Chapter 728 — The Currency Reform Proposal
Blade of Dawn · Page 1 of 5
Representative money is gold and silver in paper form—a note equivalent to real gold and silver; people's trust in it stems from their trust in real gold and silver.
Credit currency, by contrast, cannot be exchanged for gold or silver. Its value is decoupled from precious metals, and its purchasing power derives entirely from the state's "promise."
In this era, whether the state's promise is enough to make people believe that a pile of paper can replace money—or even to make international trading partners accept it—that is the greatest question of all.
"Your Majesty, perhaps you need not worry about that," said Padrick, knowing what Gao You was thinking. "We have data and samples. And in my view, if we wish to issue credit currency, now may be the best opportunity we have."
Gao Yang looked at Padrick. "...What do you mean..."
"You once taught us the concept of the state as a corporate body, so I know what you are concerned about. Frankly, the fledgling Empire truly lacks the prestige and appeal to impose a new currency decoupled from precious metals across its whole territory, because most of our people do not even have a clear notion of nationhood, they lack sufficient trust in the Civil Administration, and they certainly do not revere 'the power of the Empire.' But... you can."
Gao Yang was taken aback for a moment, then suddenly could not help but want to laugh. "You mean that my personal prestige as the founding emperor is enough to..."
He did not finish; the latter half of his sentence trailed off.
Perhaps... it really is enough.
Because those who have only just shaken off the Ansu monarchy are still on their knees—even if the Civil Administration has forced their bodies upright through law, the knees in their hearts are still nailed to the ground.
They may not understand what a "motherland" is; they may not grasp the concept of the Civil Administration; they may not yet comprehend the power of the state—but in their bones they still revere the "monarch" unconditionally, accompanied by unconditional obedience.
This blind and backward state of affairs had always been regarded by Gao Yang as the greatest obstacle to building a new order, but if one thought differently... it was also a situation worth drawing strength from.
"Your Majesty, your prestige and appeal are stronger than you imagine. This is not only because you founded this Empire and received the oath of every noble, making you the shared sovereign of all Cecil's citizens today, but even more because of seven hundred years of propaganda that has all but deified the first-generation pioneers," Padrick went on. "To preserve their own stable position, and to reinforce 'the juridical basis of noble blood's superiority,' every Ansu king and nobleman over the past seven hundred years has spared no effort to burnish the glorious image of the first pioneers. The effect on the common people has been especially vast—among some of the more superstitious and ignorant folk, your resurrection is regarded as a kind of 'miracle.' Among that segment of the population, you possess a very special and utterly unrepeatable appeal.
"Your Majesty, I know you have been striving to change this benighted and backward situation. You wish to replace the old monarchy and the enfeoffment system with the Civil Administration and the concept of the state, to transform the people from blindly obedient 'chattel' into glorious and dignified 'citizens.' But this cannot be done overnight. Since it cannot be completed overnight, then before the ultimate goal is achieved—and without impeding the process of building—we may as well make a little use of this situation."