Meeting

Issuance

InFebruaryofthe31styearofGaozongShaoxing(1161),theguildaffairwasformallyestablished,andtheguildwasissued.Itcirculatesinvariousroadsinthesoutheast,alsoknownas"SoutheastHuizi".ThematterwaspresidedoverbyQianDuanli,theministerofthehouseholddepartment,andthemeetingpaperwastakenfromHuiandChi,andthenmadeinChengduandLin'an.Twohundredessays,threehundredessays,andfivehundredessayswillbeheld.HongShisaidin"TheMinistryofHouseholdsBeggingforImmunityandSeeingQianZhazi":"Smallcountiesareinthevalleys,therearenohomesforaccumulations,andwealthymerchantsandbigdignitariescan'treachtheirfootprints.DuringtheSongandJinWar,JinHailingKingWanYanliangledanarmytothesouth.Banknotescontinuedtobeprintedanddepreciationoccurredinafewyears.AsofNovember14thinthesecondyearofthemainroad(1166),atotalof15.6milliondao(guan)hasbeenissued.InDecemberofthethirdyearofthemainroad(1167),Iorderedtwomilliontaelsofsilverfromtheinnerlibrarytobeexchangedfortheoldoneswith5millionnewones,andtheoldoneswerecollectedandburned.Inthenextyear,threeyearswillbedefinedasacircle,andeachcirclewillbelimitedto10millioncoins.InthethirdyearofJiataiNingzong(1203),HangzhouHuizikusetupasupervisor.InthethirdyearoftheKaixijubilee(1207),theamountofguiziissuedintheSouthernSongDynastywasequivalentto82%ofitstaxincomeonaverage.InthesecondyearofJiading(1209),thecirculationofHuiziwas115millionGuan,whichwas11timesthatofthefour-yearmainroad.IntheeleventhyearofJiading(1218),another5millionDaowasprintedformilitaryexpenditureagainstthegold.

Withthegradualincreaseinthecirculationofhuizi,inordertopreventthecirculationofcounterfeitbanknotes,theissuanceofhuiziisdivided,andtheboundaryisthetimelimit.Themainroadhasbeendemarcatedinfouryears.Afterthedemarcationofhuiziisissued,threeyearswillbeaboundary.Theoldhuiziwillbetakenback,butithasnotbeenstrictlyenforced.IntheseventhyearofChunyou(1247),eventhe17thand18thguildswerenotrestricted,andthedemarcationmethodwascancelled,whicheventuallycausedinflation.The18thguildscouldnotevenbuyapairofstrawsandalsfor200guanzi.

Thereisalsoapewterclub,whichisavoucherobtainedaftersellingpewtertothegovernment.ThehuiziuploadedinhistoricaldataincludeQianhuiziandQianwuhuiziwithattachedmoneyandthings.

Devaluation

AfterLizong’sShaodingthreeyears(1230),therewasLiQuan’srebellion.Thefollowingyear,theMongolEmpireattackedSichuanandShaan.Itismorethan29million,anincreaseof33times,andtherearemorecounterfeitbanknotes.InthefifthyearofChunyou(1245),therewasalargeamountofmunitions.InthesixthyearofChunyou(1246),therewereatotalof650millionassociationsfromallwalksoflife.IntheseventhyearofChunyou(1247),theguildhadreachedaviciousexpansion.Inthe9thyearofChunyou(1249),theguildziputtogethersixhundredcoinsforeachcoin.InthefifthyearofJingding(1264),whenJiaSidaobecameacountry,heissued"SeeQianguanzi"toreplacethedepreciatedHuizi,eachequivalenttosevenhundredandseventycoppercoins.AfterYuanbingwentsouth,HuiziandGuanziwerereplacedbybanknotes.

Introduction

ApapercurrencyintheSouthernSongDynastyinChina.Inthebeginning,itwasaconvenientmoneymeeting,thatis,billssuchasmoneyordersandchecks.

Aboutthe20thyear(1150)ofShaoxing(thatis,inthe1940sand1950softhe12thcentury),itdevelopedintoacoppercurrencyexchangecertificatewithacirculationfunction.Inthirty-oneyears,theimperialcourtonceagainsetupameetingofsubordinateaffairs.AlthoughtheestablishmentofXingzaihui'ssub-affairswas"satisfyingSichuanmoneyandcitingthelaw,"itwasnotfollowedatfirst.Itdoesnotestablishtheexchangeboundary,theamountisnotfixed,thecapitalisonly100,000yuan,andthefacevalueisonethousand,twothousand,andthreethousand.InthefirstyearofSongXiaozong'sLongxing(1163),twohundredliterary,threehundredliterary,andfivehundredliteraryclubswerecreated.Withinafewyears,asameansofpaymentbythegovernmentandlinkedtothestatefinances,inflationanddevaluationhaveappeared.InDecemberofthethirdyearofthemainroad(1167),SongXiaozongorderednottobuild5millionnewclubstoreplacetheoldclubs.

Nextyear,threeyearswillbedefinedasonesector;thesectorwillbesetat10millionpennies,andtheoldwillbereplacedwithnewones.Afterthistime,themethodofhuizibecamecomplete,whichissimilartothemethodofSichuanQianying.However,thefinancialdifficultiesofthestatecausedthemonarchsandministersoftheSouthernSongDynastytosoondestroytheexchangeboundaryandlimitoftheguildthattheyhadformulated.IntheseventhyearofChunyou(1247),theviciousexpansionofthesocietymadeitimpossibletoreplacetheoldwiththenew.Sofar,thecurrencyfunctionofHuizihasbeendifficulttomaintain.

ThereisalsotheHuhui,thefirstnameisHuizi,whichistheprovincialnameofHubeiHuiziandHuguangHuizi.BecauseitscirculationislimitedtoHubeiandJingxiRoad,itisissuedbythegeneralofHuguang,hencethename.TheHuhuialsotookironmoneyasitsbasis.InordertopreventtheSouthernSongcoppermoneyfromflowingintotheJinDynasty,itsfunctionwasthesameasthatoftheHuaiDynasty.ThereisalsoSichuanHuizi,orChuanhuiforshort,whichistheSichuanbanknoteofthelateSouthernSongDynasty.

Overview

Thestampof"huizi"prevailingintheSouthernSongDynastyiscalled"Xingzaihuiziku".The"Xingzai"in"Xingzaihuiziku"referstothecapitalLin'anatthattime,whichisnowHangzhou;theHuizikuistheoriginalHuiziaffairsandistheorganizationinchargeofthehuizi.TheplateiscurrentlyintheMuseumofChineseHistory.Itisacopperplatewithaverticalrectangularplate,17.4cmlongand11.8cmwide.Thelayoutisinthemiddleofthehorizontalscript"Xingzaihuiziku"infivelargecharacters.Ontheleftsideoftheupperpartisengraved"DaYiGuanWenSheng",ontherightsideisengraved"TheFirstOneHundredMaterials",andinthemiddleboxisengraved"Theforgerywillbecutattheprisoner,andthemoneywillberewarded.YiXiaowei.Ifthedisciplesandtheharbourhousecanconfessthemselves,theywillbeexonerated,andtheywillalsopayareward,orthosewhowishtomakeupthetitleofthepreviousitemwilllistento"56words."Belowtheprintingplateisthemountainspringpattern

Origin

Thename"huizi"wascreatedintheNorthernSongDynastyandisavoucherforwithdrawingmoney.SeenintherecordsareHuizi,Qianhuizi,PewterHuizi,andAttachedMoneyandThingsHuizi,etc.WhendiscussingShaanxiJiaoziintheeighthyearofShenzongXining(1075),LuHuiqingsaid:"YoucanfollowtheXichuanLawandaskthepeopletopayfortheirownchildren.Ifyouhavemoney,youwillhaveameeting.Ifyouhavemoney,youwillhaveameeting.Ifthereisnomoney,whoiswillingtotakethemoneytogetthemeeting?"Itcanbeseenthatthemeetingistheproofofpaymentandwithdrawal.QianHuizimeansthesameasHuizi.Thepewterclubisavoucherobtainedaftersellingpewtertothegovernment.

Theconsignmentofmoneyandgoodsmayberelatedtotheconsignmentshop.Chang'anintheTangDynastyhasalreadyattachedashop."HuoXiaoyu'sBiography"saysthatHuoXiaoyuoftenasksthemaidservanttosellhisclothestoHouJingxian's,ashopinXishi.IntheearlySouthernSongDynasty,Wuoncesaid,"ThereareJifushopsinthecityinthisworld",indicatingthatJifushopshavebecomequitecommonintheNorthernSongDynasty.Thepost-attachmentshopissuedavoucherforthedepositedmoneyandproperty,whichiscalled"theattachedmoneyandpropertymeeting."InthethreeyearsofHuizongZhenghe(1113),because"peopleofallcolorsprivatelysentmoneyandthingslikeHuizioutofthecityandexerciseditoutsidethecity,theharmfulbanknotelaw(saltbanknotelaw)"wasforbiddenbytheedict.Theattachedmoneyandgoodscanbeusedoutofthecity,soithasthenatureofabillofexchange.InthelastyearsofShaoxing,HongShiofHuizhousaidin"TheMinistryofHouseholdsBeggingforImmunityandSeeingQianZhazi":"Smallcountiesareinthevalleys,therearenohomesforaccumulations,andwealthymerchantscan'tfindtheirfootprints.Few,thefolksareallexchangeswithHuizi."ThisHuiziisanotherkindoffolkpapercurrency.

InLin'an(Hangzhou)intheearlyyearsoftheSouthernSongDynasty,therewasanon-governmentalissueof"sendpaymentandexchangeofconvenientmoneyHuizi"."Sendpayment"wasimmediatelyattached.InthefiveyearsofEmperorGaozong'sShaoxingfiveyears(1135),heissuedanedictprohibitingthesendingofconvenientmoneyfromgoingoutofthecity,butwasopposedbytheresidents,andthebanwasliftedthenextday.InFebruaryofthe30thyearofShaoxing,QianDuanliinformedLin'anMansionandtooktheconvenientmoneymeetingthathadbeenpresidedoverbywealthyhouseholdsasanofficialbusiness,"XuYuwentsidebysidewithcoppercoinsinsideandoutsidethecity."InJuly,QianDuanlibecametheassistantoftheMinistryofIndustry,andtheguildwasalsotakenoverbytheMinistryofHouseholds.InFebruaryofthefollowingyear,theguildwassetuptomanagetheguild.Xingzaihuiziwuwaslaterrenamed"Xingzaihuiziku",soQianShuoyou's"XianchunLin'anZhi"andWuZimu's"Menglianglu"bothhaveameetinglibrarybutnomeeting.BothLiXinchuan's"MiscellaneousRecordsoftheGovernmentandtheWildernessSincetheJianyan"and"TheRecordsoftheYearsSincetheJianyan"bothstatedthatinthe31styearofShaoxing,"theofficewassetupinHuiziwu,andlaterLiduChachang".TheteafarminHoulidushouldbeHuiziku.Volume9of"Menglianglu"and"SupervisoryBureaus"said:"Huiziku,intheofficeofthegoodsandservices,theLiduChachang...Officialswithdraw."Huizikuwasoncemerged,andLizongwasrestoredinShaodingthreeyears(1230),andShaodingwasdestroyedbyfireinfiveyearsandrebuilt.

Huizi"studiedtheSichuanmoney(citing)method,traveledallthesoutheastroads,andprovidedmilitarysuppliesandsawmoneyatthesametime",with100,000guantreasuryfromtheleftasthereserve.InJulyofthe31styearofShaoxing,itwillbepromotedtoHuai,Zhejiang,Hubei(today'sJingzhouinHubei),Jingxi(today'sXiangfaninHubei),andthearmywillbeused.Huizichuwasdividedintothreegrades:Yiguan,Erguan,andSanguan.InthefirstyearofXiaozongLongxing(1163),fivehundredwritings,threehundredwritingsandtwohundredwritingswereadded.Huiziiscalled"Xingzaihuizi"becauseitisissuedbyXingzaihuizilibrary:Becauseitmainlycirculatesinthesoutheast,itisalsocalled"SoutheastHuizi".AlthoughXingzaihuiziisissuedbythecentralgovernment,itisnotanationalbanknote.

AccordingtoLuHuiqing's"Rilu":Zhixiningalreadyhasit.In"Rilu",inAugustoftheeighthyearofXining(1075),SongShenzongZhaoXu,WangAnshi,andLuHuiqingdiscussedthematterofJiaoziinShaanxi.,Thatis,Huizi.Ifyouhavemoney,youwillhaveHuizi."ItisknownthatHuizihadthefunctionofpaymentmeansatthattime,andotherdetailsarenotavailable.TherearealsoreferencestoHuiziintheliteraturesincethen,butitisdifficulttosaywhetherithasdevelopedintoapapercurrencywithcurrencyfunctions.

Inthe6thyearofEmperorGaozongoftheSouthernSongDynastyinShaoxing(1136),ZhangChengyiusedZhangChengyitoset"thelineisinhandingoverthechild",andthelineistobehandedover.It'sthekeytohavingnocapital,turningitaround,andrestoringit.ThereisnomentionofHuizihere.Itmaybethatintheconceptatthetime,itcouldnotbethesameasJiaozi.AttheendofShaoxing,Hangzhouhadbeena"traveling"inthesouthformorethan30yearsandbecamethemostdevelopedcityatthattime.Theactiveandhugecommercialtradepreventedcoppercoinsfrommeetingtheneedsofthemarket.Therefore,theprocessofproducingJiaoziinChengdumorethanahundredyearsagoappearedinLin'anPrefecture(seeJiaozi,Qianyin)."SongHuiYaoCompilationManuscripts:FoodandGoods"inthetenthyear,July8,Shaoxing28th,youZhengyanZhuZhuoyan:"ItisillegaltovisitandhearZhuoYi.Everycitizenentersthehouse,andthefirstorderisgiventothemeetingatthecounter.Thechildusedthecollar,buthewasnotwillingtogivethemoney."Theso-called"counter"meansthepersonheadedbythecabinet.

Theclubtheygaveshouldbethe"convenienceclub"thatwasalreadyinuseatthattime,thatis,thevouchersthatcanbeexchangedforcoppercoins.LiXinchuan's"MiscellaneousRecordsofGovernmentsandWilderssincetheJianyan",Volume16,"SoutheastHuizi"articlesaid:"ThepeopleofLin'anatthattime,thepeopleofLin'an,thepeopleofLin'an,thepeopleofLin'an,thepeopleofLin'an,thepeopleofLin'an,thepeoplewhoregainedtheirprivaterightstobuymoneyHuizi,therightisthemaster,QianChuhe(duanli)istheguardianofLin'an.,Firsttookadvantageofit,andreturnedtotheofficial.Afterthat,heandtheservantoftherelocationdepartmentbelongedtothehouseholddepartment.Inthespringof31styear,thelinewasplacedinHuiziwu(FebruaryBingchen),andlateritwasLiduChachang.SeetheSichuanmoneytoleadthelaw.Thesoutheastroads,whereveryougotoprovidemilitarysuppliesandseethemoney.Stillgivetheleftmoneyonehundredthousandyuanasthefoundation."

Volumeof"JournaloftheYearsSinceJianyan"Onehundredandeighty-seventh,Shaoxing30thDecember,OtomiTiaosaid:"Inthebeginning,theLin'anMansionwasorderedtomakeaprintingassembly,andXuYuwasinparallelwiththecoppercoinsinsideandoutsidethecity.However,QianDuanli,theministeroftheMinistryofHouseholdsandtheprefect,orderedthelefttobeg.ThetreasuryshouldseethemoneyandrespondtothevicewithHuiziscores.Fromthenon.ThesoutheastusesHuizifromthenon.""SongHistory"volume385"QianDuanLiBiography",said"DuanLiTaste"Jianmingusedchuashiscurrency.Sohecommissionedthepainting,dividedintosixtasks,andthecashierhadamethod,andthemoneywouldbemillionsofdollarsinafewmonths."Fromtheaboverecording,wecanseethatthehuizibeforereturningtothegovernmentiscalled"conveniencehuizi",whichisspontaneouslygeneratedbythemarket."Convenientmoney"meansexchange."Convenienceformoney"shouldbebillssuchasmoneyordersandchecks.Around20yearsago(thatis,inthe1940sand1950softhe12thcentury),Shaoxingdevelopedintoacoppercurrencyexchangecertificatethatalsofunctionsasameansofcirculation.

Althoughitissaidthatthesettingupoftheaffairofthemeetingis"seeingSichuanmoneyandcitingthelaw,"itwasnotfollowedatfirst.Itdoesnotestablishtheexchangeboundary,theamountisnotfixed,thecostisonlyonehundredthousandyuan,andthefacevalueisonethousand,twothousand,andthreethousand.InthefirstyearofSongXiaozong'sLongxing(1163),twohundredliterary,threehundredliterary,andfivehundredliteraryclubswerecreated.Withinafewyears,asameansofpaymentbythegovernmentandlinkedtothestatefinances,inflationanddevaluationhaveappeared."TongkaoonDocuments·ComeonCoins"containedinthefirstmonthofSongXiaozong's3rdyear(1167),andTangZhuoyanoftheDuzhiLangzhongsaid:"Fromthe31styearofShaoxingtothesecondyearofthe2ndyear(1166)July,atotalof28Huizihavebeenprinted.Morethanonemillionroads.BeforeNovember14,ZhiganRoad,atotalofmorethan15.6millionroadsweredrawn.Inadditiontothelawsuitpilepipecycle,thereare9.8millionroadsintheprivatesector.SinceNovember14th,thecollectionandexchangehasbeenprocessed.Asofthe6thdayofthefirstmonthofthethreeyears,atotalofmorethan1.189thousandGuanshavebeenpaidin,andtherearestillmorethan8millionGuansuncollected.Aboutlessthansixexchangespermonth.Sevenhundredthousand.Thefateoftheroadsandthetransportationisclosetothecommandandrequiresalotofmoney.Theprefecturesandcountiesdonotallowprivatehouseholdstoaccepttheguild,becausetheforeignguildisoftenboughtatalowpricebythemerchants,andtheconvergenceisinthemiddle,sothesixservicesarepaidandsupported."XiaozongissuedanedicttoselltheDuziandZhuzhouassistantteachers'posts,allofwhichwereadmittedashuizi,andhewantedtoreceiveasmanyhuiziaspossible.InJune,ZengHuaiyanstillhad4.9milliontokensinthefolks,beggingtobereservedforexercise.Thiswasabouttheindispensablecirculationofclubsinthemarketatthattime.Itcanbeseenfromthisnumberthatthemeetingcannotbeabandonedandmustberectified.InDecemberofthisyear,SongXiaozongorderednottobuildfivemillionnewclubstoreplacetheoldones.Nextyear,threeyearswillbesetasonesector;thesectorwilltake10millionpenniesastheamount,andreplacetheoldwiththenewones.Afterthisrectification,themethodofhuizihasbecomecomplete,whichissimilartotheSichuanQianyingMethodbutslightlydifferent.

ThefinancialdifficultiesofthestatemadetheSouthernSongDynastymonarchsandministerssoonunderminedtheexchangeboundariesandboundariesoftheguildstheyhadformulated."TongKao.CoinsKao"containedinSongXiaozongChunxithreeyears(1176),thethirdandfourthedictswerelimitedtothreeyearseach,andthefourthcircleofHuiziwasreprintedfor2million.InthefirstyearofSongGuangzong'sShaoxi(1190),theSeventhandEighthCirclesoftheEdicteachexhibitedforthreeyears.Theministersaid:"ThelimitofthreeyearsisthelimitofHuizijie,anditwillbenineyearsfromnowtothenext.Howcanyoushowyourtrust?"InthefirstyearofSongNingzongQingyuan(1195),theZhaohuizijieamountedto30millionyuan.Atthattime,thetwoandthreerealmswereusedatthesametime.Accordingtothisboundary,theguildhadalreadyexpandedviciously,butitdidn'tstopthere.InthesecondyearofJiading(1209),theeleventh,twelfth,andthirteenthhuizi,inadditiontobeingreplacedandburnt,stillhadmorethan115.6millionguanzi,sothat"therearetoomany,itissaidthatthereisnowaytopropose."InthefiveyearsofShaoding(1232),itwasashighasmorethan229,000.InthefourthyearofJiaxi(1240),accordingtoYuanFu'smemorandum,thenumberofguildsinthe16thand17thcirclesreached500million.AlthoughSongTingusedthemethodoftheEighteenCirclestoreducethecirculationoftheseventeenCircles,butthenumberisstillverylarge.IntheseventhyearofChunyou(1247),itwasstipulatedthattheseventeenthandeighteenthrealmsshouldnotberestrictedandexercisedforever.Thisshowsthattheviciousexpansionofhuizihasmadeitimpossibletoreplacetheoldwithnewones.Sofar,thecurrencyfunctionofHuizihasbeendifficulttomaintain.

ThereisalsotheHuhui,initiallynamed"Zhibianhuizi",whichistheprovincialnameof"HubeiHuizi"and"Huguanghuizi".BecauseitscirculationislimitedtoHubeiandJingxiRoad,itisissuedbythegeneralofHuguang,hencethename.Thefoundingofthiskindofmeetingisdescribedinthe"DocumentationTongkao·CoinKao":"InthefirstyearofXiaozongLongxing,theHuguangministerWangJueyan,Xiangyang,Ying(nowZhongxianginHubei),Fu(nowTianmeninHubei),etc.Therequestismadewithmoneyandsilverproducts.Theorderisplacedinthelargearmydepottoseethemoney,printedfivehundredandalwaysmeetsthechild,andseesthemoneyflowbeforesendingittothearmy,andusesitonBeijingWestandHubeiRoad.Huizi,FuyinHuiziyin,anddowntoJiangxi,HunanCaosigenShujurenscrollsandruinedteacitedoldpapershouldbecopiedtomakeHuizi,fromwhich.""MiscellaneousRecordsoftheGovernmentsinceJianyan",Volume16Thearticlein"HubeiHuizi"statedthat"everysevenmillionyuan"willbesentdirectlytoHuizi.BetweenChunxi,itpassedthroughHuguangandJingxisuccessively.InthethirteenthyearofChunxi(1186),theexchangesectorbegantobeestablished,withthreeyearsastheboundary,buttheexchangesectorwasnotacceptedstrictlyontime.Becauseoftheoldandnewphases,thecirculationamountcannotbeverified.Accordingtotherecordsof"SongHistory·ShihuoZhi",thiskindofmeetingcontinuedtotheendoftheSouthernSongDynasty.TheHuhuialsotookironmoneyasitsbasis.InordertopreventtheSouthernSongcoppermoneyfromflowingintotheJinDynasty,itsfunctionwasthesameasthatoftheHuaiDynasty.

ThereisalsoSichuanHuizi,orChuanhuiforshort,whichistheSichuanbanknoteofthelateSouthernSongDynasty.InthefourthyearofSongLizongBaoyou(1256),hechangedtheSichuanbanknotemoneytoHuizi,withanannualratingof5millionguan.

Impact

Impactonprices

InthesixthyearofShaoxing(1136),afterthegovernmentabolishedJiaozi,ittemporarilygaveupTheplantoissuebanknotesdidnotreissuebanknotesinLin'anPrefectureuntilmorethantwodecadeslater.InFebruaryofthethirtiethyearofShaoxing(1160),"TheLin'anMansionPrintingAssociationwasfirstordered,andXuYuwentwiththecoppercoinsinsideandoutsidethecity.However,QianDuanli,theministeroftheMinistryofPowerandtheprefect,orderedZuoZangkutopaycash,andRespondtothedeputywiththescoreofthemeeting.Fromthenon.Thesoutheastmeetingstartsfromthenon.""Setthelineinthemeeting,andthenthecapitalteashop,payattentiontothelawoftheSichuanmoney,andtraveltothesoutheastroads,wherethemilitaryneedsareprovided.,Andseethemoneytogether,stilldividedintoonethousand,twothousand,threethousand,andthreegrades.ThechiefministerQianDuanliofthefamilydepartmentoftherighttodoit,hestillgavetheleftmoneyonehundredthousandyuanasthefoundation,andinitiallyorderedHuizhoutomakeaguild.Paper,later,wasmadeinChengdu”(Volume187andVol.188of"RelevantYearsRecordsSinceJianyan").

AttheinitialstageoftheSouthernSongDynastyHuizi'sissuance,duetopropergovernmentmeasuresandcautiousissuance,itwasabletomaintainitscurrencyvalue.Atthattime,SongXiaozongoncesaidtotheminister:"Becauseofmeetingmyson,Icouldnotsleepforalmosttenyears"(HongMai"RongzhaiThreeBis"Volume14).Agenerationofemperorspaidsomuchattentiontotheissuanceofbanknotes,whichshowsthatthefeudalrulerswerecautiousabouttheissuanceofbanknotes.Inthebeginning,therewasnodemarcationsystemforbanknotesissuance.Asthecirculationofguizigraduallyincreased,andtopreventthecirculationofcounterfeitbanknotes,thegovernmentreformedtheissuancesystemofguizi.Inthefouryearsofthemainroad(1168),itwasagreedtoestablishalimitfortheissuanceofthesociety,"threeyearsasaworld,andtheworldisworth10millionyuan"(SongHistory·ShihuozhiVolume181).SincetheissuanceofthefirstsocietyhuiziinthefourthyearofGandao,althoughthenumberoftheissuanceofthehuizifromallwalksoflifehasbeenfixed,itwasfromthefourthyearofChunxi(1177).Sincethefourthlevel,theissueamountofguizihasrisensharply.Aftertheninthlevel,itisnolongerpossibletocontroltheamount.Theissueamountofguizifromallwalksoflifeisextractedhereforreaders'reference.

TheissuanceamountofHuizifromallwalksoflifeintheSouthernSongDynasty

Thecirculationperiodoftheissuanceamountintheyearofthedivisionissuance

Thefirstrealmroadforfouryears(1168)10million3years

Thesecondroadinfiveyears(1169)10millionfor3years

Thethirdroadinsevenyears(1171)18millionin6years

NineYearsoftheFourRealms(1173)18million6years

TheFifthRealmofChunxi4thYear(1177)18million3years

The6thRealmofChunxi6Years(1179)18million6years

TheseventhyearofChunxiinthe11thyear(1184)23.23million9years

Theeighthworldinthe13thyearofChunxi(1186)2400Tenthousandnineyears

The15thyearofChunxioftheNinthRealm(1188)30million3years

ThefirstyearofShaoxioftheTenthRealm(1190)40million9years

ThefirstyearoftheEleventhRealmofJiatai(1201)36.33million9years

The12thRealmofJiatai(1203)47.59million6years

Thefirstyearofthe13thKaixi(1205)55.48million9years

Thesecondyearofthe14thJiading(1209)112.63million22years

The15thJiadingFouryears(1211)230million20years

ThesixteenthShaodingfiveyears(1232)329million9years

TheseventeenthworldDuanpingfirstyear(1234Years)42millionin30years

TheeighteenthrealmofJiaxifouryears(1240)50million

Chunyousixyears(1246)65million

Inthe4thyearofJingding(1263),150,000additionalprintsperday

TheearlyHuizi,printedbyLin'anPrefecture,had100,000coppercoinsasareserveforissuance.InFebruaryofthe31styearofShaoxing(1161),thegovernmentestablishedtheXingzaihuizi,andappointedthehouseholdassistantQianDuanlitopresideoverthematter.Atthebeginningoftheestablishmentoftheworld,thevalueofthecurrencywasstrong,andthepriceratioofhuiziandcoppercoinsbasicallyremainedatabout770wenperyuan.Aftertheroad,theissuanceamountofthehuiziincreasedgreatly,buttheissuancereserveforthehuizihasnotincreased,sothevalueofthehuiziislow,andthesecondandthethirdworldhuiziareworth600yuaneach.Inordertomaintainthecreditofthebanknotes,thegovernmentused10milliontaelsofsilvertoredeemtheclubs.Afterfouryearsinthemainroad(1168),another2milliontaelsofsilverweresentoutfromtheinternaltreasury,andtheredeemedclubswereburnedanddisposedof.

InthesecondyearofLongxing(1164),thepriceofriceinLin'anPrefecturewasonlyabout25litersperliter("SongHuiYaoCollection"ShihuoVolume63).Atthebeginningofthemainroad,thepriceofriceincreasedto50perliter.Wencoppercoins.InthefirstyearofChunxi(1174),thenumberofguildsincirculationreachedmorethan24millionyuan,andthecurrencyvalueplummeted.Thegovernmentonceagainacceptedtheguildswithgold,silverandcopper.Inaddition,thegovernmentalsosellsofficialtitles,doomsdays,officiallands,andevenphysicalandmarketablesecuritiestoredeemtheclubs.,Awardedathousandemperors,thedeputylieutenantreducedathousandyearsofpublicevidence,andissuedtothesupervisorsoftheroadsandtheprefectures.InordertostabilizethecurrencycreditofHuizi,thegovernmentstipulatedthatwhenpeoplepaytaxestothegovernment,themethodof“moneywillbeinhalf”(thatis,theshareofcoppercoinsandtheguizi)wasadopted,andgoodresultswereachieved.Huizi’scurrencyvaluegraduallyPickup.InthethirdyearofChunxi(1176),theguildcouldexchangemorethan770coppercoinsforeachrenunciation.InthelastyearofChunxi,insomeareasofZhejiangandHunan,therewasevenaphenomenonthatthesoldiersandciviliansdidnotwanttoseethemoneybutwantedtoconfess.

InthethirdyearofChunxi(1176),theMinistryofHouseholdorderedtheThreeRealmsandtheFourRealmstobeextendedforthreeyears.Later,evenfortenortwentyyears,theoldandnewguildswillcirculateatthesametime.Intangibleaggravatedtheinflationofcurrencyincirculation."Chuistoolowbuttoomuch,andtoomuchislight"("ZhenWenZhongGongCollection"Volume18).Inthe16thyearofChunxi(1189),theHuiziofLin'anMansionwasworthmorethan700coppercoins.BythefirstyearofNingzongqing(1195),theHuizifellto620weneachtime,andthethreeyearsofJiading(1210)),thehuiziisonlyworthmorethan400essays,anditisworththreeyears(1236).Thenewlyreleasedseventeenworldhuiziisonlyworth300essays.IntheBaoperiod(1253-1258),eighteenJiehuizicanonlyredeem192coinsofcoppereachtime.InthefirstyearofGermany(1275),"SincethefirstyearoftheGermangovernment(1275),thetwohundredintheeighteencircleshavenotbeenenoughtotradeasloppyshoe,butforthesoldiers'needsforaday...It'shardtoblamethedeathfight."("TongjiangCollection"Volume6).

IntheSouthernSongDynastysincetheopeningofNingzong'sJubilee(1205-1207),theimperialcourtorderedHanZhutoleadthearmytocutdownongold.InJiadingtenyears(1217),therewasanotherten-yearwarbetweenSongandJin..AfterthedeathofJin,inthefirstyearofDuanping(1234),herepeatedlyfoughtagainsttheMongolianarmy.Thelong-termwarleftthetreasuryemptyandfinancialdistress.Inordertoraisemilitaryexpenditures,thegovernmentnotonlyincreasedtaxesforthepeople,butalsoadoptedaninflationarypolicy.Stepuptosqueezethehard-earnedmoneyofthepeopleinordertomaintainthecrumblingfeudalrule.Butpeopleofinsightinthecourtcalledforsuggestions:"Ifyouwanttobeheavy,startfromsavingmoney.Ifyouwanttosavemoney,startintrospectingyoursoldiers.Thearmyverifiesanddoesnotabuse,andwhenprovocationsdonotsuffocate.Thetwodynastiesoffilialpietyisthelaw.ThisisthefirstrighteousnesstosavetheChucoin"(WangMai"GuangxuanCollection"Volume1).

AsforthemeasurestakenbytheSouthernSongDynastygovernmenttoprintalargenumberofbanknotestomaintainstateuse,manyministerstriedtheirbesttoreportitsdrawbacks."Thechiefsoldierisalsotheresponsibilityoftheminister.Thenationalterritoryisgettingworse,thefinancialresourcesareconsumeddaybyday,andthecostisnotgiven,especiallymorethanthelastyear.Itwasproduced,andevenmorethan25million,morethanhalfofthepeoplewhotookitoutofthevoid,andthenonlyuseditforoneyearold,theartoftakingitwasnothingmorethananincrease.Woo!Theevilsoftheolddaysarestrippedanderoded,buttosavethecurrentemergencyistodrinkpoisontoquenchthirst"(Gausde's"ShameHall"Volume1).

Currencyissuancehascertainrulesofitsown.Ifthesupplyofpapermoneyincirculationistoomuch,itsvaluewillinevitablyfall."SinceBianFenghasnotwithdrawn,thenumberofmortuarycouponsprintedisasmanyasdozensoftimes.AndthemoneymadebyQianjianwasonlyonetwentytimeshigherthanthatoftheancestors.Chuwasoriginallyusedforpowerandmoney;nowadays,moneycannotbeusedtosavemoney,andmoneywillbeaccumulateddaybyday.Atthebeginningoftheperiod,peoplewhoseekthecountrydidnotthinkaboutadaptingthem,buttheyinsistedononeeasyone.Asoftoday,thelossofthepriceisalmostbeyondwords"("DuQingxian'sCollectedWorks"Volume9).

DaiYing,ascholarintheSouthernSongDynasty,usedthetheoryofquantityofmoneytodiscusstherelationshipbetweenpapercurrencyissuanceandinflationinhisbook"Mopu".AftertheHanandTangDynasties,itwasalsodiscussed,...Today,therearemorediseases,butnotlessmoney.Ifyouwantmoremoneyandmoremoney,youwillhavemorebenefits.Andwhenthereisnodeath,everythingischeap.Themorethedeath,themorethethingThemoreexpensiveitis;themoreexpensiveitis,themoreitdoublesifyoucalculateitwithrealmoney.Gaigutradelinkswithorwithoutmoney,onlytheearsofmoney.Moneyisrare,andmoneyissoldbygoods,andmoneyisheavier.Moneyiseasytoget,andmoneyissoldbymoney,andmoneyislightIfyouaddmoremoneytoaddmoney,themorepeoplewilluseitfortrade,themoreexpensivethematerialwillbe.”

Causinginflation

Thesituationofrisingpricescanberoughlydividedintothreeperiods.

NingzongPeriod(1195-1224)

InflationintheSouthernSongDynastybeganintheJubileeYearofNingzong.BecauseofthebattlesbetweenSongandJinDynasties,militaryexpenditureswereextremelydepleted.IntheJiadingperiod,everytimethereweretoomanyclubsissued,thegovernmentissuednewclubs,andtheoldclubswereexchangedattheratiooftwooldclubsforonenewclub.Causedthepriceofrice,farmlandandcommoditypricestorise.

"Inpeacetime,moneyisheavyandmaterialislight,andtheindustryisallinvolved.Therefore,thepriceofgrainsofriceisnotthesameasthecurrentrate,andTianZhizhiwillalsofollowhim....TaizongPingHedong,Thepeople’staxationislight,andthesoldiersareverymany,andthefateandthefoodandgrassaregiven.Whenitis,thepeoplearecheap,thericeismorethantendollars,thegrassisonehundreddollars,thefolkmusicandtheofficialsarethemarket.Benefitsthepublic,thegoodsareexpensive.Andthetransshipmentcompanyoftenkeepstheoldpriceandrefusestoincreaseit;moreover,itusesteaclothorre-expendsittochangeit.Yearsofstarvation,taxationareexempt,andpeaceisinevitable,anditisstillahorribledisease.IntheeighthyearoftheeighthyearofXining,ontheWuwudayoftheeighthyear...theyalwaysgetonemuoflandandcollectfour,fiveorsixbucketsofriceeveryyear;however,thereareoftendefaults,justliketwo-year-olds.,Butit’sjustonehundredandfiftydollars.Nowtherateofcollectingtheembankmentistwohundreddollarsperacre.Ifthereareathousandacresofland,howdoyoumakeit?Formorethanahundredyears,thefieldpriceofricehasbeentenhundredtimesthis!"

LookingatthepriceofNingzong’sJiadingperiod,therehasbeenagreaterincreasethanthepreviousgeneration,andthecirculationofbanknotesinthisperiodhasreachedTwohundredandthirtymillionyuan,butcomparedwiththelaterperiodofhyperinflation,itisstillveryslight.

LiZongperiod(1225-1264)

LiZongcametothethronein1225andchangedthenametoBaoqing.DuringtheBaoqingperiod,theinflationinheritedfromJiadingwasinherited,andthepriceswerenotveryexpensive.IntheDuanPingyears,thisphenomenonoflightthingsandexpensivethingsbecamemoreserious."GuGuiisparticularlydifficulttoharmonize,anditismoredifficulttomentionit.Atthispoint,itistheurgenttaskoftoday.ThepriceiseagerbutnotAi"(HongZikui"PingZhaiCollection"Volume14).TheproblemofasharpriseinpricescausedbyinflationcannotbesolvedduringtheDuanpingyears.IntheJiaxireign,floodsanddroughtsweredisasters,croplandwaslost,ricepricesbecameexpensive,andotherthingswerealsoaffectedbyriceprices,andtheyroseunanimously."JiaxiGengzi(1240)wasinaseveredrought.JingyinZhaoCungengusedthegianthouserice,andthefirstofficialgave36thousandandonestone.Notlongafterthat,thepriceofthegrainincreasedfourorfivetimes,andthewealthypeoplebroketheirfortunes.Thesuffocationhangsthedeceasedinaheel.Sofar,theeldersareinpain..."(YuWenbao,"BlowingSwordsandRecords").IntheyearofChunbaoyou,thepricesoaringcausedbythelossoffarmlandandhyperinflationnotonlyfailedtocontainit,butalsobecamemoreserious.

"(Chunyou)Foreightyears,thesupervisoryofficialChenQiuluyan:ThedeputiessaidthatChuwaseasytooperate,sothemoneywasdiscardedinthesting.Heclaimedtoberepeatedlychanged,andthelawwasuseless.ThoseeagertosupportChu,…Don’tworryaboutthescarcityofmoney,nottheaccumulationofmoney.Ifyourhusband’smoneyisexpensive,thingsshouldbecheap.Today’sthingsareasimportantasmoney,andallthislifehastoworryabout.”(Volumeof"SongHistory·ShihuoZhi"180)."InthesecondyearofBaoyou(1254),theBankofPrintedandSilverClubswillbeusedasahundred,andthemomentarypowerwillbeusedforthebenefit.Itwillbeheavy,butsincethenitwillbelighter.Thelightnessofthingsisalsotheexpensivenessofthings.Thepriceofchuisnotheavy,andthemoretheprinting,themoretheprice,thelesstheexpenditure.Themoreyoulookatit,thelongeritwillbe.Iwillgiveafewwords.Therefore,thepriceofsilverisonlythreethousandyuaninspring,andnowitistwotoseventhousandandfivehundredyuan.Thepriceofsilverisonlytwothousandyuaninspringandfivethousandyuanperstone.Otherdepartmentstoresincreasethepriceof"(LiZengbo"AfterKeZhaiContinuedDraft"Volume3).

Duzongperiod(1265-1274)

IntheearlyyearsofXianchun,DuzongadoptedthesuggestionofJiaSidao,theminister,toissueanewkindofbanknote-"GoldenandSilverGuanzi"(SeeQianGuanzi),"MakepricesrisetonewheightsandreachthehighestpeaksintheSouthernSongDynasty."Thefirstemperor(LiZong)wasdrivenbythepalacecar,thesubjectsoftheseas,andthefirstenterprisewasthenewpolicy.Theseventeenthrealmswillmeetthechildren,andthepasswillbeusedasasilvergate,andtheeighteenthwillmeetthechildrenthreebyone.Pricesarehigh,butcheap.Guanziisinconvenientforthepeople.ThebanditsareinSichuan,Sichuan,Jingxiang,Wuyue,FujianandGuangxi.”(OuShiheng's"Mr.JiufengCollection"Volume1).TheThirdoftheEighteenRealmsMeeting.OutofFengchen,thetreasuresarecollected,andtheSeventeenRealmsarenotused.ThesystemofGuanzi:theupperpartisengravedlikethecharacter"西";themiddleredsealisthree,whichareconnectedasthecharacter"目";thelowertwosidesareeachwithasmalllongblackseal,whichlookslikethecharacter"Jia".GuanZixing,pricesaresuddenlyfluctuating"("SongJiSanDynastyPoliticalLeaders"Volume3).

Accordingtothetheoryofcurrencyflow,pricesaretoolow,thepurchasingpowerofthepeopleisnothigh,andeconomicdepressionwilltriggeraneconomiccrisis.Atthattime,thegovernmentadoptedaslightinflationpolicy,andpriceincreaseswerenotabadthing.However,wheninflationbecamevicious,papercurrencydepreciated,andpricessoared,themonetarysystembecamedisorderedorevendestroyed,whichwouldeventuallyleadtoeconomiccollapse.TheSouthernSongDynastyregimefell.Thisisoneofthereasonsforthis.

Bibliography

• SongLiXinzhuan,"MiscellaneousRecordsoftheKingdomandtheWildSincetheJianyan",Volume16,"SoutheastHuizi""HubeiHuizi","LianghuaiHuizi","GuanwaiBankHuizi"and"IronMoneyHuizi"

  ZhonghuaBookCompany,July2000,firstedition.

• WangShengduo:"TheGuanzioftheSongDynasty","Song,LiaoandJinHistory"Series1,ZhonghuaBookCompany,Beijing,1985.

see

• Jiaozi

• QianYin

• Guanzi