Chapter 275: The Unavoidable Problem of Grain and Money

"To answer Your Majesty, according to my calculations, among the various granaries in the Eastern Capital, there remain slightly over forty-six thousand two hundred dan of grain, over thirteen million six hundred seventy thousand cash, and five thousand bolts of silk..."

These meager remaining grain reserves and funds — paying official salaries and the imperial army's wages — would not sustain them for long. His Great Han had actually become impoverished to this extent. Liu Chengyou tried his best to maintain his composure, but from his complexion alone, it was clear his mood was far from good.

Seeming to know what was weighing on Liu Chengyou's mind, Wang Zhang quickly reported: "Your Majesty need not worry. Now that the rebellion in Hezhong has been pacified and the realm is at peace, the court will have no massive expenditures in the short term. At present, the autumn harvest across the regions is nearly complete, and autumn taxes will soon enter the treasury — enough to alleviate the nation's poverty. In the Eastern Capital's markets, merchants from the private sector have already been shipping grain in to relieve the shortage and supply the capital..."

Hearing Wang Zhang's account, Liu Chengyou's expression visibly softened. After a moment's thought, he could not help but raise a point: "The Eastern Capital's granary reserves are insufficient, and there remains the danger of food shortages. Yet grain prices in the market remain on the high side — the common people will find them hard to bear. I have often heard of poor citizens in the city dying of starvation! My intention is to have the government set prices by decree and drive grain prices down!"

This was Liu Chengyou revisiting an old matter.

Upon hearing this, urgency immediately showed on Wang Zhang's face. He hastily clasped his hands and admonished: "Since there is the danger of food shortages, this policy absolutely must not be implemented! Though grain prices are high, compared to the founding of the state, they have already improved greatly. Grain merchants from all regions come only because they see profit to be made — only then do they flock here with their shipments. Otherwise, if outside grain does not enter the capital, relying solely on official reserves truly cannot sustain the consumption of several hundred thousand officials, soldiers, and citizens of the Eastern Capital!"

Facing Liu Chengyou's "reckless order," Wang Zhang appeared somewhat anxious.

"Food is the foundation of the state — ensuring the people are fed comes first. If the common folk cannot fill their bellies, how can I face them as emperor!" Liu Chengyou suddenly spoke in an angry tone.

If Liu Chengyou's words here were truly sincere, then he had lost. Previously, when the nation was at its most impoverished, when a dou of grain cost six or seven hundred cash, he had never been this agitated. Even when encouraging and launching wars, he had not so much as blinked...

"Your Majesty! I believe Chancellor Wang speaks sense!" Listening to the exchange between sovereign and minister, Yang Bin could not help but speak up in support of Wang Zhang: "As for grain prices, simply let the people do as they please. When merchants see profit to be made, grain from across the realm flows into the capital — when grain is plentiful, prices naturally fall. Your Majesty worries about the capital's grain shortage on one hand, yet wishes to suppress grain prices on the other — how can the world have a solution that achieves both at once!"

Yang Bin's style remained as direct as ever, his words utterly unsparing. Liu Chengyou only gave him a brief glance and began to ponder privately.

The words of Wang Zhang and Yang Bin did carry much reason. It was just like when Liu Chengyou had first entered the Eastern Capital last year and had vigorously cracked down on inflated grain prices. When grain was scarce, forcibly suppressing prices — when the state and court lacked the strength to do so — was simply a joke.

Basically, if Liu Chengyou forcibly fixed grain price caps, it was certain that the wealthy merchants who had been actively shipping grain into the Eastern Capital for great profit would absolutely be deterred. Liu Chengyou had already experienced this before.

Liu Chengyou's concern over the grain problem was genuine, but it was not really necessary to use hard measures to restrict grain prices. He had entertained this thought repeatedly, simply impatient with this feeling of being constrained by others.

Thinking rationally, as Yang and Wang suggested, in the short term it was more suitable to relax the grain policy. As for the livelihood concerns of the Eastern Capital's common folk that Liu Chengyou worried about — they had survived when the Eastern Capital was at its most difficult before, let alone now. And besides, was the Eastern Capital a place for ordinary people anyway...

Still, Liu Chengyou's concern for the people came from the heart. After all, survival was only the most basic requirement — he could not expect a populace that could barely fill their stomachs to support his rule.

After thinking seriously for a while longer, Liu Chengyou's gaze gradually steadied. Continuing to relax the grain policy and open up grain prices was an inevitability — but that did not mean letting things run wild. Grain concerned the very survival of scholars and commoners alike; the grain prices of the capital and the entire nation absolutely could not be left in the hands of a pack of merchants and magnates, even if their strength was still considerable for now.

Addressing Wang Zhang directly, Liu Chengyou said: "Opening up does not mean letting go. The State Finance Commission must from now on constantly supervise grain prices in the Eastern Capital. Regarding the autumn harvest, the edict I issued in Zhengzhou must be vigorously promoted and implemented. The court shall newly establish a Normal Price Granary in the Eastern Capital, temporarily taking the grain the people pay as autumn taxes into storage as official reserves. In the future, all circuits, prefectures, and commanderies should also re-establish Normal Price Granary reserves..."

Grain reserves absolutely had to be vigorously pursued now.

"Yes!" In very short order, Wang Zhang understood Liu Chengyou's purpose in establishing the Normal Price Granary, and he agreed readily.

In Wang Zhang's view, the young emperor did indeed have some arrogance, but he was still level-headed — he had not let his blood run hot and ordered the treasury emptied to purchase grain to fill the Normal Price Granary...

At this, Liu Chengyou nodded with satisfaction, let out a light breath, and casually asked about something slightly more cheerful: "I hear the new coinage has already been researched and cast?"

"I was just about to report this to Your Majesty!" Wang Zhang slightly gathered up his official robe and drew two gleaming new coins from his wide sleeve, having them presented to Liu Chengyou: "These are master coins cast by the Coinage Directorate using improved methods based on the old technique — copper as the base, with tin and lead added, a three-part ratio. The molds have already been reproduced; we only await Your Majesty's approval, and we can begin formal casting and distribution!"

Liu Chengyou picked up the two master coins and weighed them in his hand — very light, nothing special about the design, square hole with round rim. But the color was good, the craftsmanship fairly fine, and the characters quite clear: Qianyou Tongbao.

By Liu Chengyou's standards, he was fairly satisfied. He passed them around, and the assembled ministers took turns examining them. When it came to Su Yugui, he wore a smile on his aged face and said to Liu Chengyou: "In terms of casting craftsmanship, I have no complaints. However, there is a small flaw..."

"Academician Su, speak frankly!" Seeing the old man about to beat around the bush again, Liu Chengyou waved his hand.

"To answer Your Majesty, the characters and designs inscribed on the coin still have room for improvement. Your Majesty could commission masters of calligraphy and painting to redesign the format!" Su Yugui said.

To Liu Chengyou, this was merely a matter of trivial detail. Noticing Su Yugui's expectant gaze, Liu Chengyou instructed: "Have the academicians and erudites of the Three Institutes who are skilled in calligraphy and painting each produce samples of characters and designs for selection. This matter shall be entrusted to Academician Su, coordinating with the Coinage Directorate."

Su Yugui: "Yes!"

"As for the Coinage Directorate — the officials responsible for casting and the artisans who developed the casting techniques should be rewarded!" Liu Chengyou then looked toward Wang Zhang.

Wang Zhang said: "I have already made arrangements."

"How much copper does the court still have in reserve for coinage?" Liu Chengyou asked about the situation he cared about most.

"Up to the present, the Coinage Directorate has accumulated over two million jin of copper, of which over one hundred thousand jin is cementation copper..."

"Truly so little!" Liu Chengyou slapped his forehead and could not help drawing in a sharp breath.

For the entire nation, this amount of copper was truly paltry — and it had taken over a full year to collect.

"The Buddhist statues and bronze vessels I brought back from Hezhong shall all be turned over to the Coinage Directorate as casting material. Since there are mines, increase the smelting, mining, and transport of ore into the Eastern Capital." After brief thought, Liu Chengyou said directly: "There is much bronze ware among the common folk. The State Finance Commission can deliberate on a collection decree to resolve the copper shortage."

If it were according to Liu Chengyou's original style, he would probably have issued an edict directly, conscripting bronze ware from the common folk unconditionally. That was inevitable — if the court were to pay for redemption, it could declare bankruptcy outright. So the only option was to use force, just like the campaign to eradicate Buddhism already in the works — outright plunder. As for this kind of work that offended people and stirred up no small controversy, Liu Chengyou decided that as emperor, he did not need to be at the very front of everything...

"Additionally, continue researching and improving the cementation copper technique to increase output!" Liu Chengyou added.

The cementation copper method was the wet process of copper smelting — simply put, using iron to displace copper. It was a progressive advance in copper-smelting craftsmanship.

"Yes!"