My Portable Ming Dynasty

Chapter 306 Strange Tales of the Office of Transmission, Part Five
Su Ze was not surprised that Zhang Juzheng wanted to show the memorial to Zhang Jingxiu.

Many officials bring their staff when meeting guests, and since outsiders are generally not as reliable as family members, it is normal practice to have one's son serve as a staff member.

For example, Yan Shifan served as Yan Song's advisor in his early years, and it was because of this position that he was called "Little Grand Secretary" by Yan Song's faction.

Zhang Jingxiu was also a successful candidate in the imperial examinations, so he was qualified to be a staff member.

However, Su Ze also knew that Zhang Juzheng did not have the habit of letting his staff handle political affairs.

The reason Zhang Jingxiu was shown the memorials was to train his son.

Zhang Jingxiu carefully took Su Ze's memorial and then read it carefully.

A few days ago, Zhang Jingxiu also wrote a memorial. While reading Su Ze's memorial, he compared it with his own and felt that Su Ze's memorial was far more profound and superior to his own.
No wonder he was able to discuss national affairs with his father at such a young age.

After reading the memorial, Zhang Jingxiu felt that there was nothing wrong with what was said in the memorial. He was more puzzled by the conversation between his father and Su Ze.

Zhang Juzheng continued:

“If Zilin submits this memorial, I will oppose it.”

Su Ze said:

"Grand Secretary Zhang, I have come here to ask for your advice on revising the contents of the memorial."

"The right to issue public shares is indeed easy to abuse and should be handed over to the Ministry of Revenue for management."

"I think that in the future, for any matters that are jointly used by the government and the people, if public shares are to be issued, they must be issued through the Ministry of Revenue, and the proceeds from the issuance will also be managed by the Ministry of Revenue."

"Project funds are allocated to the Ministry of Revenue, and auditing is handled by the Six Ministries. Local governments are not allowed to issue bonds without the permission of the imperial court."

"Furthermore, the sale of public shares should be entrusted to specialized institutions and should not be forcibly seized by the government. I believe that the bulk trading market can be used as a sales agent."

"What does Grand Secretary Zhang think?"

After listening to Su Ze's revised proposal, Zhang Juzheng thought for a while and said:

"If this precedent is set, won't the imperial court have to borrow money to make ends meet?"

Su Ze knew that Zhang Juzheng was actually a fiscal conservative.

Fiscal conservatism refers to a conservative fiscal policy.

Throughout history, the famous ministers who carried out reforms were actually very conservative in their approach to finance. The fiscal reforms they implemented were, in fact, aimed at making the finances healthier.

Zhang Juzheng disapproved of Su Ze's borrowing from the bottom of his heart.

Su Ze said to Zhang Juzheng:
"Grand Secretary Zhang, the Ministry of Revenue, which you are in charge of, is like the head of a family; it is not an easy task."

This was a bit of flattery, and Su Ze continued:
"Ordinary families also have times when they are short of money. It is normal to borrow money to get through a difficult time and then pay it back when they have the money later."

Zhang Juzheng, however, said:

"We should live within our means. If we don't have any spare money, we shouldn't spend it."

Su Ze said again:
"Your Excellency Zhang is mistaken. Extravagant spending should be within one's means, but there will always be extra expenses if there is an emergency at home."

"Families have their own affairs, and countries have their own affairs. When a country encounters war or disaster, should it also live within its means?"

Zhang Juzheng said:
"This is why we must live within our means and increase revenue while reducing expenditure. The state has surplus grain to deal with these things, and families should naturally have surplus wealth to deal with unexpected expenses."

"Besides, I don't see the construction of railways as a necessary expense."

Su Ze said again:
“Grand Secretary Zhang, building railways is not for pleasure. Railways are a matter of benefiting the country and the people, and they can also revitalize the capital’s production capacity. Naturally, it is an urgent matter.”

Clearly, this reason still failed to convince Zhang Juzheng, who continued:
"Zilin, the Ministry of Works has no budget for railway construction next year. We can always get it after the river works are completed. Besides, you were the one who advocated for the construction of the river works. Why rush it?"

Seeing that these reasons failed to convince him, Su Ze said again:
“Grand Secretary Zhang, it is not that I am acting too hastily, but rather that time is of the essence.”

Do you know anything about the situation in Jiangnan?

"My hometown, Suzhou Prefecture, has been a prosperous place since I was born. After the opening of maritime trade, Grand Secretary Zhang took charge of the Ministry of Revenue. He should know how much silver flowed into Jiangnan."

"Currently, the North can still suppress the South through industries such as steel and glass. But if the South catches up, how will Grand Secretary Zhang maintain balance?"

Zhang Juzheng's expression turned serious.

He thought for a while and said:

"Zilin, please leave the memorial here. I will think about it some more."

Su Ze left the memorial at Zhang Juzheng's residence and left immediately.

After Su Ze left, Zhang Juzheng looked at his son.

Zhang Jingxiu could understand at first, but he couldn't understand anything his father and Su Ze talked about later.

"Do you have any idea?"

Zhang Jingxiu bowed and said:
“Father, your son supports Su Hanlin’s proposal to build a railway.”

"why?"

"If someone else had suggested building a railway, my son would probably have thought it was a pipe dream, but since Su Hanlin has said so, it should be possible to accomplish it."

Zhang Juzheng neither agreed nor disagreed, but it was no wonder that his son had this idea; many officials and common people in the capital thought the same way.

Su Ze was different from the Qingliu faction of the Ming Dynasty.

Su Ze's "prestige" was built up through his actions. Every time Su Ze proposed something, he was able to accomplish it well, and people naturally trusted him more.

The reputation built through deeds is naturally different from the prestige previously established by those who were considered upright officials, who gained it through empty talk and writing.

Zhang Juzheng asked again:

"So you know the reasons why I object?"

Zhang Jingxiu nodded.

Zhang Juzheng added:

What do you think of Su Zilin's last words?

Zhang Jingxiu honestly replied, "My son didn't understand."

Zhang Juzheng nodded in satisfaction and said:

“Su Zilin sees far ahead, it’s normal that you can’t keep up.”

Zhang Jingxiu mustered his courage and asked:
"My son doesn't understand, what does building a railway have to do with Jiangnan?"

Zhang Juzheng stood up and said:

“The construction of the railway itself has nothing to do with Jiangnan, but Su Zilin said that the development of the capital's industries is related to Jiangnan.”

"Industrial development is a matter of 'if you get ahead in one step, you get ahead in every step'."

"When my father took charge of the Ministry of Revenue, this year the combined tax revenue from the capital region, Shanxi, and Shandong, plus commercial taxes, exceeded that of the five prefectures in Jiangnan for the first time."

"This is a hidden problem in the finances of our Great Ming Dynasty. The finances rely too much on the southeast, and the development of various regions is uneven."

Zhang Jingxiu asked:
"What's wrong with this?"

Zhang Juzheng said:
“Normally, there is no problem, but if the tax revenue relies too much on the southeast, it will be top-heavy and the finances will be constrained.”

"Since last year, the development of industries in the north has been the most assertive the government has been in recent years."

“Su Zilin is right. To make a breakthrough in the Southeast and levy commercial taxes, we must maintain the current situation.”

Zhang Juzheng seemed to have made up his mind and said to his son, "Go and catch up with Su Zilin, tell him that I will support his memorial, and let him submit it tomorrow."
-
The 18th day of the twelfth lunar month.

"Breaking news! Breaking news! Railway company shares are about to be issued!"

The four major newspapers in Beijing began publicizing the issuance of railway shares at almost the same time.

In a teahouse next to the Imperial College, Huang Wenbin called out to the newsboy and took out a copper coin to buy a copy of the "Yuefu Xinbao" newspaper.

Zhu Juntang, who was sitting opposite Huang Wenbin, also took out his money to buy a copy of the Business Daily.

All four major newspapers published articles about the Fangshan Railway on their front pages. Su Ze submitted a memorial to the court, requesting the construction of a railway from Fangshan County to the outskirts of Beijing, which was approved by the emperor.

The total cost of the railway was 30,000 silver dollars, with 100 silver dollars constituting one share. A total of 300 shares were issued and distributed through the Beijing Bulk Grain Trading Market.

Those who wish to subscribe to railway stocks can pay at the bulk grain exchange.

The newspaper detailed the rules of the stock, including the agreed dividends, the repurchase of shares after five years, and the news of the formation of a railway board of directors.

However, the contents of the two newspapers are different.

The Yuefu Xinbao was an official gazette, which mainly explained the railway plan and praised the railway as something that could accelerate the development of the capital region. It stated that once the railway was completed, the capital would no longer lack coal for cement and iron smelting, and glass from Fangshan could be transported to the capital at a lower cost.

The Business Daily, however, was more concerned with the returns on railway stocks and also had some speculation about the newly established railway board of directors.

Putting down the newspaper, Huang Wenbin sighed:
"One hundred silver dollars per share, that's really rich!"

He's now a poor scholar at the Imperial Academy; even if you sold him, you wouldn't get a hundred silver dollars.

Zhu Juntang received a sum of money from the Prince of Dai's mansion, which he deposited in the Fan family's bank in Shanxi. After seeing the analysis of railway stock profits in the Commercial Daily, he was also tempted.

The two were here so that they could leave the capital before the Lunar New Year and travel to Zhigu to take a boat south to Penghu.

There was a lot of discussion about railway stocks in the teahouse, but Huang Wenbin knew that these people were just being stingy and talking nonsense; no one here could actually come up with a hundred silver dollars.

"Dr. Huang, do you think it's a good time to buy these railway stocks?"

"You want to buy?"

Zhu Juntang nodded and said:
"After my father passed away, all of my family's property was sold off, and we have some savings. What do you think?"

Looking at his disciple, Huang Wenbin had learned about Zhu Juntang's past over the past few days, and he was not envious of his money.

When the Prince of Dai eliminated the feudal lords, Zhu Juntang's father was also assassinated by the Prince of Dai. The father and son paid a huge price, and it is no exaggeration to say that this money was hard-earned.

Huang Wenbin said:
"Since it was Su Hanlin who came up with this, there's no problem guaranteeing interest for a year and a half. This is much more reliable than lending to those money exchange houses."

Hearing Huang Wenbin say this, Zhu Juntang made up his mind to buy a railway stock before leaving the capital, which was better than keeping all of it in Fan's bank.

A few days ago, several private banks in Beijing went bankrupt.

Although it was called a "piaohao" (票号), it was actually a money shop that pooled funds for lending.

At first, some people might have taken the money to lend out, but these money shops offered high interest rates, attracting a large number of people to deposit their money. In the end, the owners of the money shops absconded with the money, leaving behind a mountain of case files in the civil affairs department.

Zhu Juntang was glad that he had money in Fan's bank, but he also developed a distrust of banks.

His entire fortune was tied up in a money exchange, which was never very safe.

Although the annual interest rate of five percent on railway stocks is not much, according to the Business Daily's calculations, it is about the same as the income from renting out small plots of land in Shanxi.

Moreover, local landlords also had to manage the land, collect rent from tenants, and there were risks involved in growing crops.

Although railway stock dividends are not high, considering the risks and the fact that you can receive dividends without having to worry about anything, it is still a good investment that can preserve your capital.

Huang Wenbin then accompanied Zhu Juntang to Fan's Bank to withdraw one hundred silver dollars before rushing to the bulk grain trading market.

When the two arrived, it was still relatively early, but there was already a long queue.

Are there really that many wealthy people in the capital?

Huang Wenbin never expected that so many people would want to subscribe to railway stocks.

When the market opened, people lined up and rushed in. Zhu Juntang was lucky and actually managed to grab a share of railway stock.

Huang Wenbin said with a hint of sourness:

"This is insane! A hundred silver dollars for a piece of paper? Have all these people gone mad?"

Before the two even left the market, all 300 railway shares had already been sold out.

Huang Wenbin's shock was yet to come. As the two walked out of the market, they heard someone outside asking to buy railway stocks.

"My master is offering 110 silver dollars to buy one share of the railway company!"

"My master has offered one hundred and fifteen silver dollars!"

Huang Wenbin was filled with regret at this moment. He should have borrowed money to buy a share!

In the time it takes for an incense stick to burn, I made a net profit of fifteen silver dollars!
If I had that kind of money, why would I need to leave the capital for the New Year!

Zhu Juntang was also stunned. He asked:

"Dr. Huang, are you selling?"

Huang Wenbin said:
"Sell my head! Scarcity drives up prices, it'll go up even more later, get out of here!"
-
Throughout the entire twelfth lunar month, stock market myths circulated throughout the capital.

There were stories of people making twenty silver dollars from a single share, and mysterious buyers purchasing twenty shares at once.

Some nobles even petitioned for the issuance of additional shares.

However, none of this has anything to do with Huang Wenbin and Zhu Juntang anymore.

After buying the stocks, Zhu Juntang deposited them at the Imperial College and then immediately set off from the capital to Zhigu.

In Zhigu, they quickly found a sailing cargo ship bound for Penghu.

This ship belongs to the son of the Marquis of Wuqing and is a sugarcane and wine merchant ship. It has just unloaded its sugarcane and wine and is preparing to load cargo to return to Tainan.

Huang Wenbin negotiated with the shipowner and obtained two cheap tickets by helping the crew write letters home and assisting the captain with relevant paperwork.

The two traveled south by boat, and the journey was smooth until they arrived at Ningbo Port.

The two set off on the 18th day of the twelfth lunar month and arrived in Ningbo on the fifth day of the first lunar month of the fifth year of the Longqing reign.
According to this route, it will take another fifteen days to reach Penghu.

As expected, an accident still occurred. The merchant ship the two were on suddenly encountered a storm, deviated from its course, and was blown into sea areas where even the captain was unsure of its location.

Then they were attacked by pirates. The ship, which was already damaged in the storm, managed to escape, but it was already in pieces.

The captain ordered the crew to abandon ship and escape. Zhu Juntang and Huang Wenbin, two unlucky guys, were each assigned a barrel.

Just when the two thought they were going to perish at sea, Zhu Juntang woke up on the beach.

He quickly looked around and found Huang Wenbin, who was not far from him.

Fortunately, Huang Wenbin only lost consciousness. While Zhu Juntang was relieved to be saved, he was also wondering where he had ended up.

However, there are broken fishing nets on the beach, so it shouldn't be an uninhabited island.

Just as Zhu Juntang helped Huang Wenbin up, a group of people suddenly approached from a distance.

Zhu Juntang waved his hand hurriedly, but when the group of people got closer, Zhu Juntang gasped.

He wore a faded coarse cloth jacket, a short knife slung diagonally over his thick belt, baggy trousers that reached his calves, and straw sandals on his bare feet.

What are these? Japanese pirates!

(End of this chapter)