The Founder of the Great Financial Family

Chapter 93 (1)

Guild Meeting #2(8)

The emergence of the Goblin Dollar.

It was the moment when credit certificates, which had been unknowingly used like money among people, finally took on the complete form of a currency.

Until now, currency had only been coins made from materials with intrinsic value, such as gold and silver.

However, due to the deception of greedy bankers, traditional metal currencies were disregarded, and an entirely new form of currency was born.

While conventional currencies required actual gold and silver to create new money, the paper currency that Rockefeller now proposed only needed credit and paper, theoretically enabling the creation of an infinite amount of money.

"Goblin Dollar?"

"It seems like he's suggesting unifying all the credit certificates we've been using."

"But if we do that, we'll have to take responsibility for the credit certificates issued by others."

"Well, we were already taking responsibility for them to some extent, regardless of where they were issued."

One of the guild members who had been debating raised his hand and caught Rockefeller's attention.

When Rockefeller granted him the floor, the man stood up and began to voice his concerns.

"Are you suggesting that we should integrate all the credit certificates issued by various banks into one?"

"That's correct."

"Then let me ask you this. If that happens, there might be cases where one bank would have to take full responsibility for credit certificates issued by another bank. Of course, this would not be an issue if the credit certificates were based on actual gold, but it would be very inconvenient and troublesome for us."

He asked Rockefeller, strongly questioning his proposal.

"Do we have a reason to unify the various credit certificates issued by each bank, even if it means enduring such inconvenience?"

In response to his question, Rockefeller answered with a smile.

"You seem to have misunderstood something. The Goblin Dollar I mentioned earlier is no longer a concept like a credit certificate. As I explained earlier, it is a new currency."

Rockefeller then asked him a question.

"Let me ask you this. Why do people return credit certificates to us and take gold coins?"

"Well, that's because they need the gold coins."

"Why do they need them?"

"Well... it's because they are money."

Rockefeller immediately responded to that.

"That's right. Gold coins are money, and people needed them, so they returned the credit certificates to us and took gold coins. But if the credit certificates we issued were used like money, would people really go through the trouble of coming to the bank to exchange them for gold coins? What they're already using is money, right?"

"Well..."

"If the Goblin Dollar were to be used like gold coins, at least some of the concerns you initially had would be resolved. There would be no need to exchange them if people didn't come in the first place."

"Heh..."

"I understand your feelings. You might still find it strange to think of credit certificates being used like money."

At that point, a guild member spoke up without waiting for permission.

"That's not true. Credit certificates are already being used like money here, albeit unofficially."

Rockefeller, who didn't bother to point it out, continued the conversation.

"Then you should find it easier to understand what I'm saying. What I proposed earlier is to maximize that practice."

"So, do we gain anything from doing this?"

"Of course, we gain something."

What could be gained from this?

As everyone expressed their doubts, Rockefeller subtly revealed the true trick.

"Gold coins require gold to be minted, and silver coins also require silver to be minted. However, our new paper currency only requires the Lyon Guild's credit and paper."

It was a completely new concept.

Being able to mint money with paper.

A few bankers who understood this began to nod vigorously.

It wasn't that they hadn't thought of it like Rockefeller.

They just lacked the courage.

"From now on, we'll do it openly. And that will make us even richer. Who can compete with us, creating wealth out of nothing?"

Then, a guild member expressed his half-believing, half-doubting concern.

"I have one question. Will people use it? They're not fools. Instead of using real money like gold coins, will they use the scraps of paper we've minted?"

Rockefeller still smiled at the question.

"Didn't I say it earlier? The two things needed for that paper currency are credit and paper. We can ignore the paper, which is abundant everywhere, and focus on the important thing: credit. A firm belief that we will return the gold coins whenever and wherever the loan certificates are brought, and trust. Only then can things go our way."

"That credit is..."

"How can we create that credit? Will it be created by each bank issuing its own loan certificate? No. When we have the trust to unconditionally accept something they believe in, only then will the Goblin Dollar's credit be complete."

A guild member suddenly asked.

"But why the Goblin Dollar? I understand the name Goblin, but what on earth is a dollar?"

Would any of them here know about the dollar?

Rockefeller didn't think so.

"Dollar is just a name I came up with. Since it's the world's first paper currency, isn't it okay for me to name it?"

As the new guild leader arbitrarily named it, the majority began to accept it.

"With paper money... we can just print it out randomly."

"Are we creating something from nothing?"

"It's not just ingenious, but a terrifying idea, isn't it?"

"It's scary, but it's definitely good for us."

Rockefeller informed them of the direction they should go before concluding this meeting.

"And the Goblin Dollar is also our grand plan on the extension of deposit interest. If deposit interest is activated, most of the gold coins in the empire will come to us. Then, inevitably, a large amount of loan certificates, the gold coin storage certificates, will circulate, and we plan to activate the Goblin Dollar using that as a catalyst."

Rockefeller's words were not over yet.

"I sincerely pray that in the new world we are about to enter, everything will go our way."

As he finished speaking, Rockefeller's gaze turned to Bishop Verkis, who was still in his seat.

As their eyes met, Rockefeller respectfully bowed.

"And we will always share our profits with the church."

Upon seeing this, Bishop Verkis seemed somewhat convinced and nodded his head.

There were some unpleasant aspects in the content of this meeting. However, since he said that the profits would be shared with the church, he accepted it on his own.

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