I was compiling the daily records during the Wanli reign

Chapter 281 Opening of the Sea! Shen Nian Offers Another Good Plan, Only Scamming Unscrupulous Merchants

Inside the Wenhua Hall.

The young Wanli Emperor sat upright on his throne, with the three Grand Secretaries and the Left and Right Vice Ministers of the Ministry of Revenue standing on either side below him.

“Recently, a trend of exchanging money for silver has emerged in the streets and is growing stronger. Soon, it will probably spread to the two capitals and thirteen provinces. This will cause chaos in the country’s trade, fluctuating prices, and even a silver shortage. Do you have any solutions?” asked the young Wanli Emperor.

Currently, the problem is no longer a consequence of the implementation of the Single Whip Law, but rather a result of public panic.

If the implementation of the Single Whip Law leads to the problem of silver being more expensive than copper coins, the imperial court can resolve it according to Zhang Juzheng's plan, such as accepting both silver and copper coins, accepting in-kind payments, and minting high-quality coins.

But at this moment, the people are filled with fear, convinced that silver will become more and more expensive and copper coins will become more and more cheap.

When people believe that storing silver is more profitable than doing business, who would still want to do business?
The panic and the resulting silver-exchange frenzy were far more serious than the negative impact of the Single Whip Law itself.

If this mindset among the people is not changed and the exchange of money for silver continues, a large amount of silver will be hidden in the silver vaults of the wealthy, which will not only affect the new policies but also severely damage the Ming Dynasty's commerce.

Yin Zhengmao, a cabinet minister and Minister of Revenue, was the first to step forward.

"Your Majesty, I believe that this strange wind is caused by unscrupulous merchants pursuing profit and neglecting governance!"

"First, we should arrest merchants in the capital who exchange large sums of money for silver, and then severely punish them for 'opposing the new policies' to make an example of them and stabilize the capital's trade. Second, we should allocate silver from the Taicang treasury to stabilize trade and grain prices and prevent further panic among the people. Finally, we should control public opinion and prohibit the spread of the idea that silver is more valuable than money."

After hearing this, the young Wanli Emperor shook his head slightly.

"I have no objection to the first and third strategies, but if the court allocates silver from the Taicang Treasury now, wouldn't that just allow those merchants who exchange money for silver to get a bargain? Furthermore, how much silver would the court have to allocate to control prices and ensure the normal flow of private commerce? The cost is too high!"

Emperor Wanli was always very sensitive to money.

“Then…then punish them severely, make an example of them to warn others, and use laws and regulations to stop the practice of exchanging money for silver!” Yin Zhengmao added.

In Yin Zhengmao's view, the practice of exchanging money for silver is a form of exploitation by merchants driven by greed, and cracking down on them is the fastest and best way to solve the problem.

Zhang Juzheng nodded slightly.

"I never imagined that these people, driven by profit, would set their sights on the Single Whip Law. I believe they should be severely punished!" Zhang Juzheng said.

These past few days, Zhang Juzheng has been extremely disappointed with the merchants' behavior, and he was so angry that his hemorrhoids flared up.

"I second the proposal!"

Even the usually good-tempered Shen Shixing couldn't help but want to severely punish these businessmen who sought to exploit loopholes in the new policies for profit.

The young Wanli Emperor thought for a moment, then suddenly looked at Zhang Juzheng.

"Prime Minister, if we severely punish these merchants, won't it make people more convinced that the implementation of the Single Whip Law has truly led to the high price of silver and the low price of currency?"

“Even if we make an example of one to warn a hundred, there will still be merchants who treat ‘exchanging money for silver’ as a business, and the common people will subconsciously hoard silver. In this way, silver will only be inflow and not outflow, and there may even be situations where one tael of silver can be exchanged for 1,500 coins. When the conversion of silver into taxes begins, the rich will lower the price of grain when the lower-class people pay their taxes, and then raise the price of grain again after the taxes are paid. In this back and forth, the common people will still be unable to make ends meet!”

The young Wanli Emperor's words left Zhang Juzheng, Yin Zhengmao, and Shen Shixing speechless.

Under the lure of money, the laws of the imperial court may become nothing more than a piece of waste paper.

Severe punishment is very likely to have the opposite effect.

If the trend of exchanging money for silver spreads throughout the Ming Dynasty and the entire population hoards silver, then simply making an example of one person to warn a hundred others will not solve the problem.

At this time.

Liu Sijie, the Left Vice Minister of the Ministry of Revenue, stepped forward and said, “Your Majesty, the root of this problem is that our dynasty does not have enough silver reserves. If there were sufficient silver, this problem would never have occurred. I suggest that when the Single Whip Law is implemented and the silver tax is determined, we should establish more ports for trade, build more ships, open up maritime trade, and allow private ships to go to sea for trade, so that overseas silver can flow into the Ming Dynasty!”

Upon hearing this, Shen Nian's eyes lit up.

This was exactly what he wanted to say and do; he never expected that Liu Sijie, who was always conservative, would also think of this approach.

"Opening up the seas?" the young Wanli Emperor exclaimed in surprise.

At the beginning of the Ming Dynasty, in order to guard against Zhang Shicheng at sea, Zhu Yuanzhang established a maritime ban policy that prohibited even a single plank from going to sea.

Later, during the Yongle era, although Zheng He made great voyages to the Western Ocean, it was only a maritime tribute trade, mainly to promote the power of the Ming Dynasty, and maritime commerce did not develop.

Later, with the invasion of Japanese pirates during the Jiajing era, the maritime ban system of "not a single plank is allowed to go to sea" was once again established.

During the Longqing era, although the Longqing government opened the ports and broke the maritime ban, it was still limited to port trade. The development of maritime commerce remained very limited, and some private merchants were still trading under the guise of "bandits".

Shen Shixing shook his head slightly.

"We must not open the seas! Once the seas are opened, maritime trade will be difficult to control and the accident rate will be extremely high. In addition, it may lead to a large number of Japanese pirates in the southeastern seas, harassing the local area. It is not worth it!"

Little Wanli looked at Zhang Juzheng.

Zhang Juzheng nodded slightly and said, "The sea is unpredictable and there are indeed risks. In addition, we cannot allow the Japanese pirates to have any further chance of emerging!"

"I second that proposal!" Yin Zhengmao nodded.

The three Grand Secretaries had all experienced the period when Japanese pirates were at their most rampant and were well aware of the impact of the pirate raids on the Ming Dynasty. In addition, they had a fear of the mysterious sea, so they were unwilling to fully open the sea to the world.

Furthermore, in their view, after the opening of the seas, the seemingly impregnable Ming Dynasty might become fertile ground for numerous Japanese pirates, and coastal areas might frequently experience wars.

After all, the wealth and abundance of resources of the Ming Dynasty far surpassed those of its neighbors.

Just as Xiao Wanli was about to give up on the idea, Shen Nian stepped forward.

"Your Majesty, I agree with opening up the seas, liberalizing maritime trade, and allowing private merchant ships to freely trade with other countries!"

"Shen Qing, what's the reason?" Little Wanli asked.

Shen Nian dared to contradict the three Grand Secretaries after they had expressed their opinions, which clearly showed that she had sufficient reasons and believed that she could convince everyone.

Shen Nian paused for a moment and said, "There are three reasons."

"Firstly, opening up overseas trade is the fundamental solution to the trend of silver being expensive and currency being cheap, and there is no better solution at present."

"Secondly, even if the imperial court does not open up the seas, once the Single Whip Law is implemented and taxes are paid in silver, and silver becomes scarce, a large number of private merchants will take the risk of exchanging goods for silver. This is an inevitable trend, and it is better to go with the flow than to try to stop it."

"Thirdly, for a longer period of peace, for the Ming Dynasty's coast to be free from pirate raids, and even for the coastal people to become the first group of people in the Ming Dynasty to be able to fill their stomachs."

Upon hearing Shen Nian's third reason, everyone else in the hall looked astonished.

The reason why the people did not support opening the sea was because of the Japanese pirate raids. In addition, the Ming Dynasty was the richest country in the surrounding area, while the surrounding countries were all poor. Opening the sea might cost the Ming Dynasty more than it gained. However, Shen Nian advocated peace and said that it could make the coastal people rich quickly.

This left everyone puzzled.

Shen Nian explained: "The root cause of the Japanese pirate raids along the southeast coast was poverty. The coastal people were poor, and the Japanese pirates were poor, so they colluded together to covet the wealth of the Ming Dynasty."

"If the seas are fully opened and trade flourishes, our Great Ming's raw silk, silk fabrics, porcelain, sugar, fruits, ironware, and Chinese medicinal herbs will become commodities that neighboring countries will scramble for. Coastal people are navigating the seas year-round, making them ideal for maritime trade. They can bring back huge amounts of silver from abroad continuously. In this way, without breaking the law, they can make money even faster than by plundering. How could the coastal people not become wealthy? How could they not pursue peace?"

"Before maritime trade flourishes, what we need to do is build a naval fleet (i.e., a navy) and establish comprehensive maritime trade rules to normalize it." "Undoubtedly, this is an enormous expense, but absolutely worthwhile!"

"Because while we exported goods and received huge amounts of silver, spices, and treasures, we also exported our culture."

"Imagine that merchants from all the worlds at sea, because they do business with us, all speak Chinese, wear Hanfu, and even have the same eating habits as us. In this way, they will have a greater sense of identification and dependence on us, and even regard the Ming Dynasty as their provider. At that time, the wealth of the Ming Dynasty will be their wealth, and the surrounding countries will become our defense posts and scouts at sea. If there are invaders further away, it will be almost impossible for them to invade the territory of our Ming Dynasty."

……

"I believe that opening up the seas is also part of the new policy, a trade war without the use of weapons. Although the Ming Dynasty is rich in resources and militarily powerful, we can also see different cultures and inventions from many foreigners. By learning from the best, we can become even stronger."

"As for the Japanese pirates' troubles, if we can defeat them once, we can defeat them a second time."

"On the high seas lie numerous unexplored islands, rich in gold and silver, and countless treasures that can improve the lives of our people. The Ming Dynasty, which aspires to create a golden age, should be a Ming Dynasty that conquers the seas. During the Yongle era, we already had the strength to build treasure ships equipped with cannons and muskets. Now, we are even more capable of conquering the seas and uncovering even more treasures!"

……

Shen Nian spoke with her head held high, exuding an imposing aura.

When they talked about "If we can repel the Japanese pirates once, we can repel them twice" and "The Ming Dynasty in its golden age should be the Ming Dynasty that conquers the sea," the young Wanli Emperor and Zhang Juzheng were completely absorbed.

Shen Nian drew a picture in front of them.

A map encompassing the endless ocean and countless treasures of gold and silver, depicting the vast territory of the Ming Dynasty.

After Shen Nian finished speaking, he first looked at the young Wanli Emperor, and then at Zhang Juzheng and the others. The expression on his face clearly conveyed: Open up the seas, the seas are full of treasures!
A faint smile appeared on Zhang Juzheng's face.

He is quite rational and thinks things through a lot.

If, as Shen Nian said, the maritime ban is to be fully lifted, there will be a great deal of work to be done.

We need to build ports, construct giant ocean-going ships, establish a navy, explore sea routes, guard against giant waves, and establish various maritime trade rules...

It requires a huge expenditure, but if it goes as Shen Nianzhi envisions, the returns will be astonishing and long-lasting.

“Although it’s a bit risky, it’s worth a try.” Zhang Juzheng cupped his hands in a gesture of respect to the young Wanli Emperor.

If Zhang Juzheng were twenty years younger and still had the youthful spirit, he would definitely have expressed his support without any reservations.

"I agree!"

"I agree!"

"I agree!"

Yin Zhengmao, Shen Shixing, and Liu Sijie bowed and said that they greatly admired Shen Nian's broad vision.

In Shen Nian's eyes, the sea scourge, Japanese pirates, and other such threats were not dangerous at all and could all be easily dealt with.

"I agree!" the young Wanli Emperor exclaimed excitedly.

He had long been immersed in Shen Nian's description of a maritime world full of gold and silver, and the idea of ​​conquering the sea and surrounding countries through trade and culture, making them the protectors of the Ming Dynasty.

The people inside the hall nodded, and the matter of opening the sea was basically settled.

At this point, Liu Sijie said again, "Your Majesty, even if the policy of opening up the seas is implemented, it will take at least a year to see significant results. If the Single Whip Law is implemented at the beginning of next year, it will still lead to the high price of silver and the low price of currency. Should we postpone the Single Whip Law for another year?"

“It must be implemented next year. If it is interrupted, there is a possibility that land consolidation will recur. Let those unscrupulous merchants run rampant for another year!” Zhang Juzheng said.

After the land is measured, taxes must be paid in silver immediately to stabilize the amount of land. Otherwise, someone will definitely try to reduce the tax burden.

“What the Grand Secretary says makes sense!” the young Wanli Emperor said in agreement.

Just then, Shen Nian stepped forward again.

"Your Majesty, I have a plan, though it is not exactly honorable, but it will be enough to prevent those unscrupulous merchants from profiting!"

"Shen Qing, tell us quickly!" Little Wanli said excitedly.

"I suggest that the imperial court's policy of opening up the seas and attracting silver should not be announced for the time being."

"First, the Ministry of Revenue will convene a meeting with the major merchants in the capital who are exchanging money for silver, and persuade them to immediately stop this practice in order to benefit from the new policies of the court. Then, the court will use silver from the Imperial Treasury to adjust the exchange ratio of silver to money back to normal."

"After the Ministry of Revenue's persuasion, some obedient merchants will surely restrain themselves and stop exchanging silver. However, those unscrupulous merchants will definitely take this opportunity to exchange the silver in the imperial treasury into their own hands."

"The court can pretend not to know about this behavior and let these merchants exchange silver for 1,500 coins. Once the court's silver reserves have been converted into copper coins, the court can then announce the policy of opening up the sea to attract silver."

"If we implement the Single Whip Tax Law at the beginning of next year, the earliest we can convert the summer tax into silver will be in June. I suggest we first communicate with Ryukyu to conduct large-scale trade and obtain a large amount of silver. Combined with the silver stored in the Imperial Treasury, this will be enough to sustain us until the silver from maritime trade flows in!"

……

"Thus, those unscrupulous merchants who thought they could make a fortune by exchanging one tael of silver for 1,500 copper coins would only receive one tael of silver for 1,500 copper coins or even less when the common people paid their taxes in silver!"

"With this move, the imperial court made money, the common people at the bottom of society also made money, while these unscrupulous merchants who exchanged silver at high prices may lose everything!"

"Haha... Great plan!"

The young Wanli Emperor excitedly stood up from his throne, but realizing he had lost his composure, he quickly covered his mouth.

At this moment, Zhang Juzheng, who was usually serious and unsmiling, stroked his beard and suddenly burst out laughing.

He smiled.

Yin Zhengmao, Shen Shixing, and Liu Sijie couldn't help but laugh.

If everyone lost their composure together, it wouldn't be considered a loss of composure, and it also eased the embarrassment of young Wanli.

The way the imperial court made money was unprecedented.

"What does the Grand Secretary think?" the young Wanli Emperor asked cautiously.

Among everyone, Zhang Juzheng had the highest moral standards. If he agreed, everyone's smiles showed that they would also agree.

"I second that!" Zhang Juzheng said earnestly.

"I second that!" As soon as Zhang Juzheng finished speaking, Yin Zhengmao, Shen Shixing, and Liu Sijie, who were standing beside him, also bowed in unison.

"That's settled then, meeting adjourned!" said the young Wanli Emperor in a cheerful mood.

……

After a while.

Emperor Wanli turned to the eunuch beside him and said, "I bestow upon the three Grand Secretaries and the Left and Right Vice Ministers of the Ministry of Revenue one thousand... no... three thousand catties of red charcoal each. In addition, take two bronze hand warmers with auspicious patterns that I am currently using and present them to Minister Shen's son and daughter!"

(End of this chapter)