In Hongwu, we started as rebels

Chapter 1010 Converting Paper Money to Silver: A Dilemma Resolved

That afternoon, the bluestone slabs on the palace road were scorching hot from the sun.

As He Zicheng walked on it, every step felt like stepping on a red-hot iron plate, and his right palm was covered in cold sweat.

The imperial guards lining both sides of the palace road were denser than usual.
The silver armor gleamed coldly in the sunlight, making his heart pound even faster.

When we reached the side corridor of Wuying Hall, several senior eunuchs were squatting beside the bronze crane incense burner, wiping away the ash.

Upon seeing him approach, they all abruptly stopped what they were doing, stood up, and bowed respectfully.

Marquis Guo Ying, who was guarding the gate, looked over.

In the past, He Zicheng would greet him with a smile and a few pleasantries when they met.

Today, however, he kept his head down, his eyes darting furtively into the hall.
"Please inform Your Majesty that He Zicheng of Wenhua Hall has important matters to discuss with you."

Guo Ying looked him up and down, her gaze growing increasingly strange, before turning and entering the Wuying Hall.
A short while later, Guo Ying came out and said calmly:

"Your Majesty will let you in."

He Zicheng took a deep breath, straightened the wrinkled hem of his robe, wiped the sweat from his forehead, and then stepped into the hall.

The furnishings inside the hall remained simple, with several scrolls of memorials piled on the emperor's desk.

On the low table sat the coarse burlap sack, which emitted a faint earthy smell.

Zhu Yuanzhang sat behind his desk, holding a document in his hand, and glanced up at him:
"Give me a seat."

The head eunuch next to him quickly brought over a wooden chair.

He Zicheng dared not sit fully, only touching the edge of the chair, his back bent like a bow:

"Thank you, Your Majesty."

Zhu Yuanzhang picked up the porcelain cup, took a sip of tea, and looked at He Zicheng with no emotion.
"What business do you have with me?"

He Zicheng lowered his head even further, his voice tinged with grievance:

"Your Majesty, I have come today to request my resignation."

"Resignation?"

Zhu Yuanzhang picked up his teacup, blew on the tea leaves floating on the surface, his eyes showing no emotion.
"Why would you resign from your position as a Grand Secretary when you're doing so well?"
"Is it because my salary is too low, or because the workload is too heavy?"

He Zicheng's face flushed red, his fingers twisting the hem of his robe, his voice trembling:
"Your Majesty, rumors have been circulating in the capital lately, all about what happened in my household."
Your Majesty, I am ashamed to stand in the court any longer, and I fear that these rumors will taint Your Majesty's mind and disrupt the administration.

Therefore, I humbly request Your Majesty to grant me permission to resign from my official post.

He returned to his hometown in Jiangnan, and from then on secluded himself to study, refusing to concern himself with politics.

Zhu Yuanzhang looked at him, remained silent for a moment, and then suddenly chuckled softly:
"gossip?"

Zhu Yuanzhang put down his teacup and tapped his fingers lightly on the imperial desk.

"What rumors could make a scholar like you lose face?"

Does this mean you're not strict with your household, or that you can't even control your own daughter-in-law?

He Zicheng suddenly looked up, his eyes filled with embarrassment, his lips trembling, but he couldn't say a word.

He opened his mouth, wanting to explain, but found himself at a loss for words, so he could only bite the bullet and say:
"Your Majesty, I have failed in my duties of managing the household, and I have made you laugh at me."
"I only beg Your Majesty's permission to leave the capital and avoid the limelight."

Zhu Yuanzhang picked up a vermilion brush from the imperial desk.
He casually drew a circle on the blank memorial, his tone remaining indifferent:

"You've been in the capital for over twenty years, rising from compiler in the Hanlin Academy to Grand Secretary. That wasn't easy."

Just because of a few rumors, you're going to leave? Don't you want to think about it?

He Zicheng's heart skipped a beat, thinking that His Majesty wanted to persuade him to stay.
But then I thought, Ye Sheng has already been arrested by the Embroidered Uniform Guard.
He quickly replied that if he stayed, he would inevitably get involved sooner or later:
"Your mind is made up!"
I am over sixty years old and my health is not as good as before. I have long wanted to return to Jiangnan to retire.

There are too many troubles in the capital; I can't handle them all.

Zhu Yuanzhang looked at him for a while, then didn't ask any further questions:
"Alright, I approve. Your salary will be paid by the Ministry of Revenue according to the rank of a Grand Secretary."

Sending it to your hometown every month is a way of acknowledging all the good deeds you've done over the decades.

He Zicheng was stunned by how smoothly things went, and after a moment of surprise, he immediately prostrated himself on the ground and kowtowed:
"Thank you, Your Majesty! Thank you for your grace! Your subject will never forget your kindness!"

"Get up."

Zhu Yuanzhang waved his hand, his tone returning to its previous calm.
"Pack your things quickly and leave the capital as soon as possible, so you don't cause any more trouble."

"Yes! Yes! Your Majesty, I will take care of it immediately!"

He Zicheng quickly stood up, not daring to stay any longer, and bowed as he withdrew.

When he stepped outside the hall, he realized that his legs were trembling.

He leaned against a pillar and caught his breath for a while before letting out a long sigh of relief; things had gone even more smoothly than he had expected.

He practically walked briskly out of the palace gate, called to He Zhong who was waiting outside, and got into the carriage:
"go home!"

The carriage sped along, and the houses along the roadside rushed past.

He Zicheng had only one thought in his mind: it would be best to get away from this place of trouble.
Upon returning to the He residence, He Zicheng jumped down from the carriage before it had even come to a complete stop.

He rushed into the courtyard and shouted at the servants who were sweeping:
"Stop dawdling! Pack up the important things!"

Bring all your gold, silver, jewelry, antiques, and calligraphy! We're leaving tomorrow! Nobody's allowed to delay!

The servants were startled and hurriedly began to pack their things.

He Zhong followed behind and asked in a low voice:

"My lord, has His Majesty really agreed?"

"accepted!"

He Zicheng pulled He Zhong into the main hall, his voice extremely low.
Go and get ready, bring everything you need.
This house is also listed for sale at the brokerage; I won't be coming back.

He Zhong's expression changed repeatedly as he tentatively asked:

"Sir, what about my son?"

He Zicheng's face stiffened, revealing a hint of difficulty:

"We'll make arrangements for this matter when we get back. The capital is in chaos right now, and my reputation is damaged. Even if some things could be done, they can't be done now."

A flicker of sadness crossed He Zhong's eyes, but he showed no sign of it on his face, only feeling a sense of relief.
"Yes, sir. I'll go and prepare."

"Um"

He Zhong quickly turned around and walked towards the backyard, his steps somewhat hurried.

He Zicheng sat in the chair, picked up the cold tea on the table, and drank it all in one gulp.

The cool tea calmed my anxiety a little.

He looked at the servants bustling about in the hall, feeling both anxious and pained.
He valued his reputation above all else, yet now he had to flee the capital like a stray dog.

But compared to life,

What does reputation even matter?
As long as I can return to Jiangnan alive, there is still a chance.

Not long after, He Zhong helped Li Shi out.

She walked up to He Zicheng, her voice trembling:
"Master, are we really leaving?"

"Having committed such a disgraceful act, there's no other way but to leave."

The next morning, just as dawn was breaking,

Two ordinary blue cloth carriages slowly drove out of the He residence's gate.

Turning into the alley, it swayed and seemed particularly deserted.

He Zicheng lifted a corner of the car curtain,
As I watched the familiar alleyway slowly recede into the distance, I felt a mix of emotions.

He has lived here for over twenty years.

From an ordinary old scholar to a Grand Secretary of the Wenhua Hall.

Now they have to flee in such a sorry state, without even the courage to look back.

But they hadn't gone far when the carriage suddenly stopped.

He Zicheng's heart tightened, and he lifted the carriage curtain to ask:
"what happened?"

The driver pointed ahead, his voice tinged with hesitation:

"Sir, there are many people ahead."

He Zicheng looked ahead and saw that the alley entrance was crowded with people.

Most of them were scholars wearing blue cloth robes, and a few were literary friends dressed in the robes of seventh-rank officials.
Holding a book or folding fan, as if waiting for someone.

His heart skipped a beat.
Were these people there to see him off? Or to laugh at him?

Before he could react, a young student wearing the uniform of Mingdao Academy walked over.
He bowed respectfully to the carriage, his voice clear and resonant:
"Lord He, your students heard that you are resigning from your official post and returning to your hometown, so we came to see you off! We wish you a safe journey!"

Immediately afterwards, more people gathered around.
Some handed over their own poems, while others held up a jar of wine.

He said, "Take care, Lord He."
But his eyes kept glancing at the carriage behind him, a hint of ambiguity in them.

He Zicheng could see it clearly.
There was not a shred of respect in those people's eyes; they were clearly laughing at him!

"Lord He, it's such a pity you're leaving!"

A chubby student squeezed to the front, holding a folding fan with He Zicheng's poem inscribed on it, but his tone was full of mockery.
"I heard your family is traveling with you? The journey is long and arduous, so please take good care of them."

The people around him laughed, their laughter filled with malice.

He Zicheng's face instantly darkened, and he clenched his fists.

It's obvious without even thinking that this was deliberately arranged by our long-time nemesis!

His voice was filled with suppressed anger:
"Enough! I have urgent business to attend to. Please leave!" But no one moved; instead, even more people gathered around, chattering amongst themselves.

"That must be Lord He's daughter-in-law, right? Why is she wrapped up so tightly?"

"Shh, didn't you hear? She's pregnant."

"Tsk tsk, you can always know a person's face but not their heart."

These words pierced He Zicheng's heart like needles.

He could no longer contain himself, abruptly lifted the carriage curtain and jumped out, shouting at the crowd:

"Get out! Get out of here!"

The crowd was startled by his outburst and instinctively took a step back.

But they quickly surrounded them again, their smiles growing even wider.

He Zicheng knew that staying any longer would only make things more awkward for him.

He turned and got into the carriage, shouting at the driver:

"Quick! Get on the train! Rush out!"

The coachman quickly cracked his whip, which struck the horse.

The horse, in pain, suddenly lunged forward, pushing through the crowd and speeding out of the alleyway.

He Zicheng leaned against the carriage, his chest heaving violently.
The sounds of their laughter and chatter still echoed in my ears.

My face felt hot and burning, as if I had been slapped hard several times.

"Don't be angry, sir," He Zhong whispered, trying to comfort him.
"Once we leave the capital, we'll never see these people again."

He Zicheng closed his eyes and didn't speak, but just sighed heavily.

The carriage sped along, heading towards Jubao Gate in the south of the city, and soon disappeared into the morning mist.
Meanwhile, inside the Fengtian Hall,
Morning light streamed through the latticed windows of Fengtian Hall, illuminating the golden brick floor.

Thin wisps of smoke rose from the incense burner in the hall.

The scarlet robes of the officials were tinged with a hazy hue.

The court assembly had been going on for a quarter of an hour, and the first topic of discussion was the allocation of materials and labor for the flood control efforts in Henan.
Because of preparations for the autumn harvest, the progress of water management and river repair has been greatly slowed down.

Most of the officials listened with their heads down; everyone knew that His Highness the Crown Prince was still recovering from poisoning.
His Majesty's complexion has been poor these past few days, and no one dares to offend him.

Zhu Yuanzhang sat on the dragon throne at the head of the table.
A bright red dragon robe hung on the footboard, the embroidered golden dragon appearing and disappearing in the morning light.

His fingers tapped unconsciously on the armrest of the dragon throne, his gaze sweeping over the officials below the steps.
When the voice landed on Yan Zhenzhi, the Minister of Works, it deepened:

"When will the stones and cement for the flood control project be transported to Kaifeng? We must not let the project be delayed again like last year."

Yan Zhenzhi immediately bowed:
"Your Majesty, I have ordered the Xuzhou quarry to work day and night, and the quarry will definitely be able to deliver the quarry to Kaifeng by the end of this month."

However, the shipping cost required silver, and merchants in the private sector refused to accept paper money.

The banknotes allocated by the Ministry of Revenue are still stored in the government treasury.

"I'm afraid... afraid of delaying the payment of the hired workers' wages."

As soon as these words were spoken, the hall fell silent, and the expressions of the court officials became subtle.
Everyone fell into deep thought.
In such situations, every word carries a deeper meaning.

Especially the officials of the Six Ministries, they never speak without a purpose.

Zhu Yuanzhang frowned, about to speak,
Then Huang Zicheng, who was lined up in the Hanlin Academy, stepped forward, bowed, and held up his official tablet, his voice clear and bright:
"Your Majesty, I have a memorial to present!"

All eyes in the hall immediately turned to Huang Zicheng.

He was a compiler in the Hanlin Academy, a low-ranking official, and usually listened to lectures from the corners of the palace.

His sudden appearance today surprised many people.

Zhu Yuanzhang glanced at him, his finger resting on the armrest of the dragon throne:
"Send it up."

The head eunuch beside him quickly walked down the steps and took a scroll of memorials from Huang Zicheng's hands.

The cover reads "Respectfully presented by He Zicheng, retired Grand Secretary of the Wenhua Hall".

The eunuch handed the memorial to the dragon throne. Zhu Yuanzhang picked it up, his eyes darkening.
He Zicheng just resigned from his post and left the capital yesterday, so why is there still a memorial being sent today?

"read."

Zhu Yuanzhang threw the memorial back into the eunuch's hands, his tone revealing neither joy nor anger.

The eunuch carried the memorial into the hall.

Huang Zicheng stepped forward, took the memorial, and his fingers trembled slightly as he unfolded it.

He cleared his throat, glanced at the officials below, and then slowly began to read:
"Your subject He Zicheng respectfully reports that the nation's finances are based on monetary laws."

Since the issuance of the Baochao (precious paper money) in the eighth year of the Hongwu reign, thanks to the divine power of the Hongwu Emperor, the people were happy to use it, merchants flocked to it, and the national tax revenue was abundant.

However, in recent years, the value of the currency has been depreciating, gradually losing public support.

On the day I left the capital, I visited the marketplace and its inhabitants.

When merchants traveled to trade, they would use copper coins or exchange them for silver. When paper money was offered, it was often refused.

In the countryside, even with accumulated banknotes, ordinary people could not exchange them for a single bushel of grain.
Even worse, when the government paid taxes, it secretly collected silver and copper coins, rendering paper money almost worthless.

I have also checked the old records of the Ministry of Revenue. This year, the printing of the precious paper money consumed 300,000 catties of paper mulberry and 50,000 catties of ink, involved several thousand craftsmen, and cost more than 10,000 taels of silver.

However, when the money was issued from the government treasury, the people did not accept it, thus wasting national funds without contributing to the country's economy.

The people are the foundation of the state, and wealth is the lifeblood of the people. If monetary laws are disordered, the people will inevitably live in unrest.
If the people are not at peace, the state will be in jeopardy.

The current imperial court has enormous annual expenses, including repairing official roads in the north, controlling floods in the south, and fortifying the border walls in the west, all requiring silver.

If we remain bound by the old system of paper money, the treasury may be shrinking and the people's livelihoods becoming increasingly difficult.

In my humble opinion, it would be better to abolish paper money and use silver instead, specifying its purity and regulating its weight and value.

To allow silver and coins to circulate in parallel, in accordance with the customs of the people.

This way, printing costs can be saved, potentially amounting to tens of thousands of taels of silver annually.

Secondly, it relieved the merchants' predicament, and facilitated smooth trade and circulation.
Thirdly, it alleviates the financial difficulties, and the funds saved can be used for famine relief, water conservancy projects, and supporting the exhausted people.

This is truly a move that benefits the people and the country, and ensures long-term stability and security.

Although I have resigned my post and returned to my hometown, I have received the nation's great favor for thirty years and am deeply concerned about the country's well-being, so I dare not remain silent.

I risk my life to speak this out, humbly beseeching Your Majesty to recognize my foolish loyalty and adopt my humble suggestion. This would be a great blessing for the world and for all the people!

Your subject, He Zicheng, bows deeply a hundred times.

When the last word fell,
The Fengtian Hall was so quiet that you could hear the faint crackling of sparks from the incense burner.

The officials looked at each other, their faces filled with shock.
Has He Zicheng gone mad?

Using silver instead of paper money? That's absolutely outrageous!

"Wow!"

After a brief silence, the hall suddenly erupted in chaos.

Minister of Rites Li Yuanming stroked his beard, his brows furrowed, while Zhan Hui beside him wore a solemn expression.
Some wealthy officials also had strange expressions on their faces.
They had a lot of silver stored in their homes; if they were to abolish paper money and use silver instead...
This would greatly benefit them and prevent the currency from continuously depreciating and shrinking their wealth.

Zhu Yuanzhang sat on the dragon throne, his face growing increasingly grim.

He knew perfectly well that the memorial was not written by He Zicheng!
He Zicheng was a cautious and meticulous scholar.

Even if one had the greatest audacity, one would not submit such a sharp memorial after resigning from office and leaving the capital.

Someone must be using his name to try and disrupt the court!

But in front of the entire court, he couldn't say it aloud; he could only suppress his anger and glance down the steps:
"Fu Youwen, tell me, is the matter of the precious paper money really as described in the memorial?"

Fu Youwen was the Vice Minister of the Ministry of Revenue. He was temporarily appointed to handle the ministry's affairs because Zhao Mian, the Minister of Revenue, was suspended from his post due to his involvement in a land speculation case.

Hearing His Majesty call his name, he quickly stepped forward and bowed, his voice tinged with caution:

"Your Majesty, there is indeed some truth in the memorial."

In recent years, the value of paper money has depreciated, and private merchants have mostly used silver and copper for transactions.

However, I have already ordered local treasuries to compile statistics, and the amount of paper money in circulation this year is 10% higher than last year.

This indicates that the people have more and more paper money in their hands, which is a sign of prosperity.

If paper money is suddenly abolished and silver is used instead
Firstly, it would violate ancestral rules and risk losing popular support.

Secondly, silver production is limited; this year, Yunnan silver mines yielded only 50,000 taels of silver.
If the entire market relies on silver for circulation, it risks driving up the price of silver, which would harm ordinary people even more.
Thirdly, the government's silver reserves are insufficient, and if the policy is changed, the allocation of national funds will inevitably fall into chaos.

This proposal may seem economical, but it actually undermines the foundation of the nation and must not be followed!

As he spoke, he secretly glanced at the officials in the hall.
The abolition of banknotes and the replacement with silver may seem convenient for the people, but in reality it was more beneficial to those wealthy individuals who held silver.

The current devaluation of paper money will encourage wealthy individuals to spend money quickly and facilitate the circulation of goods for the people.
If it were all converted into silver, it would only be hidden in cellars to mold and appreciate in value, which would actually be detrimental to people's livelihoods.

Zhu Yuanzhang nodded, his fingers stopping tapping, and his tone softened:
"What Fu Qing said makes sense. The precious paper money is the foundation of the country. How can it be abolished so easily?"
This matter is of great importance and requires careful consideration.

Today we will discuss flood control and road construction; the discussion on paper money will be put on hold for now.

He intended to simply gloss over the matter.
After all, the crown prince is seriously ill and the rebel faction has not yet been purged.

If another controversy arises regarding the monetary law, the political situation will only become more chaotic.

Before he could finish speaking, Yan Zhenzhi, the Minister of Works, took a step forward, his voice heavy:

"Your Majesty, I have a plan to tell you!"

(End of this chapter)