vrcanaries Chapter 664 Xia Yuanji
Chapter 664 Xia Yuanji
During the Hongwu era, Zhu Yuanzhang sat down dejectedly. He never imagined that the Ming Dynasty paper money he had personally established would bring such terrible consequences to the people.
Prince Zhu Shuang of Qin gasped, "My goodness, Fourth Prince, you're doing all this big money stuff! The Ming Dynasty's precious paper money is flowing out of your hands like water."
The Prince of Jin echoed the assessment, giving a thumbs-up: "Fourth Prince, you're even more amazing than our father!!"
Prince Zhu Su glanced at his father, then at the other party involved—Zhu Di, and sighed.
The excessive issuance of paper money, inflation, and its abandonment by the people—these few words summed up the predicament of the Ming Dynasty's currency.
Upon hearing this, Zhu Di was in no mood to engage in verbal sparring with the Prince of Qin and the Prince of Jin.
In the future, he'll be spending money so extravagantly! It's outrageous! If the currency depreciates a hundredfold, won't the Ming Dynasty's currency be thrown into chaos?
Zhu Di glanced cautiously at his father, Zhu, only to meet his father's gaze. The father and son were "heart to heart," and neither was in a good mood.
Zhu Di: No wonder my father's financial management skills are being questioned!
Zhu Yuanzhang: That fourth son of mine, he spends money better than he earns it!
In the early years of the Yongle reign in another timeline, Zhu Gaochi, who had just become the crown prince, was very troubled. He did not expect that his father would spend so much money after becoming emperor, and he felt that he would have a very hard life as the crown prince in the future!
In other times and spaces, ordinary people sighed with emotion; they knew what paper money was.
A piece of paper can be used as money. The Zhu family's money has no reserves, can't be exchanged, and yet they've issued so much. In just a few decades, it's become worthless incredibly fast!
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The live stream is still ongoing:
"What's outrageous is that the Ming Dynasty's official paper money was meant to be distributed to the people; grain, gold, silver, and labor were all paid for using this paper money."
"But later, when it came time to collect taxes, the officials started to dislike paper money. They knew they didn't want it, or only collected a small amount?"
"As a result, the people gradually lost trust in the paper money and preferred to barter or exchange it with gold and silver rather than use the paper money. In fact, it had already been depreciating during the Hongwu period."
"For example, some local merchants said that regardless of the value of the goods, they would price them according to the gold and silver standard, and even raise prices. It is clear that they also disliked this paper money. Although when Zhu heard about it, he immediately promulgated a stricter law prohibiting the trading of gold and silver."
"Besides ordinary merchants and commoners, officials in the Ming Dynasty also received their salaries in paper money. As prices rose and the paper money depreciated, officials' incomes decreased."
"Their wages were already lower than those of the Tang and Song dynasties, and now they are even lower. It's fair to say they harbor a lot of resentment towards Zhu Yuanzhang."
"Old Zhu was not unaware of the complaints from the people and officials, but the various policies he implemented still could not reverse the decline of the paper money. Its decline led to the emergence of another currency in the Ming Dynasty—silver."
"When Emperor Renzong of Ming opened up the silver trade and Emperor Yingzong of Ming abolished the silver trade, we must mention Xia Yuanji. With the examples of the Song and Yuan dynasties before him, he could not possibly be unaware of the importance of currency."
"Thus, amidst Zhu Di's repeated extravagant spending and excessive conquests, Xia Yuanji repeatedly offered advice. Of course, his advice was not very pleasant, and he was imprisoned and his property confiscated."
"He was very honest and incorruptible. Apart from the imperial currency he was given as a reward, all he had left were simple clothes and jars and pots. Judy only realized this when she was about to die on her last expedition to the frontier. She left behind the words: 'Xia Yuanji loves me,' and then she passed away."
The comments section at this moment:
Zhu Baba of the Ming Dynasty: We know about Xia Yuanji. We even helped him punish the people who framed him!
General Judy, the Northern Expeditionary General: Oh! Xia Yuanji is truly my worthy subject!!
Xia Yuanji of the Ming Dynasty: Your Majesty!
Cheng Yaojin of the Tang Dynasty: Whether it's love or not, Zhu Yuanzhang's words are a bit cheesy! Our Emperor has love too! He's in love!
Empress Dowager Li Erfeng of the Tang Dynasty: (??????????)...I have many humerus bones!
Da Qin's Farming Kid: So, Xia Yuanji survived five generations of the Zhu family all by himself, he's really good at living!
The fat Crown Prince Zhu Gaochi: ...
Liu Zhuzhu (Big Han): This reminds me of Zheng Ge's line, "Xia Wu loves me!" Hahahaha!
First Emperor, Ancestral Dragon: …………