How can one be Emperor Chongzhen without money?

Chapter 212 Emperor Chongzhen: What to do? Open a central bank to calm our nerves!

What to do? Hold a meeting, of course!

Before dawn, the Hall of Supreme Harmony in the Forbidden City was already packed with people.

Today's morning assembly started half an hour earlier than usual.

The ministers below, their necks hunched, their eyes darting around, had lost all their usual spirit. News of the fall of Qiangziling, carried by the north wind, swept across Beijing and filled the palace.

Before the usual formalities could be completed, an imperial censor rushed forward, his voice trembling with urgency: "Your Majesty! With the fall of Qiangziling, the enemy cavalry could arrive at any moment! I implore Your Majesty to issue an immediate decree to close the nine gates, prepare the army for war, and urgently summon troops from across the land to come to the aid of the emperor! We shall live and die with the capital!"

His words were beautifully spoken, impassioned and passionate—a style characteristic of Qingliu.

Once he started, several officials and scholars echoed him, spitting as they spoke, spouting grand pronouncements like "defend to the death" and "live and die together."

Emperor Chongzhen sat calmly on his throne. He clearly remembered that among those who clamored for "defending to the death" and "living and dying together," several had served as "three ministers" or "four ministers" in history. Being a traitor was no longer enough for them. After the Jia Shen Incident, they first surrendered to the Shun, then to the Southern Ming (or the Manchus), and finally to the Manchus. Oh, and some who lived exceptionally long lives may have even been more loyal than Wu Sangui, making them "five ministers"!

His loyalty is beyond words!
However, Chongzhen didn't bother with them now, and instead directly called out the name of his soldier: "Wang Zaijin."

Wang Zaijin quickly stepped forward: "Your subject is here."

"You're the commander, so tell me, how should we deal with this situation?"

Wang Zaijin already had a prepared statement in mind, and bowed as he replied, "Your Majesty, I believe it is not yet time to close the nine gates."

Upon hearing this, several upright individuals were about to glare.

Wang Zaijin remained calm and continued, "Although Qiangziling has been lost, there are still many fortresses and strongholds along the Miyun line, and the garrison troops are holding their ground. Commander You Shiwei is a seasoned military commander and will surely be able to retreat to Changping and protect the Tianshoushan Mausoleum. Furthermore, there are still heavy troops in Jizhou and Xuanda that can provide support. The 30,000 newly recruited soldiers in the capital are well-equipped with firearms and, with the support of the wagon corps, are sufficient for a battle. The most urgent task at present is to stabilize morale, not to create chaos."

Yang Sichang, the Left Vice Minister of War, also stepped forward to agree: "What Wang Benbing said is absolutely right. Although the enemy cavalry is fierce, they have penetrated deep into our territory and are having difficulty resupplying. We only need to hold the key passes firmly, blunt their momentum, and wait for their troops to grow old and exhausted, and then there will be a turning point."

Several upright officials wanted to argue, but Emperor Chongzhen waved his hand, stopping them.

"What Minister Wang and Minister Yang said is a wise and experienced view of governing the country," Chongzhen set the tone. "The nine gates must not be closed. If the gates are closed, what will the million soldiers and civilians in the capital eat and drink? The people's hearts will be thrown into chaos!"

What he was really thinking was: If I close the door, how can I buy up assets at rock-bottom prices? The rise and fall of the Ming Dynasty depends on this one "buy"!
Moreover, what's the point of keeping a bunch of "ministers" in Beijing? Are they just opening the city gates for the enemy?
"Lu Xiang-sheng." Emperor Chongzhen called out another name.

Lu Xiang-sheng, the Shuntian governor who had entered the city from Tongzhou late last night, stepped forward and said, "Your subject is here."

"I order you to expedite the training of local militias in Shuntian and Yongping prefectures! Especially those areas far from the border wall that haven't been mobilized yet, urge them on relentlessly! Build fortresses and train local militias, without a moment's delay! The Tartars have already invaded; if we don't solidify our fortresses now, we'll lose our own lives!"

"The minister obeys the order!"

Chongzhen then looked at a high-ranking official in red robes in the procession. He was Kong Yinzhi, the newly appointed Director of the Likin Bureau of Northern Zhili and Duke Yansheng.

"Kong Qing".

Kong Yinzhi hurriedly stepped forward and bowed, saying, "Your subject is here."

"The militia needs money. You are hereby ordered to immediately expand the scope of the 'military levy' to the Grand Canal within the territory of Beizhili, as well as the road from Tianjin to Dagukou. Set up checkpoints along these routes! This money must be collected as soon as possible! This is the life-saving money of those landlords and wealthy merchants in Beizhili!"

"Your subject...accepts the decree." Kong Yinzhi immediately accepted the decree, his face full of "loyalty and sincerity!" There was no doubt that there would be resistance to expanding the scope of the militia tax collection, but now was definitely the time with the least resistance.

After discussing a few more trivial matters, Chongzhen adjourned the court.

The ministers, each with their own thoughts, bowed and withdrew.

Emperor Chongzhen, however, did not move the place.

He looked at the empty hall and gently exhaled a breath of stale air.

The act for outsiders is done. Now it's time to get down to business. Big meetings are for big matters, small meetings are for discussing the truly important things!
"Summon Wei Zhongxian, Wang Chengen, and Liu Yueying to wait in the West Warm Pavilion," Chongzhen instructed the eunuch beside him, then rose from his throne.

Inside the west warm pavilion, the charcoal fire burned warmly.

Wei Zhongxian, Wang Chengen, and Liu Yueying stood with their hands at their sides. When they saw Chongzhen enter, they hurriedly tried to bow.

"No need." Chongzhen waved his hand, walked to the warm couch and sat down. "Tell me, what's the situation outside?"

Wei Zhongxian spoke first in a shrill voice: "Your Majesty, people are in a state of panic. Grain prices have risen by 30%, and long queues have formed outside money shops, all for exchanging silver. The mule and horse markets are almost sold out of carts and livestock."

Wang Chengen added, "Some officials' families have already begun to quietly pack their valuables."

Liu Yueying, speaking from a business perspective, said: "Your Majesty, the demand for real estate and land deeds on the market has almost completely disappeared overnight. There are prices but no buyers, but prices haven't started to plummet yet."

After listening, Chongzhen nodded; it was roughly what he had expected.

"What do you think we should do in this situation?" Chongzhen picked up his rosewood thermos and took a sip of goji berry, red date, and chrysanthemum tea.

Wei Zhongxian's eyes darted around, and he said first, "Your Majesty, this is a golden opportunity! While those cowards are selling off their properties, let's use the imperial treasury to buy up their houses and lands at low prices! This is a very profitable deal!" Wang Chengen and Liu Yueying also nodded slightly, thinking that this was a good idea.

Emperor Chongzhen smiled and put down his teacup.

"You guys are still too short-sighted."

The three of them were taken aback and all looked at the emperor.

"Buy land and houses now?" Chongzhen scoffed. "The panic has only just begun, and prices haven't hit rock bottom yet! If I were to put real money in now, it wouldn't be to buy at the bottom, but to prop up the market and help them get out of their predicament! I won't do something so foolish."

Wei Zhongxian was somewhat puzzled: "Then what does Your Majesty mean?"

Emperor Chongzhen leaned forward slightly and lowered his voice: "Grand Master, do you know that there is a kind of business in this world that can be turned into money!"

Converting money? Wei Zhongxian was stunned. Was this kind of business even possible?

He tapped his fingers lightly on the kang table: "What I want are the money shops and banks in this capital city that manage the flow of gold and silver! This is a business that can turn money into cash!"

Upon hearing this, Wei Zhongxian and the other two were somewhat bewildered. Buying up money shops at rock-bottom prices? This approach was rather strange.

Ignoring their surprise, Chongzhen continued, "These money shops normally absorb deposits and make loans, controlling the money supply in the market. Now that the bank run has started, they are the ones who suffer the most, as they are short of money. I will now be the one to lend to them! Or the money shop's money shop, the bank's bank."

What do you mean?
Wei Zhongxian and the other two looked completely bewildered.

Emperor Chongzhen said, "I plan to establish an 'Imperial Estate Silver Bank'."

"The first step is to take advantage of their difficulties and use the imperial treasury to invest in major money shops in the capital, thereby gaining control."

"The second step is for this official bank to set up an 'interbank lending market' to lend money to money shops and banks that are short of working capital, so that they can survive."

"In this case..."

Chongzhen said triumphantly, "From now on, whether the money supply in Beizhili is tight or loose, whether a family can survive a crisis or perish, will all be decided by me. This is the real lifeline!"

"Furthermore, as long as we stabilize the positions of these banks and banks, I can use the silver in them to buy up assets at rock-bottom prices. This is equivalent to spending one unit of silver in two or three units on the spot! In fact, I don't even need to take out the silver; I can directly use the banknotes issued by the banks and banks to buy up assets at rock-bottom prices!"

Wei Zhongxian and his two companions were stunned, their hearts pounding. The Emperor's methods were too bizarre! How...how was this going to be done? It was too complicated!

Just then, a eunuch outside the door reported: "Your Majesty, His Highness Prince Qin and the Duke Yansheng are requesting an audience outside the door."

These two were summoned by Emperor Chongzhen after the court session.

Emperor Chongzhen said, "They've come at the perfect time! Summon them in!"

Prince Qin, Zhu Cunshu, and Duke Yansheng, Kong Yinzhi, entered one after the other, both with puzzled expressions, wondering why the Emperor had summoned them so hastily after the court session had just ended.

Emperor Chongzhen didn't beat around the bush and simply and concisely explained the plan for the "Imperial Estates and Official Banks".

After saying that, he started soliciting investment:
"Such a grand undertaking cannot be accomplished with just my personal treasury. I will contribute two million taels. Prince Qin, you will contribute five hundred thousand taels. Duke Yansheng, you will also contribute five hundred thousand taels. Let's gather three million taels to form the initial capital for this official silver bank!"

When Prince Qin, Zhu Cunxu, and Duke Yansheng, Kong Yinzhi, heard that they each had to contribute 500,000 taels of silver, their faces turned green. They had already invested in that so-called "Europa Trading Company," and how long had it been? Now they had to invest another 500,000 taels in some lousy imperial silver bank.
"I am well aware of the difficulties you two ministers face." Seeing their hesitant manner, Chongzhen changed the subject and his tone became more relaxed. "These 500,000 taels, or even my 2 million taels, do not necessarily need to be immediately converted into cash and piled up in the official bank's vault."

The two were taken aback and looked up in confusion.

"What I want is your 'reputation'," Emperor Chongzhen leaned forward, his voice lowering further. "Simply that you two jointly issue a proclamation announcing that the Prince of Qin's Mansion and the Duke of Yansheng's Mansion will each invest one million taels to subscribe to shares in the Imperial Estate Bank! Furthermore, effective immediately, the 'Qin Jin Yuan' bank, in which the Prince of Qin's Mansion holds shares, and the 'Lu Sheng Feng' bank, endorsed by the Duke of Yansheng's Mansion, will form an interbank exchange alliance with my Imperial Estate Bank! The banknotes from all three banks can be deposited and exchanged at each other's counters!"

Now, the King of Qin and Kong Yinzhi were utterly dumbfounded. No real money, just a title? What... what exactly was the Emperor up to? Even getting something for nothing wasn't done like this! Could this kind of "credential" put food on the table?

Seeing the hesitation and flickering eyes on the two men, clearly indicating a lack of confidence in the Ming Dynasty, Chongzhen glanced at Wei Zhongxian—quickly go and boost Zhu Cunxu and Kong Yinzhi's confidence!

Wei Zhongxian understood immediately, gave a sinister dry laugh, and said, "Your Highness, Duke Yansheng, do you two... not trust His Majesty to defend Beijing and repel that Huang Taiji?"

These words were like ice water poured over their heads, startling the two of them so much that they trembled and repeatedly said, "We dare not."

Wei Zhongxian stepped closer and began to reason with them in a gentle tone: "Let me be frank with you! His Majesty intends to use the immense wealth of the Prince of Qin's Mansion and the Duke of Yansheng's Mansion to stabilize the situation and buy up assets at a low price, taking advantage of the panic and fear throughout the city at this critical moment! Those who are afraid of death and want to sell their properties and land, as well as those banks and banks with cash flow problems, His Majesty wants to use the official bank's notes to buy them up at a low price!"

He paused, staring at their astonished and incredulous faces, and continued, "Once our garrison troops defeat the Eastern barbarians outside the city and the news of the victory arrives, won't the prices in Beijing skyrocket? At that time, how many times will the assets His Majesty has acquired with money increase?"

King Qin and Kong Yinzhi were dumbfounded, their minds reeling. The Jurchen army was about to besiege the city, and this emperor, instead of thinking about how to deploy troops and defend the city, was preoccupied with how to take advantage of the war… to make a fortune?!

Prince Zhu Cunshu of Qin felt his throat go dry, and only one thought swirled in his mind: What time is it? He's still thinking about making money? Can he still be a decent emperor?

Kong Yinzhi felt his vision go black. The teachings of the sages did not instruct the emperor to do such a thing when the country was in peril... such a rare commodity!
At this moment, Emperor Chongzhen looked at the two men with a half-smile: "Prince Qin, Duke Sheng, do you have confidence in me and in the Ming Dynasty?"

(End of this chapter)