Chapter 909
What to do
Pan Yun took the banknotes to the money exchange to redeem them.
Because she was a new face, the bank clerk didn't dare to cash her money and instead went directly to call the manager.
The steward inquired with a smile about the origin of Pan Yunbao's banknotes.
Pan Yun said, "It was a gift from His Majesty."
Zhu Qiyu, standing to the side, blushed. Who uses paper money to bestow rewards?
He remembered that the gifts he gave to Pan Jun were all gold or silver, but the Imperial Preceptor also received a salary, which seemed to be in the form of paper money.
Since I'm eating the emperor's food, it can be considered a reward from him.
The steward looked Pan Yun up and down, and asked cautiously, "Did you come with a reward from your family? May I ask where your father and brothers work?"
“It’s not a reward from my father or brothers, it’s my own,” Pan Yun said with a smile. “I work in the palace.”
Upon hearing that she came from the palace, the steward withdrew his gaze and became much more reserved. After a moment's thought, he said, "Then I'll exchange it for you at a rate of five to one."
He laughed and said, "If someone else were to exchange it, this price wouldn't be available; it would require at least a six-to-one exchange."
That is, a five-tael banknote could only be exchanged for one tael of silver.
Pan Jun didn't argue, and casually exchanged all the banknotes in his money bag for silver and copper coins.
Pan Yun tossed two small silver ingots aside, still holding a string of copper coins in her left hand, and turned to Zhu Qiyu, saying, "Let's go."
Zhu Qiyu awkwardly followed her out, while Chen Xun and Yu Qian stood by the door.
To avoid being recognized by the money shop manager, Pan Yun forbade them from going in, but the group was talking quite loudly, and they could hear them even from outside the door.
While the emperor was still embarrassed, Chen Xun and Yu Qian had already realized what Pan Yun was planning to do.
Sure enough, when Pan Yun used the money she had earned to treat them to a meal at a restaurant, she specifically requested a private room on the second floor. By opening the window, one could see the bustling street scene while also enjoying the privacy of the room.
Pan Yun placed the money in his hands on the table and said to the emperor, "Your Majesty, this is my salary for three months."
The emperor looked at the money in front of him, bewildered. "So what?"
Pan Yun asked him, "When Your Majesty was a prince, how much was your monthly salary?"
Zhu Qiyu said, "Because I have not yet taken up my post, my annual salary is three thousand shi of grain, oh, and twenty-five thousand baochao (precious paper money)."
Pan Yun: "Should we exchange the paper money for real silver?"
Zhu Qiyu: "This kind of thing can be left to the steward. Twenty-five thousand taels of paper money should be enough to exchange for five thousand taels of silver, right?"
Zhu Qiyu was not extravagant when he was the Prince of Cheng. In addition, the emperor only had one brother, and he was given many rewards, so he was not short of money.
People who are not short of money cannot understand the significance of Pan Yun placing three months' salary in front of them.
However, he wasn't stupid. As he traveled along, he realized that "the people have a great distrust of paper money..."
Pan Yun: "That's not just distrust, it's extreme distrust."
Zhu Qiyu blushed slightly.
Pan Yun then asked him, "Does Your Majesty know why?"
Zhu Qiyu nodded and whispered, "Because I printed too many."
Pan Yun: "Because it lacks credibility, because there are no reserves behind the paper money." "The low value of paper money started during the Hongwu era. The root cause is not Your Majesty, but the batch of paper money Your Majesty printed before the new year has caused it to depreciate even more severely and lose credibility even more," Pan Yun said, pointing to the money on the table. "There are no reserves backing the paper money. No matter how much money is printed, the amount of money in the market remains the same. Your Majesty, the salaries of officials in our Great Ming Dynasty are already low. If salaries are paid in paper money, it will already be reduced by 40%. With this printing, it will be reduced by 50% or 60%."
“People can be lively and outgoing, or shy and introverted, so officials are also different from people.” Pan Yun pointed at Yu Qian and said, “Lord Yu is upright and honest, so he is content with poverty. But he is the Minister of War and a Grand Secretary of the Cabinet, receiving two salaries. Even if the silver salary is greatly reduced in paper money, he can still support his family.”
"But what about those officials with lower ranks than him, or even those minor officials in the capital who are only of the eighth or ninth rank?"
Zhu Qiyu opened his mouth, then asked with difficulty, "Are they greedy?"
Pan Yun said, "Those who are clever but also upright can survive without much harm by being flexible. But there are always some straightforward or shy officials who can only go hungry. Of course, there are also officials who enjoy wealth and honor but end up making the people suffer."
The emperor glanced at Pan Yun, then at Chen Xun and Yu Qian, and asked, "So, is the Imperial Preceptor here today to request salaries for the officials?"
“No,” Pan Yun slowly shook his head and said, “I am trying to tell His Majesty how important it is for the country to have a creditworthy currency!”
Pan Yun pointed out the window and said, "Look, that's our newly opened money exchange, separated by two shops. There's another one, and both of them have been around for less than thirty years. But do you see how many people are coming and going? Do the people outside accept their banknotes?"
Zhu Qiyu glanced outside and said, "I have used both of their banknotes. They can be used as full-value silver outside without devaluation."
"Why can two money shops that have been around for less than thirty years achieve the same level of credibility, but the state cannot?"
Zhu Qiyu's face flushed slightly.
To be honest, this is all his ancestors' fault.
After the founding of the People's Republic of China, Zhu Yuanzhang found that the paper money was quite useful after the first printing, so he printed more and more, and then no one in the market liked to use the paper money anymore.
Pan Yun said, "Because there are no reserves behind the paper money, and also because the imperial court has lost credibility in the issuance of currency."
“But paper money is really important,” Pan Jun said. “For commerce to develop, for handicrafts to develop, and for the entire country’s economy to develop, paper money must be made.”
“Nowadays, all reputable banknotes and money shops are privately owned, which is a very dangerous thing.”
Zhu Qiyu: "But the precious paper money is already like this, something that my great-grandfather, grandfather, father, and elder brother could not do..."
“Your Majesty can do it,” Pan Jun interrupted him, encouraging him, and said firmly, “There are countless capable people in the world. I believe that Your Majesty will definitely be able to find a capable minister who can accomplish this task.”
Zhu Qiyu's eyes lit up instantly, and he asked, "Grand Preceptor, who is this capable minister?"
Pan Yun shook his head: "I can't tell at the moment, Your Majesty can look for it again with more care."
Zhu Qiyu looked at Yu Qian and thought it was Yu Qian.
Yu Qian replied, "I am somewhat inferior in economic matters, and Minister Chen of the Ministry of Revenue is right here."
Chen Xun looked pale. The problem of the precious paper money was probably something even a genius couldn't solve.
With their reputation at rock bottom, what else can they do?
In his opinion, it would be better to abolish paper money...
Huh?
The thought flashed through Chen Xun's mind, and he was startled, suddenly looking at Pan Yun.
Zhu Qiyu could tell he had a plan, so he quickly asked, "Does Minister Chen have a plan?"
Chen Xun pondered for a moment and said, "Perhaps we could abolish the paper money and create a new one?"
Empress Wang couldn't help but say, "With such a reputation, and lessons from the past, I'm afraid that no one will believe it even if it's created again."
Zhu Qiyu nodded dejectedly: "Yes, if the common people heard that the paper money was issued by the imperial court, they probably wouldn't believe it."
Yu Qian said with a serious expression, "Therefore, Your Majesty should change your ways and let the world know that Your Majesty is a man of integrity, and that both the royal family and the court are trustworthy. This situation can then be resolved." (End of Chapter)