In Hongwu, we started as rebels

Chapter 1013 The Four Giants of Commerce in the Capital Region

Sunlight streamed down the official road outside the capital.

The silvery-white cement road surface was dazzlingly illuminated.

Carriages and horses came and went in an endless stream, with two inconspicuous blue cloth carriages teetering on the side, moving unsteadily.

Before long, the carriage stopped at the entrance of the post station.
The moment the carriage curtain was lifted, a wave of heat, thick with the smell of horse sweat, rushed in, and He Zicheng couldn't help but cough twice.

The veins on his hands, which were gripping the carriage shaft, were bulging, and his knuckles were white.
His already aged face looked even more haggard.

However, after walking for half a day, I was even more tired than when I was attending court meetings in the capital.

The post station was a typical two-courtyard house with mud-brick walls plastered with white lime.

In many places, the plaster has peeled off, and the exposed gaps have been hastily patched up with cement.

He Zhong glanced around the courtyard; several old wooden tables sat under the shade of trees, but the place was deserted.
Only a guy in a gray cloth shirt was squatting in the corner feeding the chickens.
Seeing them arrive, she slowly stood up and wiped her hands on her oil-stained apron.

"Help the lady down."

He Zicheng gave the order, panting heavily, his voice hoarse.

When He Zhong helped Li out of the car, her steps were extremely unsteady.

The pale white ruqun (a type of traditional Chinese dress) was already covered in dust, making her look quite disheveled.
Fine beads of sweat glistened on her forehead, which only added to her haggard and frail appearance.

She instinctively placed her hand on her lower abdomen.

That area was still perfectly flat, but there was a warmth under my fingertips.
It made her uneasy, yet also stirred up a strange and inexplicable sense of attachment.

"Come inside and rest; it's sunny outside."

He Zicheng walked towards the main building of the post station first.
The threshold was a bit high, and he stumbled when he lifted his foot, but fortunately He Zhong caught him in time.

It was cooler inside than outside, but stuffy. Four old square tables were placed against the wall.

He Zicheng chose a seat by the window.

Pushing open the window, a gust of hot air, carrying the scent of straw from the distant fields, rushed in.
Although it was still hot, it was more bearable than the musty smell in the house.

Li sat opposite him, her hands clasped on her knees, her eyes fixed on a crack in the corner of the table, and remained silent for a long time.

"Drink some water."

He Zicheng picked up the rough porcelain teapot on the table, poured a cup of cold tea, and pushed it over.

The tea was cloudy and had an earthy smell.

Li picked up the bowl, took a sip, then frowned and put it down.

"Still afraid?"

He Zicheng looked at her, his voice softening slightly.

Li raised her head, her eyes still red:

"It's not that I'm afraid. It's that I don't know what to do next."
When I arrived in Jiangnan, what should I say when my clansmen asked about this child?

Her hand rested on her lower abdomen again, her fingertips gently caressing it, her voice filled with confusion:

"I've been a widow for two years, and I originally intended to live a quiet and uneventful life."

How...how did things get to this point?

He Zicheng's Adam's apple bobbed, his tone strained:
"Let's take it one step at a time. Once we get to Jiangnan, we'll find a secluded house, have the baby, and then we'll see what happens."

The light in Li's eyes dimmed again. She didn't speak again, but turned her head to look out the window.

"Would you like more tea? Or something to eat?"

The waiter's voice came from the doorway.
He was carrying a wooden tray with a rough earthenware pot on it.

His gray cloth clothes were faded from washing, his trousers were rolled up to his knees, and there were several shallow scars on his legs.

He Zicheng was feeling thirsty, so he waved his hand:
"Please prepare some light food and two bowls of herbal tea. Thank you."

The waiter responded, put down the tray, and turned to leave.

A short while later, he returned with a few small dishes, casually reminding:
"Please enjoy your meal, sir. It will be another two hours to reach the next county town. If you wish to travel at night, you will need to set off early."

"Oh, I see."

He Zicheng responded, his mind preoccupied with what to do after arriving in Jiangnan.

He had no time to worry about the distance; he just wanted to get as far away from the capital as possible.

He picked up the teacup, tilted his head back, and drank most of it. The cool tea slid down his throat, relieving some of the irritability caused by the stuffy heat.

However, after drinking the tea, a faint astringent taste lingered on the tip of my tongue.
He frowned, assuming it was just poor-quality tea, and didn't pay much attention.

Looking at the teacup in front of her, Li felt a sudden churning in her stomach. She quickly turned her head away and pressed a handkerchief to her chest.

"what happened?"

He Zicheng tensed up instantly.

"Nothing."

Li shook her head, her voice weak:
"Perhaps it's because I've been in the car for too long, I feel a bit nauseous."

He Zicheng frowned, but didn't think much of it, and simply said:
"If you're really feeling unwell, rest a little longer. There's no rush to leave."

A short while later, He Zhong came in from outside, wiping the sweat from his brow:
"Sir, the horses are fed. Shall we set off now? If we delay any longer, we might miss the inn in the county town."

"Let's go, let's get going."

He Zicheng composed himself and said to Madam Li:

"Have you eaten yet?"

Mrs. Li nodded gently: "I've finished eating."

"Let's go then."

At the beginning of Shenshi (3-5 PM), the managers of the three major trading companies in the capital were all heading to the Market and Exchange Bureau.

This display of force drew surprise from many who were secretly observing the movements of the Market and Exchange Bureau.

They usually perform their duties and rarely gather together like this. What happened?

Even more surprisingly, not long after,
A group of people came out of the palace.
The leader was an old eunuch in his fifties, who was none other than Cai Qirui, the Grand Steward of the Imperial Estate!
This person spends most of their time tending to the palace properties and rarely leaves the palace.

Why did you go to the Market and Exchange Bureau today?
Seeing this, many officials quickly turned around and went back to the yamen.

They prepared to report this unusual activity to their superiors.

Inside the City Affairs Bureau's conference hall, Lu Yunyi sat at the head of the table, with more than a dozen books spread out in front of him.
There were also several hastily drafted feasibility plans, but he didn't even glance at them.
He focused solely on reviewing the core accounts of the three major trading companies.
Especially the cash flow of cement and construction companies.

Yingtian City is currently undergoing large-scale demolition and construction.
The daily inflow and outflow of silver was staggering, and these accounts were all court secrets, never revealed to the outside world.

At this moment, the door to the conference hall was pushed open.

Liu Sili walked in with a solemn expression.

Behind him followed Wang Chen, the head manager of Yingtian Construction Firm.

There was also Deng Jin, the manager of Yingtian Cement Company.
He was the eldest son of Deng Zhizhong, the commander of the Dragon Tiger Guard, and was only in his early thirties.

"Yunyi, what happened? Why did you call us here in such a hurry?"

As soon as he entered, Liu Sili asked a question.

Lu Yunyi put down the accounts and sighed:

"Father-in-law, you must have heard about what happened at the court meeting today, right?"
Some people harbor ulterior motives and want to disrupt the political situation; we must retaliate as soon as possible.

Liu Sili's expression remained solemn as he nodded slightly.
He had already guessed that it must be about abolishing paper money and implementing the Single Whip Law.

After all, either of these two things would shake the very foundation of the business.

"Please sit down. We'll begin our discussion once Chief Eunuch Cai from the palace arrives."

"Lord Lu, we've arrived."

As soon as Lu Yunyi finished speaking, Cai Qirui's voice came from outside the door.

Everyone turned to look, and saw him holding a whisk.

She wore a scarlet palace robe with dark cloud patterns embroidered on the collar and cuffs.

Although it lacked the opulence of a python robe and jade belt, it exuded the air of a royal steward.

With his hair neatly combed and his expression calm, he was none other than Cai Qirui, the Grand Eunuch who had been in charge of the Imperial Estates for many years.

"Please have a seat, Steward Cai."

Lu Yunyi stood up and offered a helping hand, pointing to the empty chair beside the table:

"I was just telling the managers that we would discuss serious matters once you arrived."

Cai Qirui thanked them for the seat and placed his whisk beside the chair.

He took the cool tea offered by the clerk, sipped it, and then asked:
"Lord Lu, why did you summon me here in such a hurry?"
"You invited Manager Liu and the others again, could it be because of what happened at the court meeting?" His eyes swept over the documents piled on the table, and his brows furrowed slightly.

"Is it for the precious paper money? Or that Single Whip Law?"

Han Yike chimed in, her tone becoming somewhat somber:
"Manager Cai is well-informed, and this is precisely about the matter of the precious paper money."

At today's court assembly, He Zicheng submitted a memorial proposing the abolition of the paper money.

Kong Tianzong then proposed the Single Whip Law, ostensibly to reform the currency and tax system, but in reality, it was a rebellious attempt by the court to destabilize the government.

"Oh?"

Cai Qirui put down his teacup, looking surprised:

“I heard from the palace servants that there was a big argument at the court meeting, and many officials thought that abolishing paper money was a good thing.”

He looked up at Lu Yunyi, his eyes filled with a hint of inquiry:

"Lord Lu summoned us here today to discuss how to respond, not to figure out how to implement it, right?"

Lu Yunyi nodded, his voice even deeper than before:
“Those people are all rebels. We are loyal to the country, how can we follow their methods?”
Not only should we not comply, we should do the opposite.

He took a deep breath and spoke with a resounding voice:
"From this day forward, the three major trading houses under the Market and Commerce Bureau, as well as all cooperative merchants in the capital region, shall use paper money as the sole currency for transactions, and the circulation of gold and silver shall be strictly prohibited!"

"what?!"

As soon as these words came out, everyone in the audience was shocked.

Deng Jin sat up abruptly, her young face filled with astonishment, and the account book she was clutching slipped onto her lap with a thud.

Wang Chen subconsciously frowned.

He used to work as a clerk in the Water Conservancy Bureau, where he had to deal with dozens of workshops every day.
After joining a construction company, one has to deal with hundreds of suppliers.
From wood and stone to iron ore waste, the flow of water is astonishing.

At that moment, only one thought remained in his mind.
If such a large volume of money and goods transactions were settled entirely with paper money, how many stacks of paper would be needed?

Liu Sili of Yingtian Trading Company also frowned, having calculated everything clearly in his mind.

If all the money is in paper money, the merchants will probably suffer losses.

Although the merchant guild had a wide sales network, many transactions were conducted directly between villages, saving a lot of costs.

But the profit margin is only around 20%.
Currently, the exchange rate for paper money is only 70% of that for silver. If we were to settle everything in paper money...

Wouldn't those profitable businesses have lost 10% for nothing?
But he didn't rush to object; in the past, many seemingly outrageous resolutions...

In the end, Lu Yunyi managed to turn things around, and this time might be no exception.

The most shocked person was Cai Qirui, who leaned forward, his face filled with disbelief:

"Lord Lu, have you gone mad?"

The value of paper money decreases every day you hold it!
Last month, our family even heard the manager of the imperial estate complaining.
At its lowest point, the Yi Guan Bao Chao (a type of paper currency) could only be exchanged for 68% of the silver.

"Now that we're going to use paper money as the sole currency, isn't this just forcing the people to rebel?"

He paused and added:
"Besides, what those officials said at the court assembly made sense."
Silver is the only hard currency recognized by everyone. Using silver for trade is much more secure.
"The paper money is just paper; it depends entirely on the imperial court for support. If they can't support it anymore, won't it become worthless?"

Lu Yunyi didn't rush to refute, but simply picked up a book from the table, "A Study of the Salt Famine in the Yuan Dynasty," turned to the page with the plain bookmark, and handed it over:

"Steward Cai, take a look at this first. See what happened during the salt famine in Jiangnan in the twentieth year of the Zhizheng era."

How did those salt merchants use silver to drive the price of salt up to thirty wen per jin?

Leaving aside distant examples, let's just talk about a few days ago.
This official is arguing with those rebels over land prices.

"If the palace hadn't provided enough paper money, those lands wouldn't have been able to be supported."

Cai Qirui took the book, quickly scanned a few lines, and his expression gradually changed.

"It's true that the Cocoa Note has depreciated."

He put down the book, his tone softening, but he still had reservations:

"The imperial estates didn't have much of a surplus to begin with; if they were to use only paper money, it would be even more difficult to manage their finances."

This is a property of the palace, and all expenses are covered by the imperial estate. His Majesty also occasionally bestows some upon it.

I remember that His Majesty bestowed the Wanshou Sugar Mill upon you two years ago.
This further reduced the income from the imperial estates.

"The devaluation is due to chaotic circulation, private exchange, underground banks driving down prices, and some people deliberately hoarding silver. How could the paper money not depreciate?"

Lu Yunyi's tone was firm, and his eyes left no room for doubt:

"What we need to do this time is to take control of the distribution channels!"
The imperial court declared the value of the paper money to be a certain amount, and that's what it was worth.
Let those rebels see that they can forget about seizing wealth and power from the court!

He looked at Cai Qirui:

"Subsequently, the palace will issue an edict regarding the requisition of grain and fodder from the imperial estates, and the wages of the tenants."
All transactions and settlements with the Market Exchange Bureau were conducted using paper money.

You don't need to ask any more questions, just do as the order is given.
If there is any resistance from the Imperial Estate, I believe Steward Cai can handle it well.

"Will the palace issue an imperial decree?"

Cai Qirui was truly shocked this time.
He had thought it was just a temporary measure by the Market and Exchange Bureau, but he never expected it would alarm His Majesty.

Seeing that Lu Yunyi's expression was resolute and he didn't seem to be joking, he said no more and simply nodded.

"Since it is His Majesty's will, I will naturally obey."

But what about the silver stored in the imperial estates?
We can't just leave it in the warehouse to mold, can we?

"The silver is being sealed up. The imperial court's move is to collect silver from the people. Specific measures are still being formulated."

Rest assured, we will absolutely not allow the Imperial Estate and all the merchants to suffer losses.

Cai Qirui finally breathed a sigh of relief.
I sat back down in my chair and slowly processed this sudden turn of events.

Seeing that the room had quieted down, Wang Chen finally couldn't help but speak, handing over a directory of potential partners:
"Sir, the construction company is in trouble."

We signed annual contracts with timber mills and brick kilns in the suburbs, and it was agreed beforehand that the settlement would be split equally between silver and cash.

Now that we're suddenly switching to using only paper money, the shopkeepers probably won't agree.
Their family is small and their business is small; they have money in hand, but it could be devalued in the blink of an eye. I'm afraid they'll get upset.

Lu Yunyi took the list, glanced at it, and said indifferently:
"They can use the precious banknotes in their hands to purchase goods from Yingtian Trading Company at any time, and they won't lose money."

If these conditions are not met, then the contract will be terminated.
The breach of contract penalties that are due will be paid in full, all outstanding accounts will be settled as soon as possible, and new suppliers willing to cooperate will be found.

Wang Chen's expression suddenly turned strange:
"Sir, for customers like us who pay on time and have large orders..."

They are most likely reluctant to give up and will probably agree.

I'm just worried that if these complaints accumulate, they'll cause trouble for the business.

"Everything comes at a price. Compared to protecting the court's financial power, what are these complaints?"

Lu Yunyi waved his hand, no longer dwelling on the matter.

At this moment, Cai Qirui suddenly asked in a deep voice:

"Lord Lu, I have another question."

Is this law to be implemented throughout the land by the imperial court, or is it something we few families are doing alone?

The room fell silent instantly. Lu Yunyi let out a long sigh and said in a deep voice:

"The imperial court will not easily change the tax law or the currency system."

This method can only be implemented spontaneously by the people, relying on subtle influence to gradually change their minds.

As an office under the imperial court, we should set an example in this regard.

Cai Qirui was taken aback for a moment, then breathed a sigh of relief and smiled:

"Then we can rest assured. We were worried that it would be implemented throughout the country. If that were the case, things would be very difficult."

Liu Sili had remained silent until now, when he slowly spoke:
"Yunyi, there is another crucial issue: what about the silver deposits held by the people?"
The Yingtian Trading Company involved no fewer than several hundred thousand people, ninety-nine percent of whom were commoners, laborers, and minor officials, and they mostly used paper money.
But those ten percent of high-ranking officials and nobles had more silver in their homes than the ninety-nine percent of ordinary people combined!

They couldn't produce any silver.
Even if we control the distribution channels, it won't last long.

Moreover, if all the money is in paper money...

They could easily exchange silver for paper money on the black market and make a 30% profit.

At this point, Liu Sili suddenly looked up, and Cai Qirui also reacted instantly, saying in unison:
"Yun Yi, are you planning to use this 30% price difference to exchange the silver from them?"

Lu Yunyi nodded:
"Those who do the money exchange business on the black market are mostly the servants of these wealthy families."

The imperial court will send people to investigate, whether it's the Censorate, the Court of Judicial Review, or the Embroidered Uniform Guard.
It's still uncertain; the palace has its own arrangements.

The Ministry of Revenue will subsequently instruct the Bureau of Paper Money Exchange to open more paper money exchange windows.
The discount rate will still be 70%. With a legitimate channel available, fewer people will turn to underground banks.

Liu Sili then realized that this move, though seemingly disadvantageous to the business,

In reality, it was to help the imperial court recover silver and safeguard its financial power.

Just as he was about to ask for more details, hurried footsteps suddenly came from the doorway, and a minor official reported loudly:
"My lord, a decree has arrived from the palace!"

(End of this chapter)