Chapter 58: Currency War

  Zhong Jinwei felt a bit embarrassed upon hearing this, and habitually wanted to scratch his head, but restrained himself, saying: "Your Majesty, I was just about to say that."

  He first excused himself and then said: "Your Majesty, think about it. When all of Da Ming uses paper money, well, paper money is healthy and doesn't worry about devaluation. In this way, when other countries do business with Da Ming, will they choose to use silver or paper money?"

  Since the premise that paper money does not depreciate, then comparing the pros and cons of paper money and silver money, the choice is naturally clear. The Chongzhen Emperor and Wen Tiren will not make a wrong choice.

  "Okay, when surrounding countries and the people of Da Ming use Da Ming's paper currency for settlement, the benefits come."

  Chongzhen Emperor and Wen Tiren's ears perked up as soon as they heard.

  "If the Great Ming is mainly importing goods and raw materials when trading with other countries, then the court can issue fewer paper notes. Why? It's to affect the exchange relationship between the Great Ming's paper currency and that of other countries."

  Zhong Jinwei made an analogy here, convenient for the two to understand: "For example, let's say North Korea. Originally, the paper currency of the Great Ming and the currency of North Korea had a one-to-one exchange rate. Now that the Great Ming paper currency has been issued less, it naturally becomes valuable, so the Great Ming paper currency is valuable, while the North Korean currency remains unchanged, and the exchange rate may become two to one."

  This metaphor was understood by both Emperor Chongzhen and Wen Tiren, who nodded in agreement.

  "With this, the ten taels of Ming paper currency can buy things in Korea that previously required twenty taels to purchase. Isn't that a profit for the Ming? Also, let's use an analogy. The high-quality ginseng was originally priced at one stem per ten taels of Korean currency. Now, the Korean merchant sells one stem for ten taels of Korean currency, but our Ming merchant uses fifteen taels of Korean currency to compete with that Korean merchant for this stem of ginseng. Naturally, this stem of ginseng will go to the Ming merchant, right? On the surface, it seems like the Ming merchant spent more money and lost out. But in reality, when exchanged for Ming paper currency, it's actually less than ten taels of Ming paper currency. It's even more cost-effective than before."

  This economic theory was absolutely the first time for people in the Ming Dynasty at that time. Emperor Chongzhen and Wen Tiren both heard it with fresh ears. However, Emperor Chongzhen still had doubts: "Isn't this just beneficial to merchants?"

  Zhong Jinwei smiled, knowing that at this time, merchants had not yet reached the status of later generations. He continued to explain: "That Korean merchant couldn't buy ginseng and therefore couldn't resell or process it into other goods to make money, so he wouldn't be able to earn a profit. To buy ginseng, they would have to raise their prices to compete with the Ming merchants. This would invisibly increase their costs, and as a result, many merchants would have to sell at a loss. Possibly even the original employees would have to be laid off, and both the merchants and employees would lose money, go hungry, and cause trouble. If all of Korea's countless merchants were ruined like this and caused trouble, wouldn't the entire country of Korea fall into chaos?"

  Who would have thought that a piece of paper currency could throw an entire country into chaos, causing Emperor Chongzhen and Wen Tiren to gasp in shock. The conclusion sounds impossible, but the process is logical and inevitable.

  Zhong Jinwei continued, "On the other hand, it's also possible that the Ming dynasty wants to sell ceramics and silk to Korea, but Korea also has its own ceramics and silk. Assuming the original prices are the same, the imperial court can issue more paper currency, causing the exchange rate between the Ming dynasty's paper currency and Korean currency to change due to devaluation. Originally, it was one-to-one, but now it becomes one-to-two, making Korean currency more valuable. Koreans can still buy their own ceramics and silk at the same price, but they can buy twice as much of the Ming dynasty's ceramics and silk. Naturally, Korean people will choose to buy the Ming dynasty's ceramics and silk, while Korean ceramic and silk merchants will end up with unsold goods and lose money, resulting in the same outcome as before."

  The power of paper money shocked Emperor Chongzhen and Wen Tiren at once.

  After all, Emperor Chongzhen was the ruler of a country, and he thought about it from his own perspective, raising a question: "Master Zhong, if Korea prohibits trade with the Ming Dynasty, won't the effect of paper money be lost?"

  Zhong Jinwei secretly praised him, then said: "Your Majesty is wise. By the time they discover the secrets in this, our great Ming dynasty will have made a lot of money from them, and there must be some turmoil within their country. At that time, our great Ming uses the earned money to arm the army, and then sends the army to force them to continue trading."

  Zhong Jinwei said that when he got to this point, the words "Opium War" appeared in his mind. Although there are differences, the meaning is actually similar. However, if there really was an Opium War now, it would be the Ming dynasty going to fight others, and let the losers of other countries dream about traveling back in time to change history one day.

  According to Zhong Jinwei's words, wouldn't the Great Ming have already won? In that case, the day I've been hoping for when the sun never sets has gained another chance of coming true. As Chongzhen Emperor thought this, a satisfied smile appeared on his face.

  Wen Ti Ren was now lowering his head, constantly thinking about what Zhong Jin Wei had said tonight. He was shocked, extremely shocked. Wen Ti Ren keenly sensed that what Zhong Jin Wei had said would be the trend of the times.

  Zhong Jinwei looked at the smile on Chongzhen Emperor's face and felt happy in his heart, with a sense of joyful accomplishment. However, he still reminded Chongzhen Emperor first: "Your Majesty, the prospects are bright, but the road is winding. There are also many details that I don't quite understand, and need to be slowly pondered and practiced."

  Although reminded by Zhong Wenzheng, Emperor Chongzhen was still very satisfied. Compared to some people, Zhong Wenzheng would say how to do things first and then do them accordingly, rather than just talking about what would happen in the future. Boasting only harms oneself and others.

  The Chongzhen Emperor sincerely said to Zhong Jingwei: "What Master Zhong said is extremely reasonable, I understand the principle of 'haste makes waste'. This matter requires Master Zhong to write a detailed memorial and deliberate carefully. Hmm, just use plain language." The Chongzhen Emperor raised his voice slightly on the three words "plain language".

  Then, without waiting for Zhong's reaction, he turned to Wen Tiuren and said: "Wen, you go back and think carefully about what Master Zhong said, see where there are deficiencies or problems. After Master Zhong's memorial comes up, we'll discuss it together again."

  "Yes, Your Majesty." Wen Ti-ren replied with a smile.

  The Chongzhen Emperor looked at the food placed in front of Zhong Xian and Wen Tianren, laughing and joking: "Tonight's meal is the most cost-effective one for me, haha!"

  "Your Majesty, compared to Zhong Xingbo, I am ashamed. I would like to take my leave first and return to carefully consider how to exert my humble abilities." Wen Tianren stood up and said to Emperor Chongzhen.

  "Very well, I will spare Wen Qing's life." The Chongzhen Emperor was overjoyed.

  Wen Ti Ren then bid farewell and left.

  After Chongzhen Emperor and Wen Tiren left, he asked Zhong Xian: "Is Master Zhong full?"

  "I ate early, while you and Lord Wen were talking, I secretly ate my fill."

  Chongzhen Emperor thought what Zhong Jingwei said was interesting and laughed, then ordered the remaining dinner to be withdrawn.

  After the eunuchs finished cleaning up, Emperor Chongzhen sighed and said to Zhong Xing: "Master Zhong, you are indeed a gift from heaven to me! Every time I encounter difficulties, you can help me. Each time I listen to your words, I gain more insight. Compared to my original civil officials, it's like the difference between a phoenix and a crow. Master Zhong's merits will never be forgotten by me."

  Chongzhen Emperor praised him like this, and Zhong Jiwei suddenly felt embarrassed: "Where, where, I did this, it's what I should do."

  At this point, Zhong Jinwei added a sentence: "I must help Your Majesty establish an empire that never sets!"

  Chongzhen Emperor looked at Zhong Jingwei's determined face and was moved in his heart.

  At this time, the city of Beijing was completely shrouded in darkness. In the southwest corner of the capital, Wang Gongchang's territory was quiet, with only occasional sounds of cold wind blowing, and under the faint light of charcoal, the refugees around seemed to have all died, motionless and piled up in a circle, no one knew who would be taken away by the flatbed cart tomorrow.

  The soldiers guarding the border of Wang Gongchang held their guns and shrank to one side, half asleep and killing time until the shift change.

  Suddenly, a sound broke the silence. The sound was still far away, and the bored guards listened to it, then secretly guessed what the sound was in their hearts, so as to pass the difficult waiting time.

  The refugees inside did not react at all, struggling against cold and hunger.

  Suddenly, the soldier who was guessing the sound's origin shook his body, no, it was the sound of a large group of people marching. Could it be that Jian Yu had come again?