Fan Shidao coughed slightly, feeling that Zhang Yue's behavior was a bit unethical.

Han Qi smiled and indicated that it was okay to continue.

Zhang Yue swallowed his words and then said, "...Whenever the imperial court's money comes, there are three things that cannot be taken into consideration at the same time. They are divided into importance, circulation, and exchange!"

Everyone: "???"

They can still know the weight. The weight comes from the tube. There is a saying in the tube that "coins are heavy but everything is light, coins are light but everything is heavy".

As for circulation, what does exchange mean?

In fact, what Zhang Yue said is the theory of the impossible triangle of later economics, that is, independent monetary policy, liquidity, and exchange rate cannot coexist.

Han Qi and the others looked at a loss, looking at Zhang Yue who was talking about oil and gas, and said: "In the past, the salt banknotes were designed for merchants to enter Shaanxi, and the people who bought and sold them were between merchants such as grain merchants and salt merchants.

.The imperial court set a salt limit of 116 kilograms per table as the six kuan, and the Third Bureau and Shaanxi agreed to pay a fixed amount of salt banknotes every year. They have always been in peace, but why did the salt policy change later?"

"Later, the merchants on the border found that it was inconvenient to carry copper and iron money back to Beijing from the border in Shaanxi, so they asked Chinese merchants to buy salt banknotes and then returned to Beijing to sell them to salt merchants. Later, the money laws of the imperial court were corrupted.

So salt banknotes gradually became popular as Chu coins."

Han Qi said: "To explain it, tell it slowly from beginning to end..."

Zhang Yue said: "In fact, the money laws of this dynasty have always had many disadvantages. Copper coins and iron coins are enough for ordinary people in daily life, but for trade, large amounts of money come in and out. Businessmen going to Shaanxi trade carry thousands of kilograms of money.

Coins are extremely inconvenient. Not only do they cost transportation capacity, but they are also vulnerable to prying eyes."

"Later, merchants saw salt banknotes and thought they were easy to carry and exchange, so their purchases increased. Some wealthy businessmen saw that it was more convenient to store salt banknotes than gold and silver, so they also exchanged gold and silver for salt banknotes and used them in large transactions.

Above trade."

"Thus, the salt banknotes changed from the original reference to coins!"

"What is the difference between Jiaoyin and coins?" Zeng Gongliang asked.

This theory was indeed difficult for the ancients to understand. At this time, the superiority of Zhang Yue's first-class students emerged spontaneously. He looked at Han Qi, Zeng Gongliang and other senior leaders sitting like students.

He said: "Of course it is different. The quotations cannot be circulated, but the coins can be circulated. Originally, salt banknotes were only circulated between salt merchants and traders, which amounted to tens of thousands to hundreds of thousands of coins a year."

"Due to the rarity of salt banknotes (sacrifice of circulation), the imperial court can issue a fixed amount of salt banknotes every year (independent monetary policy), and then redeem them in six dollars per seat (fixed exchange rate), forming a triangle-like balance."

"But after the salt banknotes became currency, they became available to ordinary people instead of being purchased by salt merchants, so they became liquid!"

"In other words, after the salt banknotes become circulated, in order to form a new triangular balance, the imperial court must either issue a fixed amount of salt banknotes every year (independent monetary policy) or pay six coins per seat (fixed exchange rate)."

"To put it bluntly, there is one supply and one demand, but with more people buying, the balance is broken, and salt banknotes are purchased in large quantities by the private sector. In the end, the three government agencies have no choice but to continue to delegate the power of printing banknotes to the Shaanxi Transfer Department."

"In this way, the imperial court has lost its important power."

Han Qi and others looked at each other and realized that things were indeed developing as Zhang Yue said.

The imperial court gave up its independent monetary policy to achieve a fixed exchange rate with six fixed exchange rates and the liquidity of salt banknotes, forming a new triangular balance.

The demand side is amplifying. In order to maintain price balance, we can only find ways on the supply side.

Zhang Yue said: "But the Shaanxi Transportation Department, which holds the most important power, never thought about the imperial court and kept printing money, so that false money became prevalent. By the time the imperial court knew about it, it was too late to take back the important power.

.The people are filled with a lot of fake money!”

"Therefore, in the fifth year of Jiayou, Fan Xiang, the salt envoy who established the salt law, reformed his salt law and established the Capital Salt Institute. He gave up the payment of six guans and one seat, and changed the rigid redemption of salt banknotes with five guans and five hundred coins. When the salt banknotes rose,

Sell ​​the salt banknotes at the highest price minus five hundred cents."

"This is the balanced method mentioned in Guanzi, and it can be called a good method."

However, Fan Xiang's reform caused a conflict between the Third Division and the Shaanxi Transportation Division...

Zhang Yue said: "The power of importance (independent monetary policy) lies with the imperial court, which must not be lost. The circulation of salt banknotes benefits the country and the people (circulation) and must not be lost. Therefore, the only way to change the order is to change it at the Liuguan seat."
Chapter completed!