The Fierce Teacher of Zhenguan: Starting with Teaching the Crown Prince to Make a Comeback

What hidden dangers lie in Chapter 127? (Seeking monthly votes!!! Seeking rewards!!! Seeking subscriptions!!!)

They are no longer the vague "subjects," nor are they simply "scholars, farmers, artisans, and merchants."

Instead, it is clearly dissected based on its actual economic status and power relations.

The interests, living conditions, and relationships with the court of each "class" seem to become clearly discernible.

“So…” Li Chengqian’s voice was a little hoarse.

"Does the gentleman mean that the so-called division of people into four professions has long been a mere formality? And that internally, people have already been rearranged and reorganized according to... according to this class division?"

“That’s one way to understand it,” Li Yichen said.

"The terms 'scholars, farmers, artisans, and merchants' are superficial, merely a continuation of the ancient system of household registration and social status classification."

“The class distinction is the real social structure based on land ownership, power distribution, and the flow of wealth.”

"If the imperial court only looks at the superficial aspects of the four industries when it governs, its policies may go in the opposite direction."

"For example, if the imperial court wants to encourage agriculture and reduce taxes, but cannot effectively curb land annexation, most of the benefits will be seized by landlords and powerful families, while the tenant farmers and poor farmers who actually cultivate the land will receive very little."

"For example, if the imperial court wants to select talents, but cannot break the monopoly of aristocratic families on official careers, then talented people from humble backgrounds will still have little chance of getting ahead."

Li Chengqian felt as if a thunderclap had exploded in his mind.

Many questions that had puzzled me in the past now seem to have been answered.

Why, despite the Emperor's diligent efforts in governing the country and his efforts to reduce taxes and levies, are there still so many people who are displaced?

Why does it always feel like there are so many factions in the imperial court, each with their own agendas?
The root of the problem lies in the fact that society has been divided into different classes, each with drastically different interests!
Any policy of the imperial court would elicit different reactions among these different "classes," and would be resisted or distorted, either openly or covertly.

He took a deep breath, trying to calm the shock in his heart, and asked a crucial question.

"Sir, according to this logic, which class is the foundation of the nation...?"

Li Yichen's gaze was calm.

"If we consider the source of taxation and the basis of military service, it lies in the vast number of common people and farmers. If we consider the stability of the rule and the smooth implementation of government orders, it is inseparable from the cooperation of the bureaucratic and gentry groups."

"The circulation of wealth and the prosperity of the market depend on the vitality of industrialists and merchants."

"The royal family and the nobility are the common rulers of the world. It is necessary to balance the interests of all parties in order to achieve long-term stability."

He paused, his tone becoming more serious.

"However, there is a fundamental contradiction here. The bureaucratic gentry group often merges with landlords, and their interests often conflict with those of ordinary farmers."

"The wealth accumulated by industrialists and merchants is often used to purchase land, join the ranks of those who exploit farmers, or to curry favor with powerful figures and influence the government."

"The imperial court, being above them, had to rely on officials and gentry to govern, but also had to prevent them from excessively exploiting farmers and causing peasant uprisings."

"We must encourage industry and commerce to enrich the national treasury, but we must also prevent their excessive expansion from impacting agriculture and fostering extravagance."

"This is the core problem of governance for dynasties throughout history. If the balance beam is not kept straight, the foundation will be shaken and the country will be in danger."

Li Chengqian remained silent for a long time.

Li Yichen's words directly brought him into the deepest and cruelest reality of imperial rule.

Governing a country is far more complex than simply reciting a few lines of "the people are the most important."

It involves extremely precise weighing, compromise, guidance, and suppression among these interdependent yet contradictory "classes".

"Then... then what is the current situation of my Great Tang?" Li Chengqian's voice carried a hint of barely perceptible heaviness.

"Our dynasty has not been established for long. Your Majesty is wise and has implemented the equal distribution of land, suppressed powerful clans, and rectified official corruption. Therefore, the contradictions between classes have not yet become as sharp and intense as they were at the end of the Sui Dynasty."

Li Yichen offered an objective analysis.

"However, the hidden dangers already exist. Under the equal-field system, land consolidation is still quietly taking place."

"Under the rent-labor system, the burden on farmers was still not light. Powerful families in Guanzhong, Shandong, and other places still wielded considerable influence, both in and out of the government."

"If Your Highness wishes to achieve something in the future, you must see clearly the true class structure and interest network beneath these so-called 'four professions'."

"Governance must be clearly defined. Who benefits from this policy? Who loses? Who will support it? Who will oppose it? What supporters can provide? What means will opponents use?"

"Only in this way can we be targeted, reduce obstacles, and achieve great things."

The hall fell silent once more.

Li Chengqian took a deep breath and then slowly exhaled.

He felt his vision had been completely broadened, no longer confined to a corner of the Eastern Palace.

No longer confined to the struggle with Li Tai, or even to the game with his father.

He saw a grander, more complex, and more real Tang Dynasty.

To put that vague "ideal" into practice in this real Tang Dynasty and to answer the question of "why become emperor," he still has a lot to learn.

"What you said today, sir, is like a wake-up call."

Li Chengqian's gaze hardened once more.

Li Chengqian pondered for a moment, then brought his thoughts back to the present moment.

"Sir, the bonds sold out in one day, but there are still many private buyers. Should we... issue more to appease those who missed out?"

Li Yichen shook his head slightly.

"Your Highness, there is no rush."

"Not in a hurry?" Li Chengqian was slightly surprised.

"Now that the momentum is strong and the people trust us, isn't this the perfect opportunity to strike while the iron is hot?"

“No.” Li Yichen said slowly, his gaze calm.

"Credit is like water; its value lies in its steady flow, for it overflows when full. The price of bonds also has its limits."

"Now that it has sold out immediately upon release, it will inevitably become a rare commodity in the market, and its resale value will likely far exceed its face value."

"If we were to issue more shares at this time, it might seem to satisfy the desire to buy, but in reality it could impact the market price, thereby harming the interests of holders and undermining the foundation of credit."

Seeing that Li Chengqian still looked confused, he explained further.

"This is like a reservoir; the water level needs to be regulated. When the price of bonds in the market is obviously too high and a speculative bubble is generated, releasing new bonds in a timely and appropriate manner can stabilize the price and bring it back to normal."

"This is the way to maintain credit in the long run. At present, the effects of the first batch of sales have not yet been fully realized, and the matter in Xizhou is also just beginning. The most urgent task at present is to make good use of these 150,000 strings of cash, make tangible results, and let the holders of the bonds see the hope of returns."

"Only in this way can credit be firmly established. At that time, further discussions on share issuance will be a natural progression, with a more stable price and a stronger reputation."

Li Chengqian listened intently, though he felt the reasoning was profound and not entirely clear.

But based on his trust in Li Yichen and the essence of "weighing" and "measurement" that he had recently learned, he suppressed his eagerness to achieve quick results and nodded.

“Sir, your foresight is profound, and I understand. Therefore, I will follow your advice and refrain from issuing additional funds for the time being, focusing instead on the practical matters of Xizhou.”

As soon as he finished speaking, a slightly hurried announcement came from outside the hall.

"Your Highness! His Majesty has issued a decree summoning you to the Liangyi Hall for an audience immediately!"

"I... understand." Li Chengqian's voice calmed down, carrying a quiet strength that he himself was unaware of.

"Your Majesty, I will arrive immediately."

Inside the Liangyi Hall.

Li Shimin sat upright on the imperial couch, his expression seemingly calm, but his fingers unconsciously caressed the carvings on the armrests.

Below, Changsun Wuji, Fang Xuanling, Gao Shilian, Cui Dunli, and Li Ji, the Minister of War, stood on the left and right respectively.

They were all key figures in the imperial court, and the atmosphere was heavy with a barely perceptible restlessness.

Li Chengqian entered the hall and paid his respects according to etiquette.

"My son, I will meet my father."

"The Crown Prince has arrived."

Li Shimin raised his hand, his gaze lingering on Li Chengqian's face for a moment, his tone gentle yet inquiring.

"You weren't feeling well a few days ago, are you feeling much better now?"

"Your Majesty, I have been worried. I only caught a slight cold and am now fine."

"Ah That's good."

Li Shimin nodded, no longer beating around the bush.

"I have summoned you here today to discuss the bond issue. The bonds you oversaw sold 150,000 strings of cash in a single day, relieving the court's urgent crisis. You have done a good job in this matter."

"Your Majesty is too kind. This is the result of everyone's collective wisdom and efforts. Your son dares not take credit for it."

Li Chengqian answered cautiously.

Sure enough, Li Shimin changed the subject.

"150,000 strings of cash is a timely help for the reconstruction of Xizhou, but the territory of our Great Tang is vast, and the need for money is far more than just a corner of Xizhou."

"The national treasury is now empty, and everyone is asking for money. Your Majesty and I are very worried."

Minister of War Li Ji stepped forward first, his voice loud and clear.

"Your Majesty is absolutely right! Your Highness, this bond system is truly a brilliant strategy. The public response has been so enthusiastic that there are so many people eager to buy them that they are afraid they won't have enough."

"Since the money comes so easily, why not go with the flow and issue another 150,000 strings of cash?"

"If we obtain 300,000 strings of cash, not only will the reconstruction of Xizhou be worry-free, but the water conservancy projects in Hebei Province and the modernization of military equipment in Longyou can also be put on the agenda!"

"This is a great thing that benefits the country and its people!"

His tone was fervent, as if he could already see a huge amount of money flowing into the national treasury.

Li Chengqian felt a dark cloud hanging over him. Li Ji, who was in charge of the Ministry of War, knew best about the dire straits of the border garrisons and had the most direct desire for money.

Changsun Wuji stroked his beard and replied, "Minister Li is right. Your Highness, this method can amass huge sums of money without increasing taxes or burdening the people. It is truly a rare and effective solution. Since the people have this ability, wouldn't the court be missing a golden opportunity if it didn't take what it wanted?"

"Furthermore, allowing more people to hold bonds and share in the benefits of the court's development can also win over the hearts of the people and stabilize the foundation of the country."

He spoke slowly, but his sharp gaze swept over Li Chengqian, carrying an undeniable sense of pressure.

As a representative of the Guanlong Group, he was well aware of the importance of the intertwining of wealth and power. How could he let go of such an easy opportunity to amass wealth?
Gao Shilian nodded slightly; his seniority made his speech even more composed.

“Your Highness, in times of crisis, extraordinary measures are necessary. The court is facing financial difficulties. If this method can alleviate the situation to some extent, it will bring stability to the realm, which would be of great benefit. In my opinion, this method carries very little risk but yields enormous benefits.”

He appeared neutral, but in reality, he pointed out the financial pressures facing the court, providing the most respectable reason for increasing the issuance of currency.

Even the usually composed Fang Xuanling pondered for a moment and said, "Your Highness, what the gentlemen have said, though a bit hasty, is not without reason."

"The speed at which the bonds sold out far exceeded our expectations. If we can issue more bonds at an appropriate rate to replenish the national treasury as soon as possible and meet the urgent needs of various regions, it would indeed be a pragmatic choice."

As the Left Vice Minister of the Ministry of Personnel, he was in charge of all government affairs and knew that all the local government offices were complaining about being poor. This easily obtained 150,000 strings of cash was like a spring of sweet water in the desert, making people want to drink more.

Cui Dunli added from another perspective: "Your Majesty, Your Highness, I have heard that many people in the marketplace are lamenting their inability to purchase bonds. If more bonds could be issued, it would quell public grievances and demonstrate the court's compassion for the people."

As Li Shimin listened to the ministers' comments, his eyes gleamed.

He was not an incompetent ruler and naturally knew the harm of excessive spending, but the words "hundreds of thousands of strings of cash," "without straining the people's labor," "winning over the hearts of the people," and "meeting urgent needs" echoed in his ears. The combination of these words created a temptation that was simply too great.

Since his ascension to the throne, he has worked diligently to restore the people's livelihood, but the foundation left by the previous dynasty was too weak, and money was needed everywhere.

These bonds bring in money too quickly and too easily, almost effortlessly.

The slight satisfaction he felt from Li Chengqian's success was quickly overshadowed by his desire for this enormous wealth.

"What you all say is exactly what I think."

Li Shimin finally spoke, turning his gaze to Li Chengqian.

"Your Highness, what do you think? Since the people are so enthusiastic and the court also has this need, issuing more bonds seems to be a win-win solution. As the person in charge of this matter, you are the most qualified to speak on this."

The pressure has completely fallen on Li Chengqian.

He completely understood what these people were thinking. Not long ago, hadn't he himself been just as excited and eager to succeed?
Li Yichen is right. This money comes too fast, so fast that it makes people lose their way, so fast that even these experienced court officials only want to take shortcuts!

Li Yichen's warning flashed through his mind.

"Credit is like water; its value lies in its steady flow. When it is full, it overflows. If we rashly issue more shares now, it may seem to satisfy the desire to buy, but in fact it may impact the market price, thereby harming the interests of holders and shaking the foundation of credit."

There is also a more profound "class" analysis—were these ministers who proposed increasing the amount of money really just acting in the name of the court?
Or was it for the interests they each represented—whether they were bureaucrats, gentry, or powerful landlords?

They are eager to get more money to fill their own holes or to seize more political capital.
Once credit collapses, the foundation of the imperial court will ultimately be damaged, as will the ordinary holders who truly expect bonds to bring stable returns, and the fiscal credibility of the entire Tang Dynasty.

Refuse outright?

Using Li Yichen's words?
No!

Li Chengqian immediately rejected this idea.

To directly throw out concepts like "class" and "credit bubble"—which he himself had only just come to understand—in front of his father and these shrewd ministers would not only fail to convince them, but would also make him seem pretentious.

It might even expose Li Yichen's existence, leading to unnecessary suspicion.

They are currently blinded by huge expectations of profit and cannot listen to dissenting opinions.

We must refute them with reasons they can understand, and with a power-manipulation logic that better aligns with their way of thinking.

Li Chengqian took a deep breath, raised his head, and showed a moderate humility and a trace of worry on his face.

"Father, gentlemen, the proposal to issue more bonds, at first glance, does seem to be a move that benefits the country and the people. When I first heard that the bonds were sold out, I also had this thought."

His words first affirmed the other party's starting point, thus easing the atmosphere of direct confrontation.

Li Shimin and his ministers nodded slightly, waiting for him to continue.

“However,” Li Chengqian’s tone changed, becoming serious.

"After careful consideration, I feel there are some hidden dangers, and we must be cautious."

"Oh? What potential problems are there? Your Highness, please speak freely." Li Shimin leaned forward slightly.

(End of this chapter)