Taichang Ming Dynasty

Chapter 341 Silver Notes and Official Salaries
Wei Chao didn't stay at the Zhengyangmen branch for long. Or rather, the branch didn't have much valuable information worth asking about. In less than a cup of tea, Wei Chao left the branch lobby and took a carriage to the Daming Gate.

Because it had been arranged in advance, when Wei Chao arrived at Daming Gate, a sedan chair was already waiting there. Wei Chao got off the sedan chair at Daming Gate and got on the chair, which was then lifted high by the porters.

Outside the Daming Gate stood a dismounting stone tablet, erected during the Yongle Emperor's reign. Inscribed on it were the words, "Officials and their families, dismount here." According to ancestral law, except for the emperor, empress, and empress dowager, all others could only pass on foot. However, after Wang Zhen, top eunuchs also began to "walk" in a special manner, riding in a sedan chair. Initially, the censors submitted memorials to refute this practice, but over time, the emperor ignored it, and no one paid much attention.

As the sedan chair reached the Jinshui Bridge at Chengtian Gate, Wei Chao suddenly caught a glimpse of several figures out of the corner of his eye. He turned and saw them from a distance. Wei Chao had no impression of their faces, but he knew which government office these minor officials belonged to.

"The second batch of memorials has arrived." Wei Chao took out his pocket watch, glanced at it, and ordered the eunuchs who were acting as sedan chair bearers, "Hurry up."

"Yes." The sedan bearers quickened their pace, almost jogging, and soon sent Wei Chao to the Meridian Gate.

The sedan chair landed. Wei Chao looked back and saw that the officials delivering the memorials had also arrived at the door of the Six Departments' Office. According to past experience, in less than half an hour, these memorials would be reviewed and approved by the various departments and then sent to the Huiji Gate.

The officials delivering memorials separated into their respective departments and entered the office, but Wei Chao didn't withdraw his gaze. His gaze followed the eastern side of the Imperial Road from Wumen Gate, through the archways of Duanmen, Chengtianmen, and Damingmen, until it reached the bustling crowds in front of Zhengyangmen. This wasn't the first time he'd realized how long this journey had been. But every time he looked back from here, he felt as if something was holding his soul.

"Chief Wei, what are you looking at?" A familiar voice accompanied by the sound of horses stepping on green bricks came from the direction of the right gate.

Wei Chao looked in the direction of the sound and the first thing he saw was a large chestnut horse approaching. Han Benyong, the eunuch in charge of the Imperial Stables, was astride the horse, gazing at Wei Chao with a smile. Behind him were two teams of Imperial Stables guards, each bearing a spear and halberd.

Every morning after the morning roll call, Han Benyong would personally lead his troops around the Forbidden City along the moat, inspecting the defenses of the four gates. Since the Imperial Stables' headquarters was located in the northeastern part of the Forbidden City, his inspections would proceed in order from Xuanwu Gate to Donghua Gate, Wumen Gate, and Xihua Gate. After completing this circuit, Han Benyong would visit the inner pasture to inspect the horses.

Wei Chao was stunned for a moment, then stepped forward and knelt down to kowtow. "This servant greets Old Ancestor Han."

Han Ben gently pulled the reins and stepped on the stirrup to dismount. He came to Wei Chao's side and helped him up. "Chief Wei, why are you so polite?"

"Rules are rules." Wei Chao bowed again, then continued Han Benyong's question: "I am looking at the imperial road."

"See the Imperial Road?" Han Benyong was puzzled.

"Every time I walk this path, I always feel like I've stepped from the human world into heaven." Wei Chao looked at the python on Han Benyong's chest that seemed to be about to fly out of his robe and asked, "Does Ancestor Han feel the same way?"

Han Ben glanced sideways and said with a smile, "I usually enter and exit from Bei'anmen. From there, you can only see the towering Wansui Mountain."

Most of the time, the Imperial Stables did not interact with the Outer Court Offices, so there was no need to enter or exit the four south gates.

"Yes." Wei Chao agreed with a smile.

--------

After saying goodbye to Han Benyong, Wei Chao walked to the Qianqing Palace.

By this time, the first batch of memorials from the morning had been reviewed and approved, and the emperor was listening with his eyes closed as Wang An read to him the reports on North Korea after Nurhaci's uprising.

"I believe that the rebels have been unable to penetrate deeply despite their repeated victories because they have the Northern Gate behind them and Korea in front of them. If they are not our enemies, then they are our allies. Now that Kaiyuan is not defended and the Northern Gate is cut off, our whip cannot reach our horses' bellies, and we will surely be defeated by them."

"In Joseon, the master and his disciples have been defeated, their spirits shaken. Yesterday's abusive letter was sent, threatening to provoke. The Joseon king and his ministers are in a state of utter despair. Having already declined the reply, they are now holding the defeated generals and captured soldiers as hostages, intimidating and enticing them, and finally imprisoned."

Wang An's voice was steady and powerful, his intonation cadenced and emphatic, perfectly emphasizing key points. Wei Chao had heard that it was precisely because of this voice that Wang An stood out among the young eunuchs versed in literature and was recommended by Chen Ju, the former eunuch, as a companion to the emperor's eldest son. After Liu Ruoyu entered the service, Wei Chao discovered that he also had a similarly good voice.

Wei Chao suspected that the empress was specifically adopting young men like him as her godsons. After all, Chen Ju, like the old queen, was a Buddhist and needed someone to chant Buddhist scriptures for him.

Wei Chao entered the Southern Study and approached the imperial desk. This was his first time meeting the emperor that day, so he performed the solemn ceremony of five bows and three kowtows. Normally, names were called out during this ceremony, but Wang An was still reading his report. Wei Chao didn't dare interrupt, so he kneeled heavily with increased force.

Zhu Changluo noticed the unusual noise made by Wei Chao. He raised his eyelids and saw Wei Chao "performing the ceremony as per protocol." After Wei Chao finished the ceremony, Zhu Changluo said, "Go sit down, Wang An, you continue."

"Yes." Wang An continued:
"With gifts, gifts, and rewards, the relationship between Xian and Nu has been established, and there is no longer any worry about the east. From now on, we can concentrate on conquering the west. Not only will we easily conquer Liao, but our plans to attack the sky are beyond measure!"

"Even if Liaodong still existed, if Zhenjiang and Kuandian were lost again, Korea would be a foreign territory. If the smaller ones joined forces to attack the larger one, Korea might not obey. It would be easy to force them to pass through the area."

This memorial is very long, nearly 4,000 words, and even the part about North Korea alone has more than 1,000 words.

To ensure the emperor could hear every word clearly and have time to think, Wang An had to recite slowly. Consequently, he hadn't finished reading until the second batch of memorials arrived that morning. Fortunately, Wang An was very skilled, knowing how to use his dantian to generate sound and protect his throat. Otherwise, this single memorial alone would have made his voice hoarse.

".If I am specially sent by Your Majesty, I still hope that you will give me some leniency so that I can achieve my goal. I beg for Your Majesty's judgment." After reading it, Wang An felt that his tongue was about to get tied.

"Okay." Zhu Changluo relaxed his brows. "Stay."

"Yes." Wang An placed the memorial on the pile he intended to keep and asked, "Master, do you want to read anything else?"

"We'll continue later." Zhu Changluo looked at Wei Chao. "Have you been slacking off?"

"Ah?" Wei Chao was puzzled, a look of doubt appeared on his face, but he still answered honestly: "I didn't slack off."

"Then why are you back so late?" Zhu Changluo didn't blame him, but deliberately said with a stern face: "Liu Ruoyu did all the work for you."

"." Liu Ruoyu was called, raised his head as if under pressure, and smiled awkwardly.

Wei Chao probably guessed what the emperor meant, so she explained with a smile, "I stopped by the Zhengyangmen branch on the way, so I came back late." Zhu Changluo blinked and adjusted his thoughts. "I'm afraid there's not much business?"

"Master, you are wise," Wei Chao replied. "Business is really lacking. Over the past few days, we haven't even earned five taels of silver."

"Why do you think this is?"

"It's probably because of its lack of fame and few branches." Wei Chao briefly repeated Hui Jingao's observations.

"Is this something you came up with?" Zhu Changluo beckoned Liu Ruoyu, motioning him to bring the memorial over.

Wei Chao hurriedly said, "Master, you are wise. This was not my idea, but that of Hui Jingao, the president of the Zhengyangmen branch."

"Hui Jingao?" Zhu Changluo had no impression of this name at all.

Wang An introduced: "Hui Jingao used to work at the Imperial Household Department. Although he hadn't risen or fallen in his career, he was an old man who had seen through three dynasties. His family owned some businesses in the capital, and he was considered to have some business talent. That's why they transferred him to the bank."

"Yes." Zhu Changluo nodded. "If you're not famous enough, that's easy to fix. Notice to the Ministry of Revenue that starting next month, all officials in Beijing will receive their salaries in Sun Moon Bank's Capital Silver Notes."

"Pay salaries in silver notes instead!" Liu Ruoyu couldn't help but exclaimed in surprise.

"Is there a problem?" If Liu Ruoyu had stayed in his seat, Zhu Changluo might not have heard the exclamation. But as soon as he turned around and hadn't walked far, Zhu Changluo could tell from his trembling back that he was shocked.

"Long live the master, he is a wise and enlightened person who will make wise decisions." Liu Ruoyu turned around and lowered his head.

"Of course I have the holy decision, but I want to hear it from you." Zhu Changluo ordered.

"Please forgive me for being so bold, sir." Liu Ruoyu still lowered his head.

"Just say it. Don't cower there like a quail." Zhu Changluo rolled his eyes at him.

"Yes." Liu Ruoyu shrank even more like a quail. "I dare to ask you, Master. Are you going to restore the banknote system of our ancestors?"

"It's not a treasure note, it's a redemption note." Zhu Changluo opened a drawer and took out a large silver note worth one thousand taels and shook it. "You can also call it a banknote."

This is the largest and most exquisite of all the silver notes. The base material for this thousand-liang note is Huzhou silk produced in Huzhou Prefecture, Zhejiang Province, and it's interwoven with gold and silver threads. The material and labor alone make this note worth two taels of silver. It's so exquisite it could be displayed as a work of art, though it does have a strong stench of money.

Liu Ruoyu said, "I am stupid and don't know what the difference is."

"Baochao excludes gold and silver, but this exchange ticket does not exclude them," said Zhu Changluo.

In the early Ming Dynasty, in order to maintain the absolute legal tender status of the treasure notes, the imperial court officially issued the Ming treasure notes and declared gold and silver illegal. During the Hongwu reign, a decree was passed stating that "civilians were prohibited from trading in gold and silver, and violators would be punished."

During the Yongle reign, the ban on gold and silver became even more stringent. In the first year of the Yongle reign, Emperor Chengzu issued an edict: "Anyone who trades in gold and silver will be treated as a criminal." To encourage whistleblowing, he also ordered: "Anyone who leads the investigation will be rewarded with the gold and silver used." The highest penalty offered by the court for those who used gold and silver was a life sentence, with the entire family being sent to the frontier. After the Baochao began to depreciate, the court even banned copper coins, making them illegal. By then, the Ming's own Tongbao coins had been in circulation for years.

"And this redemption ticket isn't a one-way ticket; it can be redeemed at any time." Zhu Changluo suddenly remembered an example. "Weren't you there that day?"

Liu Ruoyu licked his lips. "Master, may I ask, what day is it?"

"The day before yesterday." Zhu Changluo had a deep impression of this day because of Li Ruhua. "Didn't I ask Liu Heqing to take the notes and exchange them for money? I wonder if he did."

Wei Chao suddenly realized, so he continued: "Envoy Liu has already exchanged the 200 taels of silver note for silver and took it away. He exchanged it at the Zhengyangmen branch." Because it was a local note, there was no deduction for this transaction.

Zhu Changluo nodded and held up four fingers. "There are now four branches in Beijing. Officials can exchange their banknotes for cash at any time if they don't want to keep them."

A major reason for the continuous devaluation of Baochao during the first hundred years of the Ming Dynasty was that it was only exchangeable in one direction. In other words, the imperial court could use Baochao to exchange the people's gold, silver, and copper coins, but would not accept the exchange of Baochao for physical gold, silver, or copper.

"Moreover, the silver notes of the Sun Moon Bank will not be over-issued like the treasure notes. The bank will issue as many notes as it has silver." Zhu Changluo put away the silver note of one thousand taels.

The most direct reason for the devaluation of Baochao, which ultimately became waste paper and was essentially withdrawn from circulation, and subsequently replaced by silver, was over-issuance. Emperor Taizu Zhu Yuanzhang's ban on gold and silver and his push for Baochao could be attributed to the country's shortages of gold, silver, and copper, drawing on the previous Yuan Dynasty's ban on gold and silver. However, the excessive and indiscriminate issuance, coupled with the lack of redemption, demonstrated a lack of understanding of the nature of money.

"Then this banknote is indeed very different from the treasure notes." Liu Ruoyu asked, "But what's the use of it? It would be much better to just issue silver. Making this banknote is a waste of materials."

"It will gradually restore the nation's monetary credibility and regain the right to issue currency. This will allow the court to adjust the nation's overall economy through monetary means. As for other benefits, you'll learn about them later. We won't discuss this any further. You can return and sit down." Zhu Changluo looked at Wang An and said, "Draft an edict. Starting next month, the Ministry of Revenue will switch to using silver bills issued by the Sun and Moon Bank to pay officials' salaries."

"Master, your majesty is wise," Wang An praised, then asked, "Isn't it too hasty to switch all payments to silver bills? Besides, the Ministry of Revenue doesn't have silver bills. If we switch to silver bills, officials will have to go to the bank to exchange them for cash. Wouldn't that mean the palace is paying the officials again?"

"That makes sense," Zhu Changluo affirmed. "Let's split it fifty-fifty. As for the source of the salaries, temporarily order the Ministry of Revenue to remit the corresponding cash to the Internal Transport Depot. If the Ministry of Revenue or any other department has any objection to this decree, it will be rejected directly."

"Yes." Wang An replied.

　In fact, excessive money issuance itself is a form of monetary policy. Zhu Yuanzhang's construction of Nanjing, Zhu Di's construction of Beijing, and the two emperors' repeated campaigns against the Mongols and Yuan Dynasty, as well as their conquests of Southeast Asia, were all related to this expansionary monetary policy. Military pay, disaster relief, official salaries, engineering projects—basically, everything was paid in banknotes. However, living beyond one's means did not come without costs, the most significant of which was the collapse of the national currency's credibility.

　　
　
(End of this chapter)