Chapter 1912： Sorry for late

"... So, the famous salt banknote method in history appeared.

The court issued salt banknotes, and merchants spent money to buy salt banknotes. The salt banknotes recorded the output of salt and the price that merchants could sell.

However, the good times did not last long, and this salt banknote method soon encountered problems.

The problem is the over-issue of salt banknotes.

Guarding such a wealthy treasure, the court certainly hopes to earn as much as possible. Since it wants to earn more, of course it has to print more salt money.

But as the number of salt banknotes was printed, this system naturally became invalid. So in the late Northern Song Dynasty, the concept of salt yin was proposed.

Don't think about it, the one who proposed this system must be one of the four thieves, the official Cai Jingcai!

As a famous treacherous minister in history, coupled with the image of the demon portrayed in the Water Margin, Cai Jing has always been notorious in history, but regardless of whether he is a traitor or not, the salt introduction system he proposed is very impressive. It works.

From this perspective, his prime minister can't be considered as accomplishing nothing~"

Yang Yuanshan's face was dark, "Don't talk about the mess, just talk about the point~"

"Yeah, Cai Jing's salt introduction is a reform of the previous salt banknotes. The original salt banknotes only indicate the price and quantity of salt, and there is no deadline. That is to say, after the salt merchants bought the salt banknotes , It is possible to stockpile goods and control salt prices to a certain extent.

But Yan Yin is different. After Cai Jing's reform, Yan Yin is divided into long and short leads. Long leads and short leads. The most important thing is that this stuff has a time limit. Long leads. One year, three months in short, and the quantity and price of transportation and sales are limited.

Isn't this the prototype of futures?

You should know that the essence of modern futures trade is actually everyone’s expectations of future materials, because some commodities will have a longer period of time between production and sale. The price of this item may be different when you produce it and when you sell it. .

Therefore, modern futures will often first agree on a price to trade these materials.

At that time, the price of salt banknotes may be different when they were bought and when they were sold. From this point of view, they already possessed the nature of modern futures.

With this set of salt introduction system, the selling without saying one's words finally brought huge profits to the country.

According to statistics from some historians, the military expenditures in the early Southern Song Dynasty could be almost completely offset by the state's income from selling salt.

So the Song Dynasty was really rich at that time. After the Song Dynasty, it was the Yuan Dynasty. The Mongols basically followed most of the system of the Central Plains, especially in this system of salt introduction, and did not make any major changes, almost 100% Hundreds of inherited.

It wasn't until the Ming Dynasty that this salt yin system began to evolve.

In the early Ming Dynasty, especially during the Hongwu period, one of the country's biggest problems was the Northern Yuan Dynasty in the north.

During Zhu Yuanzhang's reign, although he drove the Northern Yuan court back to the northern grasslands, the enemies in the north were still very powerful. Therefore, during Zhu Yuanzhang's reign, he carried out many northern expeditions and fought with the enemies in the north.

Since there is a war, food is naturally the top priority, but at that time, the country was just established, and the north was turbulent at the time. There was no surplus to support the army. The only way was to adjust the food from the south.

However, the cost of transferring grain from the south is very high, and in the process, corruption and other things are prone to occur.

Old Zhu is smart, and after a little thinking, he decided to combine the two things of selling salt and transporting grain!

Under the impetus of Lao Zhu, the salt merchants wanted to buy salt, and they could no longer use money in the future, but to use grain. To be precise, the salt merchants were asked to transport grain to the front line and how much grain was transported to the front line. Rely on this to change the salt lead.

This method played a very important role in the early Ming Dynasty.

In fact, this method was not pioneered by Lao Zhu. It appeared during the Song Dynasty. However, because of the corrupt officials in the Song Dynasty, this system has too many loopholes. After the system is put into operation, the country will lose money. , So it was later banned.

But Lao Zhu is different at this time. Everyone knows that during the Hongwu period, China had the strictest corruption control in its five thousand years of history, and even the method of peeling daylilies was used.

Therefore, this system was still very useful at the time. It could not only guarantee the country's income, but also transport a large amount of grain to the front lines at the least cost.

But Lao Zhu probably did not expect that this system would accelerate the formation of Yanyin Futures.

You must know that transportation was extremely underdeveloped at that time. Merchants transported grain from the south to the north, and then returned from the north, holding the proof of transporting grain, and went to Nanjing to change the salt, and then took the salt to the salt field to get salt, and then proceed. Sales.

During this period, it will take at least one year or more, if it is longer, two or three years are possible.

For such a long period of time, the fluctuation of salt prices can be too great.

In order to improve the operation of this process, people at that time came up with a more practical method-cooperation and division of labor!

In this system, there are specialized grain transport merchants, salt import merchants and salt sellers, forming a complete industrial chain. Grain transport merchants specialize in transporting grain, salt attracting merchants reselling salt, and salt sellers are responsible for selling salt. .

After hundreds of years of development, Yanyin originally had a strong futures attribute, and it was almost free to trade in the Ming Dynasty. What is the difference between this and our futures today?

In fact, if we continue to follow this trend, the emergence of Yanyin Futures may lead to the emergence of the budding capitalism, which will then be derived into other fields, allowing Daming to develop a complete futures trading system first, even in It was the first to enter the capitalist society in the world.

But unfortunately, things did not go down according to this script.

This salt-yin futures trading system reached its peak during the Hongzhi period of the Ming Dynasty!

But with the gradual decline of the enemy in the north, there was less and less warfare in the north. The country no longer needed to transport grain to the north on a large scale. Moreover, with the advent of the great maritime era, a large amount of silver poured into China. Silver began in the mid-Ming Dynasty. It began to monetize gradually, when the food was exchanged for salt, it was changed back to silver for salt.

This system has made the entire salt-yin futures trading system more perfect. In Jiangnan, there have even been some special auctions of salt-yin, similar to the futures market.

At this time, the salt cited is not just a thing used to fetch salt, but has become a futures bond officially put on the market and caused price fluctuations due to changes in salt prices.

However, this early budding of futures trading was finally stifled by the **** feudal imperial power. . . "

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