Chapter 191 Asking for Trouble
When Zhu Chong learned that he could exchange one string of new treasure notes for ten taels of silver in the market, he remained very calm.
He could guess Lao Zhu's stress response, but he didn't expect Lao Zhu to use such a modern method!
Originally, Zhu Chong thought that Old Zhu would not take any countermeasures, at least not this year, but he did not expect that because of Zhu Xiongying's death, he would actually do such a thing.
The Emperor of the Ming Dynasty speculated on currency!
Zhu Chong couldn't help but smile when such a thing happened to him, but he knew that Old Zhu was playing with fire again, and he couldn't directly write a letter to express his opinion.
Old Zhu certainly didn't know how fragile the Ming Dynasty's currency market was today, but in order to take revenge and to gain enough capital, Old Zhu actually added fuel to the fire and disrupted the currency market he had established!
After much deliberation, Zhu Chong decided to go to the palace to meet the emperor to prevent any problems from happening.
"Your son pays homage to His Majesty, Father!"
"Oh, I was just looking for you, but I didn't expect you to come." When Old Zhu saw Zhu Chong, he didn't wait for him to speak, but asked the eunuch to give Zhu Chong a memorial.
Zhu Chong opened the memorial with a puzzled look on his face, but after reading only a few lines, he was filled with shock.
"The envoys from five nations, including Annan, Ryukyu, and Zhenla, have jointly submitted a petition, hoping that we can exchange their tribute gifts for the new treasure notes you have made. We are prepared to agree, but we would like to hear your opinion."
When Old Zhu said this, his expression seemed very relaxed. Zhu Chong could of course see that he was probably a step too late, as Old Zhu was obviously already moved.
"Father, are you really planning to do this?" Zhu Chong smiled playfully.
"Hmm?" Old Zhu frowned when he heard Zhu Chong's tone, "What do you mean, kid?"
"I remember you told me that if we wanted the treasure notes to not depreciate and to have their intended effect, we should allow them to circulate throughout the country and shift the threat to the Ming vassal states."
"Why? Now that the new banknotes you made have been approved by the vassal states, it seems you don't plan to do this now?"
"That's exactly what I think," Zhu Chong said bluntly. "Father, the circulation of treasure notes to vassal states is not only to transfer internal pressure and threats from us, but also to stabilize the Ming treasure note market."
"But now, our Ming Dynasty itself has not yet fully launched the new treasure notes. It would be too hasty for you to circulate the new treasure notes to the vassal states now!"
"There's something behind your words. Did something happen recently?" Old Zhu's expression became serious.
Zhu Chong did not beat around the bush with Old Zhu and directly told him about the current chaos in the exchange of treasure notes among the people.
"Isn't this a good idea?" Old Zhu smiled playfully. "The new notes haven't even been released yet, but they've already started to appreciate. By the time they're released, won't the court be under less pressure?"
In Lao Zhu's eyes, since the old treasure notes were to be discarded, it was necessary to do something about it before the new treasure notes were put on the market.
He has already noticed some problems and wants to take advantage of this opportunity to make the most of the opportunity and teach his opponent hidden in the dark a lesson!
"Father, you are wrong!" Zhu Chong smiled bitterly and shook his head. "I have already said before that issuing the old banknotes in unlimited quantities will only cause the banknotes to depreciate and rob the people of their wealth!"
"But if you allow the treasure notes to appreciate without restraint, it will only do harm to the people and no benefit at all!"
Old Zhu's face turned gloomy. He didn't understand what Zhu Chong said, but he knew that the appreciation of the new treasure notes would be good for him. However, after listening to what Zhu Chong said, he realized that he was wrong again, and he was also harming the interests of the people!
"Father!" Zhu Chong organized his words. "Now that the new treasure notes have entered the market, they're being sold at prices many times, even ten times, their original face value. Do you think this is normal? Is it a good thing?"
"But do you know that this is simply because the new banknotes haven't been fully released yet, causing people to be curious about them. This has led to some people scrambling to buy the new banknotes, causing their actual value to far exceed their face value. This is abnormal!"
"If this continues, the people will definitely rush to buy the new treasure notes. When the new treasure notes are actually put on the market, won't it be the people's interests that will be harmed? Whose interests will be harmed?"
"So what do you want to do? This won't work, and that won't work either. Let me ask you, what exactly will work? Why do you have to wait until the last minute to tell me that this and that won't work?" Old Zhu was annoyed!
"Father." Zhu Chong refused to give in. "Your purpose in issuing banknotes is to facilitate market transactions and to help the court control the overall situation, not just for personal gain!"
"Now that the value of banknotes is skyrocketing, the only ones who will be hurt, besides the common people, are the imperial court. And the ones who are truly profiting from this are the wealthy merchants, or the wealthy royal relatives and ministers!"
Zhu Chong's words were by no means alarmist. Today's new treasure notes have shown a trend of speculation. As the price continues to rise, the wealthy royal relatives and ministers will definitely unite to act as dealers.
When the lower-class people see that it is profitable, they will definitely get involved and may make a small profit at the beginning.
However, when the imperial court one day issues the new treasure notes in full, the treasure notes will depreciate like an avalanche. By then, I am afraid that people will line up to jump into the Qinhuai River in Yingtian Prefecture!
Old Zhu is primarily responsible for this situation, and Zhu Chong also bears some responsibility, but now is not the time to hold him accountable!
Zhu Chong bowed to Old Zhu and said, "Father, since we already know that the treasure notes will harm the people and the interests of the court, we must start now to prevent it from happening."
"I suggest that the new banknotes be issued immediately. At the same time, we must announce to the world that the court will only recognize the new banknotes at face value. Anyone who arbitrarily raises the price of the banknotes will be held accountable!"
After hearing what Zhu Chong said, Old Zhu looked hesitant. He thought for a long time before looking at Zhu Chong and asking.
“Is now the right time to issue new treasure notes?”
"Father, the arrow is on the string and must be shot." Zhu Chong shook his head and sighed.
"If the court doesn't do this, and when things get out of hand, the people will only blame the court for the losses they suffered, not the people who hyped it up in the first place!"
Hearing what Zhu Chong said, Old Zhu's face turned slightly red. After hesitating for a moment, he finally made up his mind.
"Come here, draft an edict!"
Old Zhu quickly drafted the imperial edict and asked the eunuch to announce it to the world immediately.
Turning around, Old Zhu glared at Zhu Chong fiercely, "Let me ask you, what do you think should be done about the vassal states' request that the imperial court exchange their tribute gifts for new treasure notes?"
"This..." Zhu Chong was confused.
"Forget it, I don't care anymore. You keep an eye on the new banknotes and handle them. You'll also take care of the affairs of the vassal states. If anything goes wrong, you'll be held responsible!"
Zhu Chong was stunned by Old Zhu's words. How come I reminded you and ended up getting myself into trouble?
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