Chapter 30 Section 6 Banknote Law of the Yuan Dynasty

The Mongol Empire conquered many countries, and the original currencies of the conquered countries were diverse, which was not conducive to the rule of the Great Khan.The Yuan Dynasty planned to implement a unified banknote law in its ruled area, but it didn't work, so it had to be implemented in the empire itself.The purpose of implementing the new banknote law is to strengthen the national strength and consolidate the political power. Therefore, the banknote law has been carefully planned to ensure the stability of the currency value and to be implemented smoothly nationwide.As early as the beginning of the 13th century AD, the Yuan Dynasty had formulated a relatively complete banknote law, that is, the paper currency issuance and circulation system.It is based on two "strips" as the main body, plus a number of specific laws and regulations to formulate.One is Ye Li's "Fourteen Paintings", which stipulates in detail the issuance and circulation of banknotes; the other is the nine "Trade Paintings".This is the banknote circulation method approved by Zhongshu Province in the 19th year of Zhiyuan (AD 1282), and it is the earliest banknote regulation in China.In the twenty-first year of Zhiyuan (AD 1284), Lu Shirong was ordered to rectify paper money, and also proposed a set of money management methods, to the effect that: restore the free trade of gold and silver, issue silk coupons and increase the production of Zhiyuan copper coins, shrink currency, and develop production , Return the ironware to the official casting, restore the rights and interests, state-run overseas trade, levy commodity tax, increase fiscal revenue, set up leveling and weekly emergency warehouses, enrich regular warehouses, so as to stabilize prices and stabilize currency values.This is to increase income by promoting advantages and eliminating disadvantages, and fundamentally stabilize the credit of yuan banknotes.However, although the legislation was perfect, it was not implemented because it violated the rights and interests of the rich and powerful. Based on the above items, the main points of the regulations and measures for the issuance of banknotes in the Yuan Dynasty can be summarized as follows:

(1) Implement a distribution policy monopolized by the imperial court.The right to print and issue banknotes is centralized at the central government. Treasure banknotes are the only legal currency. The types and grades of banknotes are legal. Yiku handles issues such as the issuance and circulation of banknotes and the exchange of old banknotes.Determine the price comparison between banknotes and silver, banknotes and money, banknotes and banknotes, and the official price for the exchange of old and new banknotes. (2) Banknotes are linked to silver to improve the trustworthiness of banknotes.For example, the central banknotes use silver as the unit of calculation, and the big banknotes and cent banknotes are directly linked to silver to show that banknotes are consistent with silver. This is a virtual silver standard system of virtual and real power.It also stipulates that banknote depots in various places should have full silver reserves, allowing free exchange by the people.

(3) Sufficient banknotes are allocated, and special warehouses are set up in the capital and major regions for safekeeping.And set up "parallel banks" in various roads to keep banknotes.12,000 ingots are given to each warehouse, and then the banknotes are issued based on silver. One tael of silver is issued with two pennies, and one tael of gold is issued with 20 pennies, plus a handling fee; and gold and silver are traded to adjust the value of the banknotes. (4) Improve the shape and system of banknotes, with no boundary, no fixed period, no date, no limit to region and use, and it can be used permanently throughout the country, and foreign countries are allowed to use it.

(5) Regulate the circulation of banknotes in a timely manner, expand the use of banknotes, and open up circulation channels.All banknotes can be used to complete grain and tax payments; other public and private payments, bonds, trade, mortgages, etc. all use banknotes.Those who used to pay with silver or money were changed to treasure banknotes, and the scope of banknotes was expanded to make them pass throughout the country, so as to maintain the credit of banknotes. The Law on Banknotes is also implemented, and forgery of precious banknotes is strictly prohibited, and the punishment for violators is extremely severe.It is not allowed to buy and sell gold and silver privately or use gold and silver to make utensils. All gold and silver should be concentrated in the official treasury, and offenders will be severely punished.Banknote treasury officials will guard those who steal from themselves, no matter how much they are, they will be executed.It also raised the value of banknotes and consolidated the credit of banknotes in many ways.

In short, the Yuan Dynasty Banknote Law is a major event in the history of the world currency system. It has the following characteristics: First, the Yuan Banknote Law is the earliest paper currency system in the world. progress.Second, the regulations are specific and complete.For example, it is stipulated that banknotes have unlimited legal compensation, set up a leveling warehouse, buy and sell gold and silver to maintain the value of banknotes, pay attention to banknotes, concentrate cash and silver in the treasury, and have strong reserves.These methods were followed by European and American countries until the 1930s.Third, from the theoretical analysis of currency, the various arrangements of these banknote laws are advanced and conform to the law of currency circulation.Its central idea is to pay attention to people's sentiments, strengthen guarantees, take silver as the foundation, guarantee currency credit, balance currency value, regulate currency circulation, and strive for smooth and stable currency.