The Qing Dynasty is about to end

Chapter 1006: Before fighting against the outside world, one must first make peace with the inside
23 Wall Street, New York, Morgan Stanley headquarters.

The oak doors to the top-floor conference room were pushed open by two fully armed army officers, their leather boots clicking crisply on the marble floor.

"Stand up. Commander-in-Chief General Sherman has arrived!"

At the adjutant's loud shout, all the tycoons in the conference room, dressed in black tailcoats—Morgan, Rockefeller, Carnegie, Vanderbilt, and Gould—stood up from their chairs, their faces plastered with respectful smiles, their eyes all fixed on the doorway.

General William Tecumseh Sherman strode in, his blue-grey uniform impeccably tailored, devoid of any medals except for the four stars on his epaulets, which gleamed coldly under the lights. Behind him followed two men—one a somber-faced Robert Lincoln (former Secretary of War, son of President Lincoln), and the other William Gordon, leader of the Ku Klux Klan, whose white robes had been replaced by a smart black suit, but whose eyes remained as sharp as a hawk's.

Sherman's gaze slowly swept over everyone, finally settling on the head seat at the far end of the conference table. He did not sit down immediately, but instead tapped the table lightly with his fingers, his voice deep and authoritative: "Gentlemen, please sit down."

Morgan and the others then cautiously took their seats, the chair legs scraping slightly on the floor—these Wall Street tycoons, who had always been aloof and arrogant, frowned slightly at this moment: something was off! They were major financial magnates! Why should they be afraid of Sherman, this warlord?

After Sherman sat down, Robert Lincoln immediately stepped forward, unfolded a military map, and laid it on the table.

“The Commander-in-Chief’s plan is as follows—” Robert Lincoln, Secretary General to General Sherman, Commander-in-Chief of the United States Army and Navy, spoke calmly and precisely, “The first phase is to eliminate the workers’ union rebels in New York, Chicago, Pittsburgh, Philadelphia, and other areas, and to implement martial law for a period of time to completely restore order.” His finger traced across the map. “The second phase is to encircle and suppress the rebels in West Virginia and completely destroy the workers’ union’s strongholds.” He paused, his gaze sweeping over the crowd, “The third phase is, after the United States has completely pacified the region, to concentrate our forces westward, destroy the American Empire, and unify the United States.”

The meeting room was silent, save for the occasional crackling of the firewood in the fireplace.

What does this period of military control mean?
How long is "a period of time"? A month? Two months? Or...?
J.P. Morgan was the first to speak up: "The Commander-in-Chief's plan is brilliant, and we fully support it."

Rockefeller nodded in agreement: "The workers' union must be completely eliminated, or the United States will become a second Russia."

Carnegie tapped his fingertips lightly on the table and said with some concern, "But the terrain in the West Virginia mountains is complex, and the miners are familiar with underground tunnel warfare. A direct assault would likely result in significant losses."

Sherman sneered: "That's why we need more military spending."

Gordon, who had just been appointed chairman of the KKK National Committee by Sherman, stepped forward and said in a hoarse voice: "Gentlemen, the treasury is empty, but suppressing the rebellion requires money, the army requires money, and rebuilding order requires even more money."

Morgan frowned: "We can issue war bonds, and Wall Street can underwrite them."

Sherman suddenly raised his hand to interrupt him: "Public debt?" His voice was as cold as ice. "What America needs is not borrowing, but monetary sovereignty."

Robert Lincoln took a stack of brand-new banknote samples from his briefcase and placed them on the table. The banknotes featured a profile portrait of Sherman, with the words "1 new dollar = 100 old dollars" clearly marked below.

“These are the new US dollars that the Treasury is about to issue.” Sherman tapped the banknotes with his fingers. “From today onwards, all transactions involving gold, silver, and foreign exchange must be conducted through the Central Bank; private buying and selling is prohibited. Moreover, only import trade approved by the Treasury is permitted to use gold, silver, and foreign exchange! And all export settlements will be mandatory!”

The meeting room fell into a deathly silence.

Morgan's eyelids twitched violently, Rockefeller's fingertips trembled slightly, and Carnegie's brows furrowed—they immediately realized what this meant.

Financial regulation.

Moreover, the US dollar is no longer a "convertible currency" from now on—although the "convertibility" of the US dollar has long since turned into "refusing to redeem," the nature of the two is still different—one is a "debt dodger," and the other is "I don't owe any debt at all"—can they be the same?

Furthermore, if the buying and selling of gold, silver, and foreign exchange is prohibited in the private sector, the US dollar will no longer be a freely convertible currency. For Wall Street, this would be like putting bankers in cages one by one!
Sherman continued, his voice as firm as iron: "First, all gold, foreign exchange, and silver held by banks must be handed over to the central bank within three days."

"Second, all foreign trade settlements must be approved by the central bank, and those who exchange foreign currency privately will be punished for treason."

"Third, all domestic transactions must be conducted in the new US dollar, or all property will be confiscated."

"Fourth, implement nationwide price controls, with maximum price limits on necessities such as bread, milk, eggs, and coal."

A cold sweat broke out on Morgan's back. This wasn't a simple monetary reform; it was a complete takeover of the entire American economy! Wall Street's financial hegemony was about to be utterly shattered.

“Commander-in-Chief…” Morgan’s voice was hoarse, “such regulation could paralyze the market…”

Sherman's gaze swept across his face like a blade: "Mr. Morgan, are you worried about market paralysis, or about losing control of the currency?"

Morgan was speechless.

Sherman added coldly, "As long as American factories and mines are still operating at full capacity, and American farms are still planting crops normally, the market cannot be paralyzed! America has the world's second-largest industry and the world's third-largest agriculture, and our population is only 4000 million! I want to know, why can't our workers even afford bread, milk, and eggs? What exactly have you done?"

All the major capitalists present shrank back, as if a Sherman cavalryman was brandishing a sword behind them—the inflation in the United States over the past two years was certainly related to the government's excessive issuance of paper money to raise funds for the military. But Wall Street capitalists had also been hoarding and speculating, buying and selling indiscriminately. And the reality of the United States was that it wasn't truly lacking enough food, eggs, milk, and meat to feed everyone. So why were prices so high? Sherman stood up, placed his hands on the table, and looked down at everyone: "Currency and financial reform are requests, not orders. Either cooperate, or—" His gaze swept over Gordon, "the KKK will make the choice for you."

Rockefeller was the first to react. He stood up and bowed slightly: "The Commander-in-Chief has great foresight. Of course, we support him."

Carnegie followed up: "The steel company is willing to accept the new dollar settlement."

Vanderbilt and Gould exchanged a glance and slowly nodded.

Morgan took a deep breath and finally lowered his head: "Morgan Bank... obeys orders."

Sherman nodded in satisfaction: “Very good.” He turned to Robert Lincoln: “Notify the Treasury Department that the National Economic Emergency Act will be formally promulgated tomorrow.”

The following morning, New York streets were plastered with notices:

"According to the National Economic Emergency Act, effective immediately: bread shall not exceed 10 cents (New Dollars) per pound; milk shall not exceed 5 cents (New Dollars) per quart; coal shall not exceed 2 dollars (New Dollars) per ton; violators shall have their property confiscated, and those with serious offenses shall be executed by firing squad!"

Army soldiers patrolled the streets, and merchants nervously adjusted their price tags under the guns of their guns. The owner of a bakery secretly raised his prices to 12 cents (new dollars, equivalent to $12 in old dollars), and that afternoon he was hanged by KKK militiamen in front of his shop with a sign around his neck that read "Speculator."

In front of the vault of Morgan Bank, army soldiers at gunpoint watched as workers moved gold bars. Morgan stood to the side, his face ashen.

"Register them all," the officer said coldly. "Even if you're missing an ounce, you'll all be court-martialed."

Morgan's private secretary whispered, "Sir, should we speak quietly..."

Morgan shook his head: "No, don't think about it, life is more important."

Charleston, West Virginia.

James Brown, president of the West Virginia Workers' Republic, stood on the steps of the state capitol, watching the smoke rising in the distance. Ku Klux Klan militias were gathering on the outskirts of the mountains, while further away, Sherman's army division was slowly advancing.

“They’re here,” Brown said in a low voice.

Sam Catl, a veteran standing beside him, cocked his rifle, his scars stretching from his brow to his chin: "Let them come. Our mines will give them a run for their money."

Tom, the young miner, gripped his shovel tightly: "Comrade Brown, can we win?"

Brown did not answer immediately. He looked towards the eastern sky, where the direction of New York could be faintly seen.

“Of course!” he finally said. “If we persevere, we will definitely win! Sherman has already offended everyone.”

In the distance, the booming of cannons signaled the start of a new round of encirclement and suppression.

Washington, D.C., the White House.

Sherman stood by the window, watching the soldiers patrolling Pennsylvania Avenue. Robert Lincoln stood behind him and whispered:
"Morgan and his men have already yielded, but secretly..."

“I know,” Sherman sneered. “Let them do their dirty work. As long as we control the currency, the food, and the guns, Wall Street can’t turn upside down.”

He turned and pointed to the map of the United States on the wall: "After we deal with the workers' union, the next one will be the American Empire."

Robert hesitated, "But such economic regulation..."

“A short, sharp pain is worse than a long, drawn-out one,” Sherman interrupted him. “Either you take a hard line on the economy now, or you wait for a revolution like in Russia. Which do you choose?”

Robert remained silent.

Outside the window, the setting sun painted the White House blood-red. A new America was being born from iron and blood.

(End of this chapter)