The influx of silver coins eventually led to severe land annexation in the late Ming Dynasty
"The Fifteen Years of Wanli" (Chapter 26)
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1. Hai Rui regarded the principles advocated by Zhu Yuanzhang as golden rules, and prohibited the production of luxury goods by the common people. Items such as the Zhongjing Lingyun Turban, Wanhong Sajin Paper, Dou Tang Dou Chan, and Dading Shengbing Tableware were all strictly prohibited. He was obsessed with agriculture and strove to emulate the past.
Secondly, neither Hai Rui nor Zhu Yuanzhang anticipated that the government could rely solely on political pressure and moral propaganda, without utilizing technological and economic means to support the people, and the outcome would only be contrary to their expectations.
Thirdly, neither the issuance of legal tender nor the minting of copper coins by Zhu Yuanzhang could meet the market demand, and ultimately, silver coins became the actual currency in circulation.
Fourth, due to the government's inability to effectively control the situation, wealthy families would either bury their gold and silver underground or turn them into gold and silver utensils and jewelry, rather than lending money or buying land.
Fifth, the convenience of silver coins lies in their ability to be easily restored to currency at any time. However, this trend will inevitably exacerbate deflation, making it even more difficult for farmers to borrow money.
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