"We have an agreement with Your Majesty." Pingyang said with a smile.

Last time, Zhang Chao made a big move, not only handing over the right to issue money, but also allowing the emperor to include several of his most profitable commodities in the special tax catalog.

Correspondingly, the court took back the right to issue banknotes this time and began to issue new banknotes and new coins. When collecting old banknotes, they should not do anything randomly.

If the imperial court asks the ICBC of the Zhang family to recycle all the banknotes in the hands of the people but does not give the new banknotes to the Zhang family, then the Zhang family will use metal coins to recycle them, which will make the ICBC of the Zhang family go bankrupt. This is because the Zhang family issued the most among the treasure banknotes issued in the past. Even if the new banknotes were issued last year for old banknotes, more than 70% of the treasure banknotes on the market are issued by the ICBC of the Zhang family now.

The Zhang family also issued these banknotes according to one to five reserves. It would be difficult for the Zhang family to take out so much gold, silver and copper currency at once, especially if they exchanged within a time limit, it would be possible to cause a run.

But the Zhang family cannot issue new notes, and now only the imperial court has new notes.

The Zhang family cannot exchange metal coins for the court for money, and the Zhang family also does not have that much money.

Fortunately, Zhang Chao was prepared early. The memorial he promised to give in had a copy of the memorial he had promised to give in, and there were several additional conditions in it.

This involves the redemption issue.

This time the imperial court issued 100 million new notes, and at the same time, recycled and exchanged all old notes, and exchanged them one to one. However, the total amount of new notes will exceed the total amount of old notes, and the excess notes will not be directly placed.

In fact, as agreed.

The imperial banknotes were issued by the central bank and 100 million new banknotes were printed. These banknotes were not directly circulated, but exchanged.

The Ministry of Revenue issued 100 million bonds, which were purchased by the central bank, and the bonds were 10% interest for three years. Three years later, the Ministry of Revenue would pay 110 million to the central bank, and the Ministry of Revenue would use the imperial court's taxes as a guarantee.

The Ministry of Revenue has so much money and transferred it to Minsheng Bank.

Then Minsheng Bank borrowed loans from other major banks, and Zhang's businessmen borrowed loans from the imperial court's civil bank, and the money withdrawn by the civil bank was made with new banknotes.

The Zhang family exchanged the new banknotes for recycling old banknotes.

Old banknotes cannot be circulated and destroyed, but the old banknotes themselves are money, so of course the Zhang family cannot be destroyed in vain.

The Zhang family used old money to buy bonds from the central bank to purchase the Ministry of Revenue.

The central bank destroyed the old banknotes exchanged for bonds in a concentrated manner.

Finally, the central bank had neither new banknotes nor bonds, and the bonds issued by the imperial court were transferred to major banks.

The Ministry of Revenue will repay the bonds in three years and will also pay the Zhang family interest.

The Zhang family has borrowed money from Minsheng and has to pay the loan interest to the Minsheng Bank.

In addition, the central bank will refund the original banknote issuance reserves stored there by the Zhang family.

Everything has been sorted out.

The Zhang family not only recycled the old banknotes, but also had new banknotes in their hands.

One hand is bonds and the other hand is loans, which is equivalent to two household registrations. But in fact, the interest rate of bonds is lower than that of loans, and the Zhang family will lose a little interest.

However, after the Zhang family did not issue money, they no longer needed to deposit reserves for issuing banknotes to the central bank. This money was originally stored in the central bank and had no interest. Now the Zhang family can use this money as loan capital. Although according to the new regulations, there must be reserves, but it has become less.

Moreover, in the new agreement, the reserves must be paid interest in the central bank, but the interest is much lower than the interest rate for ordinary deposits.

In general, there is a complete agreement in this regard and it will not be messed up.

"It's quite complicated." Su Lie stroked his beard and smiled.

"The banking area is indeed quite complicated, but if we don't go around like this, we will have no money in our hands." Fortunately, the interest rate for the loan given to them by the People's Bank of China is lower, otherwise the ICBC in the Zhang family would have become a job for the People's Bank of China in the court.

"Why don't you issue bonds, print money directly and lend it to ICBC?"

"If you lend it directly to us, what about the old money we have recycled?"

"The central bank will recycle it."

"Then we're thankful."

Bonds also have interest, which can offset some loan interest.

"Then why doesn't the central bank directly exchange ICBC's old banknotes?"

"They lose money. We sent it. Why should they exchange it for us?"

After all, it is actually a matter of interest. In the past, each had the right to issue money. Whoever issued the money would of course benefit. Now they would not be happy to ask the court to help exchange the new money.

The court does not exchange it for free, but the court lends you new money and wants to earn you an interest. As for old money, use it to buy bonds. Although the bonds need interest, the court gets cash.

If you go around, the court will make a small profit and private businesses will lose a small loss.

In the future, if you want to get the money, you can only lend money from the court's banks, in addition to absorbing the money from the people.

Fortunately, I can't print money, but I can still mint coins and issue my own silver notes.

Now two such large mines have been issued, and the Zhang family’s gold mine in Luzon, the Zhang family’s energy source has been continuously increasing a large number of metal coins to provide supply to the Zhang family’s ICBC.

Su Lie was a good at fighting, but he was not familiar with what bank money houses, bonds and loans. In fact, Pingyang was not very familiar with it, so she just briefly explained how it worked. Only those professionals in the management of the Zhang family’s ICBC knew about it.

Anyway, she only knew that the Zhang family had given way, but she hadn't lost too much.

The Zhang family’s ICBC is still very strong.

Although the emperor has the right to issue money, he cannot issue it casually. He can only issue 100 million in three years and exchange it for all old money. In the future, he must exchange the old money for new money. Even if he issues a little more every year, the total amount will not change much.

Even the money had to be mortgaged with bonds. Finally, the bonds were handed to various banks and the court had to pay interest.

"Recycling old coins and converting them into minting new coins is also a mess."

The old coins are recycled and minted new coins, raised the recycled coins, and then minted new coins and renovated them. In fact, there is no profit at all.

Only by using the gold, silver and copper blocks to bribe into coins can the real profit be.

It's still Cheng Qian's smart.

No matter how you do business or what business you do, he only focuses on the same and collects taxes.

If it is a very profitable business, it will be included in the special tax list. Those who conduct foreign trade will impose tariffs and ship taxes.

Those goods that have high exports, such as silk, tea, porcelain, sugar and wine, need to be taxed, and one plus 20%.

"It is estimated that the court's taxes on salt, tea, sugar, wine, porcelain and customs this year will exceed 100 million. This is not counting the industrial and commercial taxes and the regular taxes of the two taxes. Total those will be converted to at least 60 million a year. If we count the ones that the court does and buy business, the annual income will increase by 20 million."

The annual income is 180 million RMB, which is really scary.

In the past, when the Wude period was still levied in kind tax, it was estimated that if the money was discounted, it would be more than 10 million yuan a year. But now, it has increased by nearly ten times in less than twenty years.

"Actually, the court's expenses are quite large." Li Jing said a fair word.

Two-thirds of the 80 million are left for local governments. Why do you leave so much tax for local governments?

The salary of local officials, the salary of school teachers, the office expenses of institutions at all levels, as well as the money for projects such as road and bridge construction, water conservancy maintenance, etc.

In the past, the imperial court collected less taxes, but all the taxes were paid to the court, and there was no surplus in the local area. Even the salaries, office expenses, and expenses of officials were all relied on the land rent given by the court, and the court also gave money to lend money to collect interest. Moreover, there were very few officials and officials who had paid, and most officials had no salary.

Most of the money needed to be paid for by local projects is still levied.

So on the one hand, the court has no money, on the other hand, the local area has no money, and on the other hand, the people have a heavy burden.

Although some people now say that the court has redundant officials and soldiers, the number of officials is indeed large, the number of officials has increased greatly, and the number of officials is even larger.

However, the empire's rule over local areas has been greatly enhanced and its efficiency has been enhanced.

As the people become richer, the lives of the people are much better.

Even because of the prosperity of industry and commerce, there are more taxes, but the burden on the people is still lighter.

Every year when the court makes budgets, the biggest expense is military expenditure. The 600,000 army is very expensive, especially many newly established military academies. On the other hand, the war costs are large, and the court continues to use troops to the outside world, and even goes to war in multiple places.

Fortunately, they were still invincible. They conquered cities and ground everywhere and seized more spoils. The court rewarded more, and paid more for food, grass and weapons. However, by seizing, many expenses were balanced.

Otherwise, the Tang Dynasty would have been going on wars everywhere and fighting so much that it would have gone bankrupt long ago.

Any battle costs more than tens of millions of yuan.

The salaries of officials did account for most of the court's expenses, and the rest were culture, education, medical care, and infrastructure. Rivers and roads were dug everywhere, but they never stopped.

In addition to leaving about 10% of the income every year, the rest will be divided into various pieces, and often by the end of the year, it will be much more overspending.

Fortunately, the prime ministers are very mature and often have high expenses, but at least there will be no deficit. They have to tighten their belts every year to save a little.

In fact, this savings mostly come from taxes from the vassal territories. This money is not directly included in the wealth list and is stored in a special account by the cabinet, similar to the staked money in the Song Dynasty.

In addition, the emperor also has an internal treasury, which can save a lot of money every year.

According to what Li Jing knew, the total amount of treasury accumulated from the imperial court to the end of Kaiyuan was 200 million.

This money is only equivalent to a year's income.

If you fight a big battle of 300,000 people for one or two years, it will be almost done.

Now the imperial court still has investments every year in wars, which can fill the military expenditure for wars. If the Tang army cannot fight one day, the situation will be different.

"No country in the world today can defeat the Tang Dynasty." Su Lie said heroically. Not to mention the Hu people in the northern grassland who often rode on the heads of the Central Plains dynasty to snore and urinate.

Even the barbarians in the mountains in the south do not have the ability to cause too much trouble.

Li Jing sighed.

"The Tang Dynasty is indeed unrivaled. However, the strongest fortresses are often breached from the inside."

No one can defeat the Tang Dynasty with external enemies, but there are no external enemies but there are still internal troubles.

Qin Qiong said, "So Wen Yuan is right. The world is so big, why don't we beg the outside world? One day, if there are traitors inside, our princes can also raise troops to defend the king and protect the Tang Dynasty together."

Li Jing smiled and said nothing.

The princes were the most ideal state to protect the imperial court. But even if the royal family and the kings had their feudals, they would often raise troops and rebel in the end.

Who can guarantee that the first one is not the princes?

Besides, even if this generation of princes is loyal, the second and third generations are.

Furthermore, what he was most worried about was not the princes but the court.

For example, a young and courageous emperor like Chengqian, what if he wants to cut off the vassal one day?

As long as one day the emperor can truly hold power, will the emperor with 600,000 troops and hundreds of millions of accumulated reserves in the treasury be the first to break this balance?
Chapter completed!