Qing Yao

Chapter 347 The father and son plunder together!

Just a few days after the provincial governor inspected various industries, reliable news came from the provincial government that the governor was going to inspect major banks and banks in the provincial capital.

There are currently five main money shops in Anqing City. Apart from Tianfuhao Money Shop, which was run by people from Zhejiang, Ruifenghang, Wanshenghe, and Yutaichang, three of the other four money shops, are run by Huizhou merchants. The last one is Xianfenghang, which was recently established.

All of these funds were from local sources; there was no involvement from the Imperial Household Department or princes and ministers in the capital.

The reason is that Anhui is not a wealthy place and is a low-lying area where banner officials serve. For the financial giants in the capital, it is better to invest their money in wealthier places such as Yangzhou, Suzhou, Hangzhou, and Guangzhou than in Anhui.

Even Hankou, upstream, is more attractive than Anqing.

Who was behind Xianfeng Bank? The financial circles of Anqing have been discussing it extensively. The official information is that Xianfeng Bank was established by people from Yangzhou, and it had nothing to do with Zhao An, a second-rank official who was actually serving as the acting governor.

However, the fact that a newly established money shop could take over the entire Anhui provincial treasury makes it hard not to suspect that there was a "power-money transaction" behind it.

Originally, the treasury business was divided between Ruifeng Bank and Yutaichang. These two companies had been contracting the treasury's exchange and withdrawal business for more than 30 years and had formed a deep-rooted relationship with the Anhui officialdom. The two sides had always cooperated very well.

Suddenly, their "designated cooperation" status was revoked, and they were forced to withdraw more than 800,000 taels of silver and return it to the provincial treasury. The Huizhou merchants behind them would certainly mobilize resources to find out the reason.

This investigation actually uncovered some information.

That is, the owner of Xianfeng Bank had close ties with the newly appointed provincial governor, Lord Zhao.

In modern terms, when Zhao An took office in Anhui from Yangzhou, he specifically brought a group of "his own people" to secure municipal engineering projects, leaving other companies to only get a small share.

Even though they knew that Zhao An was the powerful backer behind Xianfeng Bank, the "big bosses" behind Ruifeng Bank and Yutaichang Bank didn't dare to say much. After all, Zhao An not only held a firm grip on military and political affairs in Anhui Province, but also enjoyed the emperor's favor. Who would dare to offend him?

Let them withdraw if they want. After all, the profits from the provincial treasury are nothing to these "big bosses" because their profits come from salt.

Huizhou merchants were the salt merchants of Yangzhou!

The Qianlong era was the golden age of Huizhou merchants, but their main sphere of influence was not actually in Anhui, but in Yangzhou and the Jiangnan region.

The term "Huizhou merchants" is just a general term for their ancestral home. A century later, they evolved into the Jiangzhe financial magnates.

After monopolizing the salt industry in Lianghuai through their relationship with the Imperial Household Department and making a fortune, the salt merchants used the money they earned from the salt industry to invest in money shops and pawnshops, and to get involved in the tea and silk trade, gradually forming the so-called Huizhou merchant power.

The distinctive industries in Anhui, such as timber, grain, cloth, and stationery (Huizhou ink and She inkstone), are monopolized by "local" merchants who remain in Anhui.

This created a very peculiar situation: the largest merchant force in Anhui who had a say in "politics" were the salt merchants who were not in Anhui, while the merchant force that remained in Anhui were the well-connected Huizhou merchants, but they had no say in "politics".

The latter refers to the merchants and workshop owners that Zhao An had previously met in the second hall of the provincial government office.

These people, having no direct connection with the Qing government, would find it difficult to expand their businesses. If Zhao An, as the governor of a province, were to support them, they could eventually reclaim the title of "Huizhou merchants" and no longer be subject to the control of those "imperial merchants" with official titles abroad.

In order to vigorously develop industry and commerce and support the local Huizhou merchants, in addition to providing full policy support, "bank loans" must also be provided.

Zhao An spent three days researching the Qing Dynasty's financial system and Anhui's local financial structure, discovering that Anhui's money shops were essentially the internal financial departments of the Yangzhou salt merchants' industry.

For example, when large salt merchants from Yangzhou opened branches in Anqing, they would also invest in a money exchange to provide financial support for their own salt trade, absorb idle funds from officials, gentry, and merchants, and provide loans to merchants and individuals, charging interest.

The model itself is not flawed; the only drawback is that the Huizhou merchant financial system is based on kinship and geographical ties, meaning that exchange and deposit services are restricted due to trust relationships.

For example, if a merchant deposits money in a Huizhou merchant money shop in Anqing, he can withdraw the money at a Huizhou merchant's affiliated or closely related money shops in Hankou by presenting the receipt.

However, he could not withdraw money from money shops run by people from Anhui, which was somewhat like an internal local area network, unlike banks in later generations that allowed cross-bank deposits and withdrawals.

The essence of this withdrawal service is to serve the bulk trade of Huizhou merchants, rather than to provide convenient financial services to all industries and the general public.

And finance is also a powerful tool for rebellion!
Whether it's a rebellion or an uprising, it all boils down to who has more people and more money.

Using money shops to absorb social funds for the initial capital of a rebellion, while simultaneously helping the newly appointed governor Zhao An to effectively reduce debts and develop the local economy, and also binding depositors to the bank, was undoubtedly a brilliant idea.

Zhao An wanted to use Xianfeng Bank as a foundation to create a standardized, networked nationwide financial system, so that anyone who deposited money in Xianfeng Bank and its affiliated money shops could withdraw their money from anywhere in the country.

Or, to put it another way, to create a money exchange alliance.

To achieve this goal, Xianfeng Bank needs to expand its operations across the board, but currently it only has branches in Yangzhou, Anqing, and Jiangning.

Zhao An previously wrote to Jiangsu Governor Fu Song requesting that the two provinces and three provinces jointly build a financial network. Jiangning Governor Fu Chang had no objection, but there has been no response from Fu Song yet.

If Fu Song agrees, even if the plan is initially successful, it could make Xianfeng Bank the largest money shop in Southeast China.

However, expanding Xianfeng Bank did not necessarily mean swallowing up other private money shops. Zhao An's principle was "common development with me as the main body." He would welcome other private money shops as long as they were willing to join the financial standards set by Xianfeng Bank, rather than having one company dominate and prevent others from surviving.

Having many friends and few enemies is the best strategy.

Therefore, Zhao An's first stop on his inspection of Anqing's financial industry was Ruifeng Bank, run by salt merchants. After making a grand speech about the government's great importance attached to private "finance," his large entourage set off for the gate of Xianfeng Bank, which had only been open for a little over a month.

The procession was very grand, with dozens of officials and hundreds of soldiers accompanying them.

The Xianfeng Emperor's procession was located in the most bustling commercial district in the south of Anqing City. Such a grand occasion naturally attracted crowds of onlookers, with everyone craning their necks to see what the newly arrived upright official from Anhui looked like.

Sitting in the eight-bearer sedan chair, Zhao An would occasionally lift the curtain, nod and smile at the onlookers, and even wave to them several times. If it weren't for the quick reaction of the officers and soldiers maintaining order on site, who formed a human wall to block the excited crowd, the eight-bearer sedan chair of the provincial governor might have been overturned by the crowd.

This also made Zhao An understand why officials had to be on guard and the streets had to be cleared when they went out; in fact, there were indeed too many unpredictable accidents.

The improvement of one's status not only brings the enjoyment of power, but sometimes it can indeed "disrupt the peace".

When people gather in large numbers, accidents can easily happen.

Dressed in the robes of a second-rank official and wearing a double-eyed peacock feather, Zhao An stepped down from the sedan chair with a smile as soon as it landed. Looking up, he saw the seven large gold-stamped characters: "Xianfeng Xing Anqing General Store".

Beneath the plaque, Liu Xiaolou, who was in charge of Xianfeng Bank, and Li Qingshan, the manager they had specially hired, along with a group of employees and guards from the bank, bowed and greeted them at the entrance.

Li Qingshan was a talent recommended to Zhao An by Manager Shi of Hengli Money Shop. He had previously worked as a manager of a money shop in the capital for nearly twenty years. Zhao An hired him with a salary that was twice as high as his salary, making him a senior expert in the financial field at that time.

However, today is also the first meeting between the "chairman" and the "manager".

"All of us at Xianfeng's company respectfully welcome Your Excellency!"

Li Qingshan's voice was loud and clear, revealing his shrewdness. Liu Xiaolou nodded slightly to Zhao An, indicating that this Manager Li was capable and trustworthy.

"Manager Li, there's no need for such formalities."

Zhao An smiled and offered a gesture of support, his voice not loud but loud enough for those around him to hear, "I heard that a new money exchange has opened in Anqing, with good rules and a good reputation, so I came here today to take a look."

As they spoke, they stepped into Xianfeng Bank. Inside, the windows were bright and clean, the counters were gleaming, and the shop assistants were dressed uniformly and full of energy. The abacuses were clicking away, and the place looked prosperous.

Because Zhao An required Xianfeng Bank to be grand, Liu Xiaolou rented and renovated several neighboring shops according to the blueprints provided by Zhao An. The area occupied was probably half a football field, and the annual rent alone amounted to more than seven thousand taels.

Unlike other money shops, the counter was not set up in a stingy manner. Instead, it had a dozen or so exquisite pear wood tables and chairs, and there were dedicated clerks to serve customers. Whether rich or poor, everyone could enjoy tea for free.

The side hall also features a separate VIP room, decorated in a more elegant style, specifically designed for official business such as handling treasury and government salaries, as well as for large clients who deposit or withdraw over ten thousand taels of silver. Remarkably, it even includes a latrine for clients' convenience—a unique feature in Anqing.

Having given advance notice, Liu Xiaolou allowed Xianfeng Bank to continue operating. When Zhao An entered, there were already seven or eight people inside doing deposit and withdrawal business.

The sudden arrival of the provincial governor startled the people, who were so nervous that they dared not even continue their business.

"You can deposit what you should deposit and withdraw what you should withdraw. Don't be shy."

Zhao An continued to display his approachable demeanor, nodding frequently to the people before walking to the highest counter. He then took out a silver note from his sleeve and loudly proclaimed, "This is a 1,000-tael official note from Hengli Money Shop of the Imperial Household Department, redeemable on demand. It is also my personal savings, and I will deposit it with your shop today as a small token of my support for this trustworthy business."

This statement caused an uproar not only among the onlookers but also astonished the clerks at the money exchange: a provincial governor had come to deposit money in person!

Liu Xiaolou reacted swiftly, immediately bowing and accepting the silver note with both hands, his voice trembling with excitement: "Your Excellency's kindness is truly admirable! Xianfeng Bank will certainly uphold its integrity and will never fail your trust! Quickly, issue Your Excellency the finest red-bordered silver note, which can be redeemed upon presentation and is valid at all branches of our bank!"

The staff quickly got to work, and the paperwork was completed quickly and neatly.

Holding the well-made silver note with the words "Xianfeng Bank" and intricate patterns, Zhao An was quite satisfied. He smiled at the few people who came to do business and said, "Look, this note is even more exquisite than the official notes. I feel more at ease keeping it here than keeping it in my back office!"

The common people had never seen such an approachable and unpretentious official before, and the atmosphere immediately relaxed. Zhao made a show of encouraging the counter staff for a few words before walking to the backyard accompanied by Liu Xiaolou and Li Qingshan.

Accompanying him were Lao Song, the office director, and two of his "protégés" from Yangzhou, who were assigned to work in the provincial administration.

As soon as they entered the secret room in the backyard and the door closed, the scene of officials and civilians enjoying themselves outside vanished instantly. Liu Xiaolou breathed a sigh of relief, wiped away non-existent sweat, and laughed, "Sir, this is truly a stroke of genius! Your preservation and promotion are more effective than if we had spent ten thousand taels of silver to have someone speak on our behalf!"

Li Qingshan also laughed and said, "Tomorrow, the threshold of our Xianfeng Bank will probably be worn down by people depositing money!"

"With such a leader setting an example, who would dare doubt the strength of Xianfeng Bank? If even the leaders dare to deposit their own money here, what else could they possibly worry about?"

Old Song chuckled as he took the teapot from Li Qingshan and poured tea for Zhao An.

"Doing business has always been about advertising, and it's just a small favor for me, as the provincial governor, to help you advertise."

Zhao An laughed heartily, sat down, and took out the newly issued Xianfeng Bank banknote to examine it closely. He was quite satisfied with the anti-counterfeiting technology on it.

Because there is a very prominent pinyin "zhao" on it.

Apart from Zhao An himself knowing that it was Zhao, no one else knew it; they had no concept of pinyin at this point.

He can be considered the first person to pioneer anti-counterfeiting using pinyin.

Liu Xiaolou reported in a low voice: "Sir, the Anqing headquarters currently has twenty accountants, thirty shop assistants, and fifty-four guards, working in three shifts."

After Liu Xiaolou finished his report, the manager, Li Qingshan, began to introduce the business: "Our basement was rebuilt to the specifications of Wanyong Bank, the largest bank in the capital. The walls were filled with iron sand and glutinous rice paste. The door is made of three-foot-thick hardwood wrapped with iron, and it is equipped with a Western-style rotary combination lock with two large keys. One key is held by Manager Liu and the other by me. Both of us must be present to open it."

"Oh?"

Zhao An became interested and asked everyone to take him to see the underground vault. Once inside, he found it brightly lit, with rows of iron racks neatly stacked with sealed silver chests, each bearing the seal of the provincial treasury.

He couldn't help but turn to Old Song and ask, "Have all the silver from the provincial treasury been deposited here?"

Old Song immediately bowed and replied, "Your Excellency, as you instructed, the first batch of 800,000 taels of silver has been deposited into the Xianfeng Bank's treasury. The accounts have been reconciled with the provincial treasury. The funds allocated by the Ministry of Revenue have not yet been transferred to the Xianfeng Bank due to excessive previous expenditures. As for the other funds, they will be settled at the end of the year due to the payment cycle."

After saying that, Old Song handed over a thick ledger.

Zhao An took the document, glanced through it casually, and nodded: "Good. From now on, all income and expenditure of taxes, salaries, and project funds in Anhui Province will go through the Xianfeng Bank. In short, even a single copper coin of the province's public funds will go through the Xianfeng Bank. Also, Anqing alone is not enough. You must expand, expand aggressively!"

As Zhao An spoke, he paced back and forth, saying, "We need to open branches in Wuhu, Luzhou, Huizhou, Fengyang, and other prefectural and state capitals as soon as possible. I only have one small request for you: by the end of next year, you must ensure that every county in the province has a Xianfeng branch!"

He paused, then looked at Liu Xiaolou: "Do you have enough manpower and money? Are you confident?"

Upon hearing this, Liu Xiaolou stepped forward confidently and said, "Don't worry, sir! We've brought in experienced workers from Yangzhou, recruited some reliable staff locally, and sent people to Jiangnan to recruit more. There's absolutely no problem with manpower. As for money, that's even less of a problem. With the 800,000 taels from the provincial treasury as a base, we can get things going almost without even using our own capital."

"Okay, this matter must be handled promptly. No matter how much money it costs or how many people we hire, we must get it done!"

After saying that, Zhao An looked deeply at Liu Xiaolou and Li Qingshan, "If you can carry out my intentions well, the flow of money in the whole province will be under my watchful eye. Which government office has overspent, which project funds have been embezzled at each level, which official has suddenly deposited or withdrawn large sums of money, and even which businesses have sufficient funds and which are in urgent need of loans due to cash flow difficulties, will no longer be secrets to us!"

Upon hearing this, Li Qingshan's heart stirred, and he replied, "You mean, sir, the bank is like a discerning eye, especially when it comes to loans to merchants. Who gets the loans, what the interest rate is, and what the term is are all under our control. This can subtly guide merchants in the direction you set."

"Exactly this!"

Zhao An clapped his hands. "Give low interest rates to those who listen, and release the loans quickly. For those who outwardly comply but inwardly cause trouble, cut off their access to funds. No need for knives or guns, we can make them obediently submit. Hmph, it's more effective than an imperial edict!"

"In this way, wouldn't the Xianfeng Bank be our Ministry of Revenue and the Embroidered Uniform Guard, both raking in money and monitoring officials and merchants?"

Old Song nodded repeatedly in admiration.

"Don't make such nonsense. What Ministry of Revenue and Embroidered Uniform Guard? If that gets out, you'll be beheaded."

Zhao An smiled and waved his hand, instructing Old Song: "I need you to do three things. First, issue a document in the name of the Provincial Treasury to all prefectures and counties, requiring all government funds to be deposited in the Xianfeng Bank from now on."

"it is good!"

Old Song wrote it down.

"Secondly, we must vigorously attract private deposits of silver. We can organize some novel activities to attract people to deposit money, such as giving away a pound of eggs for depositing three taels of silver, a pot of sesame oil for depositing ten taels of silver, and a bag of fine rice for depositing twenty taels of silver. In short, we must make people feel that depositing their money with our Xianfeng Bank is not only safe, but also beneficial."

"Ai!"

Manager Li Qingshan's eyes lit up: "If we do it this way, all the savings of the people in this province will be deposited into our bank!"

Zhao An smiled slightly: "Third, don't just focus on the city. We also need to send people to the countryside to build good relationships with the village chiefs, neighborhood leaders, and local elders. Let them become our Xianfeng Bank's employees in the countryside, and give them a commission for every deposit they receive."

"If they bring in ten taels of silver, we'll give them two hundred cash. And so on. We'll open branches near guilds in all trades to facilitate business operations, so that our Xianfeng Bank's notes can reach every household!"

Zhao An's three suggestions not only broadened the horizons of the "expert" Li Qingshan, but also filled him with admiration for the young governor's "financial" wisdom: "You are indeed a great man, I admire you, I admire you!"

"The essence of money lies in its circulation."

Zhao An walked out of the underground vault with his hands behind his back. "What you need to do is get the money circulating, increase profits in the process, and all of this circulation is under my control."

Regardless of how much Liu Xiaolou and the others could digest, Zhao An first forced them to drink a lot of water. No one knew better than him that the finances of a province or even multiple provinces were tightly bound to a single money shop, and the power and interests involved were unimaginable.

On the way back to the provincial governor's office from Xianfeng, Zhao An suddenly remembered something, stopped his sedan chair, called over Old Song, and instructed, "Send someone to Jiangning immediately."

Old Song was taken aback: "Are you bringing your family over?"

Zhao An nodded and said, "Receiving the person is one thing. On the other hand, send someone to the Tongzhou Money Shop in Jiangning City to ask the manager if I, as a second-rank provincial governor, can borrow another million taels of silver from Fu Zhongtang for the post-disaster reconstruction of this province. I can provide the provincial treasury as a guarantor."

(End of this chapter)