prosperous age

"Lord Li Xing, Marquis of Linhuai, has arrived."

"Lord Huaiyuan, Chang Xuanzhen, has arrived."

"Master Zhong, the steward of Vice Minister Lao of the Ministry of Revenue, has arrived."

The gatekeeper of the Daming Money Shop on Chongwenmen Street continuously greeted the arriving imperial dignitaries and their retainers.

After bowing, one must shout at the top of one's lungs towards the door to call for someone to come and greet one.

The money exchange's gatekeeper was naturally someone Zhang Ji temporarily found from the gatekeeper of the Wei family mansion, as he was familiar with the powerful and influential people in the capital and their retainers.

Otherwise, with so many people coming, it would be really difficult to tell them apart.

Since it was daytime, at night one could determine the identity of the person by the surname on the lantern and the size of the carriage.

When you see people during the day, you really have to rely on your eyesight and memory to tell who is whose.

That's a skill, and most people can't really learn it.

Inside the bank's main hall, a number of people were already seated.

Those who were close to the Wei family received the news and sent people to their homes early this morning.

No matter how much money they bring, they will definitely come to support them. It's not that they don't need to rush over just because Wei Guangde has already given them a share.

As for the nobles, Xu Wenbi mainly relayed messages to their families.

High-ranking officials and nobles would definitely have to go to the government office to report for duty during the day, so those who were actually working naturally couldn't come.

But the nobles are different.

The noble class in Beijing was mainly composed of families that inherited the titles of duke, marquis, and earl, and most of them were descendants of founding heroes or those who made contributions to the Jingnan Campaign.

Although they enjoyed high social status and economic benefits, their actual positions in the court were generally characterized by "high rank but low power," mostly honorary or ceremonial posts, with real power mostly held by the civil service system.

The main positions held by the nobles were concentrated in the Five Military Commissions and the Commander of the Beijing Garrison, while some also served in government offices such as the Embroidered Uniform Guard.

To say that they have nothing to do and are just holding nominal positions would be a bit unfair to these people.

Some nobles actually had some legitimate business to attend to.

For example, they were assigned to positions such as the head of the governor's office or the assistant clerk to "supervise the compilation of the Veritable Records".

The task of "compiling the Veritable Records" was mainly carried out by the Hanlin Academy and the Ministry of Rites, but nobles were also assigned to "supervise the compilation of the Veritable Records".
Their job is essentially to "monitor".

Some relatives of the emperor, such as the emperor's son-in-law, would enter the Imperial Clan Court.

In the Ming Dynasty, princes were assigned to guard their fiefdoms, so the Imperial Clan Court could no longer be managed by princes as it was in the early Ming Dynasty.

Thus, these imperial sons-in-law, as relatives of the imperial clan, took on the work of the Imperial Clan Court.

The first person to serve as the Imperial Son-in-Law Commandant in the Imperial Clan Court was Zhou Jing. In 1461, the fifth year of the Tianshun reign, after marrying Princess Chongqing, the elder sister of Emperor Xianzong of Ming, he began serving in the Imperial Clan Court and continued to serve in the court until the early years of the Hongzhi reign.

In addition, Wang Bing, Wan Wei, and others also took charge of the Imperial Clan Court because of their marriages to the princess.

Ultimately, although the imperial court assigned tasks, they were all minor details, leaving plenty of free time. Unlike the Six Ministries and Five Temples, which required staff to stay in their offices every day to handle official business, these staff members had plenty of free time.

Meanwhile, the money exchange also arranged for several managers, one of whom was responsible for receiving several visitors and explaining the operation of the money exchange to them in detail.

That is, it needs to be done this way at the beginning. Once the money shop is on the right track, it will naturally stop doing this.

At that time, they will probably select some representatives to form a board of directors to be responsible for supervising and discussing the operation of the money shop.

As for the shareholders' meeting, it is only held when dividends are distributed each year.

If everyone had been notified to collect their money, I believe the attendees would have been happy and harmonious, unlike the chaos we witnessed today.

"Lord Chen, does this mean your household has decided on a share of 100,000 taels of silver?"

"Yes, 100,000 taels of silver."

"Very well, I will write 100,000 taels on this share subscription agreement and ask Your Excellency to sign and affix your seal."

The lobby was like a bustling market, somewhat chaotic, with many people talking.

However, many people, after learning about the money exchange's business operations, decisively decided to invest in it.

In fact, most of those who received the news on the first day had already made the decision.

They came here primarily to ask, "Has His Majesty invested in this company?" and "Does Chief Minister Wei also hold shares?"

After receiving answers to these two questions, he immediately reported the amount of silver he had invested.

Although Wei Guangde did not come, every time several share subscription agreements were signed and sealed, a summary report would be sent to the cabinet, and the Qianqing Palace might also receive the news.

After all, in the back hall, Zhang Hong, the eunuch, was sitting in the main seat, with Zhang Ji sitting to his left.

The Grand Eunuch of the Palace has arrived, and Zhang Ji must also be present to accompany him.

All the signed share subscription agreements are eventually sent here.

"Wow, I didn't expect to raise so many as a million taels of silver on the first day."

Zhang Hong was also surprised that these noble relatives who usually complained about being poor to the emperor were actually incredibly arrogant and domineering in public.

Most people chose to invest 100,000 taels of silver as a minimum, while only a few offered 30,000 to 50,000 taels.

As for why these nobles were pleading poverty before the emperor, it was naturally because they wanted salt permits.

A salt certificate is worth hundreds of taels of silver, like picking up money for free. Nobles and relatives will definitely cry and make a fuss whenever they have a reason, wanting as much as they can.

The emperor didn't know they were pretending to be poor, but he certainly did, yet he still had to give them the same amount, just in different quantities.

"Hehe, Eunuch Zhang, this is just the beginning."

The master had previously discussed this with Lord Xu and the others, estimating that the nobles would receive at least three million taels of silver.

It's estimated that the high-ranking officials in the imperial court will also invest two or three million taels, as will private chambers of commerce.

Anyway, it should be at least ten million taels of silver, or more.

Zhang Ji whispered to himself.

"By the way, did the Grand Secretary acknowledge a million taels of silver?"

Zhang Hong asked again.

"Yes, sir, you've taken out all the money from lending to invest in this business, and the household will no longer engage in it."

He said that as the head of all officials, it would be bad for his subordinates to be constantly engaged in this business.

However, he worried that private merchants would be unable to borrow money and would be forced to resort to usurious loans to keep their businesses afloat, thus ruining their once-thriving businesses. That's why he conceived the idea for the Great Ming Money House.

Zhang Ji began to explain.

"The Grand Secretary is wholeheartedly devoted to the people, and I admire him greatly."

This capital city, though supposedly the most virtuous place, has its share of loan sharks, and many have been driven to bankruptcy by them.

Zhang Hong spoke first.

To be honest, Zhang Hong didn't think much of Wei Guangde's plan to build the Daming Money Shop.

However, upon closer examination and understanding of the situation among the people, one has to nod in agreement and say that Wei Guangde did the right thing.

Even though the Wei family spends a considerable amount of money each year to lend at reasonable prices, there are still countless people in the private sector who borrow money at exorbitant interest rates.

The number of people whose families were destroyed and who died as a result is even more countless.

So Zhang Hong came today anyway, wanting to see if this Daming Money Shop truly lived up to its name.

However, based on his casual conversation with the money shop manager today, and the information he had seen earlier from Zhang Jing's report on the Eastern Depot's investigation into the Wei family's lending business, he came to agree with Wei Guangde's idea of ​​running a money shop.

At least, once the Ming Dynasty's money shops were established, they not only did not offend the people, but seemed to be of great benefit to the people of the Ming Dynasty, especially the merchants.

If we can lower the interest rates on loans to merchants, the interest rates on loans to ordinary people in rural areas will gradually be brought under control as well.

The rural people will no longer suffer from usury. Of course, this will take time, and it also depends on how much capital the Ming Dynasty Bank can raise this time.

During this time, Zhang Hong also inquired about the scale of private lending. In the capital alone, the scale of private lending exceeded several million taels.

In maritime ports such as Tianjin and Songjiang Prefecture, the scale of private lending was also enormous, as were the bustling commercial areas of Jiangsu, Zhejiang, Fujian, and Guangdong.

Roughly calculated, it must be a staggering tens of millions of taels.

This doesn't even include the loans that local gentry made to the common people, using these loans to seize land and assets.

Wei Guangde previously stated that the conservative estimate for Daming Qianzhuang's share offering should be ten million taels, while an optimistic estimate could reach twenty million taels.

At the time, it felt like a dream, but now it seems that a share capital of less than ten million taels of silver would hardly be enough to stimulate the huge demand for loans among the people.

"Second Master Zhang".

Zhang Hong looked at Zhang Ji with a smile and said.

Zhang Ji was the second son in the Zhang family, which is why he couldn't get the qualifications of a regular soldier. That's why his family asked him to come to the Wei family and he became a servant who followed Wei Guangde.

The Zhang family never expected that Wei Baihu's son would reach such a state in the imperial examinations.

Now it seems that Bengshan Fortress is no longer of much help to the Wei family.

"Look at what Eunuch Zhang is saying, just call me by my name, and never use any other way of addressing me."

Zhang Ji hurriedly stood up and apologized, saying...

"Second Master Zhang" is how Zhang Ji is referred to by people inside and outside Beijing.

Even a seventh-rank official is only a minor official in front of the prime minister. Zhang Ji is the chief steward of the Wei family, which is equivalent to a second or third-rank official in the imperial court.

In fact, this was not a lie. Even when he encountered a third-rank official in the imperial court, Zhang Ji could speak frankly in front of them.

Zhang Jicai was more respectful to the few people who had connections with Wei Guangde.

It's not that Zhang Ji wants to act high and mighty, but rather that others want to flatter him.

Gradually, Zhang Ji inevitably started to put on airs when meeting outsiders.

Sometimes, if they don't do it this way, it seems like they're losing their own lordly aura, as if it's only right.

"Give me a share certificate too. Although I've been serving nobles in the palace all these years, I've managed to save up some money for myself."

I originally planned to use it for my retirement, but now that I see the Ming Dynasty Bank, I'm sure I'll get plenty of dividends every year.

After all, Chief Minister Wei was widely recognized in the court as a capable minister who could turn lead into gold and transform the rotten into the miraculous.

Zhang Hong opened his mouth with a smile.

Zhang Ji naturally wouldn't refuse Zhang Hong's offer to invest.

He actually filled out a share subscription form himself, subscribing to 100,000 taels of silver.

It's not that we don't have more money, it's just that adding more would be risky.

If the master saw this, I wonder what he would think.

"Okay, I'll have someone fetch it right away."

Zhang Ji did not refuse and immediately arranged for someone to fetch the share subscription form and begin filling it out.

"I'll subscribe to 50,000 taels of silver. I don't know how much income the money shop business can bring in each year, or if it will be enough for my retirement."

Zhang Hong gave the numbers, but he still had some hesitation in his heart.

"Fifty thousand taels, all written down. Please have Eunuch Zhang sign and affix his seal."

Zhang Ji acted swiftly, quickly completing the share subscription agreement and giving up his spot.

Afterwards, Zhang Jicai smiled and said, "To be honest, Eunuch Zhang, my master has made an estimate."

In the first few years, the profits from this money exchange should not be too high, but in the first two years, there should be a profit of 10% to 20%.

This was still the beginning of the money exchange, so the fees were probably higher, and the amount of silver lent out was probably not much.

However, once the money exchange business is on track, the annual profit of 20% is probably not much.

As for the future, the benefits will only increase.

At this point, Zhang Ji looked at Zhang Hong with a slightly obsequious expression and said, "But don't worry, Eunuch Zhang, my master has already made a plan."

Once the money exchange is up and running, he will also consider opening a trading house specifically for stock transfers.

"Trading house? Share transfer?"

Zhang Hong was somewhat surprised. He knew about trading houses; in fact, brokerage firms in various regions often set up such places in warehouse areas along main roads and at docks.

It provides great convenience for travelers and merchants, and also helps them find business partners locally.

After all, for every transaction, the brokerage firm had to collect taxes and issue exchange certificates.

Zhang Hong wasn't stupid; he had already figured out that the trading house Zhang Ji mentioned must be a place for buying and selling stocks, not ordinary commodities.

"It makes it convenient for shareholders to cash out, since everyone needs money sometimes. If they have shares, they can cash out at the exchange at any time."

Zhang Ji said, "Not only Daming Bank, but in the future, the master will have all the merchant associations in which the Wei family holds shares transfer their shares to the trading house for trading, so that it will be convenient for shareholders to transfer their shares."

In addition, the Ministry of Revenue would send personnel to guard the trading houses, and each party, the buyer and the seller, would each take half a share of the transaction tax based on the transaction amount.

The master said that if the trading house could trade ten million taels of gold in a year, the imperial court would have hundreds of thousands of taels of silver in tax revenue, which would be a huge income.

This transaction is a monopoly and is not permitted to be conducted by private individuals.

The transaction fee is paid annually by the merchant guild that lists the transaction.

After all, this is also for the benefit of their own shareholders.

Zhang Ji then revealed another part of Wei Guangde's plan.

Clearly, Wei Guangde intended for the trading house to be operated by the imperial court.

The trading house certainly made a profit, but the money mainly went to the imperial court.

Will anyone make a deal?

Zhang Hong frowned again. One tael of silver constituted one share in the Ming Dynasty Bank, which was different from the fundraising model of most chambers of commerce at that time.

For convenience, some chambers of commerce often set a limit of ten or twenty shares, with the value of each share determined according to the needs of the chamber.

It could be one thousand taels of silver, or it could be ten thousand taels of silver.

But Wei Guangde's approach was clearly different.

Now that Zhang Ji said that, Zhang Hong seemed to understand.

If I have 50,000 shares of Da Ming Qian Zhuang in the future, and need 10,000 taels of silver, I can sell 10,000 shares through the trading house.

If only one thousand taels are needed, then only one thousand shares need to be sold.

It's convenient, but I don't know if anyone will take it over.

At this moment, neither Zhang Ji nor Zhang Hong realized that as the shares and dividends of Daming Qianzhuang increased, the share price would naturally not remain at one or two taels of silver, but would likely rise.

For example, one tael and one mace, or one tael and twelve mace, or even two or three taels of silver.

As long as there is demand, the stock price will definitely continue to rise.

In the Ming Dynasty, the head of the trading house will definitely still be Wei Guangde.

After all, no one will realize this model in the short term. Wei Guangde will have to take the lead and bring those who do money business into the trading house.

"Have someone calculate how much capital has been raised so far. I need to return to the palace to report to His Majesty."

Zhang Hong felt it necessary to inform the Emperor, as he hadn't heard the Wanli Emperor mention the trading house matter before. (End of Chapter)