Li Mingxun's words were like throwing a mine on the calm sea. His huge reaction was even about to overturn the roof of the Senate. When everyone heard the news, they shouted excitedly. They waved their fists and hugged each other to celebrate this moment worth celebrating. The most powerful people in the United States knew that the most dangerous period in the United States had passed!

The quieter people are more confident in the war that the United States will face. As long as the war does not start at the same time, the United States will win.

In the end, Li Mingxun asked the servants to lead a few old gentlemen to the treasury. Even though they said they didn't want to, they actually wanted to witness the current financial situation of the United States with their own eyes. Victory can give people confidence, but nothing is more at ease than a mountain of gold and silver.

After the old gentlemen left, the sons and nephews and agents of these people walked into the conference room with shame on their faces. Although their fathers and grandparents showed enough loyalty and heroism in front of the head of state, their amateur style still made everyone feel uncomfortable. Li Mingxun waved: "The old gentlemen are also worried about the country and can't blame them. Everyone, let's discuss the war loan."

The war public debt bill promoted by Lee Myung-hoon in parliament has basically been supported by the members of parliament. It is one thing for the elders to come forward to persuade them. The most important thing is that the members of parliament have no choice. Increase taxes and borrowing are two completely different options. If taxes are increased, then these members are likely to lose their power. The key factor of lending is whether the United States has the ability to repay the debt on schedule. In terms of root, whether it is the confidence to win the war, as long as it wins, whether it is liquidation of the mainland gentry or expanding tax sources, it can be repaid.

Now that the war at sea has come to an end, the United States can concentrate its efforts on land battles, and victory will add three points.

As the first generation bank manager of the United States, Cheng Bi naturally would not follow the group of unknown old men to the treasury. He stayed here and used his professional qualities to act as a mediator and lubricant.

"Your Excellency, what is the mortgage of the United States government to use for this war? Is it a state-owned asset of the base camp and overseas provinces, or the real estate obtained by the liquidation of the gentry in the future?" Cheng Bi asked straight to the point.

This is also one of the several issues that these bank managers are concerned about. What is used as collateral determines the interest on war bonds. You should know that whether it is the private bank that provides the first batch of loans to the United States or the nationals, the nationals of the country, when purchasing government bonds, they must consider the issue of yield and risk. The risks of assets in mainland China and overseas are completely different. To put it bluntly, the worst case that everyone can think of is the collapse of the mainland, and the Qing Dynasty or Zhu Ming monopolizes the mainland. Therefore, if it is mortgaged with overseas state-owned assets, the risk is very low. The interest on government bonds will be lower than 7%, or it only needs to exceed the current loan interest rate of 5% of the mainstream bank loans in the United States.

If the United States liberates the state-owned assets or liquidation proceeds from the occupied areas of the Qing Dynasty as collateral, then the interest rate will be very high. Everyone knows that the news of the Indian Ocean Navy is coming at the right time. Without the news of the victory of the naval battle, the interest rate agreed by banks cannot be less than 35%. Since there is no war at sea, the probability of winning on the mainland is higher and the risk is smaller. The interest rate can be reduced to 25% as appropriate. If a peace agreement can be reached with European countries, it can be reduced by a few percentage points, but it will not be less than 15%.

This interest rate is not actually high. At least compared with those kings in Europe who borrow money and fight, it is even lower than the interest rates of some domestic commercial operations. You should know that the Indian powerful people borrowed loans from merchants who went to Southeast Asia to do business. The interest rates remained between 70 and 200% and similarly, the United States maritime merchants went from their base to trade in India, and the interest rates were also about 40%. The bonds issued by Palawan Development Company also had a yield of more than half.

"No, this time, there is no mortgage on the issuance of public bonds. If you want to use it, it will be mortgaged with national credit." Li Mingxun said immediately.

"This is not consistent with the past." Someone responded immediately.

In fact, the United States has carried out several commercial loans, which are mortgaged with state-owned assets. Most of the time, they can be paid back, but a small part of them are not repayable. They are regarded as dealing with non-performing assets. For example, when China Oceanwide Group first went to Europe for trade, it used the United States' state-owned cotton textile enterprises in the heart of the river as collateral. Although the income is enough to pay off the loan, it was eventually auctioned off those textile enterprises. The reason is that the Senate strives to privatize the industry. Due to the intervention of private capital, the profits of this industry are already very low. On the contrary, it has to feed a large number of state-owned employees, which are non-performing assets.

"The past is the past, and now is the present. The existing state-owned assets and enterprises are the minimum standards for maintaining the national security of the United States and cannot be sold anyway. As for the future liquidation proceeds in the mainland, it is really inappropriate if financial capital is manipulated." Li Mingxun briefly explained.

With the rise of the domestic bourgeoisie, these capitalists are increasingly dissatisfied with the monopoly of state-owned enterprises in the United States. The monopoly enterprises in the United States were advocated by Li Mingxun. One is for national security and stability. Not to mention, the largest grain merchants are state-owned enterprises, who control the most food. Once the price of grain rises, they will immediately mobilize food to supplement it. Even when the joint fleet jumps over the Indian Ocean, the food price of the United States remains stable.

In addition, it is to support the war in order to obtain profits. For example, the China Ocean Shipping Group monopolized the trade routes to Europe. According to the law, merchants of United States merchants must not appear in the Atlantic Ocean to maintain their monopoly position. However, with the increase in costs and the decline in profits of European oriental commodities, the profits from monopoly also gradually declined. United States capitalists have opened up the ancient Silk Road from Penang to India, the Red Sea, the Ottoman, Genoa to Europe. Last year, hundreds of sea merchants issued letters asking the United States to improve their relations with the Ottomans and no longer attack the small sultanate countries in the South China Sea. The purpose was that after the improvement of the relationship between the two countries, the merchants of the two countries were preparing to dig the Suez Canal, which really scared Li Mingxun.

Because of this, the state-owned enterprises of the United States have been constantly reforming and opening up to the whole society. The United States' monopoly in silk fabrics, ocean-going merchant ships, ocean-going trade, etc. is declining. The United States' private merchant ships have long been opened to Europe and North America, but the United States still monopolizes many lifeline industries. The most important thing is the production of ordnance, steam power equipment, steel product smelting, and other high-tech industries that need to be kept confidential. To put it bluntly, if existing state-owned assets are mortgaged, they will not be able to pay off their debts in the future, and Li Mingxun will not sit idly by and watch these industries be sold or auctioned, even if they are not paying their debts.

Although the mortgage of liquidation proceeds will not endanger national security, it will lead to the loss of a large number of state-owned assets. In the past few years, the army went to and from coastal provinces to conduct liquidation. At that time, the liquidation was mainly expensive items that were easy to carry. However, in addition to gold and silver, things such as antiques, calligraphy and paintings, precious furniture, ox, mules and horses all needed the assistance of private forces to count and auction. Those greedy guys could even sell bronze ware by pound and calligraphy and paintings by piece, causing a large amount of seized income to be sold at a low price. This time, if the mortgage of liquidation proceeds is used as collateral, wouldn’t the vital real estate and land also be sold at a low price?

Everyone discussed for a while and looked at Cheng Bi, hoping that he could help him talk. Cheng Bi thought about it, but he couldn't think of any way to balance it, but he knew Li Mingxun very well, and Li Mingxun decided not to treat everyone badly.

Cheng Bi's vision is indeed long-term. It is true that Li Mingxun issued war bonds to raise funds, but it is not just for this. You should know that the managers in front of him and the old gentlemen who had just left, the families, banks and forces behind them represent the power of the United States second only to the state's public instruments and veterans. When the national liberation plan is about to be successful, that is, to change the dynasty, even if these people are the basic foundation of the United States, they must be favored to win over.

"Your Excellency, I think all the old gentlemen who have just left know that you will never treat the people who help you unfairly. You have also said that whoever works for the cause of China will receive blessings." Cheng Bi said with a smile.

Lee Mingxun nodded: "Of course, the war bonds issued this time, the Senate and the Parliament mean that the interest is set at 7.5% with the national credit as collateral, but unlike before, this time, the bond bonds can be legally traded in the trading market."

Lee Mingxun lowered the original interest rate by another 1.5%, because the Fleet won.

"You can trade!" Even someone stood up.

To put it bluntly, what these bank managers are most worried about is that the bank bought U.S. government bonds, and the funds were trapped and lacked circulation funds, resulting in business failure. In order to avoid this, we can only reduce the purchase. However, considering U.S.'s strength and confidence in the future, 7.5% of the interest rate is also very profitable, and reducing the purchase of public bonds is a huge loss.

But there will be no problem if you can trade government bonds freely. People and banks holding government bonds can use these credit-rich bonds as collateral to obtain more funds. As the United States wins the war on the mainland, government bonds will become more and more valuable. Whether it is a bank or an individual holder, this is a rapid appreciation of assets.

However, there is also a risk in this method, that is, the value of the government bond is closely related to whether the war in the United States is successful or successful. If the war fails, the government bonds will depreciate. If it fails, it will become waste paper. Because there is no collateral, there will be no compensation.

What Li Mingxun wants is this effect. As the head of state, he must make the worst plan. Defeating before the fight is the passing standard of any commander. It can be said that according to Li Mingxun's war plan, there are two sources of funds, partly the accumulated income in the early stage, and partly the war public debt. That is to say, if the Tartars can be expelled and restored to China, the United States will get the world. If it fails, the United States will not owe to debts or collapse. What can it do if the credit is damaged? Can the government debt holders still overthrow the United States and wait for the Qing Dynasty to land on the base camp?

If it succeeds, the holders of the government bonds will be together with the country. If it fails, the holders of the government can only advance and retreat with the country.

"I have the qualification to subscribe to 10 million taels of public bonds here. If you are willing, you can claim it yourself. By the way, in order to thank everyone for coming from afar, I will send someone to post a message of victory in the fleet after the subscription is over." Li Mingxun tapped the table gently, which made everyone excited. I first issued the government bonds and then appreciated. This was simply giving away money.

The problem of war public debt was solved. Li Mingxun solved the last problem for the national liberation plan. At the dinner, Gao Feng, the army commander who returned to the base camp to report his work, heard that it was issued 10 million war public debts in an hour, and his face was cramped. He asked, "Your Excellency, is this appropriate? You have to pay back the money you borrowed."

Li Mingxun did not explain to this old friend who lacks financial knowledge, but Ah Hai said: "Uncle Gao, if you are really worried, win more battles. Victory on the battlefield is the best worry-solving potion."

Gao Feng said: "The Army wants to know whether we can reach a peace agreement with the Europeans, especially the Dutch."

Li Mingxun thought for a while and said, "It's certainly OK, most of the time it's to make a little compromise."

There are several countries in this colonial alliance, but the one that is really difficult to deal with is the Netherlands. After all, it has many interests in the East and the Federal Republic of the Netherlands relies very much on trade between the East and the West. On the contrary, France and Denmark only need to use trade rights to be disposal, and Spain has only half a Philippine governor's district. Li Mingxun said: "Gao Feng, the mainland battlefield will be more laborious. I will solve this matter myself. This summer, I need your army and materials to be in place. Launch an offensive in the autumn and winter, especially in the autumn, and one battle will determine the world!"

"Yes, Your Excellency, I promise you and the Senate!" Gao Feng responded seriously after saluting.

Li Mingxun toasted a few familiar people at the dinner party, and left midway, and came to the study. Seeing Ma Donglai sitting on a chair and the tea on the table was gone, he smiled and said, "Donglai, have been waiting for a long time."

"It's not long to wait. I looked at Junhua's homework when I was bored. At a young age, I was very literary." Ma Donglai said with a smile.

Li Mingxun was a little displeased: "Maybe he should have asked him to hire a Confucian teacher at the beginning. Now he is like an old scholar, who is a daytime scholar. What's the use of Neo-Confucianism and Mind? Donglai, Ah Hai, you didn't even know the words at the beginning, and now you can't write seven-character quatrains. How could you delay your herdsmen in the world?"

Ma Donglai smiled and said, "The teacher's words are not entirely reasonable. I and Your Excellency Ahai are illiterate when I was young, so I have the current situation. If I read and literate in my youth, I might be better."
Chapter completed!