Reborn As a Pirate
Five hundred and eighth revolving door plan
So, Mr. Narrator, first of all, please tell me what a revolving door is?
Lorraine flipped through the bank's plans page by page, but the string of beautiful printed cursives on the first line of the first page kept echoing in her mind.
revolving door...
Although it is very possible that this name was Hamilton's whim and used the bank's gate to refer to the National Bank plan, but Lorraine just cared, and even he didn't know the reason.
Hamilton smiled contentedly.
If someone else asked me, I would definitely tell him, because the gate of the First Bank is a three-meter-high glass revolving door.
But you are Lorraine Drake and Edward Kenway, so I can't use the first layer of meaning to perfuse you because of emotion and reason.
So you prepared two layers of perfunctory?
Who knows? Maybe I'm telling the whole truth. Maybe I've prepared three or four layers of perfunctory. Anyway, it's not a big deal, is it?
It makes sense. Lorraine put down the pages and sat upright, I'm all ears.
Are you aware of the financial status of the United States? Hamilton asked suddenly.
Financial status... Lorraine pondered for a moment, Are you heavily in debt?
That's just one aspect. Hamilton raised his legs. How should I put it? Because of the sensitivity of wealth, after the victory of the war, the states have always refused to hand over their financial rights. The interim Ministry of Finance is only responsible for a very small part of the government's operating funds.
This kind of operating fund looks a bit like the national tax paid by the states, but it is actually just a high membership fee. It is the same as the annual fee paid to the Havana headquarters by members of your association. We can only decide the expenditure of this money Where to go, can't dictate the source of income.
Because of this, the debts left over from the war are also in the hands of the state treasury. Hamilton raised the corners of his mouth disdainfully, Do you know how much debt we owed during that war?
Lorraine took a sip of wine: 4 million? Or 6 million?
Four million is our population, and the total number of bonds issued by the thirteen states of the United States ... is over ten million, pounds.
That's too...
Lorraine was shocked by this number.
Taxation is the main income model of the country, but it is difficult to implement high tax rates at the colonial level locally.
Simply based on 40% of the employed population, the per capita annual income is 20 pounds,
Calculated at a 25% tax rate, the annual tax revenue of the thirteen states in the United States is only 8 million pounds, and excluding state expenditures, the amount that can be used to pay off debts will not exceed 500,000 pounds.
This data is not rigorous, but the magic is that after removing all kinds of advantages and disadvantages, there is often not much difference from the actual results, and the calculation results are of great reference value.
In other words, the Americans will have to repay the current debt for 20 years...
Hamilton looked at Lorraine playfully: Have you figured it out?
Tax increase? Expenditure reduction? Lorraine asked.
Hamilton shrugged: There's nothing Congress can do about it.
He clapped his hands excitedly.
The financial power is not in the hands of the government for the time being, but it will eventually return to the government. We have set a few time points. The fastest is the first debt peak in 1787, and the slowest is the second debt peak in 1790.
But no matter when they succumb, when we establish a real U.S. Ministry of Finance, there must be a condition attached, that is, to properly resolve the debt crisis in the shortest possible time and maintain the national credit of the United States.
The essence of the revolving door plan is the American debt restructuring plan.
Hamilton pointed his finger on the table and swiped lightly.
I proposed the plan to establish a privatized central bank, the First Bank of America, on the model of Great Britain.
The first task of Bank One is to issue the national currency of the United States, the U.S. dollar. The value of the currency has not yet been determined, but we will definitely issue it.
We will recycle old currency through branches in various states, issue new currency, and issue new government bonds that are limited to the purchase of new currency, so as to recover new currency and use it to buy back old debt.
Issuing new currency, repurchasing old currency, issuing new debt, recovering new currency, repurchasing old debt, freeing up credit space, and continuing to issue new currency.
He draws circles on the table.
Just like this, one link affects the other, continuously allowing gold and national credit to flow, using new and old means to solve the country's debt crisis, and no longer relying solely on fiscal revenue. This is the revolving door plan.
Buzzing.
Hamilton finished his plan excitedly, and reservedly waited for Lorraine's shocked feedback.
Unexpectedly, Lorraine looked down at the book again, as if he hadn't heard it. The only difference is that the speed of turning pages is much faster.
Uh... After waiting for a long time, Hamilton finally couldn't hold back, You don't have any thoughts on such a great plan?
Yes. Lorraine didn't raise his head, Reckless.
ha?
Lorraine quickly read all the plans, and closed the file with a snap.
First Bank Preparatory Committee, when do you plan to form it?
The Preparatory Committee... Hamilton showed a embarrassed expression on his face, Although the revolving door plan has been affirmed by most members of Congress and Mr. President, and there is strong support from Mr. Adams, the name is not justified. Until authorized by Congress...
Next year at the latest, a preparatory committee will be established, and at the same time, it will perform the duties of the Mint Committee and begin to demonstrate the new currency issuance model and other details.
Hamilton slapped the table with a slap: Are you crazy? The Mint Committee has exceeded the purview of the Temporary Finance Department!
Singapore is the core of your revolving door plan, Bank One is just the vehicle.
Lorraine suppressed the plan, and his momentum exploded.
In my opinion, as long as there are new coins and institutions to execute the circulation, your plan can continue to rotate smoothly.
This is of course a good thing for the United States, but Bank One is a private bank. How can the interests of shareholders, or my interests be guaranteed?
Savings, loans, national borrowing and tax deposits, aren't these national bank businesses enough to satisfy your greed?
It's not enough! Lorraine's words clanged, The total share capital of the First Bank is 10 million pounds, and the American consortium...heh, can it support 50%?
……cannot.
So how long can a national bank controlled by a foreign consortium exist? After losing the national business of the United States, even if the bank continues to exist, how will you cash out the profits you said?
The risk is not proportional to the output. This is the biggest problem with the revolving door plan.
Fortunately, you found me first, and I happened to have done research on bonds. Lorraine smiled like a fox, Last year, the Drake Chamber of Commerce issued development bonds in London with 10% shares as collateral. 300,000, and finally raised funds of 1.14 million pounds, with a premium of 280%.”
This proves that bonds can increase in value. As long as the bond issuer continues to show the development vitality that people expect, people's expectations for the bond will far exceed its original value. This is the greatest benefit that the Arc de Triomphe Plan can bring to shareholders.
Lorraine sat down, took a sip of wine to calm down his excitement.
Let's go back to your plan. The new currency needs time to circulate, and it takes time to accumulate reputation. It takes time.
So the First Bank needs to be established, and the new currency must be issued before the establishment of the First Bank. But this will hurt the interests of the bank's shareholders and deprive the shareholders of the benefits they deserve from the minting rights.
How to balance? Naturally, the Bank Preparatory Committee and the Minting Committee are unified, so that the original shareholders will preside over the minting business of new coins from the very beginning, and then merge them into the banking business smoothly.
In this way, when the bank is established, the new currency has been in circulation for a period of time. The bank can immediately start the currency-debt circulation of the Arc de Triomphe plan, issue a large amount of new debt, and replace a large amount of old debt.
The banks themselves will become the largest creditors of the United States, because the country's business is in the hands of the banks, and most of the government's new debt will flow to the banks.
Then it's the commercial behavior of shareholders. Bonds are speculated to increase the value of bonds. Banks release treasury bonds at the right time to cash in the bank's core profits from the premium. The United States does not need to sacrifice for shareholders. On the contrary, as long as the bond market is strong enough, the United States can Harvest a large amount of national credit from it, and then mint more coins, putting everything into a virtuous circle.”
The foundation of all this is prior to the bank's Mint Committee! Lorraine looked at Hamilton, Since you can't provide us with long-term benefits, then create conditions for us to be self-profitable. This is you, the future of America It is an unshirkable obligation of the Ministry of Finance.
Hamilton frowned and fell silent.
How much can you invest?
In 1787, 500,000 pounds, and in 1790, 1 million pounds. In addition, I can persuade the Hundred Chambers of Commerce to take at least 3 million pounds.
What about the guarantee?
Tomorrow night at the latest, the Drake Chamber of Commerce can sign a memorandum of investment intent with the interim finance department. If you need a memorandum of association, give me a month.
A month later, two memorandums were signed at the same time, and I will use them to persuade the president and Congress to provide me with a secret authorization.
Can.
Lorraine held out his hand to Hamilton, and Hamilton clasped it tightly.
make a deal.
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