Ming Dynasty: Ask Zhu Yuanzhang to abdicate at the beginning

Chapter 405 The Crisis of the Ming Dynasty's Treasure Notes! The Solution!

Upon hearing this, Zhu Yunwen's face instantly showed a look of horror, and he blurted out in a deep voice, "There's a problem with the Ming Dynasty's paper money? What makes you say that?"

His mind raced with thoughts.

Since the introduction of the Ming Dynasty Treasure Notes, Zhu Yunwen has always maintained a prudent and rigorous attitude, and has strictly controlled the issuance of the Treasure Notes.

As the Ming Dynasty's economy prospered, the issuance of paper money increased, but it was by no means unrestrained.

On the one hand, the issuance of paper money was backed by silver and closely tied to grain.

Today, the Iwami Silver Mine in Japan is being mined on a large scale, and the silver obtained is flowing into the Ming Dynasty like a torrent, causing the silver reserves in the national treasury to continue to rise.

Meanwhile, the grain reserves in the warehouse are quite sufficient.

Even though this year has been marked by drought and the situation is somewhat tense, it has been previously discussed that large quantities of grain can be imported from Southeast Asia to alleviate the immediate crisis.

On the other hand, Zhu Yunwen was well aware of the dangers of excessive money printing and would never do so arbitrarily.

In fact, government bonds were an important tool for him to regulate the issuance of Ming Dynasty banknotes.

Although banks amplify the money supply, leading to a continuous increase in the total money supply, the prices of basic commodities such as food have remained stable.

So, it seems that there shouldn't be any problems with the Ming Dynasty Treasure Notes. What exactly went wrong?
A flash of inspiration struck Zhu Yunwen, and he suddenly realized a key factor—counterfeit money!
Just then, Yang Rong spoke up: "Since Your Majesty initiated the scientific tradition, the various scientific and technological advancements of the Ming Dynasty have progressed by leaps and bounds, like an arrow released from a bow."

"Especially after the founding of the journal Science, countless people read the journal and gained unprecedented knowledge and mastered scientific and technological knowledge that they had never heard of before."

"His Majesty personally designed the new version of the Great Ming Treasure Note, whose anti-counterfeiting capabilities are unparalleled in the world, and ordinary people simply cannot forge it."

"However, the situation has now changed."

"Many people have mastered new technologies by learning from the journal Science, and their ability to produce counterfeit money has increased dramatically as a result."

"Lord Xia is in charge of the Daming Bank, so he must be very clear about these situations."

Xia Yuanji nodded solemnly and said in a deep voice, "That's right. In the past, the bank received very few reports of counterfeit money."

"Even if there are any, they are all crudely made, extremely inferior forgeries, which can be identified at a glance."

"It's just a way to fool those old men and women living in remote mountain villages who have limited knowledge of the Ming Dynasty's precious paper money."

"However, in the past few months, the number of counterfeit banknotes discovered by banks has increased rapidly, and the level of counterfeiting has improved significantly."

"Nowadays, some counterfeit banknotes are so difficult for ordinary people to distinguish from genuine ones unless they are professionals."

"Only highly trained bank employees can accurately determine its authenticity."

At this point, Xia Yuanji's tone softened slightly, and he continued, "However, Your Majesty need not worry too much."

"Daming Bank has always maintained a high level of vigilance against counterfeit banknotes and closely monitored the movement of the banknotes."

"Once any trace of counterfeit money is discovered, a thorough investigation will be launched immediately."

"In the past three months, we have successfully dismantled seven counterfeit money manufacturing dens."

"Furthermore, although the technology for producing these counterfeit bills has improved significantly, there is still a long way to go before they can be passed off as genuine."

"It's just that ordinary people have limited ability to distinguish right from wrong, which makes them easy to be deceived."

"To this end, I have ordered banks at all levels to vigorously carry out publicity and education work on counterfeit banknote identification, and initial results have been achieved."

"After learning about counterfeit currency, many people are able to detect it and report it to the authorities."

Zhu Yuntong listened quietly to Yang Rong and Xia Yuanji's statements, his expression instantly shifting between light and shadow.

Like the sky before a storm, the clouds and sunshine are intertwined, ever-changing.

The original purpose of the journal Science was to disseminate knowledge and promote the scientific and technological progress of the Ming Dynasty.

Articles that can be published on this platform have all undergone rigorous review.

It is absolutely impossible to publish technical articles involving the manufacture of banknotes.

However, the essence of many technologies is often the same, and seemingly unrelated fields are actually intricately connected.

Take paper manufacturing as an example. The journal Science may only publish methods to improve paper quality and increase paper production efficiency.

This could become a source of technology for counterfeiting paper money for those with malicious intent.

The same applies to ink.

The discussions on new ink formulations and color durability in journals, if exploited by those with ulterior motives, could provide more realistic printing effects for counterfeiting banknotes.

There is also gravure printing technology. Although it was not directly published in the journal Science, the related mechanical principles and engraving techniques are enough for some people to draw inferences from it and improve their counterfeiting methods.

As a result, the technology for manufacturing counterfeit money and the techniques for creating forgeries can naturally continue to improve at an astonishing rate.

Previously, Zhu Yunwen had confidently predicted that, given the technological level of the Ming Dynasty at the time, the anti-counterfeiting technology of the banknotes he had meticulously designed and manufactured would be sufficient to ensure that they would not be cracked for decades.

Even longer.

However, this is an inference based on the original historical trajectory.

Today, everything has changed dramatically thanks to the widespread dissemination of the journal Science and the rapid development of science and technology.

What was once a certain estimate has now become like a dream, and can no longer be relied upon.

Seeing that Zhu Yunwen was deep in thought, Yang Rong continued, "Your Majesty, this matter must not be taken lightly."

"The spread of technology was like a flood breaking through a dam, which allowed the level of counterfeiting of banknotes to rise accordingly."

"Although it shouldn't trigger a major crisis in the short term."

"But if this continues, those who attempt to make huge profits by producing counterfeit money will inevitably continue to improve their skills and become more and more sophisticated."

"If the Ming Dynasty banknotes only circulated domestically, they could still be controlled."

"With the close monitoring of the Daming Bank and the full cooperation of officials at all levels, even if the counterfeiters are highly skilled, they will find it difficult to escape our control."

"Once traces of counterfeit money are discovered, we can act swiftly to uproot and completely destroy the criminal gang behind it."

"However, the current situation is not so simple; on the contrary, it is extremely serious."

"Today, the Ming Dynasty's paper money is flowing overseas in a steady stream, and this trend is becoming increasingly apparent as trade between the Ming Dynasty and overseas countries becomes more frequent."

"It is certainly a good thing that foreign countries can accept the Ming Dynasty's paper money, which allows us to easily purchase goods from various countries simply by printing paper money."

"But these precious notes circulating overseas have become a problem for the supervision of the Ming Bank."

“The overseas territories are vast and the situation is complex, making it difficult for Daming Bank to conduct comprehensive and effective supervision of them.”

Yang Rong's face seemed to be covered by a layer of frost, and his expression was so serious that it was almost heavy.

His voice, every word striking the hearts of the crowd like a heavy hammer: "The world is bustling with people, all driven by fame and fortune."

"Counterfeiting money is extremely profitable, enough to drive countless people to take the risk."

"If some people with ulterior motives learn advanced technologies in China through the journal Science and then go abroad."

"Like those ruthless human traffickers of the past, they colluded with local natives and countries or forces hostile to the Ming Dynasty."

"Using the technology learned from the Ming Dynasty and with their help, they printed counterfeit money on a large scale."

"What should the court do then?"

"Once a large number of counterfeit banknotes circulate overseas, the credibility of the Ming Dynasty banknotes overseas will collapse instantly."

"This vicious wave may also backfire on the domestic situation."

"At that time, the financial order in the Ming Dynasty will likely suffer a severe blow and may even fall into chaos."

"The example of the old version of the Ming Dynasty Treasure Note serves as a stark warning."

"Back then, paper money was not used as widely as it is today." "Not even one-tenth of what it is today."

"If the problem of rampant counterfeit banknotes, like the old version of the Baochao, were to recur, I dare not even imagine the far-reaching impact and the severity of the consequences."

"This matter concerns the very foundation of the nation; Your Majesty, we must take precautions!"

After he finished speaking, the room fell into a deathly silence.

Everyone looked solemn and fell into a deep silence.

Today, the Ming Dynasty paper money has completely replaced silver and copper coins, and like a gentle spring rain, it has permeated every corner of the lives of ordinary people.

Not only silver and copper coins, but also various barter methods, or the use of cloth or other items as equivalent exchange, have long since become dust of history and disappeared without a trace.

The scale of the use of paper money has increased by more than ten times compared to the past; it has probably increased by a hundred times.

Back then, Zhu Yuanzhang promoted paper money, but it ended up being a complete mess.

However, the Ming Dynasty at that time was not so severely damaged as a result.

However, if the new version of the Treasure Notes were to repeat the same mistake, the impact would be far greater than before.

Technological development is a double-edged sword.

If technology doesn't advance, there's naturally no need to worry about the problems caused by the rapid advancement of counterfeit currency manufacturing techniques.

However, how can one give up eating because of a minor choking incident?
If the Ming Dynasty is to prosper and continue to develop, it must steadfastly and continuously improve its scientific and technological level.

However, the spread of technology will make counterfeiting easier, which is unavoidable!
“Your concerns are very reasonable.” Zhu Yunwen broke the oppressive silence first, saying, “However, while the technical level of counterfeiters is improving, the technological strength of our Ming Dynasty will only improve even more rapidly!”

At this point, the gloom that had been shrouding Zhu Yunwen's face dissipated like a wisp of smoke, replaced by a confident smile.

"Rest assured, I have always ordered the Academy of Sciences of the Ming Dynasty to conduct in-depth research on the relevant technologies."

"The technology they possess today is vastly different from what it used to be; they have made tremendous progress."

"When I hastily introduced the paper money, it was bound to have many flaws and shortcomings."

"Now is indeed the time to issue new banknotes to replace the old ones."

It should be noted that when Zhu Yunwen first introduced the Ming Dynasty Treasure Notes, the journal *Science* had not yet been published, and the Ming Academy of Sciences was nowhere to be found.

Compared to then, the scientific level of the Ming Dynasty today is worlds apart.

Moreover, Zhu Yunwen had been secretly instructing the elites of the Academy of Sciences to conduct research in the field of anti-counterfeiting technology for banknotes.

With these foundations in place, there is naturally a high degree of confidence in producing new banknotes with even higher levels of anti-counterfeiting measures.

"Issuing new banknotes and abolishing old ones?"

Upon hearing this, Xia Yuanji's face turned deathly pale, and he looked extremely terrified. He hurriedly tried to dissuade him, saying, "Your Majesty, this is absolutely unacceptable! We must not issue new banknotes so easily!"

"The people still vividly remember and are terrified of the past when the imperial court frequently issued paper money."

"After His Majesty reformed the currency system and printed new versions of paper money, the financial order of the Ming Dynasty gradually stabilized."

"If we rashly issue new banknotes and abolish old banknotes at this time, the people may mistakenly believe that the court is going to repeat the old ways, causing panic."

"Simply by spreading this news, it will cause a huge uproar and a great shock among the people."

"If things go wrong, there could be bank runs in various places, and the consequences would be unimaginable!"

Zhu Yunwen nodded slightly, his face still bearing a gentle smile, and said, "I understand your concerns, and they are indeed reasonable."

"However, when I first designed the use of the paper money, I had already considered that it should be updated continuously, rather than using the old version unchanged."

In fact, the paper money promoted by Zhu Yuanzhang was never revised from beginning to end.

Not only that, Zhu Yuanzhang also issued a special decree, explicitly stating that the format of the paper money should never be changed.

Each time a new banknote is issued, the same format is used.

This undoubtedly became a key factor in the rampant counterfeiting of old-version banknotes during the period when counterfeit banknotes were rampant.

Old banknotes lack traceable serial numbers, have an unchanging design, and employ extremely rudimentary anti-counterfeiting technology…

Given all this, it would be truly strange if counterfeit money didn't proliferate unchecked.

It wasn't until Zhu Yunwen implemented reforms that this situation was completely reversed.

His approach to dealing with the old banknotes at the time was simply to ignore them and render them invalid.

Zhu Yunwen leaned forward slightly and stated firmly, "What I mean by abolishing the old currency is not to make it immediately worthless, but to adopt a strategy of gradual withdrawal."

"First, all the old banknotes in the hands of the people can be exchanged for new banknotes at the Daming Bank free of charge at a ratio of one to one."

"The value of the new banknotes in exchanging for silver and purchasing grain is exactly the same as that of the old banknotes, and there will be no change."

"We clearly inform the public that the issuance of new banknotes is solely due to the fact that old banknotes are prone to decay and damage after long-term use, affecting their normal use. Therefore, we are issuing new banknotes to replace them, so the public can rest assured."

"Daming Bank will collect the old banknotes and destroy them in a unified manner."

"Secondly, the old banknotes that have not yet been exchanged will continue to be the legal tender of this dynasty for the next five years and can be used normally and legally."

"The old banknotes will not be completely abolished and will no longer be in circulation until the five-year period expires."

"During these five years, the bank only issues new banknotes and no longer issues any old banknotes."

"Any old banknotes, once they pass through a bank, will be exchanged for new banknotes and circulated out."

"In this way, the number of old banknotes circulating in the market will naturally decrease gradually until they eventually disappear."

"Moreover, as long as the number of old banknotes in circulation is greatly reduced, it will be difficult for counterfeit banknotes to become rampant."

"At the same time, we will issue announcements and increase publicity efforts to urge people to go to the bank as soon as possible to exchange their old banknotes for new ones."

Five years later, the new banknotes will completely replace the old ones.

"In this way, the credibility of the Ming Dynasty's paper money will not only not decline, but will rise."

Zhu Yunwen clearly and logically explained his carefully conceived plan in detail.

Xia Yuanji's doubts gradually dissipated, and he couldn't help but nod slightly.

It seems I was indeed overthinking things.

Your Majesty has always been far-sighted and considers matters meticulously and thoroughly. Such an important matter has naturally been decided long ago, so there is no need for me to worry about it.

Zhu Yunwen's face regained a calm and composed smile, and he continued, "With the current technological strength of the Ming Academy of Sciences, the anti-counterfeiting capabilities of the new version of the Ming Treasure Note will be a hundred times better than the old version."

“Those criminals will never be able to easily counterfeit new banknotes again.”

In recent years, the science and technology of the Ming Dynasty have made rapid progress.

With each passing day, the level of technology has changed dramatically.

"In addition, Daming Bank also needs to expand overseas and establish branches in countries around the world."

"This move has two important purposes. First, to collect wealth from overseas countries for the use of our Great Ming."

"At the same time, we actively promoted the Ming Dynasty Treasure Notes so that they could become a currency circulating in countries around the world."

"Secondly, only by opening branches can we closely monitor the movement of counterfeit currency overseas."

"Once any abnormal signs are detected, they can be promptly identified and swiftly addressed."

"If any force or country dares to recklessly print Ming Dynasty banknotes and refuses to change its ways despite repeated warnings, then it is declaring war on my Great Ming! I will certainly dispatch the Ming army to launch a military campaign and make them pay a heavy price for their actions!"

……

(End of this chapter)