Ming Dynasty: I risked my life to teach the prince, the emperor begged me not to die

Chapter 498 Currency Pairs
The end of today's small court meeting of the three also means that the national affairs of the 15th year of Hongzhi have basically been fully completed.

This was the last national meeting in the 15th year of the Hongzhi reign. The Ming Dynasty’s voyage to the West would depart from the Ming Dynasty after the Lantern Festival next spring.

"Pure simplicity."

After Hong Zhong left, Emperor Hongzhi called Chen Ce and said, "Would you like to come to the palace to celebrate the New Year? Bring your family with you, and let your unborn son see the Forbidden City of the Ming Dynasty in advance."

Chen Ce: “…”

"The baby hasn't been born yet, how can you see it?"

"it is good."

Chen Ce naturally did not refuse Emperor Hongzhi's kindness and agreed to it with a smile.

"Your Majesty, I happened to bring the sample drawing of the Hongzhi Baoqian that I designed with me this time."

During this period, Chen Ce had been designing the style of Hongzhi coins at home, and finally settled on a version of banknotes, in which the coins were divided into denominations of one hundred, fifty, ten, and five.

As for the most commonly used one, it is equivalent to the Hongzhi Xiaoping coin.

The banknote templates that Chen Ce brought included the 100, 50, 10, and 5 bills. Emperor Hongzhi took the paper model curiously and looked at the 100 bill template. He couldn't help but said in amazement: "The portrait on it... is it me?"

Chen Ce nodded and said, "Yes, the portrait above is the emperor."

"Your Majesty has worked hard to govern the country and expand the territory. You deserve such honor and the people will remember you in the future."

Emperor Hongzhi could not help but get extremely excited. Just thinking about this made him extremely excited. Once the currency was finalized and promoted, there would be no major changes on the currency of the Ming Dynasty for a long time in the future. The person on the portrait would surely be remembered by later generations. Having his portrait on it meant that his name, Zhu Youtang, would resound throughout the Ming Dynasty!
Emperor Hongzhi calmly put down the template of one hundred and picked up the template of fifty to look at it.

There were two old farmers painted on the fifty-year-old scroll. Emperor Hongzhi asked suspiciously, "Who is this?"

Chen Ce said: "Representing the general public."

Emperor Hongzhi nodded in agreement and said, "Chunjian, you did a great job!"

The paper currency reform he designed has basically subverted traditional paper currency. Not only has the material of the paper currency become harder, but the size of the paper currency has also become smaller, making it easier to carry. Compared with the previous Hongwu paper currency, it has less complicated content.

Before this, many words would be written on the Hongwu banknotes, and finally stamped with an official seal. The paper was also relatively soft and easily damaged.

"Chun Jian, what kind of paper are you using? Why does it feel different from traditional paper?

Chen Ce explained to Emperor Hongzhi: "It uses a mixture of short-melt cotton and wood pulp."

Emperor Hongzhi said, "Yes, this paper is really good."

The entire coin manufacturing process is no different from that of later currencies. There are also some anti-counterfeiting technologies involved, but the anti-counterfeiting technology of the Ming Dynasty is definitely not as strong as that of later generations. However, the technology of three layers of paper inlaid with gold edges is enough to deter counterfeiters.

Emperor Hongzhi was very satisfied with Chen Ce's paper currency reform. This currency was clean and neat, much better than the Ming Baochao issued during the Hongwu Dynasty.

He smiled and said to Chen Ce: "It's all good, but there is one thing that needs to be changed..." Chen Ce thought he had missed something, but Emperor Hongzhi said: "This 100-cent note should not have my portrait on it. It is all thanks to Grandpa Taizu that our Ming Dynasty is what it is today. If Grandpa Taizu had not overthrown the previous dynasty, the Ming Dynasty would not have been established."

"Alas, I am not qualified enough."

"I appreciate your kindness, Chunjian. Civil servants in the Ming Dynasty are not allowed to put my portrait on banknotes."

After a brief pause, Emperor Hongzhi continued, "But... can the paper currency be issued smoothly? Will the public accept this monetary policy reform?"

Chen Ce thought for a moment and encouraged Emperor Hongzhi, saying, "Sooner or later, the Ming Dynasty will have to change its monetary policy from silver-dominated to paper money. Now that the country's credibility is improving, paper money will definitely be accepted. However, I dare not guarantee it. Everything will have to wait until it is issued and then be verified by the market."

“But no matter what, any problems encountered during the issuance process must be dealt with in a timely manner.”

"National credibility should be put first. Currency is the embodiment of national credibility. This is of vital importance both now and in the future."

"The failure of the Hongwu Baochao policy was closely related to the collapse of the credibility of the national currency and the excessive issuance of Baochao."

“Therefore, after the new currency is issued, the number of treasure notes issued each year needs to be limited to a certain range.”

Emperor Hongzhi looked at Chen Ce and couldn't help but smile bitterly, "Chun Jian, how much currency do you think should be issued each year to be considered reasonable?"

This problem not only troubled Emperor Hongwu, but also troubled the officials of the Ming Dynasty. If the economic laws were known at the beginning of the Hongwu period, the Ming Dynasty would not have been flooded with treasure notes.

Chen Ce smiled and said, "Your Majesty, you don't have to worry about it. As for how much currency is issued each year, I will formulate a calculation formula for the Ministry of Revenue. In the future, the country will issue currency according to this formula, which will not lead to inflation or deflation."

Emperor Hongzhi knew nothing about this matter. He did not know that the annual amount of currency issued could be calculated.

Chen Ce also popularized what inflation and deflation are to Emperor Hongzhi, who was shocked again. He didn't know there were so many fiscal policies. The failure of the Hongwu Baochao policy seemed normal because no one considered these things at all.

When Chen Ce came out of Wuying Hall, it was already dark. Emperor Hongzhi specially ordered the Jinyiwei to escort Chen Ce back. The last time Chen Ce was assassinated, Emperor Hongzhi was scared. He was afraid that some ungrateful bastard would plot against Chen Ce again!

The general direction of the sixteenth year of Hongzhi next year has basically been determined by Chen Ce and Emperor Hongzhi. After Chen Ce returned, he began to copy down all the knowledge related to currency issuance. Of course, he is not a god, and the reason why he knows all this is because of the harvest in the fields in Huaihua Hutong.

The snow was getting heavier, and the entire state machinery was also at a standstill during this period.

On the 27th day of the twelfth lunar month, Chen Ce took Wu Niangzi and Xiaohua to build a ancestral tomb in the suburbs of Beiping. Chen Ce himself had never thought that he would be able to start a family and have children in Ming Dynasty. Before his parents died, they were still worried about Chen Ce.

"Husband, let's go to Hangzhou Prefecture after the New Year and move our father and mother's ancestral graves here."

Chen Ce hummed and said, "Okay!"

Chen Ce had been thinking about this but had never had the time to do it. Now that his life was coming to an end, he also hoped to be buried with his parents after his death.

On the twenty-eighth day of the twelfth lunar month, Chen Ce brought Xiao Hua to the Badaling Great Wall. It was still snowing heavily. Xiao Hua made a snowman on the Great Wall. Chen Ce put his hands behind his back, stared at the snowy scenery outside the Great Wall, and murmured, "Teacher..."

Sorry, I need to take another day off. I am taking my family to see a doctor. I have used up all my manuscripts in the past few days. My computer is broken. It never rains but it pours…



(End of this chapter)