Chapter 537: The Four Secrets of Wang Qian

Boomerangs are everywhere. Even someone as powerful as Zhang Juzheng has been hit by many, to the point of numbness; boomerangs can no longer cause him any harm.

Of course, for the West, this system of freedom might have a certain progressive nature, but the Great Ming need not deliberately export it.

Because when it comes to great lack of virtue and mass slaughter, the West has an England that can be used as a reference.

England's internal enclosure movement is a classic example of internal cruelty.

Indulging the nobility in enclosing land, with the English Parliament even personally presiding over it—this is the feudalism of great lack of virtue. And the English gentlemen are the cruelest local bureaucrats; they can live in luxury without physical labor, spending their days studying the law and how to protect their own interests within it. As for the pirates with privateering licenses, they are warlords, indulging in private armed robbery.

The West has a ready-made model: the vagrants filling London are the price advantage of English wool. There is no need for expensive raw wool, no need to pay high labor wages, and no need to provide the populace with items to ward off the cold.

Spain is quite ashamed of England's conduct, but history is always like this: the victory of the ruthless over the mindless.

Is there any need for the Great Ming to export this? England has its own national conditions.

At the end of the court discussion, the Minister of Revenue inquired about matters related to the Tax Audit Institute.

The two Tax Audit Institutes of the Great Ming, North and South, are both personally headed by the Provincial Military Commander. Tax Audit Supervisors are established in each prefecture to specifically manage the Tax Audit Rooms of each county. Under the Tax Audit Rooms are several archers and chivalrous men responsible for openly or secretly gathering intelligence, conducting comprehensive analysis of that intelligence, and after obtaining sufficient evidence, demanding that the other party provide land deeds and account books for audit. Once a payment demand ticket is issued, they begin the collection process.

Thirty percent of the collected taxes remain locally, while seventy percent is sent to the imperial court. The Tax Audit Institute deals exclusively with tax auditing; it does not concern itself with other matters.

"So, where exactly do the funds for the Tax Audit Rooms, Tax Audit Supervisors, and the Tax Audit Institute come from? Do they rely solely on the thirty percent retained locally?" Wang Guoguang asked, his brows furrowed.

"Not entirely," Zhu Yijun explained. "They possess an intelligence advantage and are extremely sensitive to market information. Moreover, they can obtain even more insider news. They don't even need to engage in direct buy-and-sell speculation; simply by providing information to others, they can earn a fortune. If they are truly short of money, they can use the information in their hands to blackmail wealthy merchants and tycoons. The 'pure' scholars and famous Confucianists value their reputations; catching one handle is like opening a rich mine."

"Or, they can simply use their intelligence to provide shelter for others—notifying them before an arrest is made, or deliberately indulging them during an arrest and, through the channels of the Tax Audit Institute, sending them overseas to evade legal punishment."

"To be even more insane, they can use the intelligence advantage in their hands to establish private markets, smuggling and trafficking goods. There are ready-made items of high profit, such as opium. Opium is grown in large quantities on the Yuanxu Islands; simply transporting opium from the Yuanxu Islands into the Ming, a one-catty opium ball is worth two thousand taels of silver."

"This is still a Tax Audit Institute without the privileges of judiciary, assassination, detention, or lynching. If those special privileges were devolved, I fear the Tax Audit Institute would become the most profitable yamen in the Great Ming."

The civil and military officials of the entire court were shocked to the point of speechlessness by His Majesty's words.

Can a person be so shameless while relying on special privileges?

"This, this, this!" Wang Guoguang stared wide-eyed, blankly looking at His Majesty. He only knew the Tax Audit Institute was doing a good job; only now did he realize it was doing *this* well! No wonder the Tax Audit Institute handed over so much tax every year; so that's how it came about.

This is the terror of secret agent politics. They don't even need the further privileges of judiciary, assassination, detention, or lynching to achieve this. Zhu Yijun knew the situation of the Tax Audit Institute in great detail, which is why after Zhang Juzheng returned to court, he added civil official supervision to the Tax Audit Institute, mainly to create a three-way check and balance between the Tax Audit secret agents, the garrison eunuchs, and the managing civil officials.

This method of three-way checks and balances is usually used in military campaigns. Tax auditing and anti-tax auditing are a low-intensity war widely existing in the Great Ming.

"Actually, there is no need to be surprised. The Tax Audit Institute also has various problems. I don't want this either, but who makes the Great Ming generally not pay taxes?" Zhu Yijun looked at the assembled officials. The unyielding ones, such as Shen Li and Hai Rui, had already begun to stir, preparing to submit remonstrances, but Zhu Yijun's words blocked them back.

If taxes could be collected normally, Zhu Yijun would not have used such abnormal means. One cannot forget the initial embarrassment of a great deficit just because the Great Ming's finances are now flourishing. In fact, it is precisely the existence of such a monster as the Tax Audit Institute that makes the Great Ming's powerful families, local gentry, and scholars fearful, allowing tax collection to proceed normally.

The Tax Audit Institute will definitely exist for a long time; it is an important tool for mediating tax contradictions.

"It is just bitter for Your Majesty," Wang Chonggu said with much emotion.

Zhu Yijun frowned and said, "Why does the Assistant Grand Secretary say that?"

As the person involved, the Great Ming Emperor didn't know where this was coming from. How was it bitter for the Emperor?

"The Tax Audit Institute, like the secret memorial system, is a method that should not be used lightly except by a wise monarch," Wang Chonggu bowed and said. "In the past, during the Zhengde years, Emperor Wu Xun used the eunuch Liu Jin. At first, Liu Jin was extremely respectful, not daring to overstep, reporting everything, no matter how small, to the sovereign. After several months, Liu Jin stole all the power, yet dared not act arrogantly, all because the sovereign decided all affairs."

"After several years, Emperor Wu Xun became lax. When the various offices submitted memorials requesting the sovereign to review and decide, the Emperor asked Liu Jin: 'What do I use you for? Why bother me with these one by one!'"

"From then on, the eunuch scourge became rampant, usurping power over the world, acting on whim."

Zhu Yijun looked at Feng Bao. Wang Chonggu was scolding eunuchs. Back when these two were confiscating property, one would call the other a "eunuch thief," and the other would call him a "villain," arguing like children, neither willing to admit defeat.

As the head eunuch, Feng Bao did not speak. Liu Jin was also very respectful at first, until he slowly discovered Emperor Wu Xun's laziness. After stealing all the power, he still dared not act recklessly, until Emperor Wu Xun stopped reviewing memorials.

Eunuchs, of course, have to fight civil officials to the death, drawing blood for power, but as the Emperor's claws and teeth, exercising power on behalf of the master, that is going a bit too far.

Wang Chonggu said sincerely again, "The Tax Audit Institute and the secret memorial system are methods that are not standard. Your Majesty dealing with everything, no matter how small, is naturally exhausting."

This kind of secret agent department is extremely fragile because it exists entirely attached to imperial power. Once separated from imperial power, it is nothing. When the Emperor is wise, this kind of secret agent department will not poison the world; when the Emperor is foolish, these are all the sources of chaos in the world.

"So that is what the Assistant Grand Secretary means. That is not very exhausting. I am just watching the fun, watching the fun," Zhu Yijun said with a smile, waving his hand. "If there is nothing else today, let's stop here."

Ma Pi is just flattery, taking such a big detour!

He almost got Zhu Yijun wrapped up in it.

However, what Wang Chonggu said was also the truth. All matters of the Tax Audit Institute were indeed handled by Zhu Yijun, attending to everything personally. The boundaries of the Tax Audit Institute's power were very clear: except for tax auditing, they were not allowed to inquire about anything else.

Maintaining this boundary is very difficult, but Zhu Yijun has been trying hard to limit it. For example, the issuance of payment demand tickets must be approved by the commanders of the North and South Institutes before they can be issued, and there is vigorous auditing every year, etc.

Zhu Yijun returned to the Tonghe Palace and found Empress Dowager Li. Empress Dowager Li and Empress Dowager Chen were both taking care of their grandchildren.

Zhu Yijun called Empress Dowager Chen "Mother," so these children were nominally Empress Dowager Chen's biological grandchildren. Empress Dowager Li and Empress Dowager Chen had an excellent relationship. The two of them took care of these children, chatting and laughing, so their days were not boring.

As a father, Zhu Yijun looked after the children, fulfilling his duties as a father, but ended up making the children cry loudly.

"If you don't know how, go to the Imperial Study and review memorials. You are still young, but you can't keep staying up all night like this. When you get older, you will regret it." Empress Dowager Li signaled for the Emperor to go aside; looking after children was not the Emperor's area of expertise.

"There are too many things; I don't want to either," Zhu Yijun said when he heard Empress Dowager Li nagging. The affairs of the state were extremely complex.

Zhu Yijun told Empress Dowager Li about the outer court's plan to build a glazed pagoda, including the actual purpose of the Ministry of Works and the Assistant Grand Secretary.

"A Buddhist pagoda has already been built. If you build another one of these things, the outer officials will start chattering endlessly again," Empress Dowager Li said with great displeasure upon hearing this. "Why waste that silver? I heard that the imperial court is currently undertaking major construction, wanting to repair the Beijing-Kai Imperial Road, and is urgently in need of money. As the master of the world, the Emperor should keep the world in mind."

Wasting money was the reason Empress Dowager Li opposed it.

"But it makes a lot of money," Zhu Yijun explained in detail the emergence of advertising; this glazed pagoda was a living signboard for glass.

Empress Dowager Li still shook her head and said, "Don't build it. You all can toss and turn however you like, just don't build it in my name."

"Sigh, Sister, this is also the Emperor's good intention. Anyway, it is to make money; doing it in another name is not so justified," Empress Dowager Chen smiled and persuaded Empress Dowager Li.

Empress Dowager Chen persuaded her a few times, but Empress Dowager Li was still reluctant. In the end, she did not agree. She came from a humble background and was most afraid of being considered by the common people as unworthy of her position. The more one lacks something, the more one wants to show it off. The Emperor was grown up, and the Great Ming was flourishing; how could she, as a mother, hold her son back?

As long as Zhu Yijun remained wise, she, as the Empress Dowager, would inevitably be respected.

"You talk nicely; why don't you have a birthday celebration?" Empress Dowager Li held the one-year-old Zhu Xuanying and teased Empress Dowager Chen.

"I don't have the fortune to enjoy that!" Empress Dowager Chen shook her head immediately. She smiled and said, "As for me, a peaceful life is enough."

When Zhu Yijun arrived at the Imperial Study, Empress Dowager Li still refused to agree, but there was no need to rush; raising funds would take some time.

"Your Majesty, Censor Wang Qian has arrived and is waiting outside the hall," a young eunuch walked in and bowed.

"Summon him."

Wang Qian arrived. He walked into the Imperial Study with his hands cupped and bowed respectfully.

"Young Master Wang, how do you have the time to wander over to my place?" Zhu Yijun asked with a smile.

Wang Qian's life creed was enjoyment, enjoyment, and more enjoyment. He avoided the Emperor, a workaholic who worked like a millstone, especially the mill, like a snake or scorpion. If he could avoid coming, he would rather die than come.

Wang Qian bowed and said, "Your Majesty, I have been at the Yanxing Tower Trading House for a long time and have discovered some chaotic phenomena. Whether it is the common people of our Great Ming or the powerful and wealthy, they all just join in the fun, buying certificates, listening to the wind and believing it to be rain. Today I say this is good, and they swarm over; tomorrow he says that is good, and they swarm over again. They have no psychological expectation of how much what they buy is actually worth; they are just drifting with the tide."

"Oh? Young Master Wang has high insights on speculation?" Zhu Yijun was startled, looking at Wang Qian. Could this playboy actually distill experience from phenomena?

Wang Qian was no wine-bag or rice-sack; he had passed the imperial examination to become a Jinshi and also liked mathematics.

"High insights are not worth mentioning, but I have gained some understanding of investment. I just have some thoughts; Your Majesty, see if it is like this." Wang Qian cupped his hands, pondered for a moment, and said, "When buying certificates, one must first have a clear and definite judgment of the certificate's value, rather than blindly following the trend. That is just being a leek in the trading house."

"Value higher than one's own judgment is falsely high; no matter how fiercely it rises, one must sell. Value lower than one's own judgment is reasonable to buy. This is the certainty of the trading house. Blindly entering the market is destined to lose everything."

Zhu Yijun frowned and said, "I understand everything you say. The certainty and rationality in the trading house are precious, but how does one judge the value of a certificate?"

"The present value of all future profits." Wang Qian did not take a detour and directly explained the core of this theory: value judgment is discounting all future earnings to today; that is the standard of value.

Wang Qian pondered for a while and thought of an example: "For instance, Father wants to build a glazed pagoda for a birthday celebration. Is the value of the glazed pagoda just a shining building? No, the moment it is completed, it will become a signboard for continuously promoting glass; that is its profit. Is it just that? We can hang some banners on this glazed pagoda to advertise for certain workshops and shops; that is also profit. Discounting all these promotional profits and advertising profits to today is the standard for judging whether the glazed pagoda should be built."

"And it has other values that cannot be cashed out, such as Father's ambition, the compliance of the Jin Party, the joy of the Holy Mother—these values that cannot be cashed out are not within the scope of discussion."

"This is value judgment."

Zhu Yijun wrote the character for "pagoda" and drew a horizontal line. Calculating based on the fact that the Nanya glazed pagoda had stood for nearly two hundred years, this horizontal line representing the future would be very long.

Above the horizontal line was the cashable value Wang Qian mentioned, such as the value of promoting glass and advertising profits, while below the horizontal line, Zhu Yijun wrote down the values that could not be cashed out.

After estimating and discounting these values and calculating them onto the glazed pagoda, it became very clear.

Similar analysis can actually be applied to the imperial roads. In the short term, imperial roads lose money, and the Ministry of Revenue is even burdened with debt by the Suiyuan Imperial Road. But as the horsepower of steam engines rises, the time to recover costs will rapidly decrease, and the cashable and non-cashable benefits it brings are also very rich.

"This method of yours is good!" Zhu Yijun quickly used this analytical method to analyze several things.

For example, the profit of a ship certificate is ten to fifteen years. By then, the wooden-hulled ship will be scrapped. The annual dividend is two to three taels of silver, so the overall profit is very clear, between twenty and thirty taels of silver. Adding the risk of the return rate, buying at below fifteen taels is fine, and above twenty taels is high risk.

Currently, the Imperial Ship Design Institute is researching wooden-hull copper-cladding technology. Once there is a breakthrough, the lifespan of the ships will be greatly increased. By then, the ship certificates will appreciate in value; this is good news.

"A bit interesting." Zhu Yijun tried it a few more times, and it was indeed extremely easy to use. He said with a smile, "Young Master Wang making money is as it should be."

Wang Qian held a large number of imperial road certificates and could be considered the largest retail shareholder of the Great Ming Suiyuan Imperial Road. The only larger shareholders were the Ministry of Revenue's national treasury and the inner treasury. Wang Qian was the first person to be optimistic about imperial road certificates, without exception. When it was just a concept with nothing else, Wang Qian was already very optimistic.

With the continuous construction of imperial roads, as well as the progress in the scale, horsepower, and miniaturization of steam engines, and the improvement of the banknote customs duty system, the price of imperial road certificates has risen with the tide.

Wang Qian's own wealth has also increased from one million taels of silver to about 1.7 million taels.

It is worth noting that the Suiyuan Imperial Road has still not been completed. Once it is completed, coupled with the establishment of banknote customs duty stations, one can imagine that Wang Qian's personal wealth will soar even further.

"I have a memorial." Wang Qian took out the memorial from his sleeve, "Analysis of Valuable Certificates," tens of thousands of words long, all unfolding around value analysis.

"Leave this memorial with me; I will study it carefully." Zhu Yijun read two lines and knew he couldn't just read it hastily and give an answer.

"Your Majesty, many people regard investment as speculation. But investment is investment, not speculation. Speculation is the delusion of getting rich overnight, having no judgment at all on the value of the certificates in one's hands, blindly following the trend. This also leads to them losing money the moment they enter the market." Wang Qian once again stated his long-held position.

Speculation is speculation, investment is investment. Mixing them together and talking about the myth of getting rich overnight is all vanity.

Zhu Yijun kept Wang Qian's memorial. Wang Qian reported on the resettlement of Shen Anniang. Shen Anniang and her son and daughter had been properly resettled. These two were the only bloodline of Guo Youzhang left in the Great Ming heartland, but they were surnamed Shen, not Guo. What was more troublesome was the attention; this matter had caused too much of a stir. For Shen Anniang, more attention meant more harm. There was no way around this; one could only wait for time to settle it. Moreover, this attention was more about care than abuse.

Guo Youzhang was truly too much of a scumbag.

"Your Majesty, I don't understand. Why is it that for the war in the Southwest, there is no need for the money and grain of the capital, yet no one in the court worries about the possibility of the Southwest becoming a feudal vassal state? Hasn't this already escaped the control of the court?" Wang Qian asked, somewhat confused.

Zhu Yijun also looked puzzled and said, "Because the Qian Wei Wei Guo Gong's mansion was originally a feudal vassal state. It was already a feudal vassal state; what is there to worry about regarding becoming a feudal vassal state?"

"Ah?"

"That's just how it is. Isn't it? Do you think guarding the Southwest is a good thing? That place has poor mountains and evil waters. Guarding the Southwest is more than just suffering," Zhu Yijun said with a smile. "What is enfeoffment? It is to endure hardships to live in the wilderness, to trek through mountains and forests to serve the Son of Heaven."

The Southwest was originally the Great Ming's enfeoffment system; it was already a feudal vassal state.

There is no need to worry about escaping the court's control, because the Qian Wei Wei Guo Gong in Yunnan faces the raw and cooked Miao people and needs the court's support. Only with the Great Ming court can the Qian Wei Wei Guo Gong's mansion continue to exist.

In that place in the Southwest, even with the First Industrial Revolution started by steam engines, it would take at least a century to develop it; it is extremely difficult. If the Qian Wei Wei Guo Gong's mansion had a choice, he would definitely go to the Southern Capital or Northern Capital to enjoy peace.

Zhu Yijun thought for a moment, waved his hand, and said, "No, I was wrong. It should be a fence, not a feudal vassal state. Feudal vassal state carries a strong derogatory meaning; it is better to call it a fence."

"Then I have no questions." Wang Qian suddenly realized and had a clearer understanding of the current war in the Southwest. It was the Great Ming's fence, clashing with Toungoo, including the Old Port Governor's Office.

"I take my leave." Wang Qian left the Imperial Study. As he left, he glanced at the hurried secretaries and the drafting eunuchs in the Imperial Study and let out a heavy sigh. His Majesty was truly diligent, making the drafting eunuchs busy and exhausted.

Drafting eunuchs were said to have existed only since the Xuande years, a corrupt practice of a generation, actually started by the Xuande Emperor.

But in fact, drafting eunuchs existed at the end of the Yongle years. For example, the *Ming Tongjian* has a report from the seventh month of the first year of Xuande: "Under the Seal-Holding Eunuch of the Ceremonial Secretariat, the drafting eunuchs are important. Documents submitted by outer officials, except for a few personally approved by the Emperor, are all approved by the drafting eunuchs in accordance with the drafts from the Cabinet, and then they interact with the outer court."

So this is the established law of the Yongle ancestor.

In the first year of Xuande, the Xuande Emperor was busy with his personal expedition to pacify the rebellion of the Han Prince.

Zhu Yijun opened Wang Qian's "Analysis of Valuable Certificates." The more he read, the more he liked it. He even personally annotated a few sentences and said to Feng Bao, "Order the Three Classics Printing House to carve blocks and print it. This analysis is very good and solves many problems."

If Wang Qian were just a playboy, Zhu Yijun would not have favored him so much. He was very talented, but because his father was the Assistant Grand Secretary and Minister of Justice, he could only live in his father's shadow.

Wang Qian's life ideal was that when others mentioned him, their first reaction would be Wang Qian the person, not his Assistant Grand Secretary father.

Though the sifting through thousands of sands is arduous, only when the wild sands are blown away does the gold appear.

This analysis by Wang Qian is destined to occupy a pivotal position in the history of investment, because for the first time, a standard for measuring value has appeared so intuitively.

The entire memorial discusses four things.

Margin of safety: Do not invest outside your own scope of cognition, otherwise you will definitely be harvested by information asymmetry. If you are not outside your cognition, you will not panic, and only then will you be as immovable as a mountain when facing public opinion.

Industry-based: Do not listen to those brokers; they are all liars. Getting rich overnight has never existed in this world, and any myth of wealth is just a myth.

Market-first: Respect market laws. At the very least, be able to read financial statements and distill news from public financial statements, including competitiveness, industry patterns, development prospects, etc. Only in this way will you not be deceived by stories. If you cannot even do basic value analysis, blindness will only lead to bankruptcy.

Price fluctuates around value. A certificate with no value suddenly having a price far exceeding its value—a piece of stinky dog shit is always stinky dog shit. Even if it is blown to the sky, it is still stinky dog shit. A pair of socks cannot be sold for the price of a five-masted ocean-crossing ship; even if it is produced by the Imperial Manor, it won't work.

"After block printing, put it in the Yanxing Tower Trading House. When buying certificates, let the brokers have a copy each. The proprietor's money didn't fall from the sky. If they can't even copy homework, they shouldn't do this anymore." Zhu Yijun couldn't put down the "Analysis of Valuable Certificates."

Feng Bao shook his head helplessly and said, "Those guys in the trading house whose eyes are red from killing, each one of them is arrogant, thinking they are the smartest person in the world. Will they be willing to read this book?"

Zhu Yijun said with a smile, "Like this, don't call this book 'Analysis of Valuable Certificates.' If you call it that, it would be strange if they were willing to read it. You do this: rename it 'The Four Secrets of Wang Qian's Rise to Wealth.' If you take this name, they will read it."

"Ah?" Feng Bao was stunned and said, "Your Majesty is truly good at naming things."

Zhu Yijun said with a smile, "As long as they open the first page, they won't put it down. This is the first classic in the Great Ming investment field. For the many brokers sailing in the bitter sea, it is like a lighthouse illuminating the road ahead."

"I obey the decree."

Feng Bao really changed it to this name and put it on sale at Yanxing Tower.

When Wang Qian saw this book on the counter of the Yanxing Tower Trading House, he was very excited. After all, his memorial had received the Emperor's personal word-for-word annotations. When he walked over extremely excitedly and saw the name, his whole person felt bad, and his life turned gray.

In that brief moment, Wang Qian even had the urge to go to the Huangji Gate to submit a petition!

You can't bully people like this! He, Wang Qian, was at least a proper Jinshi of the Great Ming, a dignified Fourth-Rank Assistant Censor-in-Chief! How could the Great Ming Emperor bully people like this!

But such an explosive title helps the circulation of information. In the end, Wang Qian, an authority worshiper, put away the idea of submitting a petition. At least the subtitle was still "Analysis of Valuable Certificates."

After Wang Qian returned home in low spirits, he met his father.

"Back? Heard the book my son wrote became a bestseller in the capital? Wow, 'The Four Secrets of Wang Qian's Rise to Wealth,' tsk tsk, I didn't know you had such secrets!" Wang Chonggu said with a face full of smiles.

Wang Qian was so angry that he shouted, "Dad! Next time I will write 'The Unknown Side of My Assistant Grand Secretary Father,' let's see if you can still laugh!"

"Rebellious son! Taste my ring-pommel saber!" Wang Chonggu was so angry he felt dizzy. He immediately took down the seven-star ring-pommel saber from the saber rack and began the chase.

The traditional drama of the Great Ming capital, the Assistant Grand Secretary killing his son, was staged again. This time, Wang Chonggu chased him for four streets; he was truly old but vigorous, but in the end, he couldn't catch the rebellious son.

Wang Qian had to wait for his father's anger to subside before he could return, so he wandered to the Taibai Tower, intending to use the pocket money his father gave him to send ten flower baskets to the girl he liked. As a result, just as he walked into the Taibai Tower, he was chased and asked about the bestseller. In numbness, Wang Qian returned home.

"Dad, you can chop, I won't run anymore!" Wang Qian stood in the main hall in low spirits. The name of the book was really too shameful.

Wang Chonggu said happily, "Actually, I read your book. It's written quite well. It's a combination of theory and practice, with substance and reason. Although the name is a bit shameful, isn't that for the sake of dissemination?"

"Quite good. What parents hope to see most is not worrying about their children's future." ===== CHAPTER 538 =====