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

Chapter 128 What Did Emperor Gaozu Say? (Seeking rewards!!! Seeking monthly tickets!!! Seeking subscriptions!!!)
"First, the danger of exhausting resources."

Li Chengqian's gaze swept over Li Ji and Changsun Wuji.

"The fact that the bonds sold out so easily was actually due to the fact that it was the first trial run, and the government's credibility as a guarantee, coupled with the public's curiosity and trust, made it so effective."

"If a large-scale issuance is made immediately, private wealth is not inexhaustible. The buyers this time are mostly wealthy families and merchants from Chang'an and the surrounding areas."

“Withdrawing huge sums of money in a short period of time may damage the vitality of the people and affect the circulation of goods in the market. This is not to spare the people’s labor, but to secretly deplete their resources. If this leads to the decline of commerce, it will be undesirable. This is not about accumulating wealth, but about draining the pond to catch all the fish.”

He pointed out the real problem of limited private funds, which made Changsun Wuji, who had offered to take whatever he wanted, frown slightly.

Secondly, the principle that things are valued for their scarcity.

Li Chengqian continued, "When Attendant Cui was disappointed by the lack of such items in the marketplace, it was precisely because of their 'rarity' that people realized their value and vied to buy them."

"If bonds are like ordinary objects, readily available everywhere, what is their value?"

"Human nature dictates that scarcity drives up prices, while abundance drives them down. If excessive issuance occurs, bonds will flood the market, inevitably causing prices to plummet. What will the initial bond buyers think when they see their bonds depreciate? Will they believe the court is acting rashly and disregarding their interests?"

"Wouldn't this move chill the hearts of those who initially supported the court? Losing the trust of the people has far-reaching consequences."

He cleverly used Cui Dunli's reason for quelling public discontent to deduce the potential consequences that could trigger public resentment, directly targeting the core of "trust".

Upon hearing this, Fang Xuanling's eyes flashed with a thoughtful look, and he nodded slightly.

He was well-versed in government affairs and deeply understood the importance of public opinion and popular sentiment.

"Thirdly, there is the concern that the actual results have not yet been seen." Li Chengqian looked at Li Shimin at the end, his tone earnest.

“Father, this 150,000 strings of cash is nominally for the reconstruction of Xizhou. The money has just been deposited into the treasury, and the project in Xizhou has only just begun. Not a single brick or tile has been laid yet.”

"If we rush to issue more bonds now, how will the people view it? They will wonder whether the imperial court is issuing bonds for the sake of Xizhou, or simply to amass wealth?"

"Public trust in bonds will be greatly diminished. At that time, let alone issuing more bonds, it is likely that no one will be interested in issuing other bonds in the future."

He focused on the nominal purpose of "Xizhou" and pointed out the risks of rushing to increase issuance in terms of public opinion and actual results.

After Li Chengqian finished speaking, he bowed again.

"Father, my ministers, it is not that I am unwilling to share the burden of the court, but I believe that the bond issue concerns the court's credibility and the people's confidence. It is better to proceed steadily than hastily. This initial success is like a seedling just beginning to grow. It needs careful nurturing until it takes root firmly and grows lush and verdant. Only then should we consider expanding its scale. This is the way to ensure its long-term success."

"If we are greedy for short-term gains and try to force things to grow faster than they should, it will not be a blessing for the country."

"In my humble opinion, the most important task at present is to make good use of these 150,000 strings of cash and achieve results in Xizhou as soon as possible, so that the people of the world can see that buying government bonds can indeed bring profits, and that the trust of the government is as heavy as Mount Tai."

"With such a solid foundation of credit, why worry about not being able to issue more bonds and raise more funds in the future?"

A profound silence fell over the hall.

Li Chengqian did not quote Li Yichen's original words, but he incorporated core concepts such as "credit," "scarcity," and "long-term interests."

By using phrases like "draining the pond to catch all the fish," "scarcity makes things valuable," "effectiveness," and "the credibility of the imperial court," the argument for issuing more shares is presented in a clear and logical manner, building upon previous arguments.

The look of excitement on Li Shimin's face gradually faded, replaced by deep contemplation.

He was not a foolish ruler who couldn't listen to reason. Every word the Crown Prince said was reasonable and from the perspective of safeguarding the long-term interests of the court.

The impulse to quickly acquire funds was gradually suppressed by the Crown Prince's calm analysis.

After Li Chengqian finished speaking, an unusual silence fell over the Liangyi Hall.

Only the occasional crackling of candlelight and the slightly heavy breathing of a few high-ranking officials could be faintly heard in the empty palace.

Li Shimin sat upright on the imperial couch, his fingers still unconsciously stroking the dragon carvings on the armrests. His deep gaze fell on Li Chengqian, with scrutiny and a hint of barely perceptible inquiry.

He did not immediately express his opinion, as if he was pondering the Crown Prince's detailed and analytical statement.

Minister of War Li Ji frowned. He was more straightforward and broke the silence first, his voice loud but tinged with hesitation.

"Your Highness's concerns are not without merit. However... is it really true that the wealth of the common people is so easily squandered?"

"Our Great Tang Dynasty is currently at peace, with frequent trade and prosperous markets in both the east and west. Is it too alarmist to say that 150,000 strings of cash a day would damage its vitality?"

He was in charge of military affairs, and although he was not entirely ignorant of economic matters, he was not very knowledgeable about them either. At this moment, he was even more worried about the poor state of military equipment in the border towns.

Changsun Wuji stroked his beard gently, his gaze lowered, and did not reply.

Gao Shilian nodded slightly. As the most senior, he spoke with a calm and composed demeanor.

"Your Highness, I am gratified that you have considered this matter. It is always better to be cautious than to make a big mistake. However... Your Majesty, all regions are now in dire need of funds and provisions."

"Your Highness's long-term considerations are certainly valid, but we must also consider the current predicament."

He laid out his predicament, his tone tinged with helplessness.

Fang Xuanling pondered for a moment before slowly speaking. As the Left Vice Minister of the Ministry of Personnel, he was in charge of all government affairs and had a more comprehensive view of the issues.

"Your Highness's three points are indeed wise and insightful advice for governing the country. The foundation of trust lies in its stability and in fulfilling promises. Being too hasty may lead to problems."

"However, what Lord Gao said is also true. I think that a compromise can be reached. We do not need to immediately issue a large amount of additional bonds. Instead, we can start to study and formulate the regulations, amount and timing for subsequent issuances. Once we see initial results in Xizhou, we can launch the issuance in a timely manner. This will not only meet the urgent needs of the court, but also avoid shaking the foundation."

Cui Dunli remained silent.

Li Shimin observed the reactions of his ministers and his mind raced with thoughts.

The Crown Prince's analysis was clear and logical, hitting the nail on the head. In particular, his points about "draining the pond to catch all the fish" and "losing the trust of the people" truly touched on his deep-seated concern about "easily obtaining huge sums of money."

His gaze fell on Li Chengqian again. He saw that the other man had a calm face and steady eyes. Although he was pale from illness, he did not show any fear or hesitation. His calm demeanor made him, as a father, feel a little unfamiliar.

"Hmm." Li Shimin finally spoke, his voice steady, revealing neither joy nor anger.

“The Crown Prince’s concerns are not without merit. The matter of bonds concerns the court’s reputation and must be handled with utmost care. The proposal to issue more bonds should be put on hold for the time being.”

His words set the tone. A hint of disappointment flashed across Li Ji's face. Changsun Wuji lowered his eyes, revealing no emotion. Gao Shilian and Fang Xuanling bowed slightly, indicating their obedience.

However, Li Shimin immediately changed the subject, his gaze sweeping over the ministers in the hall, his tone becoming deep and serious.

"However, this bond system can raise huge sums of money without increasing taxes, which is indeed a way to alleviate the pressure on the national treasury. The court should not throw the baby out with the bathwater, nor can it always rely on the Crown Prince to manage it. Now that this matter has been discussed, we need to have a long-term plan."

He paused briefly, then continued, "Your Highness, Minister Cui, you two should wait in the side hall for now. I have other matters to discuss with several ministers."

"My son, I obey."

Li Chengqian bowed and responded, his tone calm and even, as if he had already anticipated this.

He didn't even glance at those important officials. He turned around and, together with Cui Dunli, who was also bowing to receive the order, with the help of the eunuchs, left the main hall of Liangyi Hall.

The palace doors slowly closed, separating the inside from the outside.

Inside the side hall, the furnishings were simple, with only a few couches and tables.

Li Chengqian casually chose a seat and closed his eyes to rest, seemingly uninterested in the discussions taking place in the main hall. Cui Dunli, on the other hand, appeared somewhat uneasy. He secretly glanced at the Crown Prince, who sat upright with his eyes closed, his mind filled with complex thoughts.

This Crown Prince has changed so much lately that even a veteran minister like himself, who has been navigating the court for many years, finds him somewhat unfathomable.

The response just now was reasonable, well-founded, calm, and composed, and even hinted at a confrontation.

Inside the main hall of the Liangyi Hall, the atmosphere became even more somber after the Crown Prince left.

Li Shimin leaned forward slightly, his sharp gaze sweeping over Changsun Wuji, Fang Xuanling, Gao Shilian, and Li Ji.

"Gentlemen, now you may speak freely. What do you think of the Crown Prince's words?"

Gao Shilian took over the conversation. As the maternal uncle of Changsun Wuji and Empress Changsun, they were closer, so he spoke with less restraint.

"Your Majesty, the matter of bonds is actually related to the foundation of the nation. Its issuance, guarantee, redemption, and even its connection with the salt administration are all interconnected, forming a financial and grain system that is independent of the court's regular expenditure system."

"Although this line of command is nominally under the control of the imperial court, it is actually dominated by the Crown Prince. If this continues, it may not be a good thing for the country."

He steered the discussion to the core issue of power ownership.

Although Li Ji was not an expert in economics, he was extremely sensitive to the power structure. Upon hearing this, he immediately said, "Your Majesty, the nation's finances are of paramount importance. How can they be kept in the hands of the Crown Prince for long?"

"However, if this precedent is set, it will inevitably lead to disaster if future generations follow suit. I believe that the most urgent task is to transfer the power to operate and regulate this bond law to the relevant departments of the court as soon as possible. The Crown Prince can participate, but he should not take the lead."

Fang Xuanling pondered for a long time before slowly saying, "As for the ownership of the bonds... Your Majesty, this method was proposed by the Crown Prince and successfully implemented in the Eastern Palace. The public's trust is largely tied to the Eastern Palace's 'Jade Salt' and the Crown Prince's reputation. If we suddenly withdraw them, it may arouse suspicion among the people, which would be undesirable."

"In my opinion, the current policy is not to hastily seize power, but for the court to quickly understand the key points and master the methods."

He looked at Li Shimin and said solemnly, "Your Majesty, you may order the three ministries, the Ministry of Revenue, and the Imperial Household Department to select capable officials to form a special team, which I will personally lead, to carefully study the entire process of bond issuance, management, and redemption, analyze its connection with salt administration and market transactions, and formulate established rules and regulations that can be implemented by the court."

"Once the charter is drafted and His Majesty reviews and approves it, the bond issue can be gradually brought into the court's formal system."

"In this way, we can maintain our current credit and gradually bring financial power back to the central government."

Li Shimin listened to the conversations of his trusted ministers, his expression calm and composed.

Their words were exactly what he was thinking.

The Crown Prince's demonstrated ability and control pleased him, but also made him wary.

These bonds are a double-edged sword. If used well, they can solve urgent problems; if used poorly, they may damage the foundation of the country and even give rise to a second power center.

In any case, the imperial court must grasp its rules as soon as possible and not allow it to slip out of its control.

“Xuanling’s words are very much in line with my thoughts.”

Li Shimin finally made the decision: "You shall take the lead and begin studying the bond law immediately. You must clarify the issues as soon as possible and draft the regulations. I want to see bonds that the court can issue and manage independently as soon as possible!"

"We obey your decree!" the four replied in unison.

After the matter was settled, Li Shimin briefly discussed a few other important military and political matters with them before dismissing them.

Silence returned to the hall.

Li Shimin sat alone for a while, his gaze deep and unfathomable, lost in thought.

After a while, he gave the order to the outside world: "Summon the Crown Prince."

Li Chengqian quickly returned from the side hall to the main hall.

At this moment, only the father and son remained in the hall; even the eunuchs had been dismissed.

The spacious hall was unusually quiet, and the air seemed to have frozen.

His gaze slowly swept over Li Chengqian's head and shoulders, finally settling on his lowered face.

“Brilliant,” Li Shimin said, his voice not loud, but carrying an invisible pressure.

"I have heard that your illness was diagnosed by the Imperial Medical Bureau as being caused by mental distress. Excessive worry has depleted your mental energy, allowing external pathogens to invade."

He paused, his tone calm, yet each word clear and distinct, like the striking of a heavy hammer.

"I really want to know, what exactly is wrong with you that has made you so ill and unconscious for several days?"

Li Chengqian felt a chill run down his spine.

He knew that he would have to face this problem sooner or later.

The true experiences, those shocking statements about "having weak imperial aura" and "why become emperor", and the existence of Li Yichen, would never be revealed in the slightest.

He must provide a reasonable explanation for his recent changes without getting himself into trouble.

His voice carried a perfectly measured heaviness and a hint of bewilderment, as if recalling a dream.

“Your Majesty… Your son… Your son dares not conceal the truth. Your son dreamt of Your Majesty.”

"Oh?" A glint flashed in Li Shimin's eyes, and he leaned forward slightly.

"Emperor Gaozu?"

"Yes." Li Chengqian's voice carried a hint of awe and confusion.

"My imperial grandfather asked me in a dream... what is a commoner?"

Li Shimin frowned slightly; the beginning of this dream was beyond his expectations.

"How did you answer?"

Li Chengqian said, "Your subject... Your subject, following the teachings of the sages, answers: 'The people are the foundation of the state; when the foundation is firm, the state is at peace. A ruler should love the people as his own children, reduce taxes and levies, and employ the people at the right time; then the world can be at peace.'"

This answer is standard and conventional, typical of a crown prince.

Li Shimin remained noncommittal, then pressed further, "And then? What did Emperor Gaozu say?"

Li Chengqian took a deep breath, as if he was still immersed in the oppressive feeling of that dream.

“Grandfather… he neither praised nor reprimanded. He simply… looked at me with an extremely sorrowful gaze.”

"Then, many images appeared before my eyes... the tragic plight of those people who, due to heavy taxes and corvée labor, or natural disasters and man-made calamities, were forced to sell their fields and houses, even... even pawn their children. They were emaciated, tattered, and their eyes were filled with despair..."

His voice trembled slightly, carrying a hint of genuine pain and confusion.

"My imperial grandfather asked me, 'Are these the 'people' you speak of? Do you know why they have fallen into such a state? Can the sage books you read alleviate their suffering? Can they save them from cold and hunger, and from separation from their families?'"

Li Chengqian raised his head and looked at Li Shimin, his eyes filled with a confusion and contemplation he had never seen before.

“Father, your son…your son was speechless at the time.”

(End of this chapter)