Taichang Ming Dynasty

Chapter 739 Dining in Separate Pots
"Forced to follow suit and cut interest rates?" As he pondered this, Wang Yingjiao's brows furrowed slightly.

"Don't overthink it. We didn't send anyone to threaten anyone." Gao Shiming quickly waved his hand. "They lowered the interest rate on their own initiative."

“I know.” Wang Yingjiao nodded. “If your interest rates are so low, they won’t have any business if they don’t follow suit.”

"It's not just in the future; we've taken away all their previous business."

"Rob?"

"Tsk. Don't think so badly of us." Gao Shiming feigned a slight annoyance. "It's all legitimate business between mutual consent. We offer low interest rates, while they offer high interest rates, so naturally some people come to us to borrow money and pay off their debts in advance. In this way, aren't we taking away their business?"

"Didn't they come to protest?"

“Protest? Who?” Gao Shiming sneered. “Last month, we lent out nearly 20,000 taels of silver just from this one business. And not a sound was heard.”

Lending money at low interest rates to repay high-interest debts was considered cutthroat competition in traditional financial sectors like money shops, banks, and pawnshops. To prevent such cutthroat competition and protect the overall interests of the industry, established businesses had unwritten rules and tacit understandings among themselves.

If someone breaks the tacit agreement and violates the rules by offering interest rates significantly lower than the local average, someone will immediately step in to negotiate. If an agreement cannot be reached, the local guild will unite to suppress such a competitor.

If commercial means are used, they will be used. If commercial means fail, the government will be called in. If the government cannot be called in, or if it has powerful backers, then a mob will be incited. If all else fails, hiring bandits to eliminate the employer is not uncommon.

But the Sun and Moon Bank was different. It was a business within the palace, with substantial, bottomless capital. The capital city was the most important place under the emperor's nose. Amidst the widespread arrests by the imperial guards and the continuous downfall of officials, the established businesses in the capital couldn't even muster a single person willing to negotiate, let alone unite to pressure this disruptor. Although some in the industry suggested not accepting early repayments, after some discussion, even those who proposed it were unwilling to be the first to do so. Therefore, in the end, the established businesses could only silently follow suit and lower interest rates to avoid being completely crushed by this unshakeable monster.

After a moment's thought, Wang Yingjiao asked, "Isn't your bank afraid of not being able to get so much money back after lending out so much money?"

"Hahahaha." Gao Shiming took a sip of tea and couldn't help but laugh out loud. "You're joking. Although we're new to this business, we've hired quite a few experienced and discerning colleagues who can inspect goods." He put down his teacup, his tone relaxed. "Besides, this is business within the palace. Even if the counter staff makes a mistake, the person can't escape. If someone defaults on their debt, they can just write a note to the Eastern Depot. If they can't pay, someone in their entire family can. If they really can't pay, they can always sell themselves."

Wang Yingjiao had originally wanted to praise this as a beneficial policy for the people, but he couldn't agree with Gao Shiming's words. "Hehe." Wang Yingjiao chuckled awkwardly, his gaze returning to the property register: "Wang Wen's house is too expensive. Let's find a cheaper one. Whether it's legitimate or copied, it doesn't matter."

"The houses in Nanxunfang and Dashiyongfang are about the same price."

"Don't be so formal, I'm just asking."

“Okay.” Gao Shiming took back the booklet and quickly flipped through it: “There is a three-courtyard house near Taijichang. It’s close to the yamen and convenient to go either East Chang’an Street or East Jiangmi Lane. The price is less than 70% of Wang Wen’s old house, and the place is much bigger. Especially the main house in the third courtyard, which has five rooms, you can fit a study in there.”

"Where is Taijichang?" Wang Yingjiao was certain he knew the name of the place, but he hadn't been to the capital for so long that he couldn't recall the exact location of Taijichang for a moment.

"You just watch. I'll go get you the map." Gao Shiming first turned the booklet around and pushed it toward Wang Yingjiao, then got up and walked to a shelf near the main table, tiptoed and took down a scroll that was much longer than his forearm.

Gao Shiming took the scroll and walked over to Wang Yingjiao. "Please trouble yourself to move the tea tray a bit."

“Alright.” Wang Yingjiao pushed aside the tea tray, and Gao Shiming unfurled the scroll in the empty space.

Soon, a simplified map of the capital city with detailed maps around the perimeter unfolded before Wang Yingjiao's eyes.

“The Taiji Factory is right here.” Gao Shiming pointed to a square area not far southeast of the Imperial City and said, “When Emperor Chengzu moved the capital to Beijing and built the palace, the palace foundation was processed in this place. After the palace was completed, the factory naturally disappeared, but the name of the place has remained to this day.”

"Where is that house?" Wang Yingjiao looked closer and found that there were many small squares representing houses scattered around.

“East Chang’an Street, Taiji Factory, No. B.” Gao Shiming glanced at the property register, pointed to a rectangle next to the street with his blunt, worn-out fingernails, and said, “This should be it.”

"The location is indeed excellent." Wang Yingjiao was tempted and nodded. "But three thousand one hundred and fifty taels is still expensive, isn't it?"

“In the capital, every inch of land is worth its weight in gold. Besides, this house is conveniently located, with Chang’an to the west and Dong’an to the north, making it easy to go to court or work.” Gao Shiming gestured as he spoke. “If the original owner hadn’t wanted to move to Tianjin to do business, there wouldn’t have been such a good place available for us to take over.”

"Go to Tianjin to do business?" Wang Yingjiao was indeed intrigued.

“Yes. The first batch of Western merchant ships will be docked this month. If they don’t have solid, high-quality goods, how will they exchange them for silver?” Gao Shiming wasn’t interested in going into details and continued to introduce the house: “Moreover, this is not just an empty house with bare walls. It has all the necessary furniture and items, all made of the finest wood. You can move in and live there immediately.”

"Who was the original owner?" Wang Yingjiao asked.

“Isn’t it written here? The original owner was Guo Chenghao.” Gao Shiming pointed to the original owner’s name in the register and added, “He was the grandson of Guo Wending, a hereditary commander of the Embroidered Uniform Guard, and the former deputy commander of the Left Guard.”

Guo Zizhang was a native of Taihe, Jiangxi. In March of the 27th year of the Wanli reign (1618), he was appointed Right Vice Censor-in-Chief and Governor of Guizhou, concurrently overseeing Hubei and other regions. Together with Li Hualong, the Governor-General of Huguang, Sichuan, and Guizhou provinces, he quelled the rebellion of Yang Yinglong, the Pacification Commissioner of Bozhou. Subsequently, he quelled several more rebellions by remnants of the Yang family, achieving remarkable feats.

In the thirty-second year of the Wanli reign, he was given the additional title of Right Vice Minister of War and Right Vice Minister of the Ministry of War. In July of the thirty-fifth year of the Wanli reign, he retired and returned to his hometown the following year.

In the 40th year of the Wanli reign, the Ministry of War requested that the victory be recorded in the annals of the great victory achieved by capturing and beheading more than 4,000 Miao people in Guizhou Province.

By imperial decree, Guo Zizhang was promoted to Minister of War and concurrently Right Vice Censor-in-Chief of the Censorate, and granted the title of Imperial Decree to allow him to retire in his old age. His son, who had previously held a hereditary title, was also promoted one rank and awarded forty taels of silver and a crimson flying fish robe.

In July of the 46th year of the Wanli reign, Guo Zizhang died and was posthumously awarded the title of Junior Guardian of the Heir Apparent and the posthumous name of Wending.

“The grandson of Duke Wending,” Wang Yingjiao subconsciously thought of Wang Wen of Da Shi Yong Fang. However, he quickly realized that there was no red dot in the upper right corner of this page indicating punishment for corruption.

“Guo Chenghao was indeed dismissed,” Gao Shiming explained with a smile, “but only because of the Jinyiwei’s recent record. It has nothing to do with the recent cases. The house was also consigned for sale by his son.” The Jinyiwei record… Wang Yingjiao had another matter to inquire about.

“Three thousand one hundred and fifty taels is too expensive,” Wang Yingjiao said. “I only brought a few hundred taels of travel expenses with me this time to Beijing.”

“Oh, it’s alright. If you really want to buy it, you can pay a deposit first, and then pay the rest later when you have the full amount.” Seeing that Wang Yingjiao was still hesitant, Gao Shiming took the initiative to suggest, “How about this, for your sake, I’ll take the liberty of giving you a price of three thousand. You don’t have to pay the full amount right away; you can just pay the rest this year, how about that?”

“Three thousand.” Wang Yingjiao quickly did some calculations under the table. “Forget it. At my age, I probably don’t have many years left to live. I’ll just rent it.”

"Oh dear! How can you say that to yourself? Looking at your robust appearance, even if you can't live to be as old as Peng Zu (a legendary Chinese physician), you should at least live to be a hundred years old. This is nothing!" Gao Shiming flattered. "Besides, buying is more cost-effective than renting. This house has a monthly rent of twenty-five taels, which is three hundred taels a year. You can buy the house in ten years. As long as you live here for a few years, it will be worthwhile to sell it later."

"Sell it again? Hehe," Wang Yingjiao laughed. "If I bought it and then resold it, I'm afraid I wouldn't be able to get three thousand, would I?"

The bank takes over the property and resells it, aiming for the price difference. If it bought at the original price and sold at the original price, it would be doing charity.

Of course, Gao Shiming wouldn't tell Wang Yingjiao these things. He paused for a moment, his eyes darting around in their sockets, and then chuckled awkwardly, "Hey. Who knows what the market will be like then? If you're not satisfied, we can exchange it." As he spoke, Gao Shiming reached out his hand to the property register again.

"Enough!" Wang Yingjiao slammed his hand on the booklet. "Two thousand seven hundred taels. What does Eunuch Gao think?"

"This..." Gao Shiming's mind raced, but he instinctively frowned. "Minister, the property prices are all set by the head office. Even the previous quote of three thousand taels required me to submit a written application to the higher-ups. Two thousand seven hundred taels is simply..."

“Eunuch Gao,” Wang Yingjiao said with a smile, “you’re definitely making a profit at this price.”

"Sigh," Gao Shiming sighed, seemingly calmly saying, "Yes! There is some profit to be made, I don't deny that. But that's how the rules are, and I'm just following the rules."

“Then please submit the report according to the regulations, Father-in-law. I can wait.” Wang Yingjiao closed the booklet and pushed it back to Gao Shiming. “In the meantime, I can also visit other families.”

Gao Shiming didn't try to persuade him to stay any longer, and placed the booklet on the table. "Alright. I'll write a note to the higher-ups later. Whether it works out or not, I'll send someone to inform the Minister. I just don't know which inn the Minister is staying at right now?"

"Yunlai Inn. Over there in Da Shi Yong Fang," Wang Yingjiao said, pointing to the map that hadn't been put away yet. "It's probably around here."

"Okay, I understand." Gao Shiming nodded and slowly put away the scroll. Then he took the scroll and the property register with him and put them back in their original places.

"Can we go take a look at the houses over there first?" Wang Yingjiao asked, watching Gao Shiming's retreating figure.

“Of course.” Gao Shiming turned his head and sat down opposite Wang Yingjiao. “I will inform the people below.”

"When?" Wang Yingjiao asked.

"You can come anytime; there's someone staying in the gatehouse." Gao Shiming smiled and shifted the chair he was sitting on. "Once you get there, just tell them your name."

“I probably won’t have time to go there in person,” Wang Yingjiao said.

"It's alright." Gao Shiming moved his teacup and added a little more tea. "Sending your family over is fine. But it would be best if they took your token with them."

"Then I'll have to trouble you, Father-in-law." Wang Yingjiao smiled and cupped his hands in greeting.

"You're too kind, Minister." Gao Shiming moved the teapot and gently lifted the spout. "Has the matter of the residence been discussed? Would you like some more tea, Minister?"

"Thank you for your trouble." Wang Yingjiao picked up the teacup and handed it to the rim of the teapot. He asked casually, "I heard that for the past two months, the salary slips for officials in Beijing have been paid by your bank to my department?"

"The salary notes are..." Gao Shiming paused for a moment. "Hehe, yes!" He filled the teapot to seven-tenths full, put down the teapot, and nodded in response, "They are from my bank. This month's silver notes are also ready, they are in the treasury in the backyard. I will bring them to you on the tenth day of the month."

"Eunuch Gao came in person?" Wang Yingjiao was slightly surprised.

“I always come in person,” Gao Shiming nodded with a smile. “How could I entrust such an important matter to someone else?”

"Then I will await your arrival, Eunuch Gao," Wang Yingjiao said, bowing respectfully.

"Don't mention it," Gao Shiming paused, his tone gradually becoming serious. "Minister, please allow me to say a few words, this month is the last time. Starting next month, the Ministry of Revenue will have to send the cash to the transport warehouse first, and then come to collect it with the receipt."

A look of confusion appeared on Wang Yingjiao's face: "What do you mean?"

“Have you forgotten? The summer taxes from Zhili and Shandong will be coming to Beijing next month,” Gao Shiming said. “Although we’re all from the same family, it’s still better to eat separately.”

Wang Yingjiao then realized, and said with a subtle smile, "Wouldn't it be very troublesome if things continued like this?"

This time, Gao Shiming's face showed a look of confusion: "Trouble?"

“First, send the cash to the palace, then take the receipt to your bank to withdraw the silver notes. After the officials receive their salary from the Ministry of Revenue, they come to your bank to exchange the cash.” Wang Yingjiao tapped his fingers lightly on the table. “It’s a lot of back and forth, both time-consuming and laborious.”

Gao Shiming gave a wry smile: "There's nothing we can do about it. The Ministry of Revenue collects the taxes, the palace prints the banknotes, and the salaries are paid by the outer court. If we don't clarify these relationships, who will be responsible if something goes wrong?" After a moment's thought, he suggested: "If you find it troublesome, you can go to Chief Wei to discuss submitting a memorial to simplify the process. Or, in the future, when banknotes are issued throughout the country, taxes can be directly collected from them and brought to the capital, which will save you a lot of trouble."

(End of this chapter)