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

Chapter 159 A storm is brewing, and the wind is already blowing.

Li Chengqian walked alone with a limp in Xiande Hall, with blank memorial papers spread out on the table, the ink already dry.

He had just tried to put his surging worries and reflections into words again, picking up his pen several times, but ultimately putting it down again.

Game theory, credit, trade-offs... These concepts taught by Li Yichen were colliding repeatedly in his mind, but he couldn't piece together a practical strategy that could turn the tide.

He saw the crisis clearly, but could not find a way to break it.

He took a deep breath, reminding himself not to rush or panic.

Only by discussing with Yichen can we clear up these chaotic thoughts and find a foothold for the Eastern Palace in this vortex.

The following day, the imperial court issued an edict, officially announcing to the world the issuance of "Zhenguan Yuguo Bonds," totaling 500,000 strings of cash, to replenish the national treasury for border defense, canal repairs, palace renovations, and other purposes.

The imperial edict was drafted by the Secretariat, reviewed by the Chancellery, and stamped with the emperor's jade seal; the process was extremely swift.

Unlike the Crown Prince's bonds, which were issued in three denominations of one guan, ten guan, and one hundred guan, the "Zhenguan Yuguo Bonds" were only issued in two large denominations: one hundred guan and one thousand guan.

The imperial edict appeared calm on the surface, but undercurrents were already stirring beneath the surface.

Prince Wei's Mansion, study.

Li Tai held a newly delivered copy of the imperial edict in his hand, a hint of undisguised smugness on his round face.

He looked at Du Chuke, who was sitting below him, and spoke in a light tone.

"The imperial court has finally taken this step. Five hundred thousand strings of cash... Heh, Father Emperor was driven to desperation by the empty national treasury."

Du Chuke bowed and said, "Your Highness, this is a golden opportunity. The Crown Prince's previous bond issuance was successful, and the market premium is nearly 20%."

"These imperial bonds have a higher credit rating than those issued by the Crown Prince. With an initial rush to buy them, a premium is expected. Moreover, most of the bonds issued this time are large-scale, and only wealthy and powerful families can easily purchase them, which is perfect for us."

Li Tai nodded.

"That's what I also think. Go and do it immediately. Use all the money and silk available in the palace to buy as much as possible."

"Also, pass on the message to the companies we are on good terms with, and make sure they follow suit as well."

He paused and lowered his voice.

"Remember, buying now is to share the burden of the court and demonstrate loyalty. But once you have the goods, hold onto them and don't rush to sell them. Wait until market demand picks up and prices rise before slowly releasing them to the market."

"The interest rate difference here is ours."

"Your subordinate understands. However... His Highness the Crown Prince seemed to have some objections at the Liangyi Hall yesterday?"

Li Tai scoffed.

"That cripple is just a stubborn fool. He only sees the risks, but not the great benefits. How can the authority of the imperial court be compared to that of the Crown Prince?"

“Since Father has issued the decree, it is settled. His worries are futile. We should just do our own thing.”

He waved.

"Go and do it quickly, lest you fall behind others."

The subordinate official accepted the order and left.

Li Tai sat alone in the room, his fingers tapping lightly on the table, a calculating glint in his eyes.

He not only wanted to profit from this, but also wanted to use it to further suppress the Crown Prince.

If the imperial bonds are a great success and Li Tai profits handsomely from them, it will make him appear even more insightful and adept at seizing opportunities. In comparison, the Crown Prince's previous worries will become a joke.

The inner hall of the Duke of Zhao's residence.

Changsun Wuji dismissed his attendants, leaving only a trusted old servant in charge of the household's finances.

He placed the edict on the table, his expression calm and composed.

"How much cash can the manor afford?"

"If the land and houses are not touched, the copper coins and silk available can be exchanged for about eight thousand strings of bonds."

"Let's buy them all."

Changsun Wuji said calmly, "Buy it in several installments in the name of the manor, so as not to be too conspicuous."

"Yes. After the purchase..."

"Deposit it into the treasury and do not use it for the time being."

Changsun Wuji picked up his teacup and took a sip.

"Purchasing now demonstrates our support for the imperial court's policies. As for when to sell... we'll wait for the right price."

"The Crown Prince's bonds can fetch a 20% premium, while the Imperial Court's bonds may not initially have the same premium, but it won't be much different. This return is secure."

He put down his teacup, his gaze deep and thoughtful.

His support for issuing these bonds was partly driven by considerations of pleasing the emperor and alleviating the national treasury's difficulties, but he also saw the potential benefits involved.

Although the Changsun family is a powerful clan, maintaining such a status requires enormous expenses. Why not take advantage of this stable source of income?
As for the risks mentioned by the Crown Prince... in his view, the power of the imperial court was sufficient to suppress all instability.

Even if there are some fluctuations, they won't harm these top figures who were among the first to enter the game and have the best access to information.

At the Duke of Liang's residence, Fang Xuanling handled the matter in a more low-key manner.

He did not raise funds extensively, but only instructed his steward to use some of his spare money to purchase 1,000 strings of cash in bonds.

At the same time, lights were lit up in the grand mansions of the most prestigious families in the various neighborhoods of Chang'an.

The heads or key figures of the Cui, Lu, Zheng, Wang, and other Shandong families, as well as the Wei and Du families and other Guanzhong aristocratic families, were carefully studying the imperial edict and urgently discussing it with their advisors and accountants.

They see it clearly.

The imperial court is imitating the Crown Prince, but it's going to play on a much bigger scale.

The small face value of the Donggong bonds facilitates circulation and, to some extent, benefits the public and fosters the market.

The imperial court immediately offered large sums of money, such as hundreds or thousands of strings of cash, directly targeting wealthy and powerful families who controlled vast amounts of wealth.

"This is asking us to 'serve' the imperial court."

An elderly man surnamed Cui stroked his beard and pondered.

"It can also be seen as an opportunity."

The other gentleman beside him whispered.

"We missed the opportunity to fully participate in the Crown Prince's bonds. These Imperial bonds have even better credit. If we buy them early and wait for them to appreciate like the Crown Prince's bonds, we can make a considerable profit by reselling them. Moreover, buying them now is also a way of showing goodwill to His Majesty."

The old man nodded: "That's right. Since the imperial court has spoken, we can't refuse. Besides, there is indeed profit to be made. Give the order to raise funds and purchase 15,000 strings of cash."

"The other companies will probably be quick to act as well."

Similar conversations took place among the various families.

They were calculating their assets and weighing the political stance against the economic gains.

Ultimately, almost all the top families made similar decisions.

They responded positively and purchased in large quantities.

They have abundant funds, and their purchases of tens of thousands of strings of cash are significant compared to the total market value of 500,000 strings of cash.

Their plans were exactly the same as those of Li Tai, Changsun Wuji, and others.

Buy them first, hold them in your hands, and wait for the bonds to appreciate naturally in the market due to supply shortages.

They control a vast business network and wield considerable influence, and are confident that they can gradually resell these large bonds to merchants or local tyrants who are dependent on them at the right time.

Taking action now would be premature and could easily attract the attention of the imperial court, making it appear unseemly.

What they wanted was for things to fall into place naturally, bringing both fame and fortune. Inspired by these powerful figures and aristocratic families, some well-informed and astute business tycoons also began to take action.

They might not get the most crucial information, but the rumors circulating from the powerful and wealthy, along with the court's issuance of large amounts of bonds, led them to conclude that this was a profitable venture.

They began raising funds, preparing to get a share of the profits as soon as the bonds were officially listed.

The upper class of Chang'an seemed to have reached a silent consensus: to snap up "Zhenguan Yuguo Certificates" and wait for them to appreciate in value.

The Eastern Palace, the office of the Director of the Imperial Secretariat.

Li Yichen sat at his post, an official document spread out in front of him, but his gaze did not fall on it.

The sky outside the window was somewhat overcast, and the dim light shone through the window frame onto the slightly worn desk, casting his calm profile.

He had already learned about the details of the issuance of the "Zhenguan Yuguo Certificate" through official channels.

When he heard that Li Tai, Changsun Wuji, Fang Xuanling, and many other prominent families had immediately made large-scale purchases, the last vestige of uncertainty in his heart completely dissipated.

He put down his pen and leaned back slightly.

"In the end... it still came to this."

He meditated in his heart.

Involuntarily, I compared the Eastern Palace Bonds with these newly issued "Yuguo Bonds" in my mind.

The Eastern Palace issued bonds for the sake of that tangible land in the Western Regions, to settle those hungry migrants, and to ensure the stability of the border.

That snowflake salt was like a stabilizing force; though not explicitly stated, it gave bondholders peace of mind, letting them know that the Crown Prince held something valuable that others did not.

Moreover, the denominations of one or ten strings of cash were just right, allowing them to circulate among the common people, to buy rice and cloth, and to pay wages. They came alive, became blood and flesh, and were integrated into the pulse of Chang'an.

Therefore, it can command a premium because it is useful and because it is needed.

But what about the "Yuguo Certificates" issued by the imperial court?

"To replenish the national treasury and prepare for the needs of border defense and industrial projects"—that's too vague.

Where will it be used?

How much is stored on the border?

Where will the laborers go?

None of them have been implemented in practice.

It didn't seem like it was raising funds for a future, but rather like it was issuing a huge IOU, stamping it with the emperor's seal, and demanding that the whole world acknowledge it.

If one's heart is impure, one's roots are already superficial.

Hundreds of strings of cash, thousands of strings of cash—Li Yichen could almost imagine how astonished the ordinary people in the alleys and the merchants who supported the prosperity of the city would be when they saw this amount.

This is not for them at all.

From the very beginning, this thing never intended to flow into the vibrant East and West Markets, nor did it intend to be tainted by the mundane world.

It was born to be piled up in the granaries of wealthy and powerful families, becoming a series of cold numbers, a series of calculations waiting to be sold at a high price.

Without circulation, there is no vitality.

How can an inanimate object appreciate in value like flowing water?
Five hundred thousand strings of cash... This number swirled in his mind.

He had roughly estimated the amount of idle funds that the common people might absorb. The Crown Prince's Palace had already absorbed quite a lot. Now that this behemoth of 500,000 guan had entered the scene, those top noble families might be able to swallow it up, but they would swallow it up not to use it, but to wait.

Waiting for a vague and unrealistic dream of appreciation.

But dreams always end.

When they are all waiting to resell their bonds to the next "smart person", who will be the last one to take them over?
Once someone can't wait any longer, or if the rumors start to turn sour, and begins to sell off, this seemingly solid dam will collapse rapidly, starting from the first crack.

What chilled him to the bone even more was the association of credit.

The Crown Prince's bonds had only just begun to build up a fragile trust among the people, leading many to believe that these pieces of paper bearing the official seal were valuable and could be exchanged for goods.

How can ordinary people distinguish between the seal of the Crown Prince and the seal of the imperial court?

In their eyes, these were all credentials of "officialdom".

If the "Zhenguan Yuguo Certificates" are rotten and rotten, who will still believe those few pieces of paper from the Eastern Palace?

When the nest is overturned, how can any egg remain intact?
Li Tai, Changsun Wuji, and those aristocratic families... their enthusiasm now seemed no different from dancing with torches beside a pile of dry wood.

Their greed and shortsightedness will hasten the arrival of this crisis.

They thought they could control everything with their power, but they didn't realize that once the dam breaks, the flood never asks who came from.

What Li Yichen found even more dangerous was that the ambitious and talented emperor might be standing before the map of his territory, his eyes burning with a desire for conquest ignited by a huge sum of money.

The success of the bond issuance would give him a dangerous illusion—that wealth could be acquired so easily.

He overlooked the fact that behind this seemingly easily acquired wealth lay the sword of Damocles hanging over the empire's credit.

These grand plans, built on fragile bond credit, will have a devastating backlash once that credit collapses.

Li Yichen slowly opened his eyes, his gaze passing through the window to the gloomy, oppressive sky.

The entire picture is clear, and the outcome is almost predictable.

This was not a raging tide he could stop; it was the bitter fruit that the arrogance of power would inevitably have to taste.

He shook his head slightly, and a barely audible sigh escaped from his lips.

He knew that Li Chengqian must be in a state of utter confusion at this moment.

He has already told Li Chengqian to wait.

A storm is brewing, and the wind is already blowing through the building.

A buying frenzy surrounding the "Zhenguan Yuguo Coupons" quietly unfolded in the upper echelons of Chang'an society.

Within just a few days of the imperial edict being issued, the enormous bond of 500,000 strings of cash was swept away by the throngs of powerful nobles, aristocratic families, and wealthy merchants who flocked to the area!

The area in front of the Ministry of Civil Affairs was bustling with activity, as people came in droves to apply for and complete the purchases. The scene was far more lively than when the Crown Prince issued bonds.

When the news reached the palace, Li Shimin was overjoyed.

Inside the Liangyi Hall, Li Shimin stood with his hands behind his back before the enormous "Map of the Tang Dynasty's Territory," his gaze sharp as he slowly swept over every inch of the empire's land.

From the eastern sea to the western Pamir Mountains, from the northern deserts to the southern frontier, everything is under our control.

However, his gaze ultimately lingered on the Liaodong region—Goguryeo.

That place was a nightmare for the former Sui Dynasty, where Emperor Yang of Sui exhausted the nation's resources to launch three unsuccessful campaigns, ultimately leading to the collapse of the empire.

That tiny state, which still occasionally provokes and blocks tribute from Silla and Baekje, is regarded as the biggest hidden danger on the northeastern border of the empire!

An unprecedented ambition, or rather, a long-suppressed desire for conquest, was ignited at this moment by the unprecedented success of the "Zhenguan Yuguo Certificate"!

"Five hundred thousand strings of cash... were spent in an instant..."

Li Shimin muttered to himself, a confident and disdainful smile playing on his lips.

"It seems I underestimated the wealth of the world and my prestige!"

He seemed to see endless wealth flowing into his hands through this small bond.

It transformed into countless provisions, weapons, warhorses, and ships...

Is the national treasury empty?

That's all in the past!
With such a convenient tool for making money, what big thing can't be done?

(End of this chapter)