Chapter 6 Section Four: A brief analysis of the reasons for currency stability in the late Western Han Dynasty

In the late Western Han Dynasty, during the more than 100 years from the Yuanding period of Emperor Wudi (116 BC to 111 BC) to the early years of Emperor Pingdi, there was the first overall currency stability in the history of Chinese monetary culture.The performance is characterized by a peaceful government, a peaceful society, a developed culture, a gradually rising economy, relatively abundant supplies, a surplus of finances every year, people living and working in peace and contentment, and relatively stable prices.How can such a beautiful scene appear?The reason: First, the political situation is stable.In the early Han Dynasty, from Gao Zu to the six generations of Emperor Wu, the struggle between the central government and the local feudal separatist forces, that is, the struggle between centralization and decentralization, went through repeated twists and turns, and finally broke out the Rebellion of the Seven Kingdoms of Wu and Chu.After the rebellion, the imperial court took various measures to consolidate and strengthen the central power and weaken the local power.The Han Dynasty repeatedly emphasized recuperation, emphasizing agriculture and business, restraining tyranny, and striving for political harmony and peace of the country and the people.By the time of Emperor Wen, there had been an initial stable situation, and the four baht and a half taels were minted and circulated smoothly for nearly 40 years.The situation at that time forced Emperor Wen to implement some concession policies, such as allowing the people and princes to cast money and so on.Through the efforts of Emperor Jing and Emperor Wu, the central power was strengthened, and various policies and measures that benefited the country and the people were implemented, and the political situation was stabilized.Emperors Zhao and Xuan after Emperor Wu also did the same, trying their best to maintain political stability.

Second, stable economic development.After a hundred years of practice in the early Han Dynasty, they knew the importance of political stability.How to stabilize the political situation?The key lies in Guotai Minan.The key to Cathay Pacific is to strive for the safety of the people, and the people live and work in peace and contentment, which is the core of the problem.To this end, the government strives to stabilize and develop the economy.Agriculture is gradually recovering and developing, food and cloth are abundant day by day, and the government takes the money in a moderate manner and keeps the wealth for the people.Handicraft production developed faster, among which iron smelting, salt cooking, and coin casting have become important industries, and have become economic means for local feudal forces such as princes, gentry, and wealthy merchants to fight against the central government.The imperial court adopted the strategy formulated by Jia Yi, Sang Hongyang, etc., and implemented a set of powerful measures for the comprehensive use of economic policy, fiscal policy and monetary policy. Sufficient without increasing the burden on the people. The debate between Sang Hongyang and literary virtuous men in "Salt and Iron Theory" reflects this situation.After Emperor Zhao, he continued to implement the policy of frugal use and caring for the people, maintaining light levies and low taxes, and vigorously supporting agriculture, so that the people have enough food and clothing, and the society is peaceful.The long-term stable development of the economy provides a reliable economic foundation for currency stability.

Third, the war against the Xiongnu ended victoriously, forming "Monan without a king's court", that is to say, the main force of the Huns was driven away, and they were no longer able to commit crimes in the south, thus greatly reducing the military burden of the imperial court.The financial burden is lightened, and hundreds of thousands of strong soldiers are put into production, which increases social wealth and fiscal revenue, which is of great benefit to the stability of the currency. Fourth, many effective measures have been implemented in currency issuance and circulation, and the centralization and unification of currency casting and distribution rights has been completed. The currency quality and currency value of baht coins are stable, which makes people trust five baht coins.At the end of the Western Han Dynasty, the shape and quality of five baht coins continued to improve and rarely weakened.The experience of currency stability in the Western Han Dynasty is of great reference value to future generations.