8[A].pptVIP

Chapter Eight Currency Credit in Ming Dynasties Contents of Chapter Eight 1.Paper Money in Ming Dyn. (1)Issuance of “da ming tong xing bao chao”: ◎Establishing Baochao System: ★In 1375(Hongwu 8th year), “Baochao tijusi” in charge of issuing paper. ★Set up regulation of paper, denom.(from100~1guan);1guan=1tael silver=1/4tael gold. ◎ Paper copper parallel ★It stimilated: chao/paper(allowed to circulate); trade below100cash in terms of copper; paper for large; commercial trade,paper:copper=7:3. ★In1397, reissued small denom.(10,20,30,40,50cash, all 5 grades). Da Ming Bao Chao Da Ming Bao Chao Bao Chao Issuing Department in 8th year of Hong Wu (1375) Paper Law was legislated, and Bao Chao was issued. Denom: 1guan, 500 ~100 cash; mixed with copper coin in circulation. 1guan =1000 cash, also equals 1 tael of silver. Standard money. Da Ming Bao Chao Da Ming Bao Chao Dragon pattern frame. In center was “1guan”, below it 10 bunches of coins. At the bottom, a notice saying: “Population Board, authrized to print and issue, Da Ming Bao Chao, circulated across the state, forgers be sentenced to death, prosecutor be awarded 250 taels of silver. (2)Content Feature of Da Ming Bao Chao ●In nearly 300years, only this title of paper issued. ●Bao Chao had no time limit, no confined area, nor reserve funds; never redeemed. ●Old new papers had actual diversity in value. Ming continued “change paper law”;but not carried out well. Officials levied tax by new paper; old at 50% discount. ●Gov. issued paper: more output,less withdrawal. Payments:military provisions; wages;exchanged for people’s goods (gold /silver). Refusal of tax in paper. It reflected essence of extortion. (3)Devaluation Extinction of Bao Chao in Mid-Ming Dyn. Unconvertable paper; overissue; less callback---inflation: price high. In1375, 1guan =1dan rice; in1403, 10 guan=1dan rice; in1425, 25guan=1dan. From Chengzu to Xuandi (30 years or so), taking measures. ●Stop issuing new paper. ◎In