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

Chapter 719 Wang Chang is Reliable

Zhu Houzhao was still somewhat confused about how he had obtained 900 million strings of cash, and simply asked blankly, "How could this be? How could this be?"

Pei Yuan said, "Your Majesty, there is indeed no such thing as wealth that comes out of thin air in this world. This matter is actually not complicated."

"If Your Majesty were to think about this using your usual mindset, you would realize that something is missing in this transaction, isn't it?"

Zhu Houzhao looked at Pei Yuan, a thoughtful expression on his face. He was an extremely intelligent emperor and quickly found the answer.

So he blurted out, "It's silver!"

“In the past, silver would have been used as currency in such transactions.”

Pei Yuan praised, "Indeed, there is a shortage of silver."

"In the new trading system, the Ming Dynasty Treasure Notes replaced the role of silver, so the wealth corresponding to those 900 million strings of cash still came from silver."

"When the 900 million strings of Ming Dynasty paper money were used in transactions, it meant that the 900 million strings of silver lost its value as a medium of exchange and transformed back into a beautiful metal."

"Therefore, the value of the Ming Treasure Note was plundered from silver, and the Ming Treasure Note's mortal enemy was also silver."

Zhu Houzhao suddenly understood.

What he wants to monetize is far more than just stones worth 900 million strings of cash.

If all taxes paid by the entire Ming Dynasty were monetized, how enormous would the benefits of depriving them of their equivalent silver value be?!

He was so excited that his breathing became rapid.

Monetization may seem like a one-off deal, but as Pei Yuan said, if too much is printed in the future, the corresponding relationship will be disrupted, and the Ming Dynasty Treasure Notes will depreciate again.

Even if it's a one-off deal, the potential profits are enough to make Zhu Houzhao lose his mind.

If he could unleash the full power of the Ming Dynasty, even if it were just for this generation, it would be enough to turn the world upside down.
Moreover, with land reclamation and commercial prosperity, as long as the Ming Dynasty continues to grow stronger, there may be a possibility that the value of the paper money will appreciate.

Zhu Houzhao's eyes lit up, and he couldn't help but clap his hands, saying, "Let's do it!"

Perhaps due to momentary excitement, Zhu Houzhao's voice involuntarily became somewhat louder.

Pei Yuan and Zhu Houzhao held their secret meeting in the rear hall behind the throne platform, while the front hall, where the ministers were discussing matters, was within earshot of each other.

Upon hearing Zhu Houzhao's voice, the ministers were filled with questions.

What is Little Azhao babbling about?

Upon hearing this, Lu Yin knew that it must be Commander Pei instructing the emperor on how to do things, and judging from the emperor's reaction just now, he seemed to have gained a lot.

Thinking of the two emperors holding court today, dealing with these complicated state affairs together, Lu Yin suddenly felt much more confident in handling these matters.

The Ming Dynasty was truly virtuous.

Lu Yin breathed a slight sigh of relief, steered the conversation back on track, and continued his confrontation with the Ministry of Revenue.

Zhu Houzhao also realized that he was losing control of his emotions. His expression was initially embarrassed, but he also had an uncontrollable excitement.

Pei Yuan didn't rush to speak, waiting for Zhu Houzhao's emotions to stabilize somewhat.

Zhu Houzhao misunderstood and said knowingly, "You haven't finished speaking yet, have you? You speak, you speak."

“Uh…” Pei Yuan’s train of thought was interrupted, but fortunately, he had already carefully considered his words.

So he said, "Now that Your Majesty has figured out the benefits, you must also be aware of the drawbacks."

“Since the value of the paper money is derived from silver, if Your Majesty were to fully implement the new laws, you would be going against all those who hold silver in the world.”

"Silver, stripped of its trading value, will only exist as an expensive metal. Like gold, jade, and jewelry, it will still have its decorative and collectible value, but it will lose its universal currency circulation."

"Your Majesty should think carefully about something that could offend the entire world."

Zhu Houzhao's heart sank upon hearing this, and the joy and enthusiasm that had just risen within him instantly froze.

Zhu Houzhao asked, somewhat incredulously, "Didn't Emperor Taizu and Emperor Taizong replace silver with paper money back then? And the sky didn't fall down."

Upon hearing this, Pei Yuan thought to himself, "You really have no self-awareness."

Unless you can leverage the momentum of the Battle of Yingzhou to push this matter forward, it won't be that easy.
Pei Yuan had high expectations for this mighty general, and seized the opportunity to remind him, "These two emperors earned their prestige on the battlefield; how could they be compared to ordinary people?"

Seeing Zhu Houzhao's dejected state, Pei Yuan then changed the subject.

"The hardships endured by Emperor Taizu in establishing the dynasty are too numerous to mention. Emperor Taizong was able to launch five campaigns against the Mongols, seven voyages to the Western Ocean, build the city of Beijing, dredge the Grand Canal, and compile the Yongle Encyclopedia. All these great achievements were made possible by mobilizing the vast national strength of the Ming Dynasty."

"It is indeed difficult, but once it is accomplished, it will surely lead to unparalleled achievements."

Zhu Houzhao's expression shifted, sometimes gritting his teeth, sometimes hesitant, and sometimes full of anticipation.

After a long while, Zhu Houzhao looked at Pei Yuan with trepidation, "Minister Pei, I want to achieve such merit, do you have any good ideas?"

Pei Yuan hesitated deliberately for a moment, then said, "This kind of thing can only be accomplished by Your Majesty. What can I do?"

"However, if we follow this line of thinking, we can solve the current problem."

Zhu Houzhao's brows relaxed, and he said, "Let's take it one step at a time."

Come to think of it, wasn't he originally asking Pei Yuan to help solve the immediate problem? So why does he still feel empty inside?

Pei Yuan said directly, "As I just said, what the Ming Dynasty lacks is silver, not national strength. Since the court dares not take drastic measures, Your Majesty might as well start with one place and try out this plan gradually."

Zhu Houzhao subconsciously stopped pondering Pei Yuan's words and instead asked directly, "From where?"

Pei Yuan said, "Shandong!"

"Shandong has abundant manpower and resources. The manpower and resources of Shandong alone are sufficient to supply the military supplies of the border towns and provide relief to disaster victims in various places."

"Your Majesty can take this opportunity to purchase supplies from Shandong using paper money. In name, it can be said that this year's tax revenue is being advanced, and then Shandong can be allowed to pay the tax in paper money."

"The Ministry of Revenue strongly recommended that we replenish the military reserves. If Your Majesty does so, they might feel that you have won a battle."

"In the eyes of the imperial court, this was merely a temporary measure to exploit the people with paper money because the country lacked funds, and it was not enough to arouse their vigilance."

"It just so happens that the Shandong case hasn't reached a final resolution yet. In my opinion, even if the officials in Shandong are pardoned, they shouldn't remain in their posts. This is a situation Heaven has left for Your Majesty, allowing you to act decisively and magnanimously." Zhu Houzhao was at a loss for words. Afraid of being dampened by Pei Yuan's words again, he didn't get excited but cautiously asked, "Will this work?"

Pei Yuan laughed and said, "Why can't it work? The Ministry of Revenue just wants to spend that little bit of silver, so let's just do as they want. However, we need to change our methods. We need to use this little bit of silver we have on hand where it's most needed."

"What Eunuch Lu said earlier is very true. Although guarding the city doesn't require money, having money can keep one's mind at ease and calm."

"Your Majesty might as well collect as much silver as possible, whether from the Ministry of Revenue, the Imperial Granary, or the Inner Transport Treasury, and then use this silver specifically to pay the soldiers' wages."

"As for the necessary military equipment, fodder, armor, and some of the disaster relief grain for the affected prefectures and counties, we will use paper money to purchase them in Shandong and then transport them to various places."

"In short, silver was used to boost morale, and paper money was used to purchase supplies."

"His Majesty has gone along with the Ministry of Revenue's wishes and spent money, and has also used the Ministry of Revenue's excuse to double down on military equipment. As for using paper money to buy supplies from the people of Shandong, hehe, they might even think that this is the fatal blow to the paper money and be happy to see it happen."

Zhu Houzhao pondered for a moment and also thought this method was good.

Pei Yuan had already made it very clear that the Mongol invasion was likely to last for a considerable period of time.

The Ministry of Revenue's strategy, though seemingly accidental, turned out to be exactly what the Ming Dynasty urgently needed to do.

Zhu Houzhao's eventual admission of defeat and full support stemmed from the fact that the other party's initiative would not arouse suspicion.

Zhu Houzhao hesitated for a moment, "Then what about Shandong..."

Pei Yuan asked casually, "This matter does indeed require Shandong's full cooperation. The current governor of Shandong is Wang Chang, but I don't know if he can be relied upon."

Zhu Houzhao subconsciously recalled what Pei Yuan had told him before.

I feel a strange sense of kinship with Wang Chang, who participated in Liu Jin's reforms and still refuses to submit, and is regarded by the entire court as a remnant of Liu Jin.

Zhu Houzhao said confidently, "Wang Chang is reliable! I believe he will never let me down!"

Pei Yuan's heart immediately calmed down.

Whether one can gain a share of the benefits during the reforms depends on securing the two most important positions: the Shandong governor and the garrison eunuch.

Taking advantage of the Ministry of Revenue's attack, Pei Yuan cleverly incorporated his plan to pilot the Single Whip Law in Shandong into the Ministry of Revenue's strongly promoted fiscal scheme.

This went even more smoothly than Pei Yuan had envisioned.

Zhu Houzhao dared not linger too long in the rear hall and instructed Pei Yuan, "I will deal with them first. You go and wait in the Huagai Hall. I will have the palace prepare lunch for you later. If the afternoon ends early, I will discuss this matter with you in detail. If it ends late, I will have a late-night talk with you and come up with a solution as soon as possible."

“This…” Pei Yuan’s heart skipped a beat.

For some reason, I suddenly remembered the time I went to Empress Xia's place to steal her fragrance and jade.

Although Zhu Houzhao did not mention how they would have a late-night talk by candlelight, Pei Yuan deliberately asked awkwardly, "It wouldn't be the same as last time in Hongde Hall, would it? I was too tired last time, which is why I was disrespectful in front of Your Majesty."

Zhu Houzhao remembered that last time he was kept awake at night by Pei Yuan's "cow coin" incident in Qianqing Palace, while that scoundrel was fast asleep in Hongde Hall next door.

Zhu Houzhao was both amused and annoyed, and said, "Don't worry, it's nothing."

After speaking, he gestured for Pei Yuan to be quiet, then leisurely ascended the steps and returned to his throne.

Lu Yin and Sun Jiao's question-and-answer session was nearing its end when they both stopped upon seeing Zhu Houzhao return.

Lu Yin was unsure whether he should continue to take the blame for Zhu Houzhao, and he glanced over tentatively.

Zhu Houzhao remained calm and asked Lu Yin, "Where were we?"

Seeing Zhu Houzhao's courage, Lu Yin immediately took the initiative to say to Zhu Houzhao, "Your Majesty, Minister Sun just told this old servant the following things."

Lu Yin immediately explained all the expenses presented by the Ministry of Revenue.

Apart from some prefectures and counties that genuinely needed relief due to floods and droughts, the Ministry of Revenue focused its main efforts on border towns this time.

The tasks included repairing the fortified villages, paying back the owed wages and grain to the border towns, and providing military supplies and fodder to various regions.

Zhu Houzhao knew perfectly well that this was nothing more than a scheme to kill three soldiers with two peaches, and incidentally, it could also sow discord between Zhu Houzhao and the border troops who were growing closer.

For the past six months, Zhu Houzhao has been spending time with the four outer armies. How could he possibly hide his little schemes from anyone?
It can be said that Sima Zhao had long understood Cao Mao's intentions.

The Ministry of Revenue's proposed solutions are all beneficial to the border troops. If Zhu Houzhao rejects them, the border troops will be greatly disappointed, and all his previous actions will become a joke.

Even if Zhu Houzhao agreed to these things, it was a time of transition, and the court's funds and reserves were insufficient to cover everything.

If favoritism is shown, it will inevitably lead to dissatisfaction.

As Lu Yin reported back, Zhu Houzhao silently tallied up the expenses in his mind.

After calculating a figure that was completely beyond the court's current ability to pay, Zhu Houzhao understood the situation, but his face showed hesitation and confusion.

After a long while, he said dejectedly, "Since the Ministry of Revenue has already taken a comprehensive approach, I cannot disregard the safety of the border troops."

Zhu Houzhao first said to Lu Yin, "Approve everything."

Then, as if just remembering something, he looked at the three cabinet ministers and asked, "By the way, what does the cabinet think?"

Yang Tinghe, Liang Chu, and Fei Hong all looked at each other in bewilderment.

This was not quite the script they had envisioned. Zhu Houzhao's quick approval of the matter put them in a difficult position.

Yang Tinghe could only say, "This old minister has also read the memorial from the Ministry of Revenue. Although Minister Sun acted with the best interests of the people, as far as this old minister knows, it seems that the Ministry of Revenue's funds are insufficient to cover such expenses."

As Yang Tinghe spoke, he looked at Sun Jiao.

Sun Jiao was still surprised by Zhu Houzhao's decisive decision, but upon hearing Yang Tinghe's question, he realized that it was time for a remedial plan and the "two peaches kill three warriors" strategy to be introduced.

So he said, "Reporting to Your Excellency, the Ministry of Revenue's silver reserves are indeed somewhat insufficient. There is still a considerable gap if we want to cover the entire plan."

Yang Tinghe said unhappily, "What's the point of making such a plan if you don't have money?"

Sun Jiao quickly replied, "There are always priorities in things, and it doesn't necessarily have to be done all at once. The court can make general preparations first, and replenish the most important border towns with some money and grain. As for the others, we can discuss them after the summer tax is collected."

As Zhu Houzhao looked at it, he thought to himself, "I'm afraid those who are 'light' or 'slow' will only hope for less and less money."

(End of this chapter)