I was compiling the daily records during the Wanli reign

Chapter 282 The Order to Open the Sea and Attract Silver! The Great Trader Shen Ziheng
November 25th, afternoon.

As the practice of exchanging money for silver became increasingly prevalent in the capital, the Ministry of Revenue summoned more than one hundred prominent merchants from the capital to its offices.

Most of the merchants who were summoned were not afraid.

On the one hand, if the imperial court intended to make an example of them, it would certainly imprison them in the imperial prison rather than summon them to the Ministry of Revenue.

On the other hand, the merchants involved in the "exchange of money for silver" were spread across the two capitals and thirteen provinces. If the court were to forcibly seize them, the commerce of the country would be severely damaged. However, if the Single Whip Law was implemented, it would be necessary to vigorously promote commerce in order to ensure the large-scale flow of silver.

In the eyes of many businessmen, exchanging money for silver was not an act of opposing the new policy, but a business opportunity, a huge business opportunity where "a horse will not get fat without night grass".

Whoever has the ability to exchange money for silver should become very wealthy.

……

After a while.

More than a hundred merchants were led to the main hall of the Ministry of Revenue.

Inside the lobby, more than a hundred chairs are neatly arranged, with tall tea tables placed between them, on which teacups are placed.

This surprised many businessmen.

In the past, when they came to the Ministry of Revenue, they were not even allowed to drink tea; they had to stand and listen to instructions.

When faced with a mere ninth-rank official in charge of inspection and correction, they had to bow and scrape and make sure to do so properly, otherwise the relevant accounts and documents would be difficult to pass.

Soon, the merchants took their seats.

In the corner, the charcoal brazier burned brightly, and hot tea was poured into the teacups.

The merchants were even more surprised when they learned that the person who would speak to them next was Shen Nian, the Right Vice Minister of the Ministry of Revenue.

They had assumed that the intervention of a sixth-rank official from the Ministry of Revenue was the maximum they could manage.

At this moment, the businessmen each had their own ideas.

Some people felt that the court hoped they would prioritize the overall situation and stop exchanging money for silver, hence the generous treatment. If they didn't show them respect, the court might not show them respect in the future.

Some people believe that the more the court values ​​them, the greater the profit from exchanging money for silver, and that now is a great opportunity to make huge profits.

A moment later, Shen Nian, dressed in the official robes of a third-rank official, walked in.

The merchants rose to their feet, cupped their hands in greeting, and shouted, "Greetings, Shen Youtang!"

Faced with this thirty-year-old Vice Minister of the Ministry of Revenue, none of the merchants dared to be disrespectful.

Shen Nian looked around and said with a smile, "Please sit down. What I'm about to say may be quite long, so please be patient."

After saying that, Shen Nian sat down in the chair at the front, and the merchants also took their seats one after another.

Shen Nian always speaks directly and to the point, without any empty words.

"I have summoned you all here today for only one purpose: to persuade you to stop exchanging money for silver and hoarding large quantities of silver!"

"Since the reforms, the achievements of the court have been evident to all. In recent years, merchants have enjoyed the highest status since the founding of the Ming Dynasty. As everyone knows, the court's current goal is to create an unprecedented golden age so that all the people in the world can have enough to eat."

"To ensure that all the people in the world have enough to eat, we need to conduct a nationwide survey of land, resist land annexation, and enable more people to have land to cultivate. However, this will still be difficult to achieve because the population of our Great Ming Dynasty is constantly growing, while the amount of land is finite. The ability of the common people to withstand natural disasters is very limited. Therefore, commerce is very important to the people. When commerce flourishes, all industries will prosper. When all industries flourish, all people will have a career, and the number of people who do not work or farm will decrease dramatically!"

……

"Once the nationwide land survey is completed and the court implements the Single Whip Law, commerce will become even more important to the court and the people. In the past, the commercial tax of the Song Dynasty surpassed the land tax. I believe that our dynasty's commerce can also flourish. With prosperous commerce, the court will have money, the court's military will be strong, and we will be able to enjoy a longer period of peace."

"The purpose of the imperial court's implementation of the Single Whip Law is to reduce the burden on the people, promote the flow of people, and boost commerce. This is beneficial to all merchants. I hope you can see further ahead. In the future, you will be the main force of the Ming Dynasty's commercial reform, and you should not become stumbling blocks now!"

……

Shen Nian's tone was very gentle.

First, we talk about the importance of merchants; then, we talk about the mission of merchants after the Single Whip Law; and finally, we talk about the benefits that merchants can obtain in the future.

It can be said that it has a very thorough analysis of the future status and development direction of businessmen.

He spoke in such detail and so comprehensively that he not only wanted the businessmen present to hear it, but also intended to convey his words to all businessmen.

Let businessmen around the world understand what the value and mission of businessmen are.

……

About an hour later, Shen Nian's speech came to an end.

"Finally, I hope that you will all prioritize the overall situation and the common interests of the people, stop deliberately exchanging money for silver, and allow your silver to circulate, becoming part of the new reforms, and working hard to ensure that everyone in the world has enough to eat!"

After saying this, Shen Nian bowed deeply to the merchants.

Shen Nian's actions can be described as benevolent and righteous. Those who have the country in their hearts will surely stop exchanging money for silver, while those unscrupulous merchants will be severely punished by losing both their reputation and wealth.

……

At this moment, a middle-aged merchant stood up and shouted, "What Shen Youtang said is a wake-up call, making us feel ashamed. We will definitely obey the court's orders and work hard to ensure that everyone in the world has enough to eat!"

"Let's work hard to feed everyone in the world!" the merchants shouted in unison.

Shen Nian looked around and said, "Thank you all!"

A moment later, the merchants dispersed.

Shen Nian returned to the side hall, where Yin Zhengmao, Liu Sijie, and several doctors and officials were sitting.

"Shen Youtang, that's well said! Anyone with a conscience wouldn't take advantage of loopholes to make such ill-gotten gains!" Sun Kun, a secretary in the Ministry of Revenue, said excitedly.

Shen Nian shook her head slightly, her face showing helplessness.

"After I finished speaking, I carefully observed their expressions. Most of them dared not look me in the eye; they were mostly just putting on an act!"

A few words from Shen Nian could change the minds of the students at the Imperial Academy who were inexperienced in the ways of the world, the soldiers in the army who were eager to make a name for themselves, and the kind and simple people in the countryside.

But these businessmen are all cunning old foxes.

They didn't care at all whether the Ming Dynasty was strong or not, or whether the people were rich or not; they only pursued profit above all else.

Convincing them is harder than climbing to heaven.

Shen Nian's goal was not to persuade all merchants, but to stop those who still had a conscience from exchanging money for silver, so that they would not suffer great losses.

Yin Zhengmao nodded.

He understands the nature of businessmen best; most of them are like wolves that can't get enough to eat, completely devoid of humanity.

“After Ziheng said these words, it means that the court has done everything it could. When they suffer losses, they cannot blame the court for harming them!” Liu Sijie said.

The officials nodded in agreement.

Yin Zhengmao continued, "Tomorrow, the Ministry of Revenue will begin releasing silver. After receiving the imperial decree, local prefectures and counties are expected to launch silver-for-money programs within ten days to stabilize prices, prevent a silver shortage, and avoid uprisings by the lower classes."

"Gentlemen, when do you think it would be most appropriate to announce the imperial court's policy of opening up the seas?"

“It will take at least three months!” an official from the Ministry of Revenue said excitedly.

The later the imperial court announced the policy of opening up the sea, the more money the merchants who exchanged money for silver lost, and the more the imperial court made.

"Three months is a bit long and could easily lead to chaos. Two months at most!" Liu Sijie said.

Three months can indeed make the imperial court a lot of money, but it can also cause many merchants to lose everything.

Business bankruptcies lead to unemployment for many ordinary people.

Shen Nian thought for a moment and said, "I suggest twenty days! After twenty days, the court will announce the policy of opening the sea to silver. Once this policy is known to the two capitals and thirteen provinces, it will be about a month. A month is enough to teach those unscrupulous merchants a lesson and make them understand that they cannot exploit loopholes in the court's policies to make ill-gotten gains. Next year should be a brand new and wonderful start!"

"Agreed!" Yin Zhengmao said with a smile. The plan was Shen Nian's idea. The money the Ministry of Revenue earned in twenty days could at least pay a month's salary to all the officials in the country, which was enough.

Stability is the most important thing.

...The following day, a large amount of silver began to flow out of the Ministry of Revenue's treasury.

In the eyes of the people, this move was a sign of stabilizing prices and the exchange rate of money.

However, many unscrupulous merchants saw this as a benefit from the imperial court, believing it to be a sign of the court's helplessness.

Some merchants openly declared that they were responding to the imperial court's call and would no longer exchange money for silver.

But in private, adhering to the principle of "it's stupid not to make money", he is quite active and would want to pocket even a few coins.

Some businessmen, aiming to ensure they would have enough to eat and drink for the rest of their lives, even chose to borrow money and exchange it for silver.

Merchants traveled to the countryside to buy up large quantities of silver at a price of 1,400 cash for one tael of silver.

Some merchants have estimated that if the imperial court fully implements the Single Whip Law at the beginning of next year, the people will have to pay taxes in silver when the summer tax is levied in June. At that time, one tael of silver may be worth 1,600 or even 1,800 cash.

……

Shen Nian couldn't hide the many private actions of the merchants in the capital from him. After learning that some merchants had calculated that they could make a profit by lending money at high interest rates next year, Shen Nian couldn't help but sigh: You can never overestimate human nature!

……

December 2nd, Yingtian Prefecture, Nanjing City.

Inside a luxury mansion.

Zhang Siwei, who had already retired from officialdom, handed several letters he had personally written to the steward, saying, "Be sure to deliver these letters to the clansmen as quickly as possible. Also, sell all the shops in the south of the city and get all the money!"

"Yes, sir!" The butler hurried away.

The letters Zhang Siwei wrote to his clansmen were all urging them to exchange money for silver.

He believed that the current imperial court had no control over the market, and that the implementation of the Single Whip Law would inevitably lead to a situation where silver was expensive and money was cheap. Therefore, he planned to make a fortune.

Even at this time, he still had not given up on returning to officialdom.

To return to officialdom, he needed financial support, so he remained greedy for money.

Furthermore, he was very happy to see the new policies being blocked, causing Zhang Juzheng and others a great deal of trouble.

……

The tenth day of December.

Five hundred thousand taels of silver have been allocated from the imperial treasury, yet the capital still faces a severe shortage of silver.

Some trade transactions even involved trading baskets of copper coins, with no one willing to pay in silver.

In some pawnshops and money exchanges, the normal exchange rate was one tael of silver for 1,500 copper coins. If it was private money, it would take 1,800 copper coins to exchange for one tael of silver.

For a time, commerce in the capital city declined.

At the same time, all branches of Yaodong Trading Company in the north took action.

They transported and sold goods, primarily through silver transactions, and called upon all cooperating merchants to refuse to exchange money for silver or hoard silver for the sake of the prosperity of trade and the long-term interests of the merchants.

Shen Nian's speech to the merchants at the Ministry of Revenue, in written form, has been transmitted to several cities.

Shen Nian's father, Shen Yaoshan, and father-in-law, Gu Dongxing, strictly followed Shen Nian's call and distributed all the silver stored in the shops, effectively preventing soaring prices and the decreasing value of copper coins.

Conversely, some unscrupulous merchants hoarded all the silver in their own vaults, waiting to make a fortune when the people paid their taxes in silver the following year.

It was dusk that day.

Shen Nian received a joint letter from her father and father-in-law.

The two men claimed that they had printed Shen Nianzhi's words into a written document and were distributing it to merchants in the north. They believed that many conscientious merchants would allow the silver to circulate normally, and that they would fight against unscrupulous merchants to the end.

After reading the letter, Shen Nian couldn't help but smile and say, "Good people are rewarded, and all conscientious businessmen will receive their due reward!"

……

On December 16th, the winter sun shone brightly, though not warm, it was very radiant.

It's approaching noon.

At almost the same time, an imperial edict entitled "Opening the Sea to Attract Silver" was posted outside Zhengyang Gate, outside the Shuntian Prefecture government office, outside the Ministry of Revenue, outside Chongwen Gate, and outside Xuanwu Gate.

The edict was very simple, mainly covering two points.

Firstly, to prevent the situation where silver is expensive and copper coins are cheap, the imperial court decided to open up maritime trade and introduce silver. In addition to opening ports, private maritime trade would also be permitted.

Secondly, the imperial court is in contact with neighboring countries at sea to conduct trade negotiations, intending to export a large amount of goods and import a huge amount of silver before the summer tax is paid next year, and to ensure that the people can exchange silver for money, so that the exchange rate of silver to money is no higher than one tael of silver to one thousand coins.

The issuance of this "Decree to Open the Seas and Attract Silver" has caused an uproar throughout the capital. No one expected the imperial court to have such a move.

This means that a situation where silver is expensive and money is cheap will not be possible.

This means that the exchange rate between silver and copper coins will not exceed one tael of silver for one thousand copper coins.

This means that everyone who hoarded silver at high prices will suffer huge losses.

Some unscrupulous businessmen were immediately filled with despair.

One hour after the order to open the sea to silver was announced, the exchange rate of silver to copper coins at the capital's money shops and pawnshops changed to one tael of silver to one thousand two hundred copper coins.

After countless people lined up with silver to exchange for money, the exchange rate changed to one tael of silver for one thousand coins, and then to one tael of silver for nine hundred coins.

Those wealthy businessmen who made huge profits only lost their own money, while those who borrowed money at high interest rates to exchange for silver might have to sell their assets and lose everything.

this moment.

Many merchants in the capital realized that Shen Nian's speech at the Ministry of Revenue that day was not a plea, but a final opportunity for them.

Unfortunately, most businessmen are blinded by money.

Many merchants were also relieved that the imperial court issued the order to open the sea to silver in less than a month. If it had been delayed for another two months, many more merchants would probably have lost everything.

Meanwhile, merchants who exchanged silver for money made a fortune.

One tael of silver could be exchanged for 1,200 to 1,500 cash, but now, with a single transaction, it can be exchanged back for 900 to 1,000 cash.

This made many merchants realize that they should not try to take advantage of the imperial court; going against the court would only lead to their demise.

The order to open the seas and attract silver was spread to various regions at an extremely fast pace, and those unscrupulous merchants who misjudged the situation would be in tears.

This order may not have much impact on the impoverished rural people.

However, it will have a huge impact on large merchants in Suzhou, Yangzhou, Hangzhou and other places. In some places, the different choices made by merchants have led to a huge change in the local business landscape, and some conscientious merchants have become the leaders of local commerce.

……

Yingtianfu, Nanjing City.

Zhang Siwei and a large number of retired or semi-retired officials almost burst into tears upon seeing the decree to open the sea for silver.

Some people have lost all the wealth they accumulated over half their lives, while others have lost even their retirement savings and money for their funeral.

But they still couldn't understand it.

I can't understand why the imperial court is not afraid of the Japanese pirates making a comeback, the storms at sea, or the incursions of those small overseas countries.

The full opening of the sea brings many opportunities, but also creates even more problems.

Furthermore, establishing trade routes is not so easy.

These conservative officials will never understand that the sea can be conquered, and that the Ming Dynasty, which conquers the sea, will enjoy a more prosperous and lasting golden age.

(End of this chapter)