Without money, what is the point of being a traitor?

Chapter 690 Jiao Fang's Bargaining Chip

In short, the appreciation potential of the Chinese banknotes is enormous, and there is still much to be done.

Pei Yuan gave Yun Buxian a clear instruction: "Continue to collect the banknotes."

Then Pei Yuan remembered the memorial submitted by the Directorate of Keys and asked, "Has the official pricing for exchanging paper money for copper coins been released at the beginning of next year?"

Yun Buxian replied, "Not yet."

Pei Yuan asked, "How much silver do we still have?"

Yun Buxian said cautiously, "The 700,000 taels of silver that the commander had prepared to use as a safety net is almost gone."

Pei Yuan was taken aback. "Did Emperor Taizu and Emperor Taizong print so much money?"

According to Pei Yuan's previous estimates, with the current silver reserves, it should be no problem to withstand the sell-off of the paper money.

Yun Buxian explained, "It's not that. It's mainly because as the value of the paper money goes up, the silver we have is becoming less and less useful."

"Before the commander returned, I had already discussed with the young lady whether or not to use the monks' funds. After all, the exchange rate of the currency in the capital had been entirely supported by our family. If we suddenly stopped exchanging it, the value of the currency that we had worked so hard to maintain would be at risk of collapsing suddenly."

Pei Yuan also realized the problem at this moment.

When the price of the paper money was ten or several tens of strings of cash to exchange for one coin, the silver in his hand certainly gave him the confidence to support the whole plate.

However, much of the 700,000 taels of silver in Pei Yuan's possession was cashed out at a rate of five strings of cash to one coin.

Then their allies, having obtained the precious currency, sold it at this price and made a profit, creating a large number of trapped positions at high prices.

As the value of the precious paper money rebounded after a sharp drop, some of the trapped investors loosened their positions and chose to sell at a small loss. In addition, various types of precious paper money were flowing into the Quan brand, and Pei Yuanguang had to spend a huge amount of silver to withstand this.

Pei Yuanyi changed his mind.

In other words, on the one hand, they had more and more banknotes and less and less silver.

On the other hand, the value of paper money gradually increased, while the exchange value of silver gradually decreased.

Isn't this just getting rich quick and doubling your wealth?

However, all of this is contingent on the value of the paper money being realized.

Pei Yuan thought for a moment. He had hinted to Zhu Houzhao before about the consequences of losing control of the currency, and Zhu Houzhao's attitude at the time was extremely solemn and serious.

Pei Yuan believed that with Zhu Houzhao's foresight and courage, he would never waver on such a matter.

So he said to Yun Buxian, "The results should be out in the next couple of days, otherwise there won't be enough time to notify the seven major customs offices. In my opinion, there is a very high probability that it will be based on the exchange rate of 'one string of paper money for two coins' in the fifth year of Zhengde."

“If you give such a guide price, or even a higher price, then you can quickly push up the selling price of the paper money to ‘one string of paper money for one coin.’ You won’t have to worry about them not buying.”

"The purchase price also needs to be raised as soon as possible. Only with both inflows and outflows can the circulation of the banknotes be ensured."

Pei Yuan wanted to offer a good price directly, but as the value of the paper money increased significantly, the amount of silver needed to support the pallet would also increase.

To give a simple example, if Pei Yuan's allies sold off their silver, even if they only doubled their profit, they would still be stuck with 1.4 million taels of silver.

If they were to sell the silver they obtained at a rate of "five strings of paper money for one coin" at a rate of "one string of paper money for one coin," they alone would be stuck with 3.5 million taels of silver.

This is a terrifying number.

During the nearly two years that Liu Jin held full power, he managed to accumulate three million taels of silver in the Taicang treasury through the recovery of embezzled funds.

Although some sources say that Li Zicheng confiscated more than 70 million taels of silver from the homes of Beijing officials.

But that was already the result of a large influx of silver.

Pei Yuan can still access the monks' funds.

The 2.7 million tael fund, which could have been considered a behemoth, gradually became insufficient in the face of the rapidly expanding banknote market.

Pei Yuan had no choice but to settle for second best and instructed Yun Buxian, "Let's use the lending channels of those temples. The price of food from the Quan brand can be pushed up to three strings of cash. As for those small money shops that lend out goods from temples, let them buy them from the public at a discount."

"This price isn't low."

Pei Yuan found himself unknowingly walking towards the residence in Chengqingfang.

Yun Buxian quickly asked, "Would the commander like to go inside and rest?"

Pei Yuan glanced at the door, shook his head, and said somewhat listlessly, "Let's go back. We have to go to the palace to see the Empress Dowager tomorrow. I need to think carefully about how to deal with this trouble."

If one were to meet the emperor, one would likely have to wait for a summons.

It will be much easier to see the Empress Dowager.

After all, the Empress Dowager doesn't usually have much to do, so she's probably been holding back for several days to get herself in order.

Yun Buxian had just been given a bunch of instructions, and it wasn't good for him to linger in front of Pei Yuan right now, so he hurriedly left to take care of his own business.

It wasn't until later that Pei Yuan strolled back to his old house in Dengshikou.

At the old residence, Cheng Zhihu was still in charge. He and several guards on duty greeted Pei Yuan immediately.

Upon hearing that nothing was amiss at home, Pei Yuan gestured for everyone to disperse and went to the inner quarters on his own.

Jiao Yan'er was chatting with someone in the back courtyard when she heard that Pei Yuan had arrived. She quickly asked her close maid to see the guest out and went to see Pei Yuan herself.

After not seeing her for more than a month, Pei Yuan found Jiao Xiaomei's beautiful face even more stunning.

After Jiao Yan'er happily greeted Pei Yuan, Pei Yuan resisted the urge to touch her and asked with some curiosity, "Do we still have guests coming and going?"

Pei Yuan himself had no relatives, but as for friends, he did have a few people he could talk to.

However, many of them held high positions and were unlikely to pay attention to Jiao Yan'er, a mere concubine.

Jiao Yan'er smiled and said, "They are the wives of the Chen brothers. I often invite them over to relieve my boredom when I have free time."

Pei Yuan suddenly realized.

So she was Chen Tou Tie and Chen Xin Jian's wife. No wonder.

Jiao Yan'er stepped forward to help Pei Yuan change his outer robe, and asked with a mixture of reproach and delight, "Master, how many days will you be able to stay at home this time?"

Upon hearing the young beauty's inquiry, Pei Yuan generously promised, "I won't leave this year."

Jiao Yan'er was both angry and amused. She bit her lip and pinched Pei Yuan's waist with her fingers.

There are only half a month left until the Chinese New Year.

After removing his outer robe and changing into clean, casual home clothes, Pei Yuan put his arm around Jiao Yan'er and asked with a smile, "How has everything been at home these days?"

Jiao Yan'er thought for a moment and asked, "Has Yun Buxian told you about the precious paper money?"

Pei Yuan said, "I already said that." Jiao Yan'er checked a few numbers with Pei Yuan and, seeing that they were roughly correct, stopped mentioning the matter and tried to get up.

Pei Yuan pulled him back into her arms, kissing and cuddling him, unwilling to let go.

Jiao Yan'er then said shyly, "Grandfather replied to your letter. I'll go get it for you."

Pei Yuan let go when he heard it was about Jiao Fang.

A short while later, Jiao Yan'er brought a letter and handed it to Pei Yuan.

Seeing that the letter was sealed well, Pei Yuan asked calmly, "Why didn't you take a look first? Wouldn't it have been a delay if there was something urgent?"

Jiao Yan'er snuggled in Pei Yuan's arms and said coquettishly, "I'm too lazy to deal with you all."

Pei Yuan was satisfied. As expected of the woman he had chosen to manage the household, she was indeed able to judge what was important and what was not.

Now is the time when Pei Yuan and Jiao Fang are at odds, and Jiao Yan'er's intervention now, regardless of her stance, will inevitably result in her being caught between two sides.

Once Pei Yuan and Jiao Fang's negotiations conclude, Jiao Yan'er, as the link between the two, will become exceptionally important. That will be the best time for her to make her debut.

What a clever woman!

Pei Yuan tore open the letter and slowly began to read it.

This time, Jiao Fang's tone in the letter was much more polite, and the previous seemingly dismissive tone was gone.

Pei Yuan could roughly guess that Jiao Fang's previous disrespect was probably just an attempt to dominate the power dynamic between the two parties.

Jiao Huangzhong should have already explained his strength to Jiao Fang.

Otherwise, if Jiao Fang had no interest in him, he, as a former Grand Secretary, would not have entertained such thoughts about a fifth-rank military officer.

Pei Yuan had previously asked Jiao Fang if he had any juniors who needed his help, using the pretext of needing to settle a group of county and prefectural officials. This move was not only to see if there was any potential left to be tapped in Jiao Fang's faction, but also to subtly flex his muscles.

With the Shandong case coming to light, Jiao Fang, with his cunning and shrewdness, should have understood the meaning behind his letter.

In his reply, Jiao Fang indeed grasped Pei Yuan's point. He understood that Pei Yuan was behind this major case that had purged Shandong's officialdom, and he praised Pei Yuan as "young and promising."

The ability to directly and brutally overturn a target is always worthy of respect.

To be able to knock a super-sized creature to the ground is worthy of respect.

In the letter, Jiao Fang later mentioned that most of the younger generation, like Jiao Huangzhong, were useless, while among the older ones, there was a fellow townsman from Nanyang named Wang Hongru, whose official career was quite bumpy.

This person was outstanding from a young age, and was known as the "Talented Scholar of Nanyang" at the age of sixteen. In the imperial examination of the twenty-third year of Chenghua, he ranked sixth in the second class and was selected as a probationary official.

Wang Hongru was exceptionally talented and should have stayed in the Hanlin Academy as a compiler. However, because he was from the same hometown as Jiao Fang, he displeased Grand Secretaries Wan An and Liu Ji. Therefore, after leaving the Hanlin Academy, he was sent to the Ministry of Revenue in Nanjing to serve as a principal officer.

This person achieved remarkable political success by eliminating evil and violence during local disaster relief efforts, and his career gradually began to improve.

He first worked as a physician in the Ministry of Works, and then was transferred to Shanxi as a vice commissioner of the provincial judicial commission. He worked his way up through seniority and eventually became the vice commissioner of education in Shanxi.

After retiring to observe three years of mourning for his mother, he happened to come to power when Jiao Fang came to power. Jiao Fang then recalled him and appointed him as the Chancellor of the Imperial Academy.

The Chancellor of the Imperial Academy was a fourth-rank official, a prestigious but powerless position.

This was originally intended by Jiao Fang to facilitate a transition for Wang Hongru. Unfortunately, before she could complete this personnel arrangement, Jiao Fang sensed that Liu Jin's ship was in trouble and quickly turned against Liu Jin and left.

In her letter, Jiao Fang lamented that it would be better to let people like Wang Hongru use their talents rather than let an old man like him hold a position without doing anything.

Pei Yuan flipped through the letter, then asked Jiao Yan'er, "Is there a man named Wang Hongru in your Nanyang Prefecture?"

Jiao Yan'er recalled for a moment and replied, "There is indeed such a person. He was extremely famous for his literary talent, was skilled in calligraphy, and was also proficient in poetry. He was known as the talented scholar of Nanyang. He and his younger brother Wang Hongjian both won the title of Jieyuan in the provincial examination of Nanyang Prefecture, which is a great honor for a family with two Jieyuan. However, his younger brother had to take care of his clan and had been delayed in taking the metropolitan examination."

Pei Yuan became interested and asked, "How old is he this year?"

Jiao Yan'er said uncertainly, "She should be just over fifty, maybe a little older."

Pei Yuan became increasingly interested.

He's in his fifties, a fourth-rank official, which is a bit old, but if he can advance another step, he'll still be a young man.

Isn't this exactly the middle generation that Pei Yuan needs most?

Pei Yuan read Jiao Fang's letter again and again.

Jiao Fang said that most of the younger generation were as useless as Jiao Huangzhong, but he clearly didn't mean to insult Jiao Huangzhong. This old man had even fallen out with Li Dongyang, a fellow member of the "Ten Men of Jia Shen," in order to help his eldest son become the top scholar, so of course he wouldn't look down on him now.

Jiao Fang's meaning is clearly that if you can't use Jiao Huang Zhong, then there's no need to recommend anything else.

Pei Yuan pondered the resume in the yellowed paper: first place in the second class, and had even served as a member of the Hanlin Academy.

Aside from his terrible reputation and the strong symbolic significance of being Jiao Fang's son, there weren't any other insurmountable obstacles.

Now that Pei Yuan is planning to bring back Jiao Fang, the eldest, what is there to be afraid of about Jiao Huangzhong, the youngest?
Besides, is being shameless always a bad thing?
Not necessarily.

People with low standards are perfect for doing dirty work.

At least others will think that Jiao Huangzhong is that bad, and won't pay much attention to whether there are other people behind Jiao Huangzhong who instructed him.

Where should we place him?
Pei Yuan pondered for a moment, then looked at the part of the letter about Wang Hongru.

Jiao Fang's statement, which appears to be a request, is actually a demonstration of her conditions.

Because both Pei Yuan and Jiao Fang themselves knew very well that at Jiao Fang's advanced age of nearly eighty, she didn't have many years left to live.

When the time comes, it will inevitably be Pei Yuan who takes over these political legacies.

Jiao Huangzhong was hopeless, so Jiao Fang straightforwardly presented him as a condition.

Jiao Fang wanted to wield power one last time before he died, and Pei Yuan also needed to do his best to incorporate Jiao Fang's remaining forces and strengthen his own civil official lineup.

The two sides hit it off immediately.

To put it bluntly, Wang Hongru was also recommended to Pei Yuan.

If Pei Yuan can push Wang Hongru to the top, it will inevitably rekindle the dying embers of Jiao Fang's faction.

The scattered monkeys will automatically roll back.

Jiao Fang's resurgence will only be meaningful if the Jiao Fang Party is reunited.

The reason why each faction in the imperial court can exist is because that person was originally pushed up by many people working together.

He was already very powerful, which is why he was invited to a dialogue by other powerful people.

Those like Liang Chu, whose power base collapsed and who were left alone in the position of Grand Secretary, were repeatedly impeached and humiliated, and had almost become tools to be ignored by the public.

(End of this chapter)