil"?

Do they care whether they represent "good" or "evil"?

They don't care.

They appear here, and those who judge are looking up.

It's just a thought.

Liu Zhishu didn't want to communicate with Huo Tao anymore.

He seemed not to have heard what Huo Tao had just said. He smiled and asked Tian Fu, who had been silent the whole time, "Brother Tian, ​​what do you study?"

Tian Fu heard this and replied with a smile, "I am studying the Book of Changes."

Liu Zhishu nodded slightly, and suddenly seemed to have thought of something, and sighed, "It's easy. The adults change like tigers, the gentlemen change like leopards, and it's nothing more than following the shadows."

Upon hearing this, Tian Fu glanced at Liu Zhishu and a smile appeared on his lips.

Huo Tao pondered silently for a while, his eyes swept over those powerful figures in the court, and then looked at Liu Zhishu who had suddenly figured it out just now, and couldn't help but sigh softly.

(End of this chapter)