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真正的强者，是在最孤立无援的时刻，依然坚持到底————【马云】
The real strong are at the most isolated moment, and they're still going through it.
1
股市币圈的“双杀”
Double-killing of market currency
最近寒流席卷了神州大地，很多地方都冷到让人加厚衣服了。天气上的寒冷尚可用衣服抵御，但股市和币圈的寒冷却是直击内心的。在股市币圈的双熊之下，又有几个人能全身而退？现在登上搜索引擎，搜索股市、币圈出现的却也是满屏凄凉.....
There's a cold storm all over the Shenzhou land, and many places are so cold that the clothes can resist it, but the cold of the stock market and the currency ring is a direct blow to the heart. Under the two bears of the stock market, how many people can walk away? Now on the search engine, the search market and the currency ring are full of blizzards...
（图为作者检索所得）
(Figures retrieved by the author)
无论是美国华尔街的证劵（Security，还是最近方兴未艾的币圈STO（Security Token Offer）。都是指是一种表示财产权的有价凭证（通证），人们在交易这种通证，使之流通起来并有价格的波动。但证劵并不是近代才出来的，在我国宋朝时期，类似证劵的产品已经出来，而且北宋的朝廷的手法也是高明之极，可以说是当时世界上的顶端玩家，玩转“证劵交易”。
Whether it is the certificate of the American Wall Street (Security) or the recently unbridled STO (Security Token Offer) is a price certificate (passport) of property rights, which people are trading in to make it flow and price fluctuations. But it is not a recent generation, and the products of the certificate have come out during our Song dynasty, and the court of the North is also brilliant, and it can be said that it was the top player in the world at the time, turning the certificate transaction.
2
宋朝的“证劵”
"Certificate of Song Dynasty"
宋朝是中国历史上承五代十国下启元朝的朝代，在中国历史上也是一个极为繁荣的朝代了。提到宋朝，除了苏东坡、欧阳修、范仲淹、岳飞等一众历史名人外，宋朝更是中国历史上经济、文化、教育最繁荣的时代，达到了封建社会的巅峰。宋朝是中国商人最喜欢的朝代之一，商人受歧视的程度很低，商业环境也比较宽松。宋朝立国之初，就颁布了一系列鼓励商业、体恤商人的法令。太祖诏曰：“榜商税则例于务门，无得擅改更增损及创收。”在这样的利好刺激之下，商业的浪潮席卷全国，社会各阶层都有人加入经商的行列。“人家有钱本，多是停塌、解质，舟舡往来兴贩，岂肯闲著钱买金在家顿放？”就足以证明宋人非常具有投资意识。（”停塌“是指仓储业，"解质"是指放贷，“舟舡往来兴贩”是指长途贩运业)
The Song dynasty was one of China’s favorites, with a low level of discrimination and a more liberal business environment. At the beginning of his founding, Song dynasty enacted a series of decrees to encourage commercial and business interests. Tai Xing Dynasty, with the exception of Sudong Po, Ouyang-shiu, Fan Jung-hoon, Yue-Fu, and other historical celebrities, said that Song dynasty was one of China’s most prosperous times in economic, cultural, and educational history, and reached the peak of feudal society.
其实现在盛行的证劵在宋代就有了，在一些历史穿越小说里，很多穿越到宋朝的主角甚至会从当时的”证劵交易所“发家积累第一桶金。这正是宋朝商业发达的表现，宋朝人为了做生意方便，除了使用交子之外，还使用了有价证劵。比如便钱劵、告碟，还有盐茶矾香钞引。算是在唐朝的飞钱便换之上迈出了很大的一步。
In some historical novels, many of the protagonists who travel through the Song dynasty even accumulated the first barrel of gold from the then "Certificate Exchange." That is how Song dynasty is commercially developed.
3
这个证劵是怎么一回事？
What's with the testimony?
宋朝的官府也很会做生意。那时候，他们的便钱在兴盛时期，可以达到数百万贯，因此也就有相应的数百万贯钱券在市面上流通。再来看看南宋人耐得翁《都城纪胜》的一段描述：“都城天街，旧自清河坊南，则呼南瓦北，谓之‘界北’。中瓦前，谓之‘五花儿中心’。自五间楼北至官巷南御街，两行多是上户，金银钞引交易铺仅百家余。门列金银及见钱，谓之看垛钱，此钱备入纳算请钞引。并诸作匠炉鞲，纷纭无数。”其中”交引铺“就类似今天的证劵交易所，一般交易的商品有盐引、茶引、矾引、香药引、犀象引等有价证券。宋代实行比较广泛的禁榷制度，盐、茶、矾、香药等采取间接专卖：先由商人向政府设立的榷货务入纳现钱，换取一张交引，然后凭着这张交引到指定地点领取盐茶等商货。因为交易量非常大，当时政府专门设立了“交引库”，“在太府寺门内，专印造茶、盐钞引”。
At the time of the boom, their money could reach millions, so there were millions of coupons on the market. Then again, look at the narrative of Neptune of the South Koreans: “Tokyo Street, from the south of the Qing River to the north, which is known as the ‘Tribunal North’.” Before China, it is called the ‘Five Flowers Centre’. From the north of the five buildings to the south of the city, more than two lines are headed to the capital, with gold and silver being traded in only over a hundred houses.
（从清明上河图看出宋朝的繁荣）
"The prosperity of the Song dynasty can be seen from Chiang Ming
代交引交易的出现，实际上就是创造了一个发达的证券市场，并带动资本的高效周转：受诱人的钞引“加饶”所吸引，行商、“土人”会积极贩运军需物资前往沿边州郡“入中”，以手中物资换取一张“加饶”的钞引。大城市的”证劵交易“非常发达，《续资治通鉴长编》说一些州县的土人“既得交引，特诣冲要州府鬻之”，可见各个“冲要州府”都设有“交引铺”。杭州更是南宋的金融中心，单“界北”的一条街，就有上百多家“交引铺”。交引的买卖是大宗交易，必须有十分雄厚的本钱，所以这些“交引铺”的门面，都摆出大堆“金银及见（现）钱，谓之看垛钱”，以示自己的资金流充足。
In fact, the introduction of transactions has led to the creation of a developed securities market and the creation of efficient capital turnover: attracted by attractive banknotes, traders and natives actively traffic in military supplies to the border counties in order to trade in goods in their hands for a “rigid” banknote. The certificate deal in the big city is “very well developed,” the Chief Executive says that some natives in the counties “have to be drawn, to the capital of the state”, and that there are “leading shops” in the capitals. Hangzhou is the financial centre of the South Song, with hundreds of “leading shops” in the north alone.
4
古代的证劵是怎么玩的？
How do ancient evidences play?
跟现在的证券交易一样，“交引铺”当然也是通过买进、卖出交引的差价获利。因此，宋代的一些“金融大鳄”凭借其雄厚的资金我，操纵市场，压低交引的市场价，购入交引。如北宋皇祐年间，“券至京师，为南商所抑，茶每直十万，止售钱三千，富人乘时收蓄，转取厚利”。“交引铺”收购的交引，通常不会直接用于提货，而是转手卖给茶盐商：“铺贾自售之，转鬻与茶贾”。
So some of Song's “financial crocodiles” use their money to manipulate the market, lower the price of the market, and buy it. For example, during the year of the Emperor, “Stands to the Master of North Song, under the control of the Southern Trader, stop selling three hundred thousand per direct tea, and the rich take advantage of it.” The “Standover” purchases are usually not used directly for the delivery of goods, but instead are sold to tea salt dealers: “Stale them, turn them over to teats and teats.”
5
国家级的“玩法”
"Playing" at the national level
其中交引的交易是合法的，受到当时法律的保护。在这方面，宋朝政府比较开放，遇到大铺商操纵市场的情况，也不会采取强制介入的做法。当时有个官员叫范祥，在宋人王巩《随手杂录》说，“范祥钞法，……贮钱五百万贯，不许辄支用。大约每钞极贱至五贯，即官给钱五贯五十文买之。极贵，则减五十文货之。低昂之权，常在官矣。”当时的朝廷就采用这种做法，在市场价太低的时候，以略高于市场价的价格买入交引；而当市场价格过高时，又以略低于市场价的价格出售交引。用这种方法来平抑交引买卖的市场价格。是不是和现在的平准基金很像呢？
The transaction is legal and protected by the law at the time. In this respect, the Song dynasty was relatively open and confronted with the manipulation of the market by large-scale dealers, and did not resort to coercive intervention. One official, Fan Xiang, said in his "Access Book" by Wang Xiang, “Fenxy notes, 5 million dollars in stock, no easy use.
宋朝政府还曾进行”战争融资“，通过发行钞引（公债），在缺少现钱的情况下，运用信用资本调集巨额的军需物资，完成”战争融资“的同时，还拨动了资本与商品的流转，促进了长途贸易的发展，带动了沿途的经济发展。从“使商贾之业得通于道途，必兼并之家不拥其财币，则市井繁富，泉货通流，交易贸迁，各得其所” 中就可见一斑。
The Song dynasty government has also been engaged in “war finance” by issuing banknotes (public debt), using credit capital to mobilize huge amounts of military supplies and complete “war finance” in the absence of cash, while also channelling capital and commodities, facilitating long-distance trade and stimulating economic development along the way. This is evident from “the success of the trade in business, which must be accompanied by no money, and the wealth of the market, the flow of springs, and the trade and trades of each.”
在宋辽两国战争之际，交引也发挥了极大的作用。宋朝积弱，因无产马地和长城失守，在几十年的战争后最终失败。双方达成了”檀渊之盟”。根据盟约，宋朝每年送给辽岁币10万两、绢20万匹，合计白银30万两。檀渊之盟后，宋辽从此罢兵言和，双方维持了上百年的和平。两国能够维持长期的和平，主要原因就是双方都对这个盟约非常满意。
The Song Dynasty was weak and failed after decades of war, owing to the loss of productive land and the Great Wall. The two sides agreed on a “waring alliance” between the two sides. According to the pact, the Song dynasty gave a sum of 100,000 yuan and 200,000 silver dollars a year, amounting to 300,000 silver dollars. After the alliance, the Song dynasty called for peace, and the two sides maintained peace for hundreds of years. The main reason for the long-term peace between the two countries was that both sides were very satisfied with the pact.
（檀渊之盟）
"The Confederate of the Honolulu"
为什么都满意呢？对于辽国而言，宋朝给了那么多财物，以后不用再把脑袋别在裤腰带上去抢。虽然宋朝打不过辽国，但也不是好欺负的，宋军不仅装备精良而且善于防守，辽国打劫的成本非常高，有时候不仅抢不到多少东西，还会损兵折将得不偿失。现在坐在家里就有人每年送上30万两白银，辽国自然乐得其成。对于宋朝而言，宋朝同样非常满意，甚至可以说喜出望外。区区30万两就把辽国打发了，这对于当时国家生产总值占了整个世界的80%的宋朝来说还是可以承担的。
The Song dynasty has given so much money to the Liao Empire that it will not be necessary to rob it. For Song Dynasty, it will not be easy to bully. The Song dynasty is not only well-equipped and defensive, and the cost of the Liao dynasty is so high that it may not be too much to rob, but it will not be too much to lose.
关键的是这三十万其实是代金劵。宋朝用30万代金券换取辽国的和平贸易，不仅不用和辽国打仗，而且还可以剪辽国的羊毛，辽国每年向宋朝购买的货物1000万都不止，宋朝从双方的贸易中赚取了数百万甚至上千万的顺差。两国一年贸易算下来，仅仅相当于宋朝给辽国打了个九七折。这和现在的商家套路差不多。用代金劵免去了战争的危险，换取了百年的和平......面子虽然输了，里子总算通过代金劵找回来了。
The key is that the 300,000 yen is actually gold. The Song dynasty traded 300,000 vouchers for peaceful trade in the Liao countries, not only to fight the Liao countries, but also to cut the wool of the Liao countries, which buys more than 10 million goods each year from Song Dynasty, which earns millions or even tens of millions of surpluses from trade between the two sides. The trade between the two countries is only like a 90% discount on Song dynasty.
6
说在最后的话
in the final words
总之在宋朝时，证劵曾盛行一时。古代的一张小小的钞引，将整个市场都搅动起来。这非常不简单。那么如今的TOKEN，会不会无视国界将整个世界的经济市场搅动起来？ 如果可以，那需要多长时间呢？
At the time of the Song dynasty, the certificate was popular for a while. An ancient one of the small banknotes, which stirs up the entire market. It's not easy. Now, Token, is it possible to ignore borders to stir up the world’s economic markets?
本文首发：币投财经
Launch: Monetary investment
(www.bitoucaijing.net)
本文作者：币投财经北祁
Author of this paper: Monetary investment in the North.............................................................................................................
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