“Our bank needs to generate interest to get people to send money over so we can keep it for them,” Zhu Yunying said to Old Zhu, getting serious. “Money buried underground is just a pile of copper, gold, and silver objects; it only has value when it circulates.”

Old Zhu wasn't exactly ignorant, and he said to Zhu Yunying, "Fine, let them pay the money. What's the benefit of paying some interest? The money has already been sent over, who knows if you'll embezzle it, who knows if you'll just close the door and run away."

This is indeed a concern for many people. There are some money shops like this in the Ming Dynasty, but they also cause concern for many people, and many are unwilling to deposit their hard-earned savings in banks.

Ultimately, it's about distrust, about worrying that something might be out of control, so people feel more secure staying at home or hiding in the cellar.

This is all human nature, and it is indeed understandable, but it doesn't mean that Zhu Yunying has no way to deal with it.

Looking at Zhu Yunying, Zhu Yunying smiled and said, "That's why we need the court and the imperial family. It's because our Ming Dynasty is here to guarantee our assets. As long as our Ming Dynasty doesn't fall, these people's wealth will be protected. Our Ming Dynasty's money shops and banks should be established within the territory of our Ming Dynasty."

Old Zhu seemed a little confused, so Zhu Yunying said, "Grandfather, although we are now vigorously promoting paper money, there are still people who don't believe in it. Issuing paper money has great benefits, but there are also issues regarding how much to issue and how to issue it. I have been thinking about these things for the past two years and have some ideas. I plan to promote it together with the banks."

Old Zhu was no stranger to the Ming Dynasty; his Ming Dynasty banknotes had been in circulation for quite some time, but many people still did not recognize them.

Even someone as powerful as Zhu Yuanzhang sometimes had limited options. Even though copper coins were banned a few years ago, they couldn't be completely recalled and destroyed immediately; it took time.

The same applies to paper money. Many people know that paper money has its advantages, but it also makes them feel uncertain. They still need real cash in their hands for peace of mind. It's likely that banks will follow the same logic; many people feel they have more control when they have their own money.

“Our Great Ming Dynasty is vast, and even carrying gold and silver is very heavy,” Zhu Yunying said with a smile to Old Zhu. “If our paper money can be exchanged within the Great Ming Dynasty, naturally many people will accept it. Especially wealthy families, or those who are traveling, will find it much more convenient to carry bankbooks.”

Old Zhu wasn't convinced and snorted, saying, "I think it's difficult. There are still people who don't accept it. What is a passbook anyway?"

This requires a serious discussion with Old Zhu. The benefits of banks aren't just about making it convenient for people to deposit money or saving time. Banks offer other advantages as well, and Zhu Yunying hopes to foster a more prosperous monetary brokerage industry, which is quite necessary.

Throughout Chinese history, it has generally been an agrarian civilization, with the economy primarily based on self-sufficient small-scale farming.

Zhu Yunying did not want capitalism to emerge completely, but in a place like the Ming Dynasty, under the feudal imperial system, it was naturally unrealistic for capitalism to occupy the absolute market.

Zhu Yunying only needs to intervene slightly to enrich the market economy of the Ming Dynasty. If the market economy is revitalized, the Ming Dynasty can be considered truly "prosperous and strong," which will bring many benefits to the Ming Dynasty. This is exactly what Zhu Yunying needs.

Old Zhu listened carefully. It seemed that banks didn't just accept deposits; they also needed to make loans.

If Zhang San lends his savings to Li Si, giving Zhang San two percent interest, Li Si will have to pay four percent interest to the bank. This is a way of making two percent interest for free.

Old Zhu was a little worried, though. If Li Si didn't repay the money, he was like a dead pig that wasn't afraid of boiling water, and then the imperial court would have to repay Zhang San's money!

This necessitates considering the risks, specifically credit and guarantees; the bank's money can't be lent out for nothing. While the risks are real, the potential profits are even greater, requiring careful research and the development of appropriate systems.

Banks are a good thing; Zhu Yunying must establish such a beneficial institution for the country and its people! He must keep it under his control!