For Zhao Huan, the most difficult thing was not to fight wars or to quell the rebellion, but to the financial problems of the Song Dynasty.

As the first dynasty in human history to officially start using paper money, we have taken too many wrong paths both theoretically and practically.

And because the situation in Song Dynasty was very special, the banknotes played the role of saving the financial crisis of the Song Dynasty court as soon as it was released.

Which of the Northern Song Dynasty led to the emergence of Jiaozi?

The increasing frequency of commerce and copper mine development speed cannot keep up with the society's need for money, which has led to the public starting to use iron coins.

However, the comparison between the value of iron and copper is ten to one, which causes serious inflation.

Often when large-scale trade currency transactions, a merchant may have to use a carriage to tow a cart to trade, sometimes even heavier than goods.

So, the merchants in Shu came up with something like Jiaozi.

At the beginning, Jiaozi was not currency, but just credentials.

Gradually, the people developed this credential into currency, but the people lacked supervision and soon credit collapsed. Many shops operating Jiaozi closed down, triggering a private financial crisis.

This happened in Yizhou, that is, Shu.

So Zhang Yong, the governor of Yizhou, stood up and began to rectify Jiaozi's market rules. After his rectification, all the businessmen without credit in the public were forced to close their Jiaozi shop.

Zhang Yong handed over the authority to issue Jiaozi to sixteen wealthy businessmen in Shu, who were very well-reputed, and these sixteen wealthy businessmen were to issue local Jiaozi.

However, the court shall supervise and the issuance must also be approved by the court.

The events in history were not isolated. At that time, Jiaozi, who seemed inconspicuous, had a change in fate due to the indisputable Northwest War.

During the Renzong reign, Dangxiang rose and wars in the northwest were frequent.

At the same time, the imperial examination system was launched during the reign of Emperor Taizong to introduce talents to the court. By the time of Renzong, it was already a little fierce and was about to be saturated.

At this time, the government affairs controlled by civil officials still had no idea of ​​increasing revenue and reducing expenditure.

Finally, Fan Zhongyan was introduced and proposed the Qingli New Policy to save the court's expenses, but he was killed by the civil servants' interest groups.

In short, salary is not allowed to be reduced, welfare is not allowed, the quota for imperial examinations is not allowed to be moved, and gratitude is not allowed to be touched.

But now the official team is getting bigger and bigger, and the northwest is in the process of military use, so the court needs money!

Originally, after experiencing the Zhenzong Dynasty, the Song Dynasty was quite rich, but when I came to Emperor Renzong, I found that the expenses of the imperial court were getting more and more terrifying every year.

No matter how rich you are, you can't stand it anymore!

The court had already faintly experienced a financial crisis, and Fan Zhongyan, who wanted to resolve the financial crisis, was kicked out.

So the civil servants began to find ways to make money!

This money cannot be planted in the ground and watered, so where can I make money?

The Jiaozi phenomenon in Shu just happened to have caught the court's eye. Someone slapped his head and said, "Damn, why not take Jiaozi's issuance rights to the court and issue them to the court?"

At this time, everyone realized it suddenly, haha! This is a good idea. The power to pay money in the future is in my hands, and I have no money anymore?

Seal! Seal to death!

This is much more reliable than growing money in the soil and much faster!

Of course, when the Jiaozi issue rights were first revoked, the Song Dynasty court was still like a gentle scholar, quite restrained.

However, with the growth of the number of public apes in the Song Dynasty and the increasing frequency of border affairs, the place where money is used is like a bottomless pit.

So the court began to increase the amount of money for the money.

But Jiaozi was not everywhere. At that time, it was mainly in Shu, and there was in the northwest area. Shu was because it was the birthplace of Jiaozi, and in the northwest it was because it wanted to fight against Xixia there.

As a paper currency, Jiaozi is of epoch-making significance in world history.

But it was also a double-edged sword, which eased the crisis for the Song Dynasty court at that time, but at the same time triggered a terrible inflation.

Let’s talk about the current era where Zhao Huan is located, the rice price in Tokyo City says everything.

Especially in the era of Emperor Huizong of Song Dynasty, Jiaozi was changed to Qian Yin, but in fact, it was changed to a skin, and the name of the unit was changed from Guan to Shu. The ministers in the court in this era basically had no moral integrity.

To alleviate the financial crisis, to put more money into your pocket.

All the money printing machines of the Song Dynasty court became unrestrained, and the money began to appear in large numbers among the people. What are the main places?

Shu, northwest, and Hedong.

One of these three places is Jiaozi, which has become a habit.

One is fighting against Dangxiang, and the other is having border frictions with Liao.

Machine guns and cannons are in the hands of the army with family and country feelings, and are to defend the country, but if they are in the hands of bandits and hooligans, or in the hands of unconventional people, it is destruction.

Just like money.

As the war broke out, the "money printing machine" in the Song Dynasty began to work day and night.

As a result, private prices began to soar.

And, to make money.

Cai Jing also came up with a way: to cast big money!

The day after Zhao Huan traveled over, one of the charges announced after hitting Cai Jing in the court was that this guy cast a big money.

Why is it a crime to mint big money? It has caused chaos in the private currency and worsened inflation.

The big minting here is mixed with more iron.

In hard currency, iron is cheaper than copper, and the price of iron is one tenth of that of copper.

For example, before 4 kilograms of iron was used to cast a stake, Cai Jing now cast a large coin and 5 kilograms of iron was used to cast a stake of five stakes of iron!

The increase in four jin of coins does not increase the iron content accordingly, but changes the size of the money and the words above!

What caused this?

More money flows into the market and further inflation!

Under the dual attack of money and minting big coins, the market was chaotic.

There is another important reason, which makes it even worse.

What's the reason?

Because of war, reform, and heavy labor, while social order is disrupted, productivity declines and grain output declines.

The essence of inflation is that there is an excessive amount of money in the market, and the goods themselves are not that much.

Now that grain production is falling, the amount of money has skyrocketed, this is adding insult to injury!

If this is considered to be a worse situation, the Northern Song Dynasty court added a lot of ice cubes to the worse situation.

What did you do?

Various "securities" have been discovered, such as tea invoices, salt notes, etc.

Merchants must first use money to buy these "securities".

When it comes to Zhao Huan, the financial system of the Song Dynasty was actually on the verge of collapse.

If the Jin Kingdom hadn't moved south and transferred domestic conflicts out all at once, the financial crisis of the Song Dynasty would have been almost impossible to suppress and might collapse at any time!

Did the mess left by the Northern Song Dynasty end in history with the fall of Kaifeng?

Of course not, but it still existed in the Southern Song Dynasty.

Zhao Huan knew that in the Southern Song Dynasty, a policy was proposed, called "half of each money" for tax payment, which means that copper and iron coins and Huizi at that time were each taken half to pay taxes.

The court used this method to recycle folk songs to balance the amount of folk banknotes.

This method is actually the same as what Zhao Huan said about the same tax on Jiaozi.

PS: The financial crisis in the Song Dynasty was very terrifying, because the economic crisis caused by the financial crisis also wanted to cover the entire Song Dynasty. The source of the financial crisis was also the problem with many systems of the Song Dynasty itself. Let’s peel it apart layer by layer to see what this "rich" dynasty is like.

Rolling all over the ground, asking for recommendation votes!!!
Chapter completed!