Jingtai: Making the Ming Dynasty Great Again

Xing'an stepped forward and bowed, saying, "Your Majesty, the Imperial Treasury currently holds 120,000 taels of gold, 2.85 million taels of silver, and various treasures valued at approximately 1.5 million taels."

"More than four million taels..." someone in the hall exclaimed in a low voice.

During the Zhengtong era of the Ming Dynasty, the imperial court's annual revenue was approximately 25 million taels of silver.

But most of them were grain and silk.

The actual amount of silver was no more than one million taels.

The emperor's treasury contained a staggering 2.85 million taels of silver.

That's more than double the national annual income!

Many officials had complex expressions.

They knew that emperors throughout history had a habit of accumulating private wealth, but they never expected it to be such a huge sum.

The thought of the empty national treasury and the border troops being owed wages, while the imperial treasury was overflowing with gold and jade, evoked mixed feelings in many people.

Zhu Qiyu was also stunned by the number. His elder brother had saved so much money; he must be planning something big.

In these twenty-one years, he had come to realize that Zhu Qizhen was not as simple as later generations of netizens had described him.

If the Tumu Fortress incident hadn't happened...

If it weren't for the incidents of knocking on the door and seizing power, Zhu Qizhen would still be considered one of the more prominent emperors of the Ming Dynasty.

Unfortunately, there are no "what ifs." People can make many mistakes, and as the saying goes, one should not judge a hero by a single success or failure.

But these two things have crossed the line for most normal people.

Just like in later generations when poison was involved...

Zhu Qiyu shook his head, pulling his increasingly distant thoughts back to reality, and slowly said, "Xing'an, transfer 1.5 million taels of silver from the Imperial Treasury to the Imperial Warehouse to be used for military expenses and resettlement costs."

Xing'an was truly stunned: "One and a half million taels? Your Majesty, this... this is nearly a third of the silver stored in the Imperial Treasury!"

"What use is this silver if we can't hold Beijing? What use is this imperial treasury if the Ming Dynasty falls?"

Zhu Qiyu then looked at Shen Yi: "Is this enough?"

Shen Yi's voice trembled slightly with excitement: "Your Majesty is wise! It's enough! It's enough!"

Zhu Qiyu nodded: "However, money will eventually run out. Minister Shen, does the Ministry of Revenue have a long-term plan?"

Shen Yi was prepared and spoke again: "Your Majesty, my colleagues in the Ministry of Revenue and I have discussed this and now have three plans."

Firstly, the collection of annual taxes from various regions should be expedited. The autumn grain harvest of the fourteenth year of the Zhengtong reign has already begun; if additional personnel are deployed to rigorously collect the taxes, it is estimated that approximately 1.5 million taels of silver can be collected within two months.

Secondly, temporarily raise the prices of salt and tea permits. Salt and tea are monopolies with high profits; raising the price by two qian per permit could increase annual revenue by 800,000 taels.

Thirdly, they could solicit donations from wealthy merchants in the capital. Although many merchants had fled south, several large businesses remained. If they were persuaded of the greater good and promised post-war compensation, they might be able to raise several hundred thousand taels of silver.

After listening, Zhu Qiyu pondered for a long time.

The imperial court's revenue mainly came from two sources: taxes and official sales of goods such as salt and tea permits.

To make money, there are only two ways to do it, but he has just ascended the throne.

Moreover, the imperial edict to reduce grain taxes was issued today, yet the collection of annual taxes is being urged again. This is contradicting ourselves, and it certainly won't do.

Finally, Zhu Qiyu spoke up: "The matter of raising the price of salt and tea can be drafted in detail, but the original price must be restored after the war. It is also feasible to encourage merchants to donate."

As for intensifying the collection of annual taxes, that's unnecessary.

Shen Yi was taken aback: "Your Majesty?"

Not only Shen Yi, but many officials also looked puzzled.

When the national treasury is insufficient, levying additional taxes is a common practice in all dynasties. Why is it not acceptable?

Only twenty or thirty ministers, including Yu Qian, had their eyes light up, revealing a hint of admiration.

Zhu Qiyu stood up and looked down at the assembled officials in the hall: "When I ascended the throne today, I issued an edict to reduce the land tax by 30% and exempt all lands ravaged by war from taxes for one year."

How can orders be changed so frequently?

If we intensify the collection of taxes at this time, we will be competing with the people for profits.

How am I any different from those corrupt officials who exploit the people?

Where is the imperial court's prestige?

Yu Qian was the first to step forward: "Your Majesty is wise!"

Then others shouted, "Your Majesty is wise!"

Zhu Qiyu continued, "I will propose three more strategies to raise funds; you may discuss them."

The ministers were immediately invigorated and listened intently.

"Firstly, issue war bonds."

The bonds were printed by the imperial court, with denominations of one tael, five taels, ten taels, fifty taels, and one hundred taels, with an annual interest rate of 10% and a term of three years.

Ordinary people and merchants are encouraged to voluntarily subscribe, and the principal and interest will be repaid together upon maturity.

Bonds can be traded on the market and can also be used to offset taxes.

The hall fell silent instantly; this concept was far too novel for Ming Dynasty officials.

After a long pause, Chen Ruyan, a secretary in the Ministry of Revenue, cautiously asked, "Your Majesty, what should we do if the people are unwilling to purchase these shares?"

Zhu Qiyu had already prepared: "Therefore, a second strategy is needed: to settle the debt with goods."

The imperial court now controls a large number of confiscated fields, shops, and residences.

These properties could be discounted, allowing bondholders to redeem them with bonds.

In this way, the imperial court gains cash, and the people gain property—a win-win situation.

Yu Qian pondered for a moment: "Your Majesty's method is excellent. The fields and houses confiscated by Wang Zhen's cronies are scattered throughout Beizhili. If they are sold at a discount, they can be quickly converted into cash."

However, the exact amount of the discount needs to be carefully verified to prevent the loss of state-owned assets.

"This matter will be handled jointly by the Ministry of Revenue, the Censorate, and the Embroidered Uniform Guard."

Zhu Qiyu looked at Chen Yi, the Right Vice Censor-in-Chief, who had remained silent: "Censor Chen, you are known for your integrity. You are in charge of this matter, and you must be fair."

Chen Yi stepped forward and bowed, saying, "Your subject accepts the decree and will certainly not fail Your Majesty's trust."

Zhu Qiyu continued, "The third is to reform the royal family's expenses."

Effective immediately, all palace expenses will be reduced by 50%, and the savings will be deposited entirely into the national treasury.

Xing'an hesitated, then said, "Your Majesty, this..."

Zhu Qiyu waved his hand to stop him: "In extraordinary times, extraordinary measures must be taken."

I recall that the Hongwu Emperor once instructed: "Since ancient times, emperors who governed the world have always put the country before their families, and the people before themselves."

Although I am not talented, I wish to emulate Emperor Taizu.

In addition, effective immediately, the salaries of officials at all levels of the imperial court will be temporarily reduced by 30%.

"The funds will be paid out after the war ends and the national treasury is replenished, but my salary will be reduced by 50%."

Wang Zhi hurriedly stepped forward: "Your Majesty, you mustn't! Officials' salaries are already meager; if they are further reduced, their livelihoods will be difficult..."

Zhu Qiyu interrupted him: "Minister Wang, the soldiers defending the city are fighting desperately on the front lines, and their daily pay is only nine coins."

Court officials enjoy their salaries, so why can't they share weal and woe with the soldiers during this time of national crisis?

If any official is truly struggling to make ends meet due to salary reductions, they may apply to the Ministry of Revenue for temporary subsidies, which I hereby grant.

He glanced at the assembled officials: "Of course, if any official is unwilling to share the burden of these difficult times, they may resign, and I will not retain them."

These words were spoken calmly, yet carried an undeniable authority.

The hall fell silent instantly, and no one dared to object anymore.

Zhu Qiyu then softened his tone: "Gentlemen, today's discussion is solely for resolving the predicament of Beijing. I hope you will all lend me a helping hand!"

Yu Qian bowed first: "Your Majesty is wise and far-sighted. I am willing to do my utmost to assist Your Majesty in overcoming these difficult times."

The courtiers responded in unison, "We are willing to do our utmost to assist Your Majesty!"

Zhu Qiyu nodded in satisfaction: "In that case, let's proceed as discussed today."

The Cabinet, in conjunction with various ministries, will discuss and draft a proposal, which will be submitted to me for review within three days.

"Your Majesty, we obey!"