Chengqian never thought that the emperor could do so unhappy.

He wanted to suppress these great nobles led by the Zhang family in minting coins. As a result, Chu Suiliang and Cen Wenben, the two guys who only knew that Zhang Chao's head were following, immediately came to take the opportunity to remove the firewood and wanted to launch new coins.

The profits of coin minting plummeted, Cheng Qian did not get any benefits, and he lost 6 million a year. He lost a lot of rice without stealing chickens. Who can I ask for?

In the idea that if you lose money, Cheng Qian lost his teeth and swallowed it in his stomach, agreeing to allow private coins to be minted, but the tax was increased. The special tax on coins increased from 20% to 50%. The operating income tax of the mint cannot be reduced, and these 20% must be paid.

As a result, the cabinet passed the tax increase bill, but it was directly beaten back in the House of Representatives.

Nine members of the Ministry of Revenue were responsible for deliberating the proposal, and nine votes opposed the rejection, leaving no sympathy for the emperor.

The MP spoke out without hesitation, and if they were sent again, they would reject it. Anyway, this proposal could not be passed by them.

As for the reason for the rejection, the 70% tax was imposed. Is the court crazy about money?

These members of the parliament did not mention the court's salt tax that increased the salt price by ten times.

It is possible to use even a 10-fold salt tax, but what can’t be levied?

But their attitude is absolutely impossible.

"Uncle Guo, do you have any good solutions?" Cheng Qian used to find Zhang Chao when he had difficulties. Now he was fighting with the Zhang party and could no longer find Zhang Chao, so he could only turn to his uncle Changsun Wuji.

Holding a chess piece, Changsun Wuji said helplessly, "A million coins a year are just a drop in the bucket for Zhang Chao. Even if he handed over the mint, there would be no harm to him."

"Your Majesty, the real key is the right to issue paper money, not the right to mint coins."

When minting coins, he must first have enough gold, silver, copper and other materials to mint and lead to mint. Only when minting more can he make more. When the court now wants to adjust these metal coins, the profit of mint coins has dropped significantly.

In comparison, printing money is different.

Printing money itself is not profitable because it is not a metal currency, but has no additional profits such as quality. But we cannot ignore it because of this and think that printing money is not important.

On the contrary, printing money is very important and profitable. What he earns is not the banknote itself, but the banknotes can be over-issued. The Zhangji Money House in the past and the commercial banks of the Zhang family are even far more than the Minsheng Bank of the court, the other two Agricultural Banks and Construction Banks, and even the Minsheng Banks are added together. The three companies are far inferior to the scale of the industry and commerce.

Moreover, the Li family also has shares in the other two private banks.

With such a huge platform, the Zhang family absorbed a lot of deposits, and the amount of gold, silver and copper in their hands was also very large. Using these physical currencies as reserves, the Zhang family issued paper money. Their family issued a reserve of 20%, which means that if they had a consistent amount of metal currency reserves, they could issue five-cent banknotes.

In this case, the more gold, silver and copper coins they have, the more paper money they issue. These super-issued paper money enters circulation. In most cases, they are used to lend and collect interest.

What does Zhangjia Money House rely on to develop so rapidly to its current scale over the years?

In the early days, we relied on interest-bearing deposits, absorbing the scattered money from the people, and then gathering together to lend money, and making money by interest spreads.

Later, when the scale became larger, they directly carried out exchange business and provided deposits such as banknotes that were convenient for deposit and withdrawal. Later, when the credit was higher, they directly issued treasure banknotes.

Baochao was developed on Zhangjia’s banknotes. The earliest banknote was a kind of deposit certificate, or even a registered one. Later, it developed into an unlicensed name, and finally it formed a fixed denomination, which was taken as soon as you see the bill, and could be directly circulated, and could be exchanged for paper money in the banknote at any time.

Baochao should have issued Yishen, but there are Yishen copper coins in the bank bank's silver warehouse, and the number of Baochao and copper coins is the same.

But it is just like when people deposit money in banks and they will not withdraw it at the same time. Money banks can use the part of the people’s deposits to lend. As long as the proportion is controlled well, they will not find that the problem of not being able to repay the people’s deposits. They use the people’s money to earn interest.

The same is true for treasure banknotes. Normally, it should be a coin coin.

But in fact, a coin of silo can be issued with four or five coin of money, because it is impossible for all people to exchange copper coins at the same time.

The Zhang family’s method is that the larger the money house, the safer it is. The more deposits it can be used for lending, and the more banknotes it can be issued.

Therefore, the more chickens the Zhang family can borrow to lay eggs.

Some people who are smart enough to understand this set of things have already understood.

The profits of coins are visible, but the money earned from issuing banknotes is hidden.

"If the court really wants to take action, it should take all the power to print money and mint coins into the court. Banks only engage in storing, lending, foreign exchange and other businesses, and the power to mint coins and print money should belong to the court."

Cheng Qian was very moved when he heard this.

The chess piece I held in my hand couldn't put it down for a long time.

If the right to mint coins is in the hands of the court, the court can make at least several million coins a year. And if the right to print coins is in the hands, it will be even more amazing.

Even if the imperial court uses 20 million guan of money as reserves every year, it can issue 100 million guan of money.

With the financial knowledge Chengqian learned from Zhang Chao, as long as the currency maintains a certain total amount and is roughly equivalent to the total amount of goods, it is safe.

If there is too little currency, then too little currency and too much commodity will become tight, and then prices will fall and the economy will shrink. This price decline is not a good thing, but because there is no money available, which hinders transactions.

If there are too many currencies, there will be too many currencies chasing too few commodities, there will be inflation and prices.

This will also cause chaos in the economy.

Too much or too little money are both problems.

In the past, there has always been too little currency, so I had to use silk and cattle as transaction currency, which greatly affected market transactions and economic development was difficult.

The circulation of paper money greatly reduces this dilemma.

With 20% of the reserve of copper coins, the market is five times the amount of banknotes, which greatly increases the amount of currency. However, the issuance of banknotes has been relatively well controlled in recent years, so there has been no inflation.

According to a market report by Industrial and Commercial Bank of China, Datang's currency volume is still insufficient.

The total amount of money is insufficient, and the market circulation is even less. Much of money is concentrated in the hands of nobles, wealthy businessmen and powerful people. Inadequate circulation is still not small, and the currency gap is still not small.

Cheng Qian still doesn't understand the too specific one, but he knows that if the court now takes the right to issue paper money, then as long as the court has tens of millions of reserves, it will not have a serious impact on printing 100 million or 200 million.

The issuance reserve must be sufficient, at least not less than 20%. In addition, the printed banknotes should be used with caution, such as issuing some loans with less risk, or for some basic construction, such as road construction, water conservancy, etc., and the money will be used for various materials, and the money used for the people's work.

This is safe.

As long as you don’t concentrate in one place, you don’t have to worry about the money that pours into the market all at once, causing prices to rise.

It is also a good idea to use paper money as the salary of officials, teachers and soldiers from all over the country.

The imperial court accepted the right to print money, and the central bank had the right to issue money. The other four major banks, including some other small banks, were not allowed to issue money, and they could operate storage, lending and foreign exchange businesses.

Correspondingly, only the central bank can exchange metal coins in the future.

"But will they let go?" Cheng Qian asked.

Everyone can see how important the right to issue a banknote is, which is more fatter than minting coins.

"It depends on your Majesty's determination."

Changsun Wuji said he was willing to contact a group of supporters.

"What if the cabinet rejects it, what if the Academy of Sciences rejects it?"

"Your Majesty can let them retrial."

"What will be rejected again?"

"According to the system, if the Academy of Sciences rejects the same proposal three times in a row, then His Majesty has the right to dismiss this term of the Seminary Council, change it to others in advance, and reorganize the Academy of Sciences."

Members of the Sixth Section of the Senate hold the power to refute.

But just in case, if there is a disagreement between the cabinet, the emperor and the Academy of Sciences and the proposal is rejected, there are two options.

First, the cabinet or the emperor revises edicts or proposals.

If the emperor and the cabinet refuse to modify it, if the same proposal is rejected three times, then the people of the Academy of Sciences will have to resign automatically and the emperor will re-appoint the MP.

This is a situation that will not happen easily.

But now if Chengqian personally issues an edict, the right to mint coins and the right to issue money will be taken back, and the Academy of Sciences will be responsible for deliberating and refuting. The Academy of Sciences will either pass or reject it.

If rejected, Chengqian refuses to modify and revoke it and continues to submit.

Three times in a row, the emperor can replace people.

"But what if the newly appointed MPs of the Section are still rejected?" The six MPs, nine people in each MPs, were selected from the current senators.

"If there is another situation of rejection three times in a row, according to the system, not only will this six-section discipline be dissolved, but this House of Representatives will also be dissolved, and all senators will be re-elected."

"If the new senator is elected, will the new six subjects selected from them be rejected or not passed?" Cheng Qian asked. This is not impossible. The current nobles are not completely on par with the emperor.

Changsun Wuji smiled slightly.

"If that happens, then your Majesty can lift the parliament again and then pass the imperial edict directly."

If the emperor and the parliament really fight each other like this, the final result is of course greater imperial power.

However, Changsun Wuji believed that unless these congressmen wanted to rebel, no one would dare to trample on the emperor's majesty like this.

Of course, if Cheng Qian wants to use strong power in this way, he will take the initiative to break the bottom line.

What consequences will be caused by this are hard to say.
Chapter completed!