Chapter 406: Depth and Reserve

"Mr. Yushan only returned to Nanjing at the start of the sixth month. Since then he has kept his door shut to visitors and rarely associates with anyone."

Outside the main gate of the Mace Family residence in Nanjing, Ruan Dacheng raised his sleeve to wipe the sweat from his forehead, then dabbed at his chin. Nanjing in the sixth month was swelteringly unbearable, but as a literatus out paying calls, Ruan Dacheng could not dress in a short jacket like the laborers or Marine Corps soldiers; he still wore a long gown, and even his beard was beaded with sweat.

Ruan Dacheng had gone to the Capital together with Jiang Fan and only returned to Nanjing in mid-sixth month. But Pang Yu saw no sign of weariness in him; on the contrary, he was brimming with energy and had even put on weight since their last meeting. He had likely seen many old acquaintances in the Capital and still harbored hopes of a return to office. He must have come back by boat, sparing himself the hardship of overland travel.

Pang Yu raised his head and glanced at the main gate. The exterior of Qian Qianyi's house did not seem particularly grand, at least not compared to Ruan Dacheng's. Today Pang Yu also wore a Green Robe, and it was genuinely green, which absorbed heat all the more. His sweat came out no less profusely, and waiting outside for the gatekeeper in this brief interval felt quite miserable.

"Then why is Mr. Yushan willing to see me?"

"He's short of money." Ruan Dacheng glanced left and right, then lowered his voice. "The two thousand taels of silver you're giving him this time can be said to have relieved his urgent need. Otherwise, I'm afraid he would have had to sell his sole surviving copies."

Pang Yu could not help smiling. Qian Qianyi's arrest and journey to the Capital this time had been instigated by Wen Tiren. Men like Wen Tiren and Xue Guoguan could not be moved by silver, but there were many intermediaries involved, and every connection had to be greased. He realized that the Heavenly Prison in the Capital and the county yamen jail were probably much alike — Qian Qianyi's silver certainly could not have been saved.

According to what Ruan Dacheng had said before, although Qian Qianyi enjoyed great renown, as a leader of the literary world he had to maintain the dignity of a literatus. Purchasing various ancient texts and sole surviving copies was also enormously expensive, yet he could not set aside his pride to earn money as a broker the way Ruan Dacheng did. His income channels were rather limited. The last time he inscribed the plaque for Pang Yu's Great River Silver Bank had already counted as a major transaction, so he had always been short of money.

At last the main gate opened. The two men hastily followed the gatekeeper inside. The interior was indeed neither large nor luxurious, but every detail showed careful thought, with the refined elegance of a literary retreat in the subtleties.

The gatekeeper led them all the way to the Main Hall. Standing before the hall was a literatus of about fifty, who watched the two men with a gentle smile. He even wore a Square Cap on his head, not the least bit casual despite being at home. His build was not bloated like that of other old men — perhaps the result of that stint in prison in the Capital.

Ruan Dacheng fell a step behind. Pang Yu knew he wanted to highlight that Pang Yu was the principal guest, so he stepped forward and knelt. "Student Pang Yu pays his respects to Elder Mace."

Qian Qianyi gave a hearty laugh and immediately reached out to raise Pang Yu. "Though you and I meet for the first time, the substance of teacher and student already exists between us. Last year, when your teacher suffered unrighted wrongs and was cast into prison, I had already abandoned all hope — when suddenly I heard news of the Susong Great Victory. Though I was in the Heavenly Prison, I still felt honored by association. Even more so because there is hope of quelling the bandits. As long as all under heaven is at peace, this bit of personal grievance no longer weighs on my heart."

Pang Yu's face filled with emotion. "Teacher suffers wrongful grievance, and your student can only hate that his position is humble and his words carry no weight. At that time I was also entangled in military affairs and could only entrust Ruan Xiansheng to exert himself on your behalf. My heart has been burdened with shame ever since."

"Mr. Yushan, your discernment is clear. General Pang indeed sent many letters, specifically requesting that I exert myself in the matter, and was willing to bear all the costs of mediation alone." Ruan Dacheng spoke these falsehoods with utter sincerity. This matter involved only him and Pang Yu; it could never be exposed.

Qian Qianyi nodded repeatedly, but his expression did not change in the slightest. It was impossible to tell whether he believed it. He merely looked at Pang Yu and said gently, "The circumstances within this affair, Jizhi has mentioned many times. It is amid tempestuous waves that one knows whom to trust."

"Fortunately the Emperor is sagaciously wise, and you, Teacher, are pure and self-evidently so. When your student heard that you had returned south, I could no longer contain the joy in my heart and set out from Anqing at once, to receive your instruction in person."

Qian Qianyi laughed heartily twice, then took hold of one of Pang Yu's hands and personally led him into the Main Hall.

There were actually two other people inside. Pang Yu glanced at them hastily. These two were not much different in age from Qian Qianyi, around fifty. Pang Yu now had some experience in judging age. In the Ming dynasty, common folk at the bottom often looked old — a thirty-year-old could look fifty. But these literati took better care of themselves, closer to the experience of his previous life.

Before Qian Qianyi could make introductions, Ruan Dacheng behind them had already spoken. "Mr. Qu is here as well."

Qian Qianyi led Pang Yu before one of the men. "Jiaxuan, this is Vice General of Anqing Pang Yu, who routed two hundred thousand Roving Bandits at Susong."

He then turned to Pang Yu. "This is Qu Jiaxuan. With this old man, we share both the bond of teacher and student and the bond of life and death."

Pang Yu had read the details of Qian Qianyi's imprisonment in his intelligence reports and immediately knew that the man before him was Qu Shisi, formerly Supervising Secretary of the Revenue Section, likewise a major figure in the Donglin Party, who had been arrested and imprisoned together with Qian Qianyi this time and released together with him.

He politely exchanged greetings with Qu Shisi. The other person inside, Pang Yu did not recognize, and Ruan Dacheng showed no particular reaction either. Judging from his merely polite greeting, he did not know him either.

After the two had exchanged greetings, Qian Qianyi led Pang Yu over to that stranger.

The man did not put on airs. He took the initiative and said to Pang Yu, "I am Zhou Zhikui."

"I have come here today to pay my respects to you two gentlemen, first and foremost to congratulate the venerable elder on having his unjust grievance washed clean. It shows that even with Wen Tiren's abilities, he could do nothing against the public justice of all under heaven. I never imagined I would also have the good fortune to meet Mr. Jizhi and General Pang. Truly a blessing of three lifetimes."

Pang Yu sat to one side, watching the eloquent Zhou Zhikui with a thoughtful expression. He had never met this Zhou Zhikui before, but he could be said to have long known his name. Ever since he began interacting with the Restoration Society, this name had appeared constantly.

Zhou Zhikui had originally been a member of the Restoration Society, but later fell out with the Two Zhangs, claiming that Zhang Pu had used public opinion to drive him from office. In the Chongzhen Eighth Year, Zhou Zhikui wrote "Restoration Society or Questions" and submitted it at the palace gate. Last year he wrote "Memorial Denouncing the Restoration Society Ringleader for Disrupting Tribute Grain Regulations, Expelling Officials, Killing Officers, Forming Factions, and Defying Imperial Decrees." His attacks on Zhang Pu were resolute and fierce, always hitting the Emperor's sore spots. For the past two years, Zhang Pu had been in constant fear and kept a very low profile, largely thanks to this Zhou Zhikui.

Moreover, Qian Qianyi's troubles had initially arisen from the Restoration Society case, and the cause was Zhou Zhikui's "Restoration Society or Questions." Only later did it turn toward the Donglin. So his imprisonment was, to some degree, connected to Zhou Zhikui. Yet now he openly entered the hall and took a seat — this indeed greatly surprised Pang Yu. From what Pang Yu understood of these literati, Zhou Zhikui had definitely not appeared in this Main Hall by coincidence. Qian Qianyi intended to use him to convey some implicit message.

"Secondly, it is to thank you two gentlemen for writing the preface to this Latecomer Student's 'Qicao Erji.' I am overwhelmed with trepidation."

Pang Yu stole a glance at Qian Qianyi and Qu Shisi. Both were great Confucian scholars of the age. Those who wished to ask them to write prefaces for their collected works were beyond counting; ordinary people could not secure their services. Yet the two of them, just out of prison, had written a preface for Zhou Zhikui's poetry collection.

His and Ruan Dacheng's visit today had been arranged in advance. Qian Qianyi knew he was coming, yet simultaneously arranged for Zhou Zhikui to meet them. Perhaps he intended to express an attitude to him and Ruan Dacheng. Zhou Zhikui was the mortal enemy of Zhang Pu and Zhang Cai. By writing a preface for him, Qian Qianyi was signaling his rejection of Zhang Pu.

Last time, when Ruan Dacheng accompanied Wu Changshi to Anqing, Zhang Pu had hinted at a desire to ally with the Donglin. Ruan Dacheng had probably already conveyed this to Qian Qianyi. So today, Qian Qianyi's meaning was most likely directed at Ruan Dacheng — that he would not cooperate with Zhang Pu — and by extension also directed at Pang Yu, because Pang Yu had always maintained close relations with the Restoration Society.

At this thought, Pang Yu shifted his gaze to observe Ruan Dacheng. Sure enough, Ruan Dacheng's expression was rather grim.

Zhou Zhikui had no idea what was on Pang Yu's mind. His voice rang out clearly. "Thirdly, it is to defend myself. There are rumors in the marketplace that the two venerable gentlemen were cast into prison because of my petition at the palace gate. This is utter nonsense. The two gentlemen know me best, and I regard the two gentlemen as confidants within the realm. How could I ever do such a thing? I have brought with me one copy each of 'Restoration Society or Questions' and 'Memorial Denouncing the Restoration Society Ringleader for Disrupting Tribute Grain Regulations, Expelling Officials, Killing Officers, Forming Factions, and Defying Imperial Decrees,' identical in every word to the submissions. I ask the two gentlemen to peruse them. Within, they attack only the Two Zhangs and absolutely do not implicate you, gentlemen, in the slightest."

With that, he drew from his sleeve two sheets of Petition Paper, neatly folded, and respectfully presented them to Qian Qianyi. Qian Qianyi accepted them with a smile but did not actually read them, to show his trust in Zhou Zhikui.

Zhou Zhikui turned to Pang Yu. "I know that the General has considerable dealings with members of the Restoration Society and may have heard something of the matter between me and Zhang Pu. But the root cause was absolutely not whether the 'national gazetteer' would include my Current Affairs Essays. The real reason is that Zhang Pu meddled in local governance, deceiving the world and stealing fame. This man's learning is sufficient to kill, his methods sufficient to ruin the state. If he were to wield power, the harm would be no less than that of the Roving Thieves. My attacks on the Two Zhangs, exposing their true faces, are not out of personal enmity but for the sake of the state. I beg the General to see my sincere heart."

Pang Yu smiled in imitation of Qian Qianyi's manner, revealing nothing of his own stance. Zhou Zhikui turned again to Qu Shisi. "When I wrote 'Restoration Society or Questions,' it was precisely when the Two Zhangs were at their most rampant and arrogant. It is just as Mr. Jiaxuan said: 'This child still smells of his mother's milk, and those who hear him sweat on his behalf, unaware of his ludicrous self-importance.' The various gentlemen disdained to entangle themselves with him, but I lack that level of cultivation. I could not endure it."

He finally turned to Qian Qianyi. "The Restoration Society affair implicated you two gentlemen not because of my 'Restoration Society or Questions,' but because Zhang Pu is sinister and venomous. He sent Wu Changshi to the Capital to collude with Xue Guoguan, joining forces with the Wen Faction in their foul conspiracy, shifting the blame onto you two gentlemen to extricate the Restoration Society from its legal troubles. This is precisely Zhang Pu's old trick of framing others — the despicable work of a practiced killer."

In the hall, Zhou Zhikui alone did all the talking. Neither Qian Qianyi nor Qu Shisi expressed any stance. But as Pang Yu listened to this point, Qian Qianyi's attitude was very clear. Ruan Dacheng's wishful thinking was probably going to come to nothing. Previously, the obstacles to his return to office had come from both the Donglin and the Restoration Society. But the Donglin and the Restoration Society themselves were also rife with contradictions. If he could unite these two, it would count as a masterstroke in court politics. From then on, neither side would be an obstacle to him; instead, they would become his allies.

But now, through the mouth of Zhou Zhikui, Qian Qianyi had essentially refused an alliance with the Restoration Society. Having just brought down Wen Tiren, his standing within the Donglin was at its zenith, his prestige unmatched for the moment, which greatly benefited his plans to return to officialdom. At this juncture, he saw no advantage in cooperating with Zhang Pu.

From Zhou Zhikui's paraphrase of Qu Shisi's words, one could see that the Donglin grandees were quite displeased with the Restoration Society's previous arrogance. There was also the matter of control over the imperial examinations. The Restoration Society's cohesive power lay first and foremost in the examinations, which was at the same time the Donglin's turf. Zhang Pu dominated the examinations at the local level, and with each passing year, the Restoration Society's share of the Presented Scholar grew larger and larger. The Donglin naturally grew increasingly wary.

Pang Yu's own hopes were also largely dashed. The best scenario for him was for the Donglin and the Restoration Society to unite, allowing him to draw on the political resources of both sides simultaneously, expanding comprehensively along the Great River and Grand Canal regions with political support at court. That would yield twice the result with half the effort, without having to choose sides. Who would have thought that just upon arriving in Nanjing, he would meet with such a blow to the head.

Of course, Pang Yu was not entirely despairing. Qian Qianyi's attitude did not necessarily mean he fully trusted Zhou Zhikui. He might simply be using Zhou Zhikui as a tool, a negotiating tactic. After all, he himself had not directly stated his position. Zhang Pu was currently the weaker party; Qian Qianyi needed to secure the most favorable terms for cooperation.

At this thought, Pang Yu turned his head toward Ruan Dacheng. He saw that this seasoned political broker's face was now slightly flushed, his eyes fixed intently on Zhou Zhikui, his thoughts unreadable.

"How goes the issuance of the Banknotes in Yangzhou?"

In the third-floor meeting room of the Great River Silver Bank, Pang Yu sat calmly at the head. Below him were Liu Ruogu, Zhou Yueru, and Jiang Fan.

Liu Ruogu held a register in his hand and reported, "At the Wharf docks in Yangzhou and Nanjing, nine thousand one hundred taels were initially issued. Within ten days, four thousand three hundred taels were exchanged back for silver. Four thousand eight hundred taels remain outstanding. Recently, Hangshang have been purchasing tickets one after another. The total amount in circulation is seven thousand two hundred taels. Transactions in Nanjing and Yangzhou are quite frequent. The farthest circulation appeared twice at the Wuhu dock. No counterfeiting has been detected. It seems we could increase the issuance."

Pang Yu nodded. Although the political negotiations were not going smoothly, he would still press forward with full force on the Banknotes. Zhang Pu's influence in the Jiangnan region was considerable, so the rollout would not be affected. Only along the Grand Canal, without Donglin support in officialdom, the results would be somewhat poorer. This was not too great a problem; at least Qian Qianyi had not forced him to choose sides immediately.

What he had to worry about now was whether the conflict between the Donglin and the Restoration Society would intensify. If it became as irreconcilable as with Wen Tiren, then Pang Yu would not be allowed to keep a foot in both boats. When that time came, one side would inevitably become an enemy. This was the greatest risk at present.

Pang Yu looked at Zhou Yueru. "Zhou Guniang oversees the Banknote affairs. What is your opinion on the Coupon Issuance?"

Zhou Yueru's complexion was somewhat pale, but compared to before, her demeanor was much more composed, with almost no superfluous expression.

"I believe we cannot yet issue them in large quantities." Zhou Yueru's opening remark differed from Liu Ruogu's. Pang Yu glanced at Liu Ruogu, then signaled Zhou Yueru to continue.

"The anti-counterfeiting measures on the Banknotes are quite thorough, but they focus too much on the ticket surface itself. During this trial issuance in Yangzhou and Nanjing, there were many instances of the Silver Notes getting rained on or falling into water. The ink on the ticket surface bled, and even the serial numbers became blurred and illegible. With so few tickets currently, verification is still manageable. Once we issue them in large quantities, it will truly be difficult to keep up."

Zhou Yueru raised her eyes and looked at Pang Yu. In a flash of realization, Pang Yu saw that Zhou Yueru had also cultivated a measure of depth and reserve. Her eyes betrayed no change during the exchange; it was very difficult to read her thoughts from her expression.

"The places where the Banknotes are used are along the Great River and the Grand Canal — all waterside locales. There will also be people carrying tickets on boats for long journeys. Whether rain-soaked or dropped in water, such incidents will likely be frequent. Previously, the waterproofing focused on the ticket surface but neglected the ink. I have already asked the workshop to produce a special ink. Only after this is perfected can we increase issuance."

Liu Ruogu sat in his place, neither echoing Zhou Yueru nor opposing her statement. Even Jiang Fan sat quietly to one side. Pang Yu could not judge their attitudes from their expressions. He felt these subordinates were even more composed than Ruan Dacheng.

"Secondly, Lord Pang previously required that the Banknotes ideally be denominated in Silver Coins. Five types of Silver Coins have been trial-produced so far, but the Silver Bank has not yet selected which to use. The current trial Banknotes are still denominated in taels. If we issue too many, it will be inconvenient to recall them later, resulting in two denominations circulating simultaneously, needlessly adding complexity for the Silver Bank and making it impossible to reduce costs. I have finished."

Zhou Yueru closed the register as she finished speaking, her eyes fixed on the tabletop, offering no exchange with Pang Yu whatsoever.

Pang Yu gave a dry cough and said, "Chief Shopkeeper Liu approves the additional issue, and Zhou Guniang also endorses it, only that improvements must come first." Pang Yu spoke evenly. "The Banknote is the very root of the Silver Bank's future development. It is a matter of urgency by nature, but I trust your judgment, so we will temporarily hold off on large-scale issuance. However, the two locations of Yangzhou and Nanjing may have a slight increase, raising the quota to twenty thousand, so as to test it thoroughly."

After he finished, Zhou Yueru gave no response either, and the meeting room fell silent for a moment.

Seeing the atmosphere grow cold and preparing to announce the meeting's end, Pang Yu watched as Zhou Yueru slowly raised her head. "When this slave was making mulberry paper, she heard talk of the Precious Note. A Banknote carries dozens of taels of silver on a single sheet of paper, much the same as the Precious Note. In the end, no one was willing to use it; gold and silver were still used far more. The General wishes to use it on both the Great River and the Grand Canal. If it truly circulates to Every Direction, this slave worries whether it might end up just like the Precious Note."

"Thinking of the end right at the very beginning — Yueru's vision grows ever more far-sighted."

Pang Yu nodded in Approval, then turned his head to glance at Liu Ruogu and Jiang Fan. The two men wore respectful expressions, looking as though they were awaiting his instruction.

"Then today let us discuss the Banknote in detail. The Silver Bank has previously gathered information on the Precious Note's circumstances. As for gold and silver, we use them daily, so there seems no need to explain; one knows them already. I will first ask the three of you a question."

Pang Yu walked to the window and pushed open the glass pane. Far to the south, that glazed Pagoda gleamed and sparkled under the sunlight.

"The Great Bao'en Temple began construction in the tenth year of Chengzu. At that time, our dynasty was newly established. After the wars, the people's strength and Wealth were utterly depleted, yet they still managed to spend over two million taels to complete it. During that period, Chengzu also dispatched a great army on a distant expedition against the Northern Yuan, and sent Zheng He three times down to the Western Ocean — every one of these undertakings costing vast sums. Why then, two hundred years later, when the people's strength had recovered and commerce flourished, were such grand endeavors no longer seen, to the point that silver could not even be raised for Pirate Suppression? What method, exactly, did Chengzu rely upon to dig out the Wealth from an impoverished populace and meet such enormous expenditures?"