Sky Curtain: My Great Qin must have an aircraft carrier!

In ancient times, paper money was benchmarked against precious metals such as gold and silver, and served as a legal tender symbol of national credit.

In short, the premise for the public to accept paper money is that they believe in the country's credit and that this piece of paper can be exchanged for real money.

So now you understand why modern countries need to reserve gold.

If excessive issuance leads to the inability to redeem currency, paper money becomes worthless, eroding public trust in the country.

In the financial world, confidence is more important than gold.

Nine out of ten ancient emperors who ruined paper money did so because they couldn't control their hands that printed it.

Li Shimin sat upright on the dragon throne, having roughly understood the ins and outs of paper money.

"I see. Paper money itself is worthless; what's valuable is the country's credit."

"The current implementation of paper money in the Tang Dynasty does more harm than good."

When Li Shimin heard that the Song Dynasty had created a paper currency called Jiaozi, he did have some thoughts about it.

The Tang Dynasty was short of copper and faced a severe shortage of coins. If paper could be used instead of copper coins, it would save a great deal of trouble.

Hearing these words now has completely extinguished any remaining hope.

Li Shimin himself was able to restrain his desires and refrain from recklessly issuing paper money to amass wealth, but what about his descendants?

Having observed the heavens for so long, he had long seen through the true nature of all the emperors throughout history.

A wise and benevolent ruler is a rare and auspicious sign, while a foolish and incompetent ruler is rampant.

If the Tang Dynasty had a foolish ruler, paper money would become a disaster that swept the world.

All the savings that ordinary people have painstakingly accumulated will turn into a pile of worthless paper.

The emperor possesses the entire realm and holds the power of life and death; who can control the emperor's hand?

unless……

Li Shimin looked up at the sky, his eyes filled with emotion.

Unless the emperor cannot do whatever he wants, and there is a powerful institution that can even suppress the emperor to guarantee the exchange of this paper money.

Has the new China already reached this level?

Even those in the highest positions of power can be constrained by the system?

Li Shimin sighed. This kind of governance was something the Tang Dynasty could not learn.

Therefore, Zhu Yuanzhang's operation of the Ming Dynasty Treasure Note is quite puzzling.

The lessons learned from the Song Dynasty's Jiaozi and the Yuan Dynasty's Zhongtong Chao are right there, yet we still managed to fall into the same trap.

When the Hongwu Treasure Notes were first issued, the imperial court stipulated that one string of Treasure Notes was equal to one tael of silver.

At that time, the common people were very simple and honest. They truly believed in Zhu's promise and exchanged real gold and silver for a lot of savings at home.

However, by the mid-Hongwu period, which was only about ten years later, a string of cash was only worth two hundred copper coins.

In the later stages, things got even worse, forcing Zhu Yuanzhang to issue an order: the use of gold and silver in transactions by the common people is strictly prohibited, and violators will be severely punished.

Unfortunately, administrative orders that violate economic principles are utterly ineffective.

In the end, Zhu Yuanzhang simply stopped acting and stopped collecting taxes in paper money, treating the common people like bastards.

You yourself over-issue currency, causing massive inflation, and then just walk away without doing anything about it. Isn't that just being a scoundrel?

"I……"

Zhu Yuanzhang opened his mouth, only to find that he had no way to refute it.

Tianmu's words were incredibly sharp, like a resounding slap across his face.

They ripped the fig leaf off the face of this Hongwu Emperor to shreds.

All that talk about loving the people like one's own children, or about coming from a poor background and caring for the common people, is a lie!

Zhu Chongba died long ago, and Zhu Yuanzhang, who sat on the dragon throne, was not that fond of the people.

You are no different from those corrupt officials who ride roughshod over the people, and you are even worse!

Corrupt officials at least need real money, but you print a few worthless sheets of paper and exchange them for the blood and sweat of the people.

"We...we..."

Zhu Yuanzhang's face flushed red, and veins bulged on his forehead.

It must be admitted that he did indeed reap the benefits in the first few years after the issuance of the paper money.

There's no need to impose additional taxes or exploit local areas; all we need to do is print more paper.

Short of money? Print more! Still short? Print more!

Officials' salaries were paid in paper money, meritorious officials were rewarded with paper money, and all military operations relied on official seals.

As for the common people using paper money as grain to pay taxes?

This won't do. What does the imperial court need waste paper for? Grain must be handed over.

During the Hongwu era, countless people in the streets and alleys looked up at the sky with tears in their eyes.

Thank God, finally someone dares to speak the truth!

Since these banknotes were issued, their value has visibly depreciated.

They may be uneducated and ignorant, but they are not stupid!

They used printed patterns on paper as currency, but even the imperial court didn't recognize it.

Why should this pile of waste paper be exchanged for what we have?

"Father, we absolutely cannot print any more paper money."

When Zhu Biao saw this, he found himself breaking out in a cold sweat, the chill penetrating to his very bones.

If it weren't for the heavens tearing through the window paper, he would never have imagined that the rampant issuance of paper money would cause such great harm.

Once the Ming Dynasty's credibility is completely exhausted, how long can it hold onto its throne?

Zhu Yuanzhang coughed twice, trying to cover up his embarrassment.

"We've stopped recently, and the sweet potatoes in the experimental field are growing well. What do we need so many paper money for? From now on, we'll settle accounts with grain!"

Zhu Biao stepped forward, his tone becoming increasingly stern: "Father, simply not printing them isn't enough."

"We not only need to stop it, but we also need to buy back a portion of the circulating banknotes at an equivalent value!"

Upon hearing that he had to pay money, Zhu Yuanzhang's eyes widened. "Buy back? Do you think the imperial court is a charitable institution? Where would the imperial court get so much money?"

"Use sweet potatoes."

Zhu Biao had already planned ahead. He calmly revealed his plan: "Aren't sweet potatoes supposed to yield a thousand catties per mu? Let's convert them into grain and use it to buy back the money in the hands of the people."

"This is a great opportunity to let the people receive new grain; why not?"

Upon hearing that sweet potatoes were to be used, Zhu Yuanzhang's heart trembled.

That was several thousand acres that he and his men had just planted, and he sent heavy troops to guard it every day. Even a sparrow that flew in would be hit by two arrows.

So they didn't even get to eat the skins, and now they have to give them all away?

Zhu Yuanzhang's inherent peasant mentality kicked in, and he couldn't bear to touch sweet potatoes.

"Those immortal seeds are so precious; they're our capital for preventing major disasters and fighting big wars."

"We'd rather grit our teeth and squeeze some silver out of the inner treasury than exchange grain for that worthless paper."

Zhu Biao looked at his stubborn father, his tone growing increasingly resolute, "Father, the court has broken its promise to the people; this money must be spent!"

"Moreover, in times of chaos, gold is valued, and in times of prosperity, grain is more precious than silver. It would be perfect to use sweet potato seedlings to settle the debt."

"The people take it back and plant it in the fields, and in the end, doesn't it fill the national treasury?"

As he spoke, Zhu Biao himself became excited.

This is a brilliant idea! The common people are stubborn and won't easily put anything they haven't seen before into the ground.

But if you were given out sweet potatoes as money, would you want them?

Even if the people are unwilling, they will still plant the sweet potatoes in order to make up for some of their losses.

Once they see that incredible yield, they'll all rush to plant it themselves without the imperial court having to urge them.

This not only restored the court's credibility but also solved the problem of promoting sweet potatoes—truly killing two birds with one stone.

Zhu Yuanzhang was still calculating with his fingers when deafening cheers erupted outside the main hall.

"Your Highness's benevolence is truly a blessing to all the people!"

"Your Highness, we humbly thank you for your divine grace!"

The courtiers were so excited that their faces turned red, and they wished they could kowtow to Zhu Biao on the spot.

Why are you so excited?

Nonsense! Zhu Yuanzhang paid out a large portion of his salary using paper money!

Now that the Crown Prince has spoken, he wants to use grain and silver to buy back the goods; anyone who doesn't support him is a fool.

Hearing the ministers' praise, Zhu Yuanzhang's face turned as black as the bottom of a pot.

We haven't even given our approval yet, and you're already outside expressing your gratitude?

"you……"

Zhu Yuanzhang was about to lose his temper when Empress Ma slammed the cake down on the table and gave him a disapproving look.

"What's wrong with what Biao'er said? You did something wrong, and your son cleaned up your mess, and you're complaining?"

Zhu Yuanzhang pouted, looking aggrieved. "We didn't say the target was wrong, but listen to what those people outside are shouting."

"Since our eldest brother is so capable, let him sit on the throne, and we'll go back to Fengyang and farm!"

Upon hearing this, the officials' eyes lit up.

Is there really such a good thing?!

Although the Crown Prince is ruthless, at least he is reasonable.

No need to live in constant fear of losing your head, no need to starve on a worthless salary.

"Hmph, these opportunistic bastards!"

Zhu Yuanzhang was so angry that his teeth itched, and he stormed off to the back hall.

Zhu Biao shook his head helplessly, but he began to feel excited.

If he promoted sweet potatoes himself and resolved the hidden dangers of paper money, his achievements should not be any less than those of the Yongle Emperor, right?

Zhu Biao cleared his throat and addressed the kneeling officials:

"My lords, please rise."

"We need to come up with a proper plan that neither harms the imperial court nor the people."

The officials all stood up, beaming with joy.

In any case, this piece of waste paper can finally be exchanged for real money.