25 Episode 07. The Birth of Money (2)
“Do not lie! What nonsense is that?”
The children who had gathered near the fence to catch the marten did not believe what Andrew had said.
“If you work in Banco, you should definitely bring money. What kind of paper did you get? I can’t understand.”
“Is that real paper? Not a talent?”
“Yeah, what kind of deed of borrowing are you talking about? I said earlier that it could be money.”
“Proof of borrowing? What is it?”
“I’m also hearing it for the first time.”
“Andrew, didn’t your brother get scammed from Banco?”
According to their common sense, only gold and silver coins were real money, and not the unidentified IOU that Andrew’s older brother Rockefeller brought as his first salary in Banco.
“I think I was really scammed.”
“Do you think so too?”
Then Andrew put on a confident expression.
“Don’t worry, it’s not a scam. If you take it to Banco, they will immediately exchange it for gold coins.”
“Is that real?”
“Isn’t that a lie?”
Andrew grinned in return.
“My brother works in Banco, and of course it’s real. Or why would my brother bring such paper money from Banco?”
“Wow, that’s amazing. So, if you go to Banco with it, you will immediately exchange them for talents? So it’s like money, isn’t it?”
“right. If you change from banco to talent, it’s money, right?”
As if waiting for him to say that, Andrew gave him a smirk.
“Of course it is money! Or did I say money? let it go My brother said that people will use that paper like money in the future? We’ll see if that’s true or not.”
Like Andrew explaining new money to his peers.
Rockefeller, who stopped by the market for necessary goods, was doing the same hard work as Andrew.
However, the difference from Andrew was that he directly bumped into people and tried to use his Gold IOU as if it were money.
“… … What is it?”
It was something in paper that Rockefeller, who had tailored his clothes at the tailor’s shop, paid for.
His reaction was so natural that Rockefeller began to explain the new IOU he had given him, without changing his expression.
“I got it from Banco instead of my salary. You said earlier that instead of talents, you would accept Banco’s deed of loan, right?”
In the case of a tailor-run shop, it was a place where a lot of money came and went compared to other shops, so it was a place that accepted Banco’s IOUs like money in addition to the talent transaction.
“It should be… … .”
There was a reason his expression didn’t look good.
The reason Rockefeller offered was because it was a completely new IOU, not the usual IOU.
“Our store accepts IOUs, but… … This is the first I have ever seen.”
Hearing this, Rockefeller began to explain the IOU of 1 Gold as if he had been waiting.
After hearing that explanation, the tailor asked with a surprised expression.
“Does the Lord guarantee this?”
The existing 1 IOU was directly guaranteed by Banco.
But this time, the 1 Gold certificate of borrowing that Rockefeller gave is guaranteed by the lord, not Banco.
“Yes, to be precise, it was issued as collateral for the loan the lord gave to our store. So, to some extent, it is true that the Lord guarantees it.”
“That’s the word.”
The tailor’s expression, staring intently at the new IOU, was young with deep curiosity.
‘The lord guarantees you? Not a banco contractor, but a lord?’
It’s a certificate of borrowing guaranteed by the lord, not just a banco contractor!
The tailor was still dubious.
“Isn’t that supposed to be a lie?”
“It’s a lie. Don’t you know I work in Banco?”
The tailor was also one of Carter Banco’s excellent clients, unaware that Rockefeller worked there.
“No, I know that you work there. It’s the first time I’ve seen something like this.”
“It just came out.”
A whole new form of IOU.
After thinking about it for a while, the tailor decided to check it out first.
As with the previous IOUs, there was no reason not to accept them if they could be exchanged for talents without any problems at Banco.
“First of all, you should go to your store and check it yourself, then get it. It’s a little too much for me to believe and receive your words right now.”
“Do whatever you feel comfortable with. Then will you follow me to the store?”
The tailor went to Carter Banco with Rockefeller to exchange the 1 Gold IOU from Rockefeller for talents.
Of course, there were no problems here.
When the tailor saw the talent in front of me, he was stunned.
‘Is this real? So, as the child said, is this a new certificate of borrowing?’
Then Carter, the owner of the banco, asked the tailor.
“Hey, did you come to check this out yourself?”
“Yeah, the kid who works here came out to check it out for himself.”
“This is a new one. No problem, just go back.”
“It’s amazing. It’s a certificate of borrowing directly guaranteed by the lord.”
“No, this man. To be precise, it came out as collateral for the loan written by the lord. It’s written on the IOU right there, so I’ll take a look at it when I have time.”
“How do you even check this? If you exchange them for talents here, it’s all over.”
Seeing his reaction, Carter inquired.
“Governor Lee Wang-ji, since you’ve come like this, are you going to change them into talents?”
The tailor looked alternately at the 1 Gold IOU and 1 talent in front of me.
In fact, it was a paper loan rather than gold coins that were more convenient to carry.
“no. I’ll take this with me. Even if you take the gold coins, won’t you come to pick them up again later? Then storage is expensive. And it is convenient to carry.”
The tailor took the paper IOU of the two forms of money in front of me and went back to my shop.
Rockefeller looked at it and smiled softly, as did Carter.
Carter opened his mouth to Rockefeller.
“Things seem to be going better than expected.”
“People seem to like the Lord’s IOU more than I thought. That’s how it feels.”
“It must be so. The IOU issued here is my guarantee, but this new IOU is guaranteed by the owner of this land.”
“Then I will move again.”
“Are you going out again?”
“If I move a lot, people here won’t be more familiar with the IOU of 1 Gold, right?”
How many times do you repeat that?
“Then what are you going to do with the clothes you bought earlier?”
“It’s the same, huh? I have to go and get my money back.”
Yeah, I’ll go back and get a refund.
After all, Rockefeller’s goal was to get people acquainted with the new IOU of 1 Gold, not gossip.
‘I don’t have the money for that.’
“Then I will go out again. In the meantime, I’ll ask you to go to the store.”
Carter couldn’t stop the laughter that broke out at Rockefeller who had left like that.
‘He’s good at acting. I’m getting old because I don’t have that kind of stamina.’
I don’t know, but it seemed like luck that brought Rockefeller into this store.
‘It looks like I got a money suit that I don’t have.’
The announcement of the 1 Gold IOU went smoothly, and after a few days, some of the market merchants started using 1 Gold instead of 1 IOU.
“This is it. It’s because it’s a certificate of borrowing directly guaranteed by the lord.”
“Oh, I saw it too. You said it was new this time?”
“Did you know that the lord goes to Banco and writes a loan certificate whenever he needs urgent power?”
“Cancer, you don’t know.”
“It looks like they are issuing this as collateral. Even in Banco, the lord believes like a rock, so he exchanged these for talents just like the deeds they issued.”
The two market merchants who met by chance continued their conversation.
“I was thinking about it. I think the Gold IOU related to the Lord is better than the IOU issued by Carter Banco. The one issued by Carter Banco has no way to get the talent back if Banco goes bankrupt, but this new IOU is not like that, is it?”
“I think so too. So, it seems that some of the people I know have already visited Banco and changed their existing IOUs to Gold IOUs.”
“what? Have you done that already?”
“Because it is. lets think. If Banco goes bankrupt, the IOU becomes a piece of paper. Who would like a IOU issued by Carter Banco? Rather, it would be safer to have a loan related to the lord.”
“her… … So are you going to do the same?”
“Of course I would. This is common sense.”
On the market floor, Rockefeller, who was passing by, accidentally overheard the conversation between the two market vendors.
Things were going smoothly than expected.
‘I thought it would take quite a long time for a new IOU to hit the bottom of the market, but it’s a bit surprising.’
The fact that the newly issued IOUs replaced the existing IOUs faster than expected was also proof of the good credit of the permanent lord.
‘Well, I understand. People would think that the IOU related to the Lord is safer than the one issued by Banco. Actually, it’s not like that.’
1 Gold If you read carefully the words on the IOU, it was clear that the IOU was permanent and not directly related.
It was the ‘deed of borrowing written by the lord’ that guaranteed it, not ‘the lord himself’.
Nevertheless, the reason market merchants skimped on the text without thinking deeply about it was because they could get gold coins without any problem when they went to Banco with the IOU.
‘It was exactly what I was aiming for. If our side had expressed displeasure or were somewhat reluctant to receive the IOU, people would have thought differently than they do now. You must have thought there must be a problem with the new IOU.’
The most important thing in deceiving the people with finance was their ignorance, both first and second.
‘If everyone knew this idea, would people move well on the board I made?’
Rockefeller laughed involuntarily.
‘No, people don’t like being taken advantage of, so that’s never going to happen.’
But people were still ignorant.
continue in the future.
‘Therefore, everyone on the floor of this market will move well on the board I made.’
A commoner’s dream to subdue the lord into debt and take possession of the land he abandoned.
The first phase of that dream was quite cruising.
‘If it goes on like this, it wouldn’t be a shame that I couldn’t become a nobleman. It’s enough for me to become a noble on my own.’