Zhao Huan then asked, "When will it spread throughout the capital city of Tokyo?"
Having long been familiar with the emperor's tactics, Xu Churen immediately replied, "Within a year, the entire city of Tokyo will begin using paper money."
Before the emperor could ask further, Xu Churen continued, "One year later, we will begin to promote Jiaozi in Jingji Road, Jingxi Road, and Jingdong Road. It will take another two years to expand Jiaozi to Jingxi Road and Jingdong Road. Once the use of Jiaozi reaches a certain scale, it will spread from the Central Plains to the rest of the country, encouraging other places to use Jiaozi."
Zhao Huan was very satisfied with Xu Churen's answer.
Qin Hui added, "The most important factors in the use of Jiaozi are the public's confidence in it and the court's control over the amount of Jiaozi issued."
The point Qin Hui made was actually an allusion to the excessive issuance of paper money by the imperial court, which led to the collapse of the court's credibility and severe devaluation of the paper money.
Zhao Huan nodded and said, "I need someone with a calm personality who can balance the relationships between all parties to manage the Great Song Bank. This person also needs to have a deep understanding of business. Do you have any recommendations?"
The group exchanged glances, when Xu Churen suddenly said, "I do have someone to recommend; Your Majesty may consider this person."
"who?"
"This man is named Zhao Ding, and he is currently the magistrate of Luoyang."
Upon hearing this, Zhao Huan immediately perked up his ears.
Zhao Ding? That name sounds so familiar.
Is it Zhao Ding, the one whom Zhao Gou entrusted with an important task in history?
Zhao Ding, the foremost virtuous prime minister during the Southern Song Dynasty's revival?
This person was quite talented; the situation in the early Southern Song Dynasty was absolutely chaotic.
Although the Jurchens were arrogant at the time and had invaded south of the Yangtze River, forcing Zhao Gou to flee in all directions, there was also constant infighting within the Song Dynasty.
Originally, Zhao Gou was willing to rely on Li Gang, but Li Gang was too upright and honest, which was suitable for the situation of defending Tokyo, but not for the situation in the early years of the Southern Song Dynasty.
At that time, Zhao Gou needed someone who could properly restrain all the various forces.
Zhao Ding is undoubtedly the most suitable candidate.
Speaking of Zhao Ding, he was calm and steady, and actually a bit conservative, but he wasn't as stubborn as Sima Guang.
The leader of the Great Song Bank needs to be a person with a calm and steady personality, and it's even okay if he/she is a little conservative.
After all, a large part of the bank's responsibility in the future will be regulation and risk control.
"Very well, this is the one. Issue my decree that Zhao Ding should come to the capital immediately to serve as the president of the Great Song Royal Bank, and Shao Chengzhang as the director."
Xu Churen was slightly taken aback, not expecting the emperor to agree so quickly.
Tang Ke and Qin Hui hadn't thought of that either; shouldn't they have asked for their opinions again?
Everyone knows that the emperor has high hopes for the Great Song Bank. He must have been extremely cautious in choosing the bank's president. How could he have made such a hasty decision?
Moreover, it was obvious that Xu Churen and Shao Chengzhang had a falling out, and Xu Churen deliberately recommended one of his own people to stand in the Great Song Bank so that it would be easier for the Political Affairs Hall to borrow money in the future.
Immediately, Tang Ke and Qin Hui also secretly rejoiced.
Since the president of the Great Song Royal Bank will be part of the Council of State Affairs, it will be easier for them to borrow money, which is good.
The three prime ministers all agreed that the emperor's decision was truly brilliant.
But the emperor was also thinking to himself, "Do you think that Zhao Ding, whom I have brought in to be the president of my Great Song Royal Bank, is a member of the Council of State Affairs?"
I may not be good at much else, but I'm quite adept at sowing discord and stirring up trouble.
The emperor thought shamelessly that the ministers of the Song Dynasty should quarrel amongst themselves so that he, the emperor, could live comfortably and things could move forward quickly.
Otherwise, if everything is too harmonious, what will the emperor do? Won't he be easily fooled and played by his subordinates?
Before Xu Churen and the others left, Zhao Huan said again, "I would like to give you a reminder."
When the emperor tried to put on airs again, the prime ministers listened attentively.
"Xu Churen, your strategy of promoting paper money is excellent. Restaurants and similar venues are the most frequent places for daily transactions. As long as all the major restaurants in Tokyo are willing to cooperate with the imperial court, paper money will soon become popular in Tokyo."
"However, this can only quickly promote small-value Jiaozi. Large-value Jiaozi will require the joint efforts of the Chamber of Commerce and Tang Ke's Ministry of Commerce to promote it, and circulation will be achieved through transactions between merchants."
The three prime ministers were slightly taken aback: "The Emperor is wise and sagacious!"
This emperor knows a lot. It seems like he can say something about anything.
It seems that many things cannot be fooled from the emperor.
Zhao Huan added, “When implementing the Jiaozi system, the Council of State Affairs should issue a decree that Jiaozi is equivalent to a tax. It is not enough to just encourage the people to use Jiaozi; all transactions and revenues of the court should also use Jiaozi. We should set an example!”
Xu Churen then raised an objection: "Your Majesty, if the paper money is equivalent to a tax, what happens if the paper money depreciates in value..."
His words were abruptly interrupted by the emperor, whose tone was rather unpleasant: "Minister Xu, you seem to look down on paper money. Why does the court encourage the people to use paper money, yet you yourself do not? Are you afraid that the revenue of your Council of State might shrink at any time?"
Faced with the emperor's pressing questioning, the prime ministers dared not say anything more.
"Listen carefully to what I mean. I will extend the use of Jiaozi to all places under the sun and moon of the Great Song Dynasty. Every one of my ministers will bear the consequences of the appreciation or depreciation of Jiaozi. The responsibility cannot be borne entirely by the people!"
Qin Hui quickly echoed the emperor's words: "Your Majesty is wise and benevolent. This is a merit that will last for thousands of generations. Your subject will devote himself to this cause until his dying breath!"
Xu Churen and Tang Ke were extremely unwilling, but since the emperor had personally expressed his opinion and forced them to comply, they couldn't say anything more.
Once Jiaozi (paper money) became equivalent to tax, the imperial court's revenue was also in Jiaozi. Once Jiaozi depreciated, the imperial court's money also depreciated.
If a large-scale devaluation occurs, the imperial court's purchasing power will also decline.
For example, if the value of paper money (Jiaozi) depreciates and prices skyrocket, then the labor force in the private sector will also increase.
Previously, the imperial court would allocate two strings of cash per month to each worker for construction work, but now it would allocate three or even four strings, greatly increasing expenditures.
In this way, the imperial court was also tied to the common people.
Since the expenditures of the State Affairs Hall have increased significantly, Xu Churen's pressure will naturally increase as the emperor will review the accounts with him every month and quarter, and conduct financial audits and adjustments.
Qin Hui was certainly aware of this, but as someone the emperor had placed in the Council of State, he was always the first to agree with whatever the emperor said and would do everything in his power to ensure that the emperor's intentions were fully implemented in the Council of State.
Five days later, the paper money was already being distributed in Tokyo.
This time, the emperor, feeling lonely again, disguised himself and left the palace with Xie Dahai.
However, this time, they brought one more person with them, Han Chenchen, who had been in Tokyo for more than half a year.
Since coming to Tokyo with Zhao Huan, I haven't had a proper chance to explore the city.
This time, Han Chenchen was overjoyed, thinking about going to Tokyo City, she couldn't be happier.
Zhao Huan left the palace solely to investigate the situation regarding paper money.
Although he was an informant in the Imperial City Guard, nothing is more direct and real than seeing, hearing, and experiencing things firsthand.
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