Chapter 134: The Grand Secretary Discusses the Silver Dollar

Once the Beginning of Autumn passed, the weather not only failed to cool down, but instead felt like oil poured onto a raging fire, scorching people's skin until it stung.

Never mind the homes of ordinary commoners, even inside the Grand Secretary Zhang Mansion, Zhang Juzheng was wearing only a short shirt with wide sleeves; though a servant changed two basins of ice in succession, rolling beads of hot sweat still could not stop streaming down his cheeks.

Li Youzi, sitting opposite him, was in an even worse state; his body was naturally portly, and by now he had undone the buttons of his upper garment, a mass of flab taking the opportunity to roll out.

He picked up a cattail fan and fanned it violently, greedily absorbing the coolness, yet only a wisp of hot wind hit his body.

Licking his lips, Li Youzi looked at Zhang Juzheng and complained, "Shuda, the weather this year is truly hot. In past years, it likely wasn't this hot at this time; this year is truly strange."

Zhang Juzheng nodded at his old friend, suddenly thought of something, and burst into laughter.

"What are you laughing at?" Li Youzi asked suspiciously.

"Hearing you talk about the heat, I thought of a joke."

"What joke?"

"When I was in Wuchang to take the imperial examinations, I heard an old man on the street corner tell it." Seeing the atmosphere was stifling, Zhang Juzheng told it, "It's about a bully in Wuchang who, after dying, had to go to the Eighteen Levels of Hell. Normally, a person who had committed such heinous crimes would have to go up the mountain of blades and down into the cauldron of oil. The King of Hell ordered him thrown into the oil cauldron, but the bully was actually calm and composed."

"The King of Hell asked him, 'What magic did you cultivate that you aren't even afraid of this oil cauldron?' The bully replied, 'The little one is from Wuchang Prefecture; where could it be hotter than your oil cauldron?'"

"The King of Hell slapped his forehead and immediately sighed, 'This Wuchang is actually so hot; it seems that in the future, ghosts coming from Wuchang will be exempt from the punishment of the oil cauldron.'"

Zhang Juzheng told the story vividly, and Li Youzi also clapped and laughed along: "Hahaha, Shuda, Wuchang is indeed hot. When I went to take the exams, I wished I could have entered the examination hall shirtless."

After some joking and teasing, the two men braced their spirits.

Glancing at his old friend, Zhang Juzheng went straight to the point: "Yushu, a few days ago the Emperor wanted to mint new Silver Coins and also said he wanted to take the power of minting; as the Director of the Ministry of Revenue, what is your view?"

"This definitely cannot be given; otherwise, the state will cease to be a state, and there will never be a peaceful day," Li Youzi said without hesitation.

"Correct, that is my meaning as well," Zhang Juzheng echoed, then added, "I want to bring the power of minting Silver Coins under the Ministry of Revenue, and then have the Ministry of Revenue open banks."

"The Imperial Court wants to open banks? Wouldn't that be competing with the people for profit?" Li Youzi was somewhat surprised.

"What competing with the people for profit? I think it's competing with the powerful and noble for profit," Zhang Juzheng hummed with a frown, then stood up, paced to the window, looked out into the distance, and with his back to Li Youzi, said, "Those banks that lend money, which one doesn't use the 'nine out, thirteen in' rule? Our Imperial Court taking ninety percent interest from them isn't considered high, is it?"

"Shuda, there is something I must warn you about."

"Speak."

"How have you become so full of the stench of copper? Thinking of ways to make money day after day; this doesn't look like you anymore," Li Youzi said, sweat continuously flowing from his neck. "Besides, think about it, whose businesses are those banks?"

"Regardless of whose business it is, I have ways to deal with them."

Zhang Juzheng was quite self-satisfied, clearly having everything under control.

Li Youzi stood up, paced to Zhang Juzheng's side, and tentatively asked, "Shuda, listening to your tone, it seems you have a plan; quickly tell me about it."

"I intend for the capital officials to stop receiving their salaries in kind in the future, and use the interest from these banks to subsidize them."

"Ah, this is a great thing."

Li Youzi clapped his hands, his two thick eyebrows arching upward.

The salaries of Great Ming officials were divided into two parts: one was Salary in Kind, which included Rice Salary, Silk Rice Salary, and Gauze Rice Salary. The second was Cash Salary, which was further divided into Cash Note Salary and Silk Cloth Cash Note Salary.

The officials' salaries were composed directly of rice, gauze, copper coins, and silver.

If the Imperial Court had no money, then it was uncertain.

Back when Zheng He went on his voyages to the Western Oceans, he brought back a pile of strange and curious things; the Imperial Court was afraid these things would spoil, so they used them to offset salaries.

Things like pepper, sappanwood, and so on. Those officials complained incessantly.

To a certain extent, this severely dampened the officials' yearning for overseas lands.

If Zheng He had brought back boatloads of gold, silver, and jewels to Great Ming, perhaps Great Ming would have planted its flag in North America long ago.

"As long as these capital officials are stabilized, and local officials cannot find a way to make trouble, then the world will be at peace," Zhang Juzheng turned his body, looked at Li Youzi, and said without joy or sorrow.

"Then how do you intend to convert the physical goods into salary?" Li Youzi asked again.

"Currently, a picul of rice in the capital is six mace; I will calculate it for these officials at seven mace, and convert all the rice into silver. This way, the officials will have money and can go buy grain themselves."

"The grain in the capital can be set aside in part and transported to the border regions."

"Where grain is expensive."

This was a great way to please people, and Li Youzi immediately patted his chest and agreed: "Shuda, don't worry, I will finish these plans as soon as I go back, and next month we will issue them all in silver."

"Not issuing silver, but issuing Silver Dollar."

Zhang Juzheng smiled and shook his head, pulling from his bosom five small, exquisitely crafted silver circles of varying sizes.

"This is the Silver Dollar you spoke of?"

"Yes." Zhang Juzheng nodded with a smile, placed the four Silver Dollars on the window sill, and introduced them one by one: "The largest one on the left is a ten-tael denomination; from left to right, they are five taels, one tael, five mace, and one mace."

"This is likely not full weight," Li Youzi's brow furrowed into a large knot, and he asked tentatively, "Can this be used?"

"Yushu, have you become muddled too? This is currency, not jewelry; why would it need to be full weight?" Zhang Juzheng said, his mind involuntarily recalling the debate his son had a few days ago.

What is currency? A commodity that serves as a general equivalent.

As long as the Imperial Court says this is ten taels, and maintains it consistently, then it is ten taels.

Although this will harm the interests of some people, those capital officials are also beneficiaries, so they naturally won't go against it.

There is one more thing.

In the future, when conducting overseas trade, Great Ming will only recognize this Silver Dollar, forcing them to use the Silver Dollar as well.

Just as Zhang Juzheng was thinking this, Li Youzi at his side shook his head, his sweat-soaked cheeks turning into the shape of a bitter melon. He wiped the sweat from his face and complained, "Shuda, you have handed me a hot potato."

"Don't worry, I have long been prepared; rice, grain, oil, and cloth can all be bought using this Silver Dollar."

"I have already sent people to notify many merchants in the capital; if they are willing to accept this Silver Dollar, I will reduce their commercial taxes every year."

At this, Li Youzi set his heart at ease, glared fiercely at Zhang Juzheng, and couldn't help complaining, "Then why didn't you say so earlier? You made me worry for such a long time."

"I had to take it slowly, didn't I?"

"Good, after I go back, I will immediately have the Minting Bureau rush to make this kind of Silver Dollar."

"No need," Zhang Juzheng waved his hand at him, interrupting: "The Minting Bureau under the Ministry of Revenue is under the jurisdiction of the Ministry of Revenue; now this Silver Dollar Bureau is directly under the joint jurisdiction of the Grand Secretariat and the Emperor."

"Shuda, you..."

Li Youzi was quite puzzled, but Zhang Juzheng smiled and explained to him, "We have no choice in this matter; Higo, that bank will also have to be under the joint jurisdiction of the Grand Secretariat and the Emperor."

"The national treasury will hold eighty percent, the Inner Palace will hold ten percent, five percent will be distributed to the capital officials, and the remaining five percent will be used as funds to stabilize the capital."

(End of this chapter)