I have to say that the Ming Dynasty really had no shortage of smart people.

Chongzhen only provided the most basic way to play bonds, but Zhang Youyu, Gao Hongtu and others directly took the bond market a big step forward and advanced to government taxation as a guarantee to issue bonds. This is different from Yin Chimaoliang who directly uses national credit to issue government bonds.

It's very close, okay, this is Yin Chi Mao Liang.

It is equivalent to treating future income as interest and directly adding leverage.

This is amazing. Assuming an annual interest rate of 1% and an annual income of 10 million, you can theoretically issue a debt of 1 billion, which is a hundred times leverage! Of course, this is only theoretical.

Jiang Yueguang, Jie Xuelong's heart was pounding, this method seems to be good.

Shi Kefa was a little worried, frowned and said, "Is this good?"

"What's wrong?" Gao Hongtu snorted and said, "We don't issue bonds for our own personal gain, but for the Ming Dynasty. Only with money in the Treasury of the Ministry of Revenue can we alleviate the crisis and help the poor!"

Zhang Youyu added: "There are several pavilion elders and bank accounts. The bank accounts are the key!"

"Bank account?" Now even Shi Kefa was unsure. The Ministry of Accounts also issued a bank account?

Zhang Youyu said: "The imperial court could actually open a Ming Dynasty household bank account, and then follow the example of bundling the market exchange with the royal bank account. If the merchants of the Jin gentry wanted to buy and trade bonds on the exchange opened by the household department, they could do so.

You must first open an account with the bank account number and deposit money."

Shi Kefa said: "But after all, it is not the imperial court's money. What should we do if there is a run?"

"Yes." Xie Xuelong also said, "There was a run on the Royal Bank last time. It is said that it was very embarrassing. The originally high 300 million taels of silver were reduced to less than 41 in ten days."

"This is easy to hear," Gao Hongtu said, "Bank accounts can set a withdrawal limit. Except for the bond trading on the Hubu Exchange, which is not restricted, if you want to withdraw cash, you can only limit a certain amount every day."

"This is a good idea!" Xie Xuelong said, "I think this method is feasible."

Jiang Yueguang and Zhang Youyu also agreed: "This method is indeed good."

Gao Hongtu and the four of them all agreed, and Shi Kefa didn't want to object anymore.

At that moment, Shi Kefa said to Zhang Youyu: "Jinghan, then you should go back to the Ministry of Accounts to draw up a charter. Which province or provinces will be used as collateral, how many bonds will be issued, and the withdrawal limit of the bank account will be specific.

How much should be set? All these should be drawn up in a clause, and then we will discuss them one by one."

"I accept my order." Zhang Youyu bowed his head, turned around and left quickly.

The important matter of establishing the municipal exchange and bank account under the Ministry of Accounts has been agreed upon.

Jie Xuelong and Jiang Yueguang looked at each other and said, "The problem of insufficient national supplies will be solved from now on."

"This is a happy event." Gao Hongtu stroked his beard vigorously and said happily: "I don't want to live another day like this hard life where a big boy is split into two flowers."

While they were talking, a junior official came in and reported: "Mr. Ma Mingluo, deputy director of the Ministry of Internal Affairs, wants to see you."

"Ma Mingluan?" Gao Hongtu's face fell, and he said in a deep voice, "It must be for the Metropolitan Procuratorate to check the accounts of the Ministry of Internal Affairs. The cabinet will not come forward to solve this matter, and they will resolve it themselves."
Chapter completed!