Chapter 33 Section 2 Daming Tongxing Banknotes

In the eighth year of Hongwu (1375 A.D.), the paper money standard system was established, the treasure banknote lifting department was set up, the banknote law was enacted, and "Daming Tongxing treasure banknotes" were issued, with six denominations, ranging from 100 to 500 coins and consistent.Banknotes are always converted into one thousand copper coins or one tael of silver, and four are made of alloy one tael.Gold and silver transactions are prohibited, and only treasure banknotes are allowed to be used from the government. Gold and silver are only accepted, not exchanged.The tax collection is 30% of the money, and 70% of the money can be paid with money below 100 cash.In nine years, the taxation of the world was ordered to use both silver, banknotes, money, and rice. One tael of silver, one thousand Wen of money, and one consistent banknote were all discounted for one stone of tax and grain.In the 22nd year, five grades of banknotes were added, from 10 to 50.This is the largest banknote in China. It is made of mulberry paper. The usual banknote is about one foot long and six inches wide, or 36.4 x 22 centimeters.Its shape, pattern, etc. all imitate Song and Yuan banknotes.The Ming Dynasty only issued this banknote, and it was always controlled by the imperial court. There was no boundary, no change of currency name, no change of form, no issuance limit, no banknote book, no time and region, no exchange or reverse banknotes, more out and less in, just put in Do not return to the cage, that is, only send out but not take back, more and more.The banknote law of the Ming Dynasty was a deliberate repudiation and exploitation of the people.The relevant laws and measures promulgated, many localities ignore them and act on their own.If the tax collection ratio is set at 37%, the government only needs silver or a small amount of money when collecting taxes, and the folks will collect and pay banknotes at a discount.In the middle of the Ming Dynasty, most areas refused to use precious banknotes, only money and food.Government expenditures are forced to issue banknotes, and the court makes repeated orders, and certain taxes and fees are stipulated to be as high as precious banknotes, and offenders are severely punished.Let go of these regulations in a gust of wind.There are more and more official banknotes, private banknotes, counterfeit banknotes, and bad banknotes, and they are in a mess, and the government has nothing to do about it.

During the Hongwu period (1368-1398 A.D.), the finances were tight day by day, and banknotes were issued for emergency relief. There were many problems, and the value of banknotes fell day by day.In the thirteenth year of Hongwu (AD 1380), the old and new banknotes had different prices, and the folks competed to trade the old for the new.In the twenty-three years of Hongwu, the treasure banknotes have always been worth only 250 Wen, which has dropped by 3/4.The old banknotes depreciated further the following year.In the twenty-seventh year of Hongwu in Zhejiang, Jiangxi, Fujian, and Guangzhou, the consistent banknotes were only worth 160 Wen.In the 30th year of Hongwu, because the counties of Jiangsu and Zhejiang were priced in gold and silver, they only used silver money instead of banknotes.Chengzu seized the throne of his nephew Emperor Jianwen, built a large number of construction projects, and built the capital. He was extremely financially poor and issued a large amount of money.During the Yongle period (1403-1424 A.D.), the price of goods doubled and skyrocketed, and a stone of rice was worth 30 guan.The government has banned gold and silver many times, and offenders will exterminate the family.The official salary was changed to be converted into rice, which was ten times higher than that in Hongwu.During the reign of Xuanzong Xuande (1426-1435 A.D.), gold and silver were still used among the people, and the banknote method was not acceptable.In the third year of Xuande (1428 A.D.), the issuance of new banknotes was stopped, and the dilapidated old banknotes were recovered and burned.It is stipulated that those who do not use banknotes will be fined thousands of banknotes, those who close shops and secretly trade to raise prices will be fined tens of thousands of banknotes, and those who use silver in transactions will be fined thousands of banknotes.In the fourth year of Xuande (1429 A.D.), the prefectures and counties increased the tax on shops, towns and shops by five times.All vegetables, fruit trees and handicraft workshops and vehicles are taxed. For example, tafang and guest houses pay 500 guan per month, mule carts pay 200 guan each time, and ships carry 100 to 500 guan according to the region. , Vegetable land pays 300 yuan per mu per month, and fruit tree pays 100 yuan per year.Set up banknote customs to collect various taxes on business exchanges.The government has repeatedly ordered that banknotes be used in accordance with the law, and counterfeiting is not allowed, and offenders will be sentenced to death.During the reign of Emperor Yingzong, it was clearly ordered that tax and grain be converted into silver, and the ban on using silver and the regulations on banknotes for tax payment in collapsed squares, guest houses, and boats and vehicles were abolished.In the ninth year of Xuande, the price of rice rose a thousand times compared to that of Hongwu.In the third year of Emperor Daizong Jingtai (AD 1452), the official salary was changed to silver payment, and every 500 guan was given one tael of silver, and the ratio of banknotes to silver fell to 1/500.In the first year of Chenghua of Emperor Xianzong (AD 1465), treasure banknotes were always folded into four pieces of money.In the sixth year of Emperor Xiaozong Hongzhi (1493 A.D.), the banknotes were converted into silver, and the seven coins of money were converted into one cent of silver.In the early years of Sejong Jiajing (1522-1566 A.D.), the official treasury only received cash but not banknotes.In the 14th year of Jiajing (AD 1535), 1000 banknotes were converted into four coins of silver, and 276 coins were converted into coins.In the forty-sixth year of Wanli (AD 1618), only one penny worth 100,000 Guan.In the future, in addition to paying salaries, the people refused to use precious banknotes.In the 16th year of Sizong Chongzhen (1643 A.D.), Jiang Chen proposed to issue banknotes.30 million banknotes are issued a year, and the price of the banknotes is one tael of silver. Merchants and people can exchange banknotes at a 97% discount, which makes the Bureau of Banknotes rush to make them.Banknotes in the Ming Dynasty were a complete failure.