Reborn Ming Dynasty as Emperor

Chapter 166 Regretful Savers
After one month, the first batch of silver dollars ready to be put on the market was rushed out.

There are five types of this batch of silver dollars, namely one yuan, five jiao, two jiao, and one jiao. At the same time, there are also a batch of copper coins with denominations of only five cents and one cent.

Copper coins are naturally used for the daily life of the people to buy small items or change change, just like the Royal Bank does not issue banknotes, but still issues banknotes with the same nature as silver notes, in order to facilitate the economic life of Ming Dynasty.

However, this banknote represents a denomination of at least [-] silver dollars, in order to facilitate large-scale transactions, but in order to stabilize the value of banknotes, the number of banknotes is strictly limited, and the Royal Bank has to save as many banknotes as the same value. Therefore, there is no need to worry about this affecting the lives of ordinary people.

According to Zhu Youxiao's arrangement, the first batch of coins will first be used to distribute salaries to officials and craftsmen of various national industries such as the Royal Academy of Engineering, the Ordnance Department, and the Royal Academy of Engineering.

Secondly, some were deported into the Royal Bank to prepare for the exchange of the common people.

In order to encourage the people to exchange silver dollars for economic activities, Zhu Youxiao has ordered all major newspapers to spend a lot of space to promote the benefits of a unified currency and not directly using gold and silver as currency.

Although it is not necessarily guaranteed that the common people will understand, as long as the official keeps saying that three people will become tigers and one voice will make money, the common people will feel that this is a good thing.

What's more, at the same time, the Ministry of Households also directly announced notices in major newspapers and at the gates of major cities, and copied documents to local government offices at all levels. In the future, tax collection will only collect silver dollars.

But who knows, once this news was announced, it immediately caused an uproar. Many people took it for granted that this was a strategy for the court to collect money, and some people with good intentions even threatened that the court was afraid that they would receive a sum of money when they wanted to borrow two copper coins to exchange for silver dollars.

Therefore, the silver dollars stored in the Royal Bank were rarely exchanged at the beginning, and some people even worried that the Royal Bank would swallow up their silver money.

Therefore, instead of coming to the Royal Bank to exchange silver dollars, many people scrambled to withdraw money with stubs.

"Mr. Li, you have to think about it. Your 3 taels is a one-year regular deposit. According to the regulations on the document, you can only withdraw it on May [-] next year. Not only will you withdraw it now without interest, Do you have to pay an additional liquidated damages of [-] out of [-]?"

Hu Shouchun patiently explained to Li Yuanwai, a large depositor, but Li Yuanwai waved his hands and said, "I know, isn't it just 1000 taels? I can afford it. I can't let you swallow the 9000 taels .”

"Okay, take 9000 taels of silver for Li Yuanwai!"

When Hu Shouchun called out, Li Yuanwai didn't expect it to be so smooth, and asked in amazement, "Can I really take it?"

"Yes", after Hu Shouchun answered without hesitation, Li Yuanwai was deeply afraid that this so-called bank that relied on the royal relationship would refuse to accept the account, and was not allowed to take it by himself. Now seeing that the Royal Bank has no intention of denying the account, his heart fell Also heaved a sigh of relief.

Seeing this, other depositors who were watching outside also rushed to withdraw their money.

These depositors who came here because of the interest rate as high as one-tenth now don’t ask for interest or are even willing to withdraw their deposits in the form of reverse compensation. How unreliable other currencies are.

Because of this, the Royal Bank encountered the first run on shortly after its establishment. Since two parts of the previous savings silver had been minted into silver dollars, and some had been taken away by the commanders of the battalions as recruiting and military pay, the run on now broke out. Now, the Royal Bank is facing tight money.

Zhu Youxiao does not intend to force the common people to deposit silver and exchange it for silver dollars when withdrawing it involuntarily, but he also has corresponding incentives, that is, those who are willing to withdraw silver dollars can be exempted from liquidated damages.

In addition, it is also clearly stipulated that those who go to the Royal Bank to exchange silver dollars within half a year can be exempted from the handling fee, and those who exchange after half a year will pay the handling fee.

But many people didn't listen, and questioned that the court was taking the opportunity to swallow up their money by distributing a large number of silver coins.

Ordinary people are okay, because the imperial court wants to use silver dollars as tax, they have to come to exchange, but some businessmen are not willing to be exploited by the imperial court.

Some officials who could have taken the opportunity to change the proportion of copper coins privately through currency chaos and greedy for ink also secretly resisted the emergence of silver dollars, and hoped that through this run, the court would be forced to take the silver dollars back into the furnace and resmelt them into silver ingots, so that the court would give up. This currency reform.

However, Zhu Youxiao did not compromise because of this. When Hu Shouchun reported that the Royal Bank's money was tight, he urgently allocated internal funds to make up for it without even thinking about it.

Even the silver taels confiscated from Wei Guangwei's mansion and the silver taels accumulated by the previously confiscated Donglin Party were used in the Royal Bank to deal with the run storm.

Gradually, the turmoil of the run began to subside, and the rich officials, gentry, and wealthy businessmen who were waiting to see the show did not expect that the Royal Bank was still conducting the silver dollar exchange business, and at the same time, there was still a steady stream of silver dollars.

Moreover, as the Royal Bank fulfilled the contract time and time again and handled withdrawals for depositors unconditionally, many depositors also began to trust the Royal Bank.

Many businessmen or people with some savings began to re-deposit their silver into the Royal Bank, and this time the number of people who came to open an account increased by three or four times compared to before, but the Royal Bank also came up with its own countermeasures.

That is, because it was opened before, there were high interest rates of [-] out of [-] or even [-] out of [-] in the first three months, but now they are cancelled, and the highest interest rate has dropped to [-] out of [-].

That is to say, those who re-open an account depositor can only choose a regular deposit of up to [-] out of [-], and even have to pay a handling fee.

Many people complained endlessly, regretting what rumors they had listened to at the beginning, so they couldn't wait to take out the money, but now they spent a lot of money for nothing.

"Oh, it's really a loss to me. This Royal Bank is the Royal Bank. It is worthy of being opened by the emperor. It is natural to be more at ease than those bank numbers, but I am old and confused. After listening to Mr. Huang's words, I am in a hurry. Withdrawing 3 taels, it’s a good thing now, I thought I could get 3000 taels securely by earning interest, but now I’ve lost 1000 taels!”

Li Yuanwai complained to Hu Shouchun, but Hu Shouchun still smiled and said: "I also persuaded you at the time, but you just didn't listen. The emperor is rich all over the world, so he will swallow you. It's only 3 taels of silver?"

"Master Hu, you're right, I'm the one who is stupid!" Li Yuanwai said with a drooping face.

"Then do you want to save for a fixed term or a demand deposit this time, and how long will you save it?" Hu Shouchun asked.

Without even thinking about it, Li Yuanwai shouted loudly: "Bring it up!" and said to Hu Shouchun: "I don't have the heart to walk and go north to do business now, and now I take out all the savings at home, a total of 10 taels, and deposit it regularly. , three years!"

"Really?"

"Really! This time, no matter what, I have to save back the money I lost," Li Yuanwai said unwillingly.

　Thank you book friend etjojo for your reward

　　
　
(End of this chapter)