Chapter 264 Seigniorage

After some twists and turns, on May 12, 1855, the first currency after the establishment of the New Holy Roman Empire, the Rhine Shield of the Holy Roman Empire of the New God, was officially issued.

The Vienna government successfully obtained the coinage right, and the reserves of the governments of various states were also unified into the reserves of the Imperial Central Bank, but they were temporarily deposited in each state.

It's not that Franz doesn't want to do it in one step, mainly because he has just dug up a piece of meat from the bowls of the governments of various states, and stimulating their nerves will easily cause a rebound.

Since everyone wants to stay in their hands, they will stay. Anyway, the central government will send someone to supervise and prohibit anyone from using these reserves.

There is no doubt that the central government can legally levy the seigniorage of various states with the right to coinage. Seigniorage, as the name implies: it is the income obtained after deducting the cost of issuing currency.

Of course, now is the gold standard era, and reserves are still needed. The profit from issuing currency cannot be as great as the credit standard era of later generations.

Even so, seigniorage is also an important part of fiscal revenue. In contrast, tobacco and alcohol taxes are weak and cannot be compared with them at all.

The British want to establish a "pound-gold" system, in essence, they want to collect seigniorage around the world. Obviously, this requires the recognition of all countries in the world, and everyone must be willing to use sterling for settlement in international trade.

There are only two ways to do this. Either rely on strong strength to convince everyone, or only through the exchange of interests, let everyone accept the pound as an international settlement currency.

So far, this plan of the British has not been successful. The Vienna government has adopted the gold standard system. Unfortunately, the New Holy Roman Empire only recognizes gold in international settlements.

What are British pounds, can I eat them?

On this issue, the London government and the Vienna government have communicated many times, but in the end it was fruitless.

The British want to collect seigniorage, and Franz also wants to collect it! Austria is not yet qualified to collect seigniorage around the world, but in the circle of the Holy Roman Economic Union, it can still be collected.

Otherwise, why would the Vienna government take the risk of reforming the gold standard? We must know that currency reform also needs to consume costs and bear certain risks.

Judging from the current situation, after the currency reform is completed, the seigniorage revenue of the Vienna government will account for about 0.5 to 2 points of gdp.

The data gap is so large, mainly depends on the domestic economic development. The more prosperous the economy, the more currency is demanded in the market, and the more this currency is taxed.

Of course, this is internal, and there cannot be so many externally. Franz also cannot ask other countries not to issue currency and use "Aegis", at most, let everyone use "Aegis" in foreign trade settlement with the New Holy Roman Empire.

This is a long-term job. In a short period of time, everyone still uses gold and silver for settlement. The Aegis is only available within the New Holy Roman Empire.

It is also not so easy to convince everyone to join the "Aegis-Gold" system. If there are no visible benefits, why do people pay you this seigniorage?

Once the status of the international currency is determined, the demand for gold reserves will also decrease, and everyone can also support the currency value by relying on the credit of various governments.

At present, the most mainstream currency is gold and silver. This kind of hard currency is the most widely used. The remaining pounds, francs, and Aegis are just ordinary currencies.

The British have begun to promote the pound, and promoting the reform of the gold standard is the most important part of it. Only when everyone has the same standard can the pound-gold system be established.

...

Chancellor of the Exchequer Carl said in high spirits: "Your Majesty, the issuance of the Aegis is going well, and now we have sufficient gold and silver reserves to cope with all fluctuations."

Thanks to the reset system of gold and silver in various countries in this era, the Austrian government took out silver in international settlement, and everyone would still be happy to accept it.

If all countries abandon the multi-standard system, it will be difficult to obtain gold from the market, and even buying up all the gold in circulation will not be enough.

Historically, because of the lack of sufficient gold in the market, the governments of various countries that carried out the reform of the gold standard had to compromise with the British and accept the pound-gold system.

Even in some countries, the gold gap is too large, and the pound is directly used as the standard for issuing the currency.

This is why it is generally believed that the peak of the British was after the Anglo-Boers War. After getting South Africa's gold, most of the gold in the international market fell under the control of the British, and the hegemony of the pound in the world currency was truly established.

Franz nodded and said: "Don't take it lightly, continue to strengthen the monitoring of the financial market, and immediately activate the emergency plan once a large amount of capital outflow is found."

Although he does not think that someone will do something at this time, the actions of the British have already sounded the alarm for Franz. In order to establish the currency hegemony of the pound, who knows whether the British will do another wave.

The consortium Carl replied solemnly: "Your Majesty, please rest assured. We have sent people to target foreign consortia entering the country. Once they withdraw their capital, we will take action.

Their black material has been collected, and when the time comes, it will be enough to temporarily detain their capital, and if the situation is serious, they can be directly sent to the gallows. "

The capitalists of this era, who does not have a black history? Even after entering Austria, these foreign capitals have somewhat restrained their behavior, but the bloody capital is still indispensable.

In normal times, in order to develop the domestic economy, people do not raise officials and do not investigate, these issues are shelved, and everyone pretends not to see anything.

Now at the critical moment, once these inconspicuous black histories are exposed, it will be enough to make them unable to eat.

With a criminal record, capital becomes illicit money, which can ultimately be seized or confiscated according to Austrian law.

Anyway, as long as there is evidence in hand, no matter how big their background is, the Vienna government is not afraid.

Franz instructed: "Continue to stare at them, if they want to leave at this time, they can send someone to do ideological work for them first, and if it really doesn't work, they can use extreme means.

Note that the evidence in our hands must be sufficiently convincing. Even if you want to take action, you can only kill chickens to warn the monkeys, and catch a few serious actions.

We cannot turn against all international capitals, and we must pay attention to the methods and methods when we act. The government cannot go into battle directly. "

There's no need, Franz still doesn't want to turn against international capital. This kind of thing is killing the chicken and getting the egg. Once you do it once, there will be no chance to do it again.

In the future, it will be impossible to issue bonds in the international market or to attract foreign capital. Even normal commercial trade between Austria and the outside world will be retaliated by them.

At present, the industrialization process of Austria still needs foreign capital to contribute, and these people are all valuable.

If they were strangled at once, even if the government got a lot of cash in their hands, there was no way to achieve the same result.

"Yes, Your Majesty!" Carl replied cautiously