Tiantang Splendid

"What do you think is the essence of money?"

Faced with Fang Jun's question, everyone present looked at each other in confusion.

We are used to seeing money, but we have never thought about the nature of money so deeply. Even Tang Jian, the Minister of Civil Affairs, was a little confused...

After a short silence, Tang Jian asked tentatively, "Is it precious metal or rare cloth?"

Fang Jun shook his head: "In the Shang Dynasty and even before, shells were used as currency."

Everyone looked puzzled, Tang Jian could only sigh and say: "I am an old man who has been doing nothing but sitting in a vacant position. I am really ashamed that I know nothing about such economics. I would like to hear more about it."

Fang Jun did not beat around the bush and said bluntly: "The essence of money has nothing to do with what material it is made of. The material is only determined by whether it is rare and easy to exchange. It doesn't matter whether it is gold, silver, copper, shells, or silk. There is only one essence of money, and that is a general equivalent."

It would have been better if they didn't say anything. The more they talked, the more confused everyone became. It was obvious that they couldn't understand the meaning of this word that came from thousands of years later.

Fang Jun took a sip of tea and continued without anyone asking, "The so-called 'general equivalent' is, in short, a measure of the value of an item. When everyone agrees on the same measure, money is born."

Ma Zhou thought thoughtfully: "In other words, money is the intermediary between goods. It allows everyone to recognize the value of the exchange of goods."

Fang Jun reminded: "The logic is valid, but the order is reversed. The exchange value of goods was recognized first, and then the currency was born."

Ma Zhou nodded to show that he understood.

Fang Jun went on to say: "So the essence of money also lies in circulation. It doesn't matter whether it is made of gold, silver, copper, iron, jade, silk, or shells. As long as it can be recognized by everyone, it can be circulated..."

He pointed at the paper in Li Chengqian's hand: "...even if it's just a piece of paper."

Coins themselves are useless. What is useful is the means of production that can be exchanged for coins. Therefore, it does not matter what the coin is made of. What matters is whether it can be exchanged for equivalent means of production. If it can be exchanged, the coin has value, even if it is just a piece of paper; if not, the coin is just waste paper, even if it is gold.

Gold cannot be eaten or used, and neither can paper. Only things that can be exchanged for means of production can be used.

Tang Jian's eyes were burning: "So what Duke Yue meant is that as long as everyone recognizes it and it can be circulated, then even a piece of paper can become a coin like Kaiyuan Tongbao?"

If this is the case, wouldn't there be no more worry about the treasury being empty?

Just print if you are short of money!

In the past, making money required gold and copper, two metals that were scarce and difficult to obtain. But as long as you have the formula and raw materials for paper, can't you make as much as you want?
With an endless supply of paper, can't we print as much money as we want?
Hiss... That's the truth, but it doesn't seem right.

The wealth of the world is constant, but if we can print as much money as needed, it means that the wealth is unlimited. Isn't this contradictory?

It's definitely not as simple as it looks...

Fang Jun said: "In theory, yes, but the value of goods is constant, it is just expressed by our currency. For example, a piece of paper, whether it is sold for one cent or ten cents, is still a piece of paper, its own value does not change, it only changes to the value we give it. When there are more goods, there is less money; when there is more money, the value of goods increases dramatically, so making more coins cannot change the essential problem, because goods are the essence, but will cause prices to soar... When a piece of paper is sold for a hundred cents, or a bushel of grain is sold for a hundred cents, can you imagine what kind of hell it will be on earth?"

All the wealth in the world will be looted.

The seemingly plausible, superficial and crude "finance course" gave everyone in the room a sudden enlightenment, and then they took a deep breath...

Tang Jian understood a little bit and said to Li Chengqian: "Your Majesty, although paper money is easy to issue, it relies on the reputation of the country and your Majesty, so you must be very careful. Issuing a small amount can make up for the shortage of treasury expenses and alleviate the situation of 'money shortage', which is a good thing. But once it is issued indiscriminately, it will not only lose the reputation of the country and the emperor, but will directly destroy the economic system of the entire empire. Even the most powerful empire will collapse and fall apart!"

In his superficial understanding, excessive issuance of paper money would be tantamount to a disaster.

This is true.

Li Chengqian's face turned pale, and he looked at Fang Jun and asked, "Is it really that serious?"

Fang Jun nodded and said in a deep voice, "It's more than ten times more serious."

Li Chengqian's voice trembled a little. He swallowed and put the paper in his hand on the table: "Since it is so dangerous, why bother to seek its temporary benefits? It is better to stop it completely and establish a law. From now on, it will never be issued!"

Ministers: "..."

Your Majesty, have you ever heard of the idiom "throwing the baby out with the bathwater"?

It is clearly a good thing. We just need to keep it within a controllable range, be aware of its harms, and make the best use of its strengths and avoid its weaknesses. Why should we eliminate it so completely?

Fang Jun shook his head and said, "I have just explained that the essence of money is not whether it is paper money or copper coins... Even if Your Majesty stops issuing paper money today, someone will definitely issue copper coins in the future."

Li Ji was puzzled: "But copper coins themselves are valuable, how can they be the same as paper money?"

Fang Jun smiled and said, "If I mint a copper coin and use the power of the state to stipulate that it can be worth 'ten', 'one hundred' or even 'one thousand', how will Lord Ying respond?"

Li Ji was dumbfounded: "'Ten coins'?"

Can this be done?
Fang Jun said: "So we must realize the nature of money. Issuing a small amount can make up for the shortage of the national treasury, stimulate the economy and solve the money shortage. But once an excessive amount is issued, it is like drinking poison to quench thirst. The consequence is a huge disaster. Only by truly realizing and controlling ourselves can we prevent the harm of excessive issuance of money."

What is the use of legal system and laws?

It only takes one word from the emperor to abolish it...

Only if the emperor understands and fears it can this situation be prevented.

Li Chengqian breathed a sigh of relief, and realized that relying on the law alone was useless. As long as he could be deeply afraid and never get involved, he would be fine. Then he looked at the paper on the table and asked, "This paper is of excellent quality and is suitable for calligraphy and painting. Can it be supplied to the palace?"

Fang Jun looked embarrassed...

Liu Li also liked this kind of paper, and he could probably guess what Fang Jun was worried about, so he said, "Don't worry, Duke Yue, this kind of paper will definitely have a strict purpose after entering the palace, and will never be circulated outside and used by people with ulterior motives to print counterfeit banknotes."

You said you won't be stranded outside, right?

Who gave you confidence?

This Taiji Palace is basically a big sieve, nothing is impossible...

He could only say sadly, "It's not that I'm afraid of this. It's just that this kind of paper uses the latest formula, with dozens of raw materials, many of which are rare plant roots and stems. The cost... is a bit expensive."

Li Chengqian was unimpressed: "The paper is flexible, smooth and not slippery. Its texture is much better than bamboo paper. It is only natural that it is expensive."

It's just a piece of paper, how expensive can it be?

I am rich as the world, but I can't afford a piece of paper?

Fang Jun said: "It's not just that the cost is high, but this item can be considered a 'luxury'. Once the palace uses it, I'm afraid the censors will impeach your majesty for 'extravagance' and 'wasting national funds'. The people of the world will not know the truth and will think that your majesty is arrogant and dissolute, and does not care about the people's strength, which will be extremely harmful to your majesty's remaining wealth."

"This one……"

Li Chengqian was immediately startled.

Although he was legitimately enthroned as the crown prince, Emperor Taizong had wanted to change the crown prince several times and was not optimistic about him. This led to Li Chengqian's extreme desire to prove himself, just like when Emperor Taizong was criticized and vilified by the world after "killing his brother", he wanted to prove himself...

It is not worth it no matter how you look at it to bear the stigma of being "extravagant" for a few pieces of paper.

……

After the meeting, Li Chengqian returned to the Wude Hall, feeling depressed.

Wang De didn't know what happened in the previous dynasty, so he asked carefully, "Why is your majesty so depressed?"

Li Chengqian has always regarded Wang De as his confidant, and he did not hide his feelings. He sighed and said, "Duke Yue is really quick-witted and unparalleled in the world. I am not as good as him."

Coins have been around for thousands or tens of thousands of years, and people only know how to use them. Has anyone ever conducted such a profound analysis and understanding of their essence? Fang Jun's words were like a revelation, allowing him to recognize a completely different dimension, and he was shocked and dazed for a while.

Wang De whispered to comfort him, "Your Majesty, don't belittle yourself. There are people in this world who are extremely powerful, some who can travel a thousand miles a day, some who are well versed in government information, and some who can remember everything they see... There are all kinds of strange things in this world. Your Majesty is the Son of Heaven and the Lord of the World. All these strange people will eventually serve Your Majesty."

No one is a saint, how can he be invincible in everything?
Being an emperor does not necessarily require literary talent, military strategy, or being unrivaled in the world. All you need to do is know how to appoint the right people to the right positions...

Li Chengqian also knew this truth, but he was just jealous and upset for a while. Now that he has calmed down, he feels much better.

No matter how capable you are, don't you still have to be my subject?
Wang De saw that Li Chengqian looked relaxed, so he whispered, "Just now a message came from Lizheng Palace saying that the Queen got two jars of good wine and had someone prepare a few delicious dishes. I hope Your Majesty can go and taste them after the court session."

The emperor and the empress are at odds, and the atmosphere in the palace is serious and people are in panic. This is not a long-term solution. The empress is virtuous and took the initiative to lower herself and invite Your Majesty, which is equivalent to admitting her mistakes. If Your Majesty can step down and eliminate this storm, the storm will naturally subside and people will be at peace...

Li Chengqian was silent for a while, then shook his head: "Send someone to tell them that I am a little tired and need to rest for a while after taking a bath. I will not come today."

"...here."

Wang De had no choice but to obey the order.

After coming out of the bedroom, he thought for a while and did not delegate any other eunuchs, but went to Lizheng Hall in person.

If your Majesty refuses to back down, the turmoil in the palace will probably continue...