Take control of Wei Zhongxian at the start and confiscate 100 million from him!

Chapter 338: A glimpse of the leopard through the pipe
The next morning, the sky was still a pale, fish-belly white. On the long street, only the early-rising watchmen and street sweepers were out, their breath condensing into a cloud in the cold air.

Zuo Liangyu had not slept all night.

Those eyes, usually sharp as a hawk's, were now bloodshot, yet burning with a frenzied excitement.

He went straight to see Tian Ergeng.

Tian Ergeng is now a very influential figure in the officialdom of the capital.

This person's greatest strength lies in his ability to seamlessly blend the ruthless methods of the Embroidered Uniform Guard with the worldly wisdom of officialdom, despite holding such a high position.

He was unreservedly loyal and respectful to his superiors, to the young emperor who held the highest position in the imperial court; he was the sharpest and most taciturn blade in the emperor's hand. To his inferiors, especially to Zuo Liangyu, a rising star who also served in Andu Prefecture and was equally favored by the emperor, he was impeccable in his manners, respectful and courteous, without the slightest arrogance.

Although Zuo Liangyu was a military man and not good at scheming, he was not stupid either.

He knew he was a swift blade in the emperor's hand, while Tian Ergeng was the hand that held the scabbard steady, providing support. Only through their seamless cooperation, serving the same monarch, could they achieve their goal.

Therefore, while remaining absolutely loyal to the emperor, Zuo Liangyu also treated Tian Ergeng with utmost respect.

In the back hall of the government office, Tian Ergeng had already gotten up and was leisurely enjoying a delicate breakfast.

Seeing Zuo Liangyu rush in, he simply smiled, put down his silver chopsticks, wiped his hands with a warm cloth, and said, "Chief Zuo, what's the matter that you're in such a hurry? Is there another major case?"

Zuo Liangyu dismissed his attendants and handed over a summary of a secret memorial he had written overnight. He said in a deep voice, “Governor, this is not a major case in the capital, but it is a matter that is… enough to shake the foundations of the nation.”

Tian Ergeng took the few thin pages, glanced at them, and the smile on his face gradually froze.

He read very quickly, but his gaze grew increasingly somber.

When he saw the words "tenfold profit" and "copper coins flowing eastward, amounting to millions of strings of cash annually," even a man as experienced as him couldn't help but slightly narrow his pupils.

Tian Ergeng did not delve into the intricate economic connections involved; he only grasped one core aspect.

"Is this His Majesty's will?" Tian Ergeng raised his head, his voice extremely low.

"It was His Majesty's secret decree two months ago that ordered me to conduct a thorough investigation," Zuo Liangyu nodded.

"Understood." Tian Ergeng neatly folded the summary and handed it back to Zuo Liangyu, his tone instantly becoming resolute. "Commander Zuo, this matter is no longer something that the two of us can decide. You must immediately enter the palace and present all the investigation results to His Majesty, word for word."

"His Majesty's will is absolute, and his judgment is absolute. Going forward, in any matter requiring the cooperation of Andu Prefecture, whether it be investigating or arresting people, or mobilizing troops from the treasury, you only need to present His Majesty's decree. Everyone in Andu Prefecture, from the highest official to the lowest soldier, will obey orders without question!"

This is the shrewdness of Tian Ergeng in his official career.

He didn't ask about the details, nor did he explore areas he didn't understand; he only confirmed one thing: whether this was something the emperor wanted to do.

Once he confirmed that this matter was of the Emperor's will, he immediately cut off all other thoughts and resolved to stake the entire Andu Prefecture, along with his own life and fortune, on the Emperor's ship, leaving no way out.

Zuo Liangyu felt a warmth in his heart and solemnly cupped his hands in thanks: "Thank you, Governor. With your words, I feel reassured."

"We are both His Majesty's subjects, it is our duty, why should we thank him?" Tian Ergeng waved his hand, looking towards the Forbidden City, his eyes revealing a deep meaning, "But I feel more and more that the Emperor we follow has something that is beyond our comprehension... Go, don't keep His Majesty waiting."

An hour later, in the West Warm Pavilion of Qianqing Palace.

Zhu Youjian, dressed in a black casual robe, sat calmly behind his desk. In front of him, besides Zuo Liangyu, who stood respectfully bowing, was a middle-aged civil official with a refined appearance.

This person was Fan Jingwen, the first president of the Great Ming Treasure Notes Bank.

Fan Jingwen's feelings were quite complicated. Since being ordered to set up the Baochao General Bank, he had devoted himself to it, traveling between the north and south, contacting merchants, and refining the regulations. He felt that he had made this new thing quite successful.

The emperor also sent him a secret letter, instructing him to pay attention to any unusual changes in the circulation of money in the market, especially the exchange rate between copper coins and silver.

He did find some things, such as the phenomenon of silver being more expensive than copper coins in coastal areas than in inland areas; and the increasing scarcity of high-quality copper coins on the market, replaced by a large number of crudely made privately minted inferior coins.

But he always felt that these were just long-standing ailments that needed treatment, but it was not something that could be cured overnight.

What he saw and heard was like looking at flowers through fog; there was always a layer between them, making it impossible to see clearly.

Even today, when he was summoned to the palace to meet the emperor with this menacing Left Censor-in-Chief, and listened to Zuo Liangyu recount the shocking results of his investigation... Fan Jingwen felt cold sweat seeping through his clothes.

What he knew and understood before was truly like seeing the whole leopard through a tube and looking at the sky from the bottom of a well compared to the bloody reality presented by Zuo Liangyu!

Zuo Liangyu's report was concise and to the point. From Japan's morbid thirst for Ming Dynasty copper coins to the astonishing tenfold profits made by maritime merchants, and the absurd reality that "Yongle Tongbao" had become the legal tender of that country, each incident and each case formed a chilling picture.

"...Our preliminary estimate is that the amount of copper coins smuggled into Japan annually from Fujian and Zhejiang alone via sea routes is probably no less than three million strings! And this is not even a complete figure. If this continues, the foundation of the nation will be in danger! We beseech Your Majesty to make a wise decision!" After speaking, Zuo Liangyu bowed deeply, his voice as firm as metal and stone.

There was dead silence in the warm room.

Fan Jingwen's heart pounded wildly; he understood the terrifying meaning behind the "three million strings of cash."

That's almost equivalent to more than half of the new coins minted by the imperial court in a year!

It's like the imperial court was working hard to mint coins, only to benefit others!
He couldn't help but look up at the emperor behind the imperial desk.

Zhu Youjian remained calm, as if he had known all along.

His slender fingers tapped lightly on the table. After a long while, the emperor's gaze shifted from Zuo Liangyu's report, slowly sweeping over the two men, and he spoke.

"I have noted Zuo Qing's merits. The Inspectorate has truly drawn its sharp blade, directly addressing the root of the problem. However, what you have seen is still only the surface."

He paused, then changed his tone, taking on a questioning tone: "Have you two ministers considered the root cause of this matter? Why did the copper coins of our Great Ming disappear like a river bursting its banks? How were mere merchants able to reap such astonishing profits from it?"

Zuo Liangyu frowned and said in a deep voice, "Your Majesty, I believe the problem lies in the greed of the people! In the neglect of coastal defense! In... our dynasty has been too lenient towards the Japanese!" Zhu Youjiao remained noncommittal, turning his gaze to Fan Jingwen: "Minister Fan, as the head of the Treasury, you should have a deeper understanding of monetary law. What do you think?"

Sweat beaded on Fan Jingwen's forehead. After pondering for a long time, he cautiously replied, "Your Majesty, I believe it may be related to the exchange rate between coins and silver. When I was in Songjiang Prefecture, I heard people say that 'silver is expensive and coins are cheap.' One tael of silver could be exchanged for 1,200 or even 1,300 copper coins, far exceeding the official price set by the court. And according to Zuo Dutang, these copper coins are worth twice as much when they are sold to Japan. The profit difference between importing and exporting is huge, which is why merchants flock to it."

"You've hit the nail on the head, but you haven't gotten to the root of the problem." Zhu Youjian nodded approvingly, then slowly stood up, put his hands behind his back, and paced around the hall.

"The root of this phenomenon lies in the existence of a huge, sustainable 'abyss of profit' between our Great Ming and that Japanese country. This abyss is composed of three pillars."

Zhu Youjian extended one finger.

"In my Great Ming Dynasty, I possess all the copper in the land and the coin-minting techniques inherited from previous dynasties. Although there may be occasional shortages in the production of copper coins, overall, they are like the water of rivers, sufficient to irrigate the entire land. They are an essential part of the daily lives of the people of my dynasty, used for buying porridge and vegetables, paying small taxes, and so on. Therefore, the demand for copper coins in my dynasty is as vast as the sea, yet its production can be considered inexhaustible."

"In contrast, Japan is poor in copper mines and its minting technology is crude. Since the Kamakura and Muromachi periods of its predecessors, it has been plagued by a chronic shortage of currency. Without a sufficient amount of money, commerce is difficult to develop, and the people suffer greatly. The entire nation longs for a stable and reliable currency like a parched land yearns for rain. With a river on one side and parched fields on the other, how could the water not flow?"

The emperor spoke slowly, but his reasoning was frighteningly clear, dissecting a national economic issue using the simplest of metaphors.

Zuo Liangyu and Fan Jingwen's eyes grew brighter as they listened, as if the fog in their hearts had been cleaved open by a sharp sword.

Zhu Youjian extended his second finger.

"The difference between the noble and the lowly is like heaven and earth being turned upside down."

"This difference has two aspects. First, there is the difference in the value of the copper coins themselves. The same Yongle Tongbao coin might be able to buy one market cake in our Ming Dynasty; however, when it is transported to Japan, due to its scarcity, it might be able to buy two or three market cakes. This is the common principle that things are valued because they are rare."

“However, the truly fatal flaw lies in the second layer!” Zhu Youjian’s voice suddenly turned somber. “That is the enormous difference in the exchange rates between gold, silver, and copper!”

"In recent years, Japan has discovered huge mines such as the Iwami Silver Mine, leading to a surge in silver production and a temporary oversupply. As a result, silver has become worthless in Japan, while copper coins, which are in short supply, have become hard currency. This is what is meant by 'silver is cheap and copper is expensive'!"

"In our Great Ming Dynasty, since Zhang Taiyue implemented the 'Single Whip Law,' most taxes have been collected in silver. Silver has become the national currency, and the demand for silver among the people is unprecedented. Therefore, in our Great Ming Dynasty, silver is expensive while copper is cheap!"

Zhu Youjian stopped in his tracks, his sharp gaze sweeping over the two men: "Have you all figured out the crux of this? On one side, silver is cheap and copper is expensive; on the other side, silver is expensive and copper is cheap! The same item has a completely reversed price in the two places! This... is not a 'fishing pit,' but a 'golden pit'!"

Zuo Liangyu felt a loud bang in his head, and all his previous confusion and bewilderment suddenly became clear at this moment!
A complex expression, a mixture of horror and ecstasy, appeared on his resolute face.

He instinctively took a step forward, his voice trembling slightly:
"Your Majesty is truly wise! You sit atop the nine heavens and survey the entire world with a single glance!"

This compliment came from the bottom of his heart, without the slightest hint of hypocrisy.

He thought he had uncovered a huge secret and his understanding was already quite profound, but compared with the emperor's analysis, his own insights were like fireflies competing with the bright moon!

He saw thieves stealing, but the emperor saw how the wealth of the entire world was flowing wildly in an invisible way!
Upon hearing this, Zhu Youjian's face remained calm, but inwardly he felt as if he had drunk a sip of warm wine, feeling completely at ease. Flattery never fails. Especially this kind of heartfelt flattery, tinged with the worship of someone whose intelligence has been thoroughly outmatched, always sounds particularly pleasing.

He waved his hand, signaling Zuo Liangyu to calm down, and continued, "That's why a seamless cycle of profiting from others has been formed."

“Merchants in Japan can exchange one tael of silver for copper coins that far exceed the official price in our Great Ming Dynasty.”

"They transported these five thousand copper coins back to our Great Ming. In the market of our Great Ming, based on the exchange rate of silver being more expensive than copper, these coins could be exchanged for at least four to five taels of silver! Or they could use these copper coins to purchase large quantities of high-quality and inexpensive raw silk, porcelain and other goods in our dynasty."

"Then these silver or goods are transported back to Japan. Silver can be exchanged for more copper coins, and goods can be sold for exorbitant prices, bringing back tens of taels of silver!"

"Look, everyone," Zhu Youjian said with a cold smile, "in this cyclical process, what is the easiest, safest, and most profitable method? It's not transporting heavy silk and porcelain, but directly reselling the currency itself! Between our Great Ming and Japan, copper coins are no longer just currency; they have become the most profitable 'goods'! It's called trade, but in reality, it's stealing the lifeblood of our Great Ming!"

Zuo Liangyu's fists were clenched so tightly in his sleeves that they were cracking.

Zhu Youjian then extended his third finger.

"Deep-seated problems are hard to reverse, and the power of reputation is at stake."

"This problem did not arise overnight; it was a long-standing issue that began during the reign of Emperor Chengzu. When Zheng He's treasure ships made seven voyages to the Western Ocean, the 'Yongle Tongbao' coins, due to their excellent minting and outstanding reputation, were widely distributed throughout the world and became a recognized hard currency in Southeast Asia. Japan even abolished its inferior currency and circulated our Ming Dynasty copper coins throughout the country. This historical practice continues to this day."

He sighed softly, his words carrying both emotion and a hint of sharpness.

"In the past, treasure ships sailed westward, displaying national prestige across thousands of miles; today, copper coins are sent eastward, becoming a sharp blade at their very elbow. This is path dependence; the credibility of our dynasty's copper coins has become their weapon to hollow out our nation! How ironic!"

His words, like peeling back layers of a bamboo shoot, thoroughly dissected the ins and outs of this shocking case, leaving no room for concealment.

Zuo Liangyu was completely convinced.

Meanwhile, Fan Jingwen, standing to the side, was pale-faced, his lips trembling slightly, and he was caught in a huge mental shock.

Every word the emperor spoke was like a lightning bolt, cleaving through the fog in his mind and forcibly connecting and integrating his past fragmented and unsystematic knowledge.

An image he had never dared to imagine was slowly emerging in his mind, becoming clearer and clearer, and more and more ferocious.

He understood the tricks involved and the source of the exorbitant profits.

but……

A fundamental question remained like a mountain weighing on his mind, making it hard for him to breathe.

He finally couldn't hold back any longer, took a trembling step forward, bowed deeply to the emperor, and asked in a hoarse voice:
"Your Majesty's wisdom is profound, and I have already understood the crux of the matter. However, I still have a question in my mind that I cannot understand no matter how hard I try. I humbly beg Your Majesty's grace to enlighten me."

"Speak," Zhu Youjian said calmly.

Fan Jingwen swallowed hard, struggling to organize his thoughts: "It is indeed a pity that copper coins are flowing out of the country, but our Great Ming has at least exchanged them for real gold and silver. In our dynasty, silver is more valuable than copper coins, so with this inflow and outflow, the national treasury seems to have been unharmed. So where exactly does the harm lie? Is it really more severe than the defeat on the frontier?"

(End of this chapter)