Chongzhen revived the Ming Dynasty

"Of the four million bonds, two million were issued in Suzhou and Songjiang, and close to the end of the war."

"Why are they issuing bonds again now? Have they already used up the two million taels of silver?"

Wu Shirui asked in bewilderment, wondering why the imperial court spent money so quickly.

Some even suspected that the imperial court simply didn't want to repay the debt and was instead trying to extract money from the merchants' pockets through various means.

They accepted the two million yuan for the establishment of the Suzhou-Songjiang Stock Exchange.

They want to issue bonds now, but they don't want to bother with it at all.

Liu Lishun was the person who handled the Suzhou-Songjiang war bonds, and he knew how the money was intended for use. He remained calm and collected.

"The Liaodong War is over, but the post-war rewards and the establishment of garrisons all require funds from the imperial court."

"This two million is the cost of establishing Liaodong and Liaoxi provinces, and it may even be insufficient."

"For this reason, the imperial court approved Governor Bi's proposal to sell the land in the Liaohetao region."

"That's a 20,000-cubic-meter swamp that can be cultivated to grow rice."

"How much do you think this land can be sold for? Is it enough to repay the Liaodong War bonds?"

Wu Shirui was taken aback when he heard this, and then he remembered that the war bonds in Liaodong were secured by land certificates in Liaodong and Pingjiang.

Now they're selling the collateral, which amounts to 20,000 cubic meters all at once.

He did some mental calculations: 20,000 cubic meters equals 7.5 million mu. Clearly, such a large piece of land couldn't be sold acre by acre.

Thinking that his family only had a little over a thousand mu of land after the land restrictions were imposed, Wu Shirui's heart pounded, and he hurriedly asked:

"How to sell it?"

"Is the price for donation one shi (a unit of dry measure) of land per mu (a unit of land area)?"

Liu Lishun looked at him as if he were a fool, and said with great disdain:

"Is the imperial court that stupid?"

"Go to the stock exchange and see how much a square meter of Liaodong land certificates are worth now."

The value of Liaodong land certificates rose steadily after the Niuzhuang front was stabilized, reaching three times the original value of one shi per mu.

Now that the Liaodong War is over, the value has increased even more, rising to seven or eight times its original value, now more than four taels of silver per mu (unit of land area).

This is close to the actual value of the land. In Liaodong, where only one harvest can be made per year, many people believe that one mu (approximately 0.16 acres) of land is worth about five taels of silver. If it weren't for the low taxes in the border regions, it might not even sell for this price.

Wu Shirui shared this view, because even the best farmland in Songjiang Prefecture cost only a little over ten taels of silver per mu (unit of land area).

This is related to the heavy land taxes in Suzhou and Songjiang. Ordinary people without preferential treatment or exemptions are likely to be overwhelmed by exorbitant taxes and levies, so they are unwilling to buy land.

The gentry were happy to buy land because they were not afraid of government exploitation and could even evade taxes. Their return on investment in land purchases was considerable, and they could recoup their investment in less than ten years.

However, after the current emperor abolished the preferential treatment and forcibly replaced the land and reclaimed the official land, they no longer had much land.

Furthermore, this year Suzhou Prefecture implemented a unified tax system, which greatly reduced taxes and made them more fair and reasonable.

This has led to a rise in land prices in Suzhou. The remaining private land available for sale has risen to more than 20 taels per mu, and there is still room for appreciation.

This made many gentry feel that they had lost out in the land exchange last year, and they were even more eager for land. Wu Shirui was one of them.

Although he invested his money in the shipyard, he secretly hoped to acquire land.

In Pingjiang, he was already planning to form his own fleet once the shipyard was stable.

Now that there is an opportunity in the Liaohetao region to the north, he also doesn't want to give it up.
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Upon considering the possibility of owning tens of thousands of acres of land in the Liaohetao region, Wu Shirui's expression changed, and he hurriedly forced a smile, saying:

"The Liaohetao region is a swamp that requires a lot of effort to cultivate. It can't be priced the same as other land in Liaodong, can it?"

"Lord Liu, how do you think the imperial court plans to sell them? What's the maximum number of acres per household?"

"Even if I am short of money, I am still willing to serve the court."

Liu Lishun looked up at him and knew that the so-called financial difficulties were simply unbelievable.

Wu Shirui is Wang Shimin's nephew. With the backing of a high-ranking official's family like the Wang family, how could he possibly lack money?
He's probably more concerned with how much land to buy, and what the maximum number of acres is.

Liu Lishun was aware of this, but he needed to consider it carefully before saying:

"When the imperial court sells land, it does so by the square acre, giving priority to meritorious soldiers at the front and meritorious officials in the rear."

“They will only sell to the public if they haven’t bought everything, and they allow payment in the form of war bonds.”

"Because that area is a swamp and needs to be developed as a whole, the imperial court decided to prioritize the sale of large plots of land, ranging from ten to one hundred square li."

"A person with a mile of ten square miles or more needs to be a Gongshi (公士) and a person with a mile of one hundred square miles or more needs to be a hereditary knight."

This regulation is clearly aimed at meritorious officials who have made significant contributions, as they all hold the rank of Gongshi or above.

If one is not close to the imperial court, one is not even eligible to buy land. One must first donate money to become a public servant before having this opportunity.

Wu Shirui was not without concern about this; what he was concerned about was the price.

After pondering Liu Lishun's words, he is now worried that the court's price is too low and that the meritorious officials will buy up all 20,000 square li.

He asked Liu Lishun somewhat anxiously, "How much does one cubic meter cost exactly?"

"I heard that the imperial court is implementing a ten-year tax exemption policy for completely newly reclaimed land?"

Liu Lishun nodded and said:
"That's right!"

"Because the Northeast is bitterly cold and difficult to cultivate, His Majesty has granted a ten-year tax exemption for areas where cultivation is difficult."

"The easier areas to cultivate are the five-year tax exemption and the remaining five years with a 50% reduction."

"The Liaohetao region is a swamp, and it was completely tax-free for the first ten years."

"But if more than half of the land is still abandoned after ten years, the imperial court will take it back."

This was a promise the emperor made to the descendants of martyrs a few days ago, and he certainly wouldn't break it.

The Liaohetao region, as part of Northeast China, also enjoys this preferential treatment.

Now Wu Shirui felt relieved, but he still had some doubts about how to reclaim the wasteland. Liu Lishun said:

"The imperial court will also provide assistance in land reclamation and will make unified plans for water conservancy in the Liao River basin, striving to develop it like Ningxia in the Hetao region."

"You should know that Ningxia's 'Jiangnan beyond the Great Wall' is located right next to the Yellow River. The Liao River also has a good amount of water, and it receives even more rainfall."

“In the future, that area will become a rice-producing region. The imperial court intends to reduce its reliance on grain transported from the south and instead rely on the northeast.”

This is a major policy; taxes in the south will be collected more in cash than in kind, which involves transporting goods from afar.

In Liaodong, roads and ports would be built to transport grain to supply the capital.

For this reason, Zhu Youjian changed his idea of ​​relocating immigrants to the Northeast as much as possible, and instead decided to only move them to meet the needs of development so as to provide more commodity grain.

Upon hearing these words, and thinking of the word "Jiangnan," Wu Shirui immediately exclaimed excitedly:
"I am willing to buy 100 square miles of land at market price."

"Land certificates in Liaodong are now worth more than four taels of silver per mu. Based on four taels, 375 mu per square acre would be worth 1500 taels."

“I am willing to pay 150,000 taels of silver to purchase 100 square li.”

Upon hearing these words, Liu Lishun was immediately taken aback.

Because he never expected that Wu Shirui, who had caused trouble for him recently over a shipyard order, would suddenly offer 150,000 taels of silver.

If we estimate based on his price, 20,000 square li of land in the Liaohe River Basin could be sold for 30 million taels of silver.

This exceeded the imperial court's annual revenue, making his breathing involuntarily heavy—

With this money, the imperial court can solve many problems. There will be sufficient funds for the development and immigration of the Northeast and the war in Annam.

As Yuan Keli's disciple, Liu Lishun naturally hoped that his teacher could conquer another country and rightfully obtain the title of duke.

He observed Wu Shirui's expression and sensed that this wasn't the bottom line. This man might be willing to spend even more money to buy the land.

Feeling the gravity of the matter, Liu Lishun calmed himself and said:
"This is not something I can decide; it requires a decision from the imperial court."

"The imperial court sold this batch of land to reward meritorious officials; it's impossible for it to be given to you all."

“However, if you can really come up with 150,000 taels, I suggest you buy war bonds first.”

“If you use war bonds to pay off your debts, the imperial court will recognize your achievements.”

Paying money to help the court fight wars is certainly a meritorious act, and it's barely acceptable to call them meritorious subjects.

After being enlightened by Liu Lishun, Wu Shirui immediately ordered people to calculate the bonds in his household and sent people to the stock market to buy up the war bonds in circulation.

He's willing to pay interest to buy as long as the premium isn't too high.

He even went so far as to send a message home by carrier pigeon, regardless of the expense, to buy the bonds that had been issued in Suzhou and Songjiang some time ago.

The more you buy, the better; the imperial court is absolutely capable of repaying the principal and interest.

The entire securities market began to stir, and more and more people learned about the news.

The prices of Liaodong land certificates and war bonds circulating in the market have been rising steadily.

Some people planned to use war bonds to buy land, while others planned to redeem Liaodong land vouchers in the Liaohetao region.

Especially in some rumors, the Liaohetao region and the Ningxia Hetao region are referred to together, and like the name of the Jiangnan region north of the Great Wall, they are called "Little Jiangnan".

This further fueled people's desire for this land, and merchants from Beizhili, Shanxi, Shandong, and Jiangnan were all asking how much it would cost.
They are not short of money; their families have accumulated a lot of wealth over generations.

The key is to own land, and it's hereditary land.

They are very concerned about whether the Liaohetao Plain can be reclaimed and whether these lands will be exempt from tax for ten years.

What particularly appealed to them was that Northeast China was a pilot area for the well-field system, where all land was state-owned and could only be inherited, not bought or sold.

This is clearly advantageous for some families who seek stability. They worry that their children and grandchildren will squander the family fortune and hope to purchase a piece of ancestral land as insurance.

The previous price increase of land certificates in Liaodong was due to this reason. Land in the Liaohetao region was said to be more valuable, and since it was sold as a whole in large blocks, it was naturally more attractive to them.

This caused a great stir in the imperial court, with many people paying close attention to the issue. (End of Chapter)