Chapter 450 Why is my personal treasury empty again?
"This involves another industry..."
Wei Shuyu smiled and said, "I call it a money exchange!"
Money exchange?
What the heck is this?
Several of them felt that their brains weren't enough to handle the task.
Despite standing at the pinnacle of power in the Tang Dynasty, he always felt he couldn't keep up with Wei Shuyu's unrestrained and imaginative thinking.
"Please enlighten me, Physician Wei!" Tang Jian cupped his hands in greeting once more.
"A money shop is a place where you deposit and withdraw money."
Wei Shuyu explained, "This is the best way to get merchants and ordinary people to hand over the money they have hidden in their cellars."
"this……"
Tang Jian was puzzled: "What's the difference between hiding them in a cellar and storing them in a money exchange?"
"There are differences, of course."
Wei Shuyu grinned: "Because you get interest when you deposit your money in a money shop."
Unlike today, in ancient times, people could truly starve or freeze to death if they didn't have money.
The people's money is a matter of life and death for them. It's almost impossible to get them to dig out the money hidden underground without paying a price.
Therefore, it was necessary to establish a money exchange.
"Isn't that unnecessary?" Li Shimin looked constipated.
The Tang Dynasty possessed immense wealth.
If he pays out this interest, how much will he lose each year?
"..."
Wei Shuyu rolled his eyes.
You stingy, miserly person.
Bang.
Li Shimin slammed his hand on the table: "What kind of look is that?"
"His Majesty."
Wei Shuyu curled his lip: "If the people deposit their money in banks, will the Tang Dynasty ever lack money?"
Um?
Li Shimin was taken aback.
What you say makes a lot of sense, but I disagree.
"That won't work either."
Li Shimin waved his hand and refused: "I've only ever heard of charging a safekeeping fee for keeping someone's money, I've never heard of charging interest."
"Stingy".
Wei Shuyu muttered something to himself.
"What did you say?"
Li Shimin's eyes widened.
This Wei is becoming more and more lawless.
"What I mean is that you won't lose money on the interest."
Wei Shuyu bowed and said, "Why don't we just take their money at a low interest rate and then lend it out at a slightly higher rate?"
Lend... lend it out?
You're quite good at making money.
"What idiot would ask you for money?" Li Shimin rolled his eyes.
"Your Majesty is high above and naturally does not understand the suffering of the common people."
Wei Shuyu sighed and said, "Does Your Majesty know how high the interest rates are for loans in the private sector?"
"Has Your Majesty heard of how many people have sold their children because they couldn't repay their debts?"
Li Shimin frowned.
He was unhappy when he heard this.
"Many private loans involve nine out of ten loans being repaid and thirteen back."
"If you don't pay on time, the interest will compound and multiply."
Swish.
The expressions on their faces changed drastically.
This is tantamount to saying that Li Shimin was a poor ruler.
Is this really true?
Li Shimin turned his gaze to the others.
"this……"
Several people felt a chill run down their spines.
Finally, Wei Zheng stepped forward and bowed, saying, "Your Majesty, there is a profession among the common people called: money changers."
"During the reign of Emperor Jing of the Western Han Dynasty, Qian Jiawu, a member of the Qian family in Chang'an, took advantage of the uprising of the Seven Kingdoms of Wu and Chu to lend money at interest and became a wealthy man."
"This is where the name 'Ziqian' came from!"
Li Shimin frowned.
"Wouldn't my money shop charging interest be exploiting the people's hard-earned money? No way!" Li Shimin refused again.
"..."
Wei Shuyu was speechless.
Offering interest is not an option either.
Not giving it to them is not an option.
You're quite noble, aren't you?
"Your Majesty, money shops don't offer such exorbitant loans as 'nine out and thirteen back'."
"For example... one hundred strings of cash!"
"Depositing money in a money shop for a year would only yield 2-5 strings of cash in interest."
"The interest rate charged by money shops on loans is about 10% of the principal."
That is, about 10 strings of cash per year.
I see...
Li Shimin's resolve wavered again.
"Your Majesty, please don't underestimate the difference of 5 strings of cash."
Wei Shuyu calculated, "One million strings of cash, that's fifty thousand strings of cash a year, and it's a business with no initial investment."
"After the money shops developed, they gathered the wealth of the entire Tang Dynasty."
"The annual income will absolutely exceed Your Majesty's expectations."
This...this...
Li Shimin was tempted again.
It seems reasonable to charge a little interest.
"Are there so many people in the Tang Dynasty who are short of money?" Li Shimin asked.
"There are plenty."
Wei Shuyu said speechlessly, "In Hu County alone, there are a large number of merchants who want to borrow money."
"Not to mention the common people..."
"With problems even with basic necessities like food, clothing, shelter, and transportation, why wouldn't we lend money if there were other options?"
"Besides, Your Majesty, aren't you also so poor that you want to borrow money?"
You bastard.
Do I need to borrow money?
Even if I borrowed it, do you think I would pay it back?
Li Shimin snorted coldly, then suddenly seemed to have thought of something...
Not paying back?
"What if the people can't pay?" Li Shimin asked.
"That's easy."
Wei Shuyu said, "Merchants who borrow large sums of money always provide collateral."
"As for the common people..."
"If they can't pay, just conscript them as laborers to pay off the debt."
Li Shimin nodded.
This is not a bad idea.
"What do you think, my dear ministers?" Li Shimin asked.
"Your Majesty, I believe that the matter of banknotes and money shops is feasible."
Fang Xuanling said, "It's just that these details need to be further refined."
Li Shimin nodded.
"I second that proposal."
"I second that proposal."
As Wei Zheng and Tang Jian's voices of agreement faded away.
The matter is basically settled.
"If that's the case..."
Li Shimin looked at Wei Shuyu and said, "This matter will be handled by the Ministry of Commerce."
"Cough cough..."
Wei Shuyu coughed, then bowed to Li Shimin and said, "Your Majesty, handing it over to the Ministry of Commerce is no problem, but what about the funds for opening the money shop..."
Um?
Li Shimin's eyes widened.
He asked me for money again?
"I have no money!"
Li Shimin snorted coldly.
"Your Majesty, this concerns the vital interests of the nation."
Wei Shuyu glanced at Tang Jian: "There's no need to use your private funds."
Oh, I see.
Swish.
All eyes turned to Tang Jian.
The Ministry of Revenue was in charge of all the nation's money and grain, and the national treasury was under the management of the Minister of Revenue.
"The Ministry of Civil Affairs has no money!"
Tang Jian's expression changed instantly.
"Maoyue, Shuyu's money exchange is a highly profitable plan. Just take some money and build some more money exchanges," Fang Xuanling advised.
"I really have no money."
Tang Jian sighed: "There were many natural disasters in various places last year, and the national treasury has long been empty."
"With the wars against Tuyuhun and Xueyantuo added on, we really couldn't come up with any extra money."
It seems that's really the case.
Swish.
The group then all looked at Wei Shuyu.
Why are you looking at me?
Wei Shuyu rolled his eyes: "These money shops are originally used to deal with merchants' money."
"How could we possibly let merchants provide the funding?"
"Furthermore, if a money shop doesn't have sufficient funds, how can merchants feel comfortable depositing their money in it?"
That makes sense.
Who would entrust their money to a poor guy to manage?
Then……
The group stared at each other blankly.
He was stumped by the money needed to open a money exchange.
To catch the aristocratic class off guard, one must open up the entire Tang Dynasty in an instant.
"Shuyu..."
Li Shimin said with a smile, "Your Ministry of Commerce must have accumulated quite a bit of money, right?"
"The Ministry of Commerce has no money either!"
Wei Shuyu also put on a stern face.
You all complain about being poor, but can't my Ministry of Commerce do the same?
"fart."
Li Shimin glared at him: "Your Ministry of Commerce has already made a fortune collecting commercial taxes. Don't think I don't know."
The Ministry of Commerce was just starting out, and it would send him tax accounts every month.
Therefore, Li Shimin knew exactly how much money the Ministry of Commerce had.
"This money should be used to promote the Ministry of Commerce throughout the entire Tang Dynasty!" Wei Shuyu remained unmoved.
Even when Li Shimin came, he didn't give him any face.
"Take it out and use it first..." Li Shimin smiled like a fox.
"no."
Wei Shuyu refused, saying, "Your Majesty, don't you still have tens of thousands of strings of cash in your private treasury? You can take some out and use it first."
"You bastard!"
Li Shimin glanced at Wei Zheng.
It must be that Lao Wei leaked his secret stash of money again.
“Give me interest!” Wei Shuyu said.
Um?
Li Shimin immediately fell into deep thought.
Ten thousand strings of cash... about 500 strings of cash.
Pooh.
It's not even enough to fill my teeth, I don't want it!
"I have no money!"
Li Shimin immediately refused.
"The interest from nine out of thirteen returns!" Wei Shuyu continued to tempt her.
Li Shimin fell into deep thought again.
This looks like it could earn quite a bit.
Of the 90,000 strings of cash, there would be an income of 40,000 strings.
Moreover, this money probably won't be borrowed for long; it will likely be returned once the people have deposited their money.
Fang Xuanling and Tang Jian were both dumbfounded.
Seeing Li Shimin muttering calculations, was he really persuaded by Wei Shuyu?
"Is this really true?" Li Shimin asked suspiciously.
“Your Majesty, to deceive you is a crime of deceiving the emperor,” Wei Shuyu said, bowing.
"Um."
Li Shimin nodded in satisfaction: "Then I will contribute 60,000 strings of cash, and you can take care of the rest yourself."
His personal treasury was also running low.
"Your Majesty, I thank you for your generosity!"
Wei Shuyu shouted his gratitude.
Getting 60,000 is not bad, considering Li Er is a poor wretch.
After chatting for a while longer, the group said their goodbyes.
After the group left.
Li Shimin was in a good mood and ordered Wang De to pour him a cup of tea.
"Your Majesty, there is something I am unsure whether I should say."
Just then, Wang De came up to him again.
"Speak."
Li Shimin chuckled and took a sip of tea.
"That's right... Doctor Wei has been making money for His Majesty all along."
"But why is His Majesty's money dwindling?"
Holy crap!
Li Shimin was dumbfounded.
yes.
Why is my secret stash of money empty again?
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