After broadcasting the ancient times live, I handed the system over to the state.

These examples not only left Zhu Yuanzhang speechless, but also the Ming Dynasty officials sitting below him.

Tang Dynasty officials also repeatedly wondered if they had ever implemented policies that were completely contrary to those issued by the higher authorities.

After thinking about it, there really are quite a few.

Zhu Yuanzhang felt a stinging pain in his face.

Besides this contradiction, there are other contradictions as well.

That was the paper money that was popular among the people before. It could be new, old, or worn out, and the imperial court recognized it. However, this situation was broken during the reign of Emperor Xuanzong of Ming.

The Ministry of Revenue issued a document stating that the banknotes should be clearly defined, and Emperor Xuanzong of Ming, in order to maintain imperial rule, directly stated that it was not advisable to change it. Therefore, this policy continued in this manner, which was also contradictory and led to the obstruction of the issuance and circulation of banknotes.

After Quan Hanfang finished speaking, everyone's eyes immediately turned to Emperor Xuanzong of Ming, Zhu Zhanji, and Xia Yuanji, the Minister of Revenue at the time, especially Zhu Zhanji, because the Oirat student and the "gatekeeper emperor" was his son.

Zhu Zhanji covered his face.

……

"In conclusion, one of the reasons for the demotion of the paper money was the lack of corresponding theoretical guidance and institutional norms for currency issuance by the Ming government," Quan Hanfang concluded.

Under the Canopy

The officials of the Qin and Han dynasties all made a point of recording these contents.

Sang Hongyang had previously considered issuing paper money, but later decided to prioritize stability. As a result, he came across the issue of the Ming Dynasty Treasure Notes and wanted Miss Zhu to draw his paper money so that he could ask her these questions.

However, he had never been chosen to participate in the lesson, but this one actually met his needs.

It turns out there are so many intricacies involved in issuing banknotes!

The essence of Jiaozi, which was mentioned at the beginning, resonated with him deeply.

……

Quan Hanfang looked at the expressions of the people below. Although they didn't give much feedback, he could tell from their eyes that they understood these things.

Gradually, he began to use economic terms, explaining them to them in detail and even quoting a few stories. Seeing that they were adapting well, he continued.

"In the later years of the Hongwu reign, currency began to depreciate, and by the time of the Renzong reign, the currency system had become stagnant. In response to these circumstances, the Ming government also took some measures to save the currency. Let's all judge whether these measures were effective!"

As Quan Hanfang spoke, the PowerPoint presentation was already focused on the words "Saving the Banknotes," the black text on a white background standing out prominently.

“The government has given the Baochao (precious banknotes) meaning, so to save its value, the government’s first thought is naturally to enact laws to emphasize its status!”

Zhu Qinggu, who was sitting in the back, noticed that the people in front of him were all very serious.

She sat in the last row, across the aisle from the first Ming Dynasty official in the next row. He was very young. Zhu Qinggu glanced at the name on the signboard—'Liang Cai'.

The name was a bit unfamiliar, but after checking the system, I found out that this guy also has quite a background.

He served as Minister of Revenue three times during the Jiajing era and was hailed as "the most honest official in the country." He also concurrently managed the Ministry of Justice.

Putting aside the claim of being the best in the world, just looking at his position as Minister of Revenue during the Jiajing era tells you how prestigious it was. That group of people were all extraordinary individuals, each one a shrewd and capable person.

Those who were able to maintain their positions at that time were definitely not simple people.

Zhu Qinggu glanced over and saw that in addition to the documents on the table, he had brought his own notebook and was writing furiously on it.

Wang Mengmeng, who was standing to the side, noticed that she was looking at that person and whispered, "At first, he was not used to using water-based pens, but later he wrote very fast. Even when he was taking shorthand, his handwriting was very beautiful and neat."

Zhu Qinggu had seen the top scholar's exam paper before, and the handwriting looked very pleasing, neat yet with its own style, so she thought Liang Cai's handwriting must also be very good.

Looking around, everyone was writing furiously.

The above-mentioned Quan Hanfang has already mentioned the Ming Dynasty government's measures to save paper money. The first step was conventional measures, which have been repeatedly mentioned before. These measures mainly involved issuing decrees to elevate the status of paper money and banning the use of copper coins and gold and silver.

Ming Dynasty officials, such as Xia Yuanji, the Minister of Revenue, also knew that one of the reasons for the devaluation of currency was that too much currency was being issued. Therefore, the Ming government stopped issuing new currency and imposed fines on those who violated the law.

Fines are essentially the government taking back banknotes, but paying incense as atonement is still too little.

Therefore, other measures must be taken to curb demotion, such as from the perspective of national finance.

For example, some taxable items were changed to include the collection of paper money, especially the revenue from the salt monopoly.

It is also related to the open-school system.

"So what is the 'open-market system'?" Quan Hanfang briefly explained to his subordinates, "It is a system implemented by the government to solve the problem of supplying food to border towns, in which salt certificates are exchanged for food and other materials."

“When the army needs food, the government issues a notice, and then merchants transport the supplies to the border towns. After verification, they can exchange them for salt permits. This reduces the government's cost of transporting supplies and also promotes the reclamation of the border areas and drives economic development.”

Quan Hanfang's suggestion of sending gifts was one of the few things that made Zhu Yuanzhang look good.

He thought this was an excellent idea from the start, as it saved him a lot of trouble by not having to transport the grain.

However, he later learned that some people took the goods but did not work. These people were not only paid by the emperor but also had to dig deep into the soil to monopolize the salt permits. So later on, it became a matter of directly paying silver in exchange for salt permits.

Thinking of this, Zhu Yuanzhang's face turned grim again.

"The second type is the salt-for-cash payment method. The salt-for-cash payment method gradually evolved into these merchants hiring people in border towns to cultivate and grow grain, and then paying grain to the government in exchange for salt permits. Gradually, it also evolved into paying a variety of goods in exchange for salt permits."

"During the Yongle era, there was a salt surplus in Fujian and other three regions. Emperor Taizong of Ming ordered these three regions to use paper money instead of goods. It was not until the reign of Emperor Renzong that the surplus was gradually expanded from these three regions."

"Some people have asked, since we're going to pay in paper money anyway, can't we pay in old paper money?"

"Ah! Emperor Renzong tried it out, but as the saying goes, some people always managed to find loopholes and gain benefits. However, this method has not become a fixed rule, and the recovery rate is relatively low, so I won't go into too much detail."

"In addition, there was the widespread collection of commercial taxes and paper money. By the time of Emperor Xuanzong, many officials in the court were shirking their responsibilities and placing all the blame for the demotion of paper money on the merchants. As a result, various taxes were levied on the merchants."

"Some taxes were paid in paper money, in order to speed up the return of paper money to the market."

Those under the canopy saw the extra content on the PowerPoint presentation and began discussing it wildly.

Everyone was complaining about how bad the exorbitant taxes were!