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Chapter 214 Run

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    At this moment, Zhang Zuolin was appointed as the governor of Fengtian and the governor of the province. When he took office, even though he was faced with such a mess, people were really worried about him.

    Zhang Zuolin is facing a serious fiscal and financial crisis: there are many kinds of banknotes in different names on the market.  At that time, the banknotes circulating in the entire Northeast financial market included small foreign notes from Fengtian, large foreign notes from the official banks of the three northeastern provinces, Bank of China, and Bank of Communications, official stickers from Jilin and Heilongjiang, small foreign notes from Jilin, Harbin Dayang, and Japanese gold notes.  There are all kinds of tickets, silver coupons, military coupons, etc.

    Coupled with the further financial aggression by foreign banks, Fengtian¡¯s financial chaos has worsened, and the financial crisis has worsened.  Moreover, in addition to the foreign debt of 12 million yuan, Fengtian Finance still suffers losses of 2 to 3 million yuan every year.  This is one of the reasons why Lao Zhang reacted relatively low-key to Feng Delin's call for Zhang Hanqing's request to reduce the number of troops. He was really in trouble.

    If the financial plate cannot be held, Zhang Zuolin¡¯s position as commander-in-chief cannot be secure.

    But Zhang Zuolin did not back down. Before the Xinmin Land Reform, Zhang Zuolin made rectifying Fengtian's chaotic finance a priority and appointed Wang Shuhan as the director of the Department of Finance. Liu Shangqing continued to serve as the general office of the official bank account of the three eastern provinces.  To this end, he ordered the printing and distribution of banknotes while confiscating private notes. He used various methods, but with little success.

    With the help of Wang Yongjiang, Liu Shangqing and others, Zhang Zuolin began to organize Fengtian's finances.  On August 4, he issued an order declaring that Fengtian's currency would be based on the ocean.  On August 18, the Fengtian General Chamber of Commerce and the Japan Chamber of Commerce reached an agreement after difficult negotiations, stipulating that "the small foreign notes issued by Fengtian Liuxinghao will be exchanged for large silver dollars, Japanese gold notes, pure gold banknotes and rubles, but the ruble  Without the consent of the exchanger, no forced payment is allowed." It was also agreed that the daily redemption limit would be 80,000 yuan. These measures have alleviated the vicious spread of the run to a certain extent.

    However, the Zhangs and his son's attack on the Babu Zabu rebels and their direct retaliation to the Japanese still made the Japanese feel grudge, not to mention that the Japanese only supported Lao Zhang to make money.  There is a group of Japanese ronin who do not do their job and go to the bank to exchange small foreign currency for cash, which makes the bank unable to cope with it.  Wei Xijiu said: "At that time, the money had to be transferred to Tianjin and Shanghai through Donghui (Japanese gold), and then transported back to Shenyang as a reserve fund for exchange.  , the cash exchanged by the Japanese had to be taken back by the local people at a high price."

    And such "recovery at a high price" has further fueled the enthusiasm of Japanese ronin.  At the end of September, more than 50 Japanese went to Guanyinhao and other banks in groups to force exchange, and the amount was so huge that it was difficult to cope with it.  After the Fengtian Chamber of Commerce came forward to mediate and promised to exchange 500,000 yuan within 5 days, the Japanese were willing to give up.  For the Fengtian authorities, this was just "spending money to avoid disaster", but the results were fatal.  The run made the currency value unstable, and the price difference between silver dollar bills and cash became increasingly apparent. By early October, only 1,028 yuan of silver dollar bills could be exchanged for 1,000 yuan of silver dollars.  In view of this, the Ministry of Finance has strengthened supervision of official bank accounts in the three northeastern provinces and requires daily reporting of exchange conditions.

    "Misfortune never comes singly. At this critical moment, Zhang Zuolin learned of a major loss. His private money account Qing Shexiang went bankrupt.  In order to give an explanation to the people of Fengtian, or perhaps to give an explanation to himself, Zhang Zuolin decided to investigate to the end.

    He first found Yang Yuquan (named Zhanshan), the president of Industrial Bank and manager of Qingshexiang Money Account, and asked Yang Yuquan to explain clearly, why did a good bank become a banker just because it was said to be a bank account?  But Yang Yuquan hesitated and refused to reveal the truth.  Zhang Zuolin became even more angry and ordered Yang Yuquan to be imprisoned, and sent another person who was familiar with the accounts to check the accounts, which is now called an audit.  As a result of the audit, it was found that Liu Mingqi, the vice president of Industrial Bank, and Yan Tingrui, the auditor of Industrial Bank, had embezzled funds from Qingshexiang's account and participated in the bank run.  According to records, although Qing Shexiang became famous, Liu Mingqi did not suffer any personal losses, but made more than 100,000 yuan.  Continuing to investigate, it was discovered that Yan Tingrui's circumstances were also very bad. Although he was an auditor of Industrial Bank, he invested 5,000 yuan in Ruichang Heng Bank.

    Zhang Zuolin was deeply aware that the financial chaos would cause endless harm, so he sent a diplomatic adviser to Chonghan to meet with the Japanese Consul General in Fengtian Kentaro Ochiai (acting).  Yu Chonghan said: "There are some people from your country in Fengtian who are too embarrassed by your powerful Japanese Empire. They don't do their job properly and go to Guanyinhao and Industrial Bank to exchange small foreign currency, and then turn it into silver bullion and sell it, and get a small amount of interest. This is  This incident not only hurts the dignity of your country, but also makes the international powers laugh. His Excellency Zhang Zuolin wanted to directly make representations to your Consul General to ban this illegal Japanese. But he was afraid of hurting the dignity of your country, so he sent me to negotiate with you and come up with  A method that does not harm your country¡¯s dignity, takes into account the interests of your business people, and does not hinder China¡¯s financial consolidation.¡±

    At the same time, Zhang Zuolin ordered Yang Yuquan, president of the Fengtian General Chamber of Commerce, to work with various banks to negotiate with Japanese merchants.The meeting negotiated and finally reached the following terms: China, Communications, Guanyin Bank, Industrial Bank, Shubian Bank, Heilongjiang Guanyin Bank, etc., each week, a combined foreign currency of 240,000 yuan will be handed over to the bank.  The group (later changed to the Association of Banks) will conduct the exchange on its behalf; the exchange time is from 1:00 to 3:00 pm every day; the exchange period is from now to two months.

    It was also agreed that before exchange, the cash should be inspected by the Japan Business Council, and then a license should be issued by the Consul General of Japan before going to the bank group for exchange.  However, this regulation did not play its due role, because at the request of the Japanese, another clause was added: "If the amount is less than 100 yuan, you can still go to various bank accounts to exchange it." This left a legacy for the Japanese  Taking advantage of this opportunity, they took 99 yuan to various banks to exchange it. Hundreds of people came out at once, and sometimes more than 200,000 yuan was cashed out in one day.  So we negotiated with the Japan Business Council and stipulated that the daily exchange should not exceed 60,000 yuan.

    What is even more hateful is that some financial institutions have taken advantage of the national crisis to enrich themselves; of course, the most hateful thing is to collude with foreign countries and attack their own people.  Some Chinese profiteers colluded with the Japanese and set off a wave of bank runs in Fengtian and Yingkou. On October 3, 2 million silver dollars were cashed out!  The crowding trend is like a "super virus", spreading rapidly among the people and affecting all parts of the Northeast.  According to the "Yinzhou Literary and Historical Data", more than 700,000 silver coins were redeemed every day at that time. This made Feng Xiaoyang lose his trust to the people and made the Fengtian authorities miserable.

    Such a big operation would never be possible if there were no traitors, especially those in the banking industry.  Although he was a layman in the financial industry, Zhang Zuolin ordered the "Fengqin Bureau" to investigate and study the tricks of the financial market. This was also the "Fengqin Bureau's" first involvement in the economic field.

    At the same time, Zhang Hanqing was also ordered to be in danger and was urgently transferred to Fengtian by Zhang Zuolin, because he also had a share of "credit" for this.

    The reason is that as soon as the news of the Xinmin land reform came out, all the large and medium-sized landowners who were accumulating land in the province panicked.  Instead of waiting for ten years to obtain the so-called "amortized land gold" that is looming in the clouds, it is better to sell the land immediately and make some money.  Yu Liang, all over Fengtian Province are selling land one after another. In the past, fertile land that could not be grabbed is now being sold at 90%, 80% or even 70% of the capital price, which has benefited some farmers with some conditions¡ª¡ª  Anyway, the news from Xinmin is that as long as the land does not exceed 5 acres and only 10% tax is levied on the land, it is still a good deal.

    ¡°But after the land was sold one after another, the landowners who got cash in hand didn¡¯t know what to do.  Since Fengtian used small foreign bills, the landowners felt that Dayang was much safer, so a larger wave of bank runs began.  This virtually adds another extremely disadvantageous factor.

    The financial order in Fengtian has been disrupted.  By October, the run on Fengtian Xiaoyang Bank became increasingly serious.  In order to stabilize financial prices and consolidate his dominance, Zhang Zuolin repeatedly studied countermeasures with his capable officers Wang Yongjiang, Wang Shuhan, and Liu Shangqing, but there was always no solution.

    Zhang Hanqing, who has come to an end in Xinmin, is back.  Although he was tired of his career, he introduced the various difficulties and solutions encountered by the new people in the land reform with high spirits. He believed that the previous stage of the battle was over and now he was waiting for the next summer's grain harvest.  After practice, his land reform theory has basically taken shape and is waiting to be rolled out across Fengtian Province as soon as the results of the new people come out.  He is now preparing for the "Fengtian Provincial Land Reform Committee" and the main candidates for the color committee.  Land reform gradually got on track under the pressure of both civil and military authorities. Zhang Hanqing was also able to be separated from daily affairs, and Guo Songling and others were put in charge.

    His focus at this time has turned to how to properly guide the financial chaos in Fengtian caused by the huge changes in the land.  He was as calm as water despite the troubles faced by many experts in Fengtian's political and financial circles.  Isn¡¯t it a financial crisis?  Still a very low level one.

    During middle school and college, Zhang Hanqing learned a lot about economic crises and financial crises. He also personally experienced the 1998 and 2008 financial crises, and was vividly aware of the handling methods of various governments at that time.  Although he is not a professional in the financial industry, he still understands the basic principles.  The establishment of currency is inherently a kind of confidence.

    A run is actually a distrust of the currency you hold.  As long as the currency is strong, people's hearts will naturally be calm.  The top priority is to find a way to keep Fengtian's small foreign currency notes strong, but also to dissuade those with ulterior motives, or at least not to add fuel to the flames, that is, to eliminate the price difference that exists in the currency itself.

    Currency is just a symbol, and its value lies in the physical objects such as gold and silver hidden behind it.  If Feng Xiaoyang cannot freely cash out cash, just like RMB cannot be freely cashed into gold in later generations, who would be so free as to go to the bank to withdraw cash?  In theory, a run is equivalent to using a bankbook to withdraw cash. Failure to withdraw money will cause a trend. This is purely a matter of confidence.

    Of course, the premise is that the political situation is stable and the economy is operating normally.  Is this action completely unnecessary at this time?

    Therefore, the solution to this crisis is actually very simple: try to make Feng Xiaoyang unable to be redeemed; after Feng Xiaoyang withdraws from market circulation, replace its role with a new currency with credibility and continue to use it. This currency clearly states that it cannot be redeemed;  Efforts were made to ensure confidence in this new currency.

    Only these three points are enough.  (Remember the website address: www.hlnovel.com)??; After Feng Xiaoyang withdraws from market circulation, it must be replaced by a new currency with credibility and continued to be used. This currency is clearly stated to be non-redeemable; efforts must be made to ensure the confidence of this new currency.

    Only these three points are enough.  (Remember the website address: www.hlnovel.com
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