Chapter 643: Ministry of Revenue Response (Part One)

"Listen well, everyone. For ordinary military households, the first batch of silver coins — each household may only exchange ten coins for now. Han registry takes priority…"

"…As for distinguishing genuine silver coins from counterfeits, all officers and soldiers must carefully commit this to memory. Broadly speaking, there are several methods: listening to the sound, observing the shape, gauging the weight, and examining the fineness… The handiest way is to blow on it. Any genuine silver coin will produce a sound that is soft and pleasing to the ear. If the sound is hoarse and short, it is fake…"

Listening to the voice below, the gentry upstairs and his several attendants unconsciously followed suit, blowing on their coins and listening. Sure enough, a pleasing sound reached their ears.

"…Also, one crucial point: the fineness of genuine silver coins is always ninety-five percent. Anything that does not reach ninety-five percent is counterfeit — ninety-four or ninety-three percent will not do. Should any officer or soldier discover counterfeit goods, he must report it immediately to the Silver Currency Office. We shall surely execute the offender…"

Watching the crowd below queuing quietly, listening intently, each person maintaining perfect order, a look of admiration appeared in the gentry's eyes. No wonder these people were called officers and soldiers. Looking at these common folk, once war broke out, they would need only a little drilling to become battle-worthy elite troops. After these few years, the Eastern Circuit grew ever more distinct.

Returning to his seat, the gentleman of dignified bearing silently caressed the silver coin in his hand. The scholarly attendants beside him also sat down, toying with the silver coins in their hands — rubbing them or blowing on them.

After a long while, the gentry sighed: "The capital market price has always been: one tael of fine silver buys six hundred cash coins, the fluctuation ranging merely between zero and twenty. Since His Majesty ascended the throne, it has shifted day by day. By last year, it had already sold for two thousand. Between summer and autumn, it was over two thousand several hundred. Why is that?"

As he spoke, he carried a thick Jin region accent, and his thick brows lifted, carrying a certain sharp and spirited flavor.

"The origin of standard cash coin debasement."

An attendant below said, "In this student's view, it is caused by the excessive mixing-in of private coinage."

The gentry slowly nodded.

Another attendant, looking at the copper coin in his hand and reading the large characters "Each Coin Equivalent to Ten Standard Cash," said, "Though this coin is good, how could the Marquis of Yongning not fear that lawless elements will take desperate risks, swarming to exchange their private coinage for these fine coins?"

The previous man let out a snort of laughter. "We have been in the Eastern Circuit for many years and know the Marquis of Yongning to be shrewd. When has he ever taken a loss? Do you not realize that those seven characters above conceal a great trap?"

He said, "The Silver Currency Office long ago issued a proclamation: this batch of silver and copper coins is the first issue, and the quantity is temporarily insufficient. Therefore, all exchanges are subject to registry-based quotas. Han registry receives the most favorable treatment — regardless of whether the coins are debased or good, all are exchanged at a one-to-ten ratio. Other registries do not enjoy such favorable terms; they may exchange at fifteen to one, twenty to one, or other rates."

"By calculation, the Han registry under the Marquis of Yongning's governance in Xuan Town reaps the greatest profit. The remaining registries — Datong and Shanxi, the two towns — also receive some benefit. Outside Xuan and Da, they are not included in the exchange scheme. Even if lawless elements wished to swarm in with private coinage to exchange, none but those of great capability could do so. Would the Intelligence Service under the Marquis of Yongning's governance turn a blind eye? They are a pack of tigers and wolves."

With a ding, he flicked out several copper coins, sending one into each person's hand. "Very soon, the Marquis of Yongning will also issue an order strictly prohibiting the circulation of private coinage within the garrison towns. As for the small face-value one-wen coins, only court-minted standard cash shall be permitted to circulate."

"What is court-minted standard cash? It is precisely the coin in your hands."

One man looked and exclaimed in surprise, "This is the Chongzhen Tongbao, first cast in the first year of Chongzhen, each coin weighing one qian two fen five li — one of the finest coins minted in our dynasty over several centuries."

That man sneered, "Correct. Only the coin in your hands can be called court-minted standard cash."

He stressed the last few words heavily and said, "Gentlemen, see clearly: only such fine coinage as this may be exchanged at the rate of one copper coin for ten standard cash. All others are private coinage and counterfeits. After the proclamation, if any are used, they shall all be dealt with as violations of the law."

Everyone in the room looked at each other in dismay. Only the gentry remained deep in thought. One man could not help but say, "Although in recent years official coinage has grown increasingly debased, a portion of the copper coins on the market are still cast by government mints."

That man laughed. "The Silver Currency Office's position is that they do not believe the government would stoop to such sordidness, issuing such inferior coinage. It must be the slander of lawless elements. They firmly believe that, even now, the court has continuously been casting coins like those of the first year of Chongzhen…"

He raised the copper coin in his hand. "…such fine coinage as this."

Once again, everyone looked at each other. With such a statement, the various private coiners who produced debased copper coins were in for great misfortune — especially now, when the Ministry of Revenue's coin mint was powerless, and the majority of coins circulating on the market came from various local mints and private merchants.

That man said, "On the whole, with the issuance of this coin, the common people of Xuanfu Town gain considerable benefit. Even for those not of Han registry, exchanging fifteen or twenty private or debased coins for one copper coin is still very worthwhile. Even with the quota limits, they can exchange all at once and cleanly convert them into good coin."

"Of course, the amount of copper coinage in their households is also the smallest. For an ordinary family, having a few strings of cash at home is already extremely rare. Generally, they possess only loose small copper plates, exchanging for a few copper coins to keep at home, that is all. However, the Marquis of Yongning's move will certainly win their praise and support, once again drawing the hearts of the common people. As for the great households of Xuanfu, aside from the limited silver coin exchange, they can only exchange for grain certificates."

The crowd fell silent, looking at the silver and copper coins in their hands. One man said coldly, "The Marquis of Yongning, time and again, cares only for the interests of the Han registry and the common people. Do the great households and gentry not merit a place in his eyes? Even we…"

An expression of anger appeared on his face. "A few days ago, when we received our household registries, we had all been classified under the Naturalized Registry — even Lord Baigu as well."

Another man also said angrily, "What does Lord Sun have to say? He was formerly Vice Minister of the Ministry of War and Right Assistant Censor-in-Chief, a dignified Provincial Governor of Shaanxi. These three characters 'Naturalized Registry' are truly an insult to refined scholarship!"

Everyone in the room wore strange expressions. They had thoroughly studied the books of the sages, yet never imagined they would be classified under the Naturalized Registry — in the Eastern Circuit, they did not even have the qualifications to participate in or discuss governance.

"The Marquis of Yongning cares only about currying favor and buying hearts — truly the ambition of a wolf!"

"With such superior fineness and standardized, uniform coinage, it is bound to sweep all before it. In the future, does the Marquis of Yongning intend to replace the Ministry of Revenue of the Great Ming?"

Everyone in the room began talking at once.

"Hmm."

Sun Chuanting, who had been silently caressing the silver coin in his hand, furrowed his brow. He looked around at everyone. "Though I do not understand the Marquis of Yongning's thoughts and aspirations, in the aspect of bringing benefit to the people, the Marquis of Yongning is beyond reproach. During these two years in the Eastern Circuit, you have all seen the changes in livelihood in each city. I am not his equal. If we do not accomplish even a single drop, should we content ourselves with merely running our mouths for a moment's satisfaction?"

"Standardizing coinage is a good thing. Do you gentlemen wish to see debased coinage flood the market and the common people suffer?"

The attendants and advisors all wore slightly uncomfortable expressions. Indeed, in the matter of the common people's livelihood, the Marquis of Yongning had labored with painstaking care. His actions and achievements were evident to all. People like them, who did nothing at all, yet felt perfectly justified in criticizing those who strove to do things — reflecting on such a mindset, they felt ashamed.

Sun Chuanting rose to his feet and sighed. "The court faces daily peril. Reading the gazette previously, Viceroy Fu and Marshal Meng both sacrificed their lives for the nation and died in battle. We can only sit here helplessly. It is shameful."

Since being dismissed from office, over these years, Sun Chuanting had stayed sometimes in the capital, sometimes in Xuan and Da, but most of his time was spent residing in the Eastern Circuit, silently observing and experiencing. He had carefully analyzed many of Wang Dou's measures with his advisors, and over the years, had gained considerable insight.

Regarding Wang Dou's issuance of silver coins, Sun Chuanting privately approved. It was a good thing that benefited the nation and the people — advantageous to the common folk. The only ones harmed were the officials, merchants, and military officers who privately minted coinage. If one day he himself were to govern, he would certainly also issue silver coins, and their fineness would not be inferior to the Xuanfu silver coins.

The group of advisors also shifted the topic. One man said, "Viceroy Fu died for the nation. The newly appointed Regional Commander of the Three Frontiers, Wang Qiaonian, is mediocre and ineffectual. To pacify the bandits, none but Lord Bai can take the field."

Another man said, "I hear that the Count of Nan'an is busily moving about in the capital, strongly urging the court and the public to reappoint Lord Bai. Looking at the situation in Henan, the call for Lord Bai's return is very loud."

Sun Chuanting's face showed a hint of pride. He was confident that, compared to Wang Qiaonian, his own ability was far superior — especially after these years of traveling and observing in the Eastern Circuit. On the surface, he smiled and said, "Viceroy Wang's governance is outstanding, and his talent in military affairs is exceptional. This old man still admires him."

He said with hope, "If only there comes a day when I am reappointed. Though Xuan Town is peaceful and pleasant, it is ultimately not the home of men like us. To sacrifice oneself in service to the nation — that is my wish."

…

After the silver coins were issued in Xuanfu Town, reactions from all sides varied.

That day, in Yanghe City, the Viceroy of Xuan and Da, Ji Shiwei, held a silver coin in his hand and blew on its edge. Listening to the pleasing sound, he smiled and nodded. Fine coinage — uniform in fineness and weight, one coin used as one, truly convenient.

Recently, he had been riding high. Not only did he have large sums of silver in hand, but Wang Dou had also transferred a unit of the Border Pacification Army to serve as his personal battalion. With troops and money, he could clearly feel that officials and officers of every rank across the various garrisons and circuits were growing increasingly respectful toward him.

This put Ji Shiwei in an excellent mood, and he resolved to vigorously support his son-in-law.

He had an idea: to entrust the silver in his hands to his son-in-law to be minted into silver coins for circulation within his jurisdiction. However, there was a problem — the matter of the silver melting wastage.

"Melting wastage" originated during the Wanli era, appearing after Zhang Juzheng implemented the "Single Whip Law." When broken silver was melted down and recast into ingots, there was always loss. This portion of the cost, of course, could not be paid out of pocket by officials at various levels; it was all levied from the common people.

Later, the melting wastage grew heavier and heavier. In some departments and counties, it even reached two or three qian, or four or five qian per tael. A portion was remitted upward, but the greater part was divided up among officials at various levels. Often, the melting wastage was several times the amount of the regular tax, and the common people suffered unspeakably.

Ji Shiwei had inquired about it. Regarding the handling of melting wastage, his son-in-law's practice in Xuanfu Town was to return the melting wastage to the public coffers.

To compensate officials at various levels for their "losses," a profit-sharing method was employed.

He had heard that his son-in-law had extolled the future role of the Silver Currency Office and the various banks under his jurisdiction in the most extravagant terms, deeply moving the hearts of officials like Du Xun. According to his son-in-law, the future income from profit-sharing would greatly exceed the melting wastage income of officials at various levels, allowing the return of melting wastage to the public coffers to proceed smoothly.

"Yanghe is not like Xuanfu. Better to observe a while longer."

The cautious Viceroy Ji ultimately thought this.

In Taiyuan, the Provincial Governor of Shanxi, Cai Maode, clutched a silver coin in his hand, lost in thought.

In Datong, the Provincial Governor Wei Jingyuan let a silver coin roll unconsciously between his fingers. Thinking back to the Viceroy's council a few days earlier, and the high-spirited, proud look of the Provincial Governor of Xuanfu, Zhu Zhifeng, he could not help but heave a deep sigh.

He admitted that, in matters of the people's livelihood, Wang Dou was indeed diligent and willing to spend money on practical matters.

Unlike the Datong Regional Commander Wang Pu, a total iron rooster who won’t pluck a single feather — the Wang family’s wealth is famous throughout Datong — yet clearly, he cares only about his own troops. When seizing military funds and provisions he is utterly self-righteous, but when it comes to civil governance, if he grudgingly squeezes out a little money, he complains endlessly.

Governance is truly difficult, Guard Provincial Governor Wei thought to himself. He flicked his finger — ding — the silver coin in his hand gave off a pleasing ring.

Third month. The capital. The Forbidden City.

“Your Majesty, just like this.”

Wang Dehua bent at the waist, holding a silver coin between two fingers, demonstrating to the Chongzhen Emperor opposite him. Then he puffed out his cheeks, blew hard on it, and held it to his ear: “Listen, Your Majesty — do you hear a humming sound?”

The Chongzhen Emperor followed suit. Sure enough, after blowing on it and holding it to his ear, a very pleasing sound reached him.

He examined the silver coin in his hand. The fineness was truly excellent, lacking only the discount silver of the state treasury — that is, the gold-flower silver — which in the Wanli years was three-tenths, and now was about one-tenth.

Moreover, these silver coins were nearly identical in shape, weight, and fineness from piece to piece. One coin could be used as one coin. For the common people, this was extremely convenient. (To be continued.)