Chapter 326: Holding Court 2

"Your Majesty, the autumn taxes from last year—the grain, silk, and monopoly revenues that the various prefectures and provinces were to submit to the central government—have been arriving at the Eastern Capital in succession." Wang Zhang rose and reported another piece of good news to Liu Chengyou.

Hearing this, Liu Chengyou's gaze, which had been so calm as to be nearly dull, immediately brightened considerably. He asked, "The spring movements have been rather quick this year!"

"In the prefectures around the capital, many officials dispatched by the court have been at work, with Fiscal Commissioners overseeing the matter. The military provinces across the realm have not deliberately delayed either!" Wang Zhang said, his aged tone uncharacteristically relaxed.

"How much?"

Wang Zhang clearly had the accounts in his head and stated directly: "As of now, coin, silk, and monopoly revenues amount to roughly four hundred thousand strings, all already deposited into the imperial treasury and the state coffers. Grain totals about seven hundred twenty thousand shi; apart from a portion put onto the Eastern Capital market, the rest has all entered the Bian granaries!"

Liu Chengyou's heart gave a gratifying thump. Though he kept his face composed, he could not help remarking: "Quite a lot!"

In Liu Chengyou's recollection, this was probably the most comfortable the court had been since the founding of the Great Han. Of course, calling it comfortable was only relative.

Just last year, the Great Han had been unsettled from start to finish—the Later Shu invasion in the first half of the year, the Hezhong rebellion in the second, and the constant threat of the Khitan on top of that. But overall, things were moving toward stability. With the situation calming down, and with the policies of emphasizing and encouraging agriculture that Liu Chengyou had steadfastly pursued since taking the throne, there were bound to be some gains.

Of course, that money and grain, for a dynasty that nominally controlled the vast territories of the Central Plains, Hebei, Hedong, and the lands west of the Pass, counted for nothing at all—not merely little, but pitifully meager. Paying officials, feeding troops, distributing salaries and grain rations, dispatching funds for border affairs, casting weapons, disaster relief, water conservancy—before much of anything could be done, it would all be spent. It was simply that Liu Chengyou had long been accustomed to poverty, so the feeling struck him especially deeply now.

Wang Zhang hunched his back, noticeably more stooped than before, and thinner as well. Liu Chengyou's gaze toward this old minister grew gentler, and with some sincerity he said: "I am indebted to Your Excellency Wang for managing the State Finance Commission. You have truly relieved a great worry of mine!"

Facing Liu Chengyou's praise, Wang Zhang, as usual, expressed his humility with calm composure.

To say that Wang Zhang possessed any truly extraordinary talent or remarkable brilliance in governance—that would not quite be the case. What Wang Zhang relied on was his familiarity with grassroots affairs, his diligence and capability, his willingness to endure hardship and to bear ill repute. One could say he managed the Great Han's purse strings with utmost dedication and painstaking industry.

Of course, Wang Zhang's conscientious attitude had also been evolving over time, and by now it could fully be described as one of arduous toil and great merit. The Great Han's finances were no easy thing to manage; had anyone else been in charge, without world-stunning talent, the whole thing would likely have collapsed outright.

Wang Zhang's tenure as State Finance Commissioner had in truth been a bitter one. Precisely because Liu Chengyou appreciated his toil and recognized his hardship—even though Wang Zhang had once been thick as thieves with Yang Bin—as time passed, Liu Chengyou came to regard him with a different eye.

"What are grain prices in the Eastern Capital now?" Liu Chengyou asked.

"To answer Your Majesty, a dou of rice costs one hundred ninety-five cash; millet and wheat are only one hundred cash per dou!" The one who answered eagerly was Tao Gu.

Glancing briefly at Tao Gu and thinking for a moment, Liu Chengyou said in a relaxed tone: "Compared to last winter, prices have dropped somewhat!"

Since the winter of the first year of Qianyou, grain prices in the Eastern Capital had hovered around two hundred ten cash per dou of rice. There had indeed been a decline, though the margin was not large.

"Additionally, the mint has newly cast six hundred thirty thousand strings of Qianyou Tongbao coins, each string weighing five catties by market measure, consuming over two million catties of copper—nearly exhausting the remaining stock. I have already arranged for the continued collection of copper materials. In my view, the matter of opening mines should be vigorously advanced!" Wang Zhang reported, paying little mind to Tao Gu's interjection.

"Let the State Finance Commission take the lead on this, with the other departments coordinating!" Liu Chengyou's reservations were considerably fewer now, and he gave his orders crisply: "Since new coins are being minted, we should begin implementing measures to release them among the people, so that they circulate in the market as quickly as possible, to ease the coin shortage!"

"Yes!"

Under the current circumstances, the court's means of releasing currency were in truth quite limited—paying salaries, purchasing grain, procurement and stockpiling, or directly launching a major public works project. Liu Chengyou immediately thought of river management, relief-through-work, and the like...

Of course, the most direct method was for the government to set up exchange points directly, announce to the gentry and common folk, and let the people exchange old coins for new, thereby culling out inferior currency.

Sure enough, no sooner had the thought crossed Liu Chengyou's mind than Wang Zhang submitted exactly this proposal.

Liu Chengyou thought it over, looked at Wang Zhang, and said: "Approved! But at present, there are many old and miscellaneous coins among the people. For the various sizes of coin, a strict and reasonable set of exchange ratios must be established!"

"Yes!"

Over six hundred thousand strings of new coin meant little relative to the whole realm, but in the Eastern Capital, it was enough to stir up quite a wave—and this was only the beginning.

This would be an opportunity to reap the harvest. Liu Chengyou glanced at Wang Zhang—knowing his style, he would certainly find ways to profit the court during the exchange process. If given free rein, Liu Chengyou believed Wang Zhang would even dare to gather all the wealth of the Eastern Capital's populace into the government's hands...

However, a notion had already been circling in Liu Chengyou's mind: he wanted to establish a "central bank" for the Great Han. But for now, it was merely a thought. For one, he only had a rough, surface-level understanding of what a "bank" did; for another, such matters could not be decided on a whim—especially something so novel. It would have to be investigated, evaluated, and assessed for feasibility based on the current situation...

Still, on this point, Liu Chengyou had some confidence. The jiaozi shops had been born in the early Song dynasty—it was written in middle school or high school textbooks. Advancing it by a few decades, with the government taking the lead in issuing, would hardly be ahead of its time.

Moreover, Liu Chengyou had a clear-headed recognition: while the national situation was not yet fully stabilized, while the central government's control over the regions remained insufficient, while the government's credibility was weak, and while commercial development had not yet flourished to a certain degree—one should not rashly stir things up.

But raising an idea for the ministers to study and discuss would do no harm. Thinking this, Liu Chengyou turned his gaze back to Wang Zhang. Unconsciously, Wang Zhang had become the busiest man at court.

Looking at the old minister's haggard appearance, drained by the demands placed upon him, Liu Chengyou felt a sudden, inexplicable pang of sorrow.

"Zhang Dejun!" Liu Chengyou called out abruptly.

"Yes!"

"Make a note: Your Excellency Wang, having poured out his heart and labored diligently in service to the state, is hereby awarded one hundred strings of cash, ten bolts of silk, and fifty shi of grain!" Liu Chengyou commanded.

Zhang Dejun hurriedly acknowledged. At the sudden bestowal of Liu Chengyou's reward, the assembled ministers could not help but be surprised. Seeing Liu Chengyou's earnest and respectful expression, their gazes toward Wang Zhang could not help but carry some envy. They all knew Liu Chengyou was extremely "tight-fisted"—for him to grant such a "generous reward" during a court session was truly rare.

As for Wang Zhang, amid his astonishment, he did not put on airs. With nimble movements and a deferential manner, he bowed and said: "I thank Your Majesty!"

Rising, Wang Zhang reported once more to Liu Chengyou, though this time a hint of hesitation showed in his expression: "The Hedong Military Governor has reported that the prefectures under his jurisdiction suffered severe snow damage last year, and border defenses are also in urgent need. The funds retained by the prefectures and the governor's office are insufficient, and he humbly requests that the court consider exempting last year's autumn tax remittances!"

Under the current fiscal arrangements of the Great Han's regional military provinces, apart from special prefectures and garrisons such as Youzhou, Fuzhou, Xiazhou, Yanzhou, and Fengxiang, as well as disaster-stricken areas, the two taxes and the governor's retained funds were each split roughly in half. Even so, the remittance system had only just gotten underway, and all sorts of problems were cropping up. It was the court's directly administered prefectures and counties that supplied the court with more blood.

Hearing Wang Zhang's report, Liu Chengyou immediately connected it to the matter of Xuzhou.