Chapter 533: Manager

"Zhou Zhong, Chen Zhenhui, Wu Yingji, and a few others have been networking everywhere. Carriages bringing candidates from all over for the Southern Capital Provincial Examination have been arriving one after another. They plan to post it up during the exam."

Inside Shichao Garden at Treasury Department in Nanjing, Ruan Dacheng was pacing restlessly in his study. The steward paused for a moment, glanced cautiously at Yang Weiyuan beside him, then continued, "As you instructed, this humble one went to deliver a letter at Yang Tingxu's door. Yang Tingxu did not accept it, and only sent word back saying he would not co-sign the Public Denunciation, but it was also inconvenient for him to dissuade other society members."

"Yang Tingxu, Yang Tingxu, you fence-sitter..." Ruan Dacheng muttered resentfully a couple of times, then asked, "What about Zhou Biao's place?"

"This humble one waited at his door for a long time. Both the gift list and the letter were returned. He said he doesn't bother with such idle matters."

"Since Zhou Zhong is putting in so much effort, Zhou Biao is naturally involved as well. He puts on an act of ignoring worldly affairs, but it's very likely he's the one directing things behind the scenes." Yang Weiyuan looked at the agitated Ruan Dacheng and said, "The two Zhou brothers must have gotten word from somewhere, knowing that you are involved in this matter with Feng Quan and Zhang Pu. Those two brothers have always wanted to control the Restoration Society. Ever since Zhang Pu lost his post and returned home, there have been plenty in the Restoration Society who don't submit to him. I reckon Zhou Zhong must have only heard rumors and can't get real evidence, so he doesn't dare go directly after Zhang Pu. Knowing you're involved, he's using you as the target to strike at. The bigger the commotion, the better — ideally, it could ruin this whole affair."

"If the Restoration Society people can't get into the Cabinet, it's their own lack of ability. What does that have to do with me, this old man! He doesn't dare go after Zhang Pu, so he incites a bunch of wet-behind-the-ears brats in the Restoration Society to specifically ruin my reputation. Does he think I, Ruan Dacheng, am easy to bully? This is going too far!" Ruan Dacheng waved his hand violently. "That Public Denunciation is full of slanderous accusations, pure rumor and defamation! Yet a bunch of brats insist on believing it. How many have co-signed it?"

The steward said cautiously, "Those whose names we've learned of number nearly a hundred."

Ruan Dacheng panted a few times, his plump round face flushed crimson. He turned to look at the steward. "Any from Anqing?"

"From what we've learned so far, Wu Yingji previously wanted Fang Yizhi to co-sign, but Fang Yizhi had gone to Huguang and it was inconvenient. However, when the draft was completed, it was sent to the Upper River for Fang Yizhi and Fang Wen to review. Currently, Fang Wen has already signed. Fang Yizhi is not in the Southern Capital — I heard he returned from Huguang to Anqing to recuperate. It's unknown whether he can make it to the Provincial Examination, and we haven't yet heard that he co-signed."

Ruan Dacheng stared blankly for a moment, then murmured, "Both saw it, but only Fang Wen signed? Back then, when Fang Yizhi returned from the Lower River, he forcibly broke up my Zhongjiang Society. He was the one scheming behind the scenes, inciting Qian Bingdeng and Fang Wen to pull the society members away. Could this not be the same old trick again?"

The room fell silent for a moment. Ruan Dacheng's chin trembled slightly. After a long while, the steward finally said in a low voice, "Reporting to the master: they plan to wait until all the carriages for the Provincial Examination candidates have arrived, then post it everywhere at once — the Examination Hall, the city gates, the docks. This humble one thinks, once they post it, we'll just go tear it down, and no one will see it. The Restoration Society has many people, but we can ask Liu Ruogu for help. The gambling dens over there have plenty of men. It would be even better if we could use men from the Canal Gang."

Ruan Dacheng shook his head. "Liu Ruogu relies on the Restoration Society to increase his deposits. He won't help us."

Yang Weiyuan stood up angrily. "Liu Ruogu relies on Zhang Pu, not on Zhou Zhong! You and General Pang are close friends, and you're handling major affairs together. Liu Ruogu's master is General Pang — he ought to help us."

Ruan Dacheng waved his hand impatiently. "That Zhou Zhong is utterly corrupt in conscience. With just a bit of instigation, people like Wu Yingji start shouting everywhere. How many ordinary Restoration Society scholars understand reason? Liu Ruogu only cares about his own money shop business. How would he dare offend the Restoration Society? He won't help us."

The steward said resentfully, "This time, General Pang personally slew Yoto — the greatest merit since the Eastern Affairs began. Once it's in the Court Gazette, his fame will fill the land. In the future, that Master Zhou will sit securely in the Cabinet. All of this was recommended to Zhang Pu by you, Master. Zhou Zhong and his faction have been making trouble for over half a year. Zhang Pu knows it's aimed at him. You, Master, are clearly suffering on his behalf, yet he refuses to come out and say a single word. If he did, the number of co-signers would surely drop by half."

Ruan Dacheng sighed. "Zhang Pu sent Wu Changshi to liaise back and forth, handling this matter with us. It can be done but not spoken of. He must play deaf and dumb, and you can't blame him. Zhou Zhong and the others have calculated precisely that."

The steward looked up and said, "Zhang Pu's side just sent word that after General Pang returns south, if it's convenient, they would like to invite you, Master, General Pang, and Mr. Yushan to travel together to Jiaxing. Also, that Mr. Zhou should be at Shao Garden as well."

"Originally, he said he would meet General Pang in Nanjing. Now, with the Southern Capital Provincial Examination, seeing how Zhou Zhong's faction is kicking up such a fuss, he surely doesn't want to come to Nanjing and draw attention." Yang Weiyuan slapped the table. "Last time, that young man from the Hou family said Wu Yingji's group is waiting for you to be in Nanjing so they can post it and slap your face. You might as well go to Jiaxing, and come back after the Provincial Examination is over. The Restoration Society is just a motley mob. One Public Denunciation has been causing trouble for two years without success. Once they lose steam, they won't be able to stir anything up again."

After Yang Weiyuan finished speaking, Ruan Dacheng's face was gloomy as he stared blankly for a long while. Finally, he turned to the steward. "There's some sense in that. But here in the Southern Capital, we still need to think of a way within the Restoration Society itself. Take the gift list and first go to He Laoxiansheng's door to sound him out. See if we can ask him to come forward and talk to Yang Tingxu. In the Southern Capital Restoration Society, Yang Tingxu's words carry some weight. He originally didn't approve of issuing this damned Public Denunciation either. If Yang Tingxu comes out and says something, as long as half those scholars disperse, the rest won't have much momentum. It's good for me to go out and avoid this for a while. Since Mr. Tianru says to go to Jiaxing, we'll see if General Pang can spare the time. A trip would be good."

The steward stepped closer and said, "Master, if you're going to Jiaxing, it happens that Mr. Wang also sent word through someone, inviting you, sir, to visit Hangzhou when convenient, or he could come to Nanjing. This humble one thinks he still wants to get an introduction to General Pang through you, sir. Probably he doesn't want to negotiate with Liu Ruogu."

Yang Weiyuan frowned. "Could it be that Mr. Wang from Huizhou? What are these Hui Gang people quarreling with Liu Ruogu about? They run pawnshops and money shops in Nanjing, the salt business in Yangzhou. Anqing only wants the docks. The official loans in Nanjing city are small-scale, not stealing much business from the Hui Gang. Other merchant gangs all use Banknotes for transactions and just exchange them back for silver. If he wants to talk, why doesn't he go directly to Liu Ruogu?"

The steward said in a low voice, "These salt merchants have money and influence. In Yangzhou and Huai'an, they ignore the Canal Gang — they don't use Banknotes and don't fly flags. On the Lower River docks, the Canal Gang gets no advantage. But up on the Middle River, since the start of the year, the Anqing Water Camp has intercepted over ten boats on the Middle River. The salt merchants raised a fuss with the Canal Transport Governor. They have wide connections and also went to the River Defense Commander. They found someone to submit a memorial to the Cabinet. Originally, the commotion wasn't small, but the Tartars caused an even bigger commotion, so the court hasn't had time to deal with it yet."

Ruan Dacheng turned to Yang Weiyuan. "The Hui Gang is just like the Restoration Society — no single person calls the shots, and their intentions differ. Some who issue official loans have silver they can't lend out and also want to deposit it in the Great River Silver Bank. Some salt merchants want to attach themselves to Anqing. Some don't want to use Banknotes. When their boats are detained by Anqing on the river, people die and they lose face — naturally, some want to clash with Anqing. Now that General Pang has beheaded Yoto in battle, your memorials to the River Defense Commander are utterly useless. This Wang Family is a major salt merchant. He wants to talk with General Pang first, then discuss in detail with Liu Ruogu. That's why he's not going through the Silver Bank but instead seeks my introduction."

Yang Weiyuan grunted in acknowledgment. The Hui Gang was the merchant gang from Huizhou, primarily engaged in salt, pawnbroking, and money shops, with considerable power in both Nanjing and Yangzhou. Previously, the Great River Silver Bank only attracted deposits. In reality, it had only one lending client — Pang Yu himself — so there was basically no conflict with the Hui Gang. Now, the Silver Bank was expanding rapidly. Deposits earned interest and had many branch locations. The Hui Gang's Flying Tickets to various places had completely lost all business. Only, the important official loans had not been done by Anqing before. Now, a separate White Gate Silver Bank had been opened specifically for official loans. The Provincial Examination period was the peak season for official loans, and the conflict between the two sides was beginning to sharpen. There was also the issue of salt transport on the river, which involved settlement problems. Originally, the salt merchants were considered overlords along the river, very formidable in both civil and armed struggles, and not particularly afraid of Pang Yu. But now, Pang Yu had achieved the extraordinary merit of slaying an enemy general and was himself a military commander, making the salt merchants much harder to deal with.

Ruan Dacheng rubbed his forehead. "Has General Pang sent any reply saying when he'll return?"

"There's news from Liu Ruogu's side. According to that timeline, he'll be setting out soon. If he doesn't travel with the military unit, he can arrive in half a month."

"Many matters must wait for his return to be handled. The visits to Zhang Pu and Mr. Zhou still depend on my young friend's intentions. If we go to Jiaxing, we can stop by that Mr. Wang's place along the way." Ruan Dacheng let out a long sigh. "Inside the Canal Transport Office, all are people these salt merchants have dealt with for years. The Hui Gang is deeply entrenched, and Zhu Military Gate can't easily show favoritism. Business should still be conducted amicably to generate wealth. All this fussing is at most over a money shop, especially those Banknotes. At every dock on the Upper River, you're not allowed to set off without trading in Banknotes. The Anqing Water Camp is all along the river. After all, official loans are a profitable business. On the river, it's even more unreasonable — his Banknotes are all losing money. That Pang Xiaoyou is a clever person, so I just don't know why he insists on this business of paying interest on deposits. Several hundred thousand taels of interest paid out every year — a strenuous, thankless task. Who knows what he's after? Even though he's now achieved the extraordinary merit of slaying a general, young people are inevitably still prone to incomplete deliberation. When he returns this time, I, this old man, must still offer some guidance."

"Shopkeeper Liu, Manager Zhou: the earliest batch of Banknotes was calculated on monthly interest and has basically all been redeemed. A total of three thousand four hundred taels remains unredeemed, possibly lost or damaged. The September batch was the first formal batch of Banknotes calculated on annual interest. A total of five hundred thousand taels was issued along the river. Previously, a total face value of two hundred ninety thousand was redeemed from various locations, leaving two hundred ten thousand taels. From October to March, each month was three hundred thousand taels, totaling one million eight hundred thousand taels. The total face value redeemed for cash silver is seven hundred seventy thousand. Last year, various Silver Bank branches opened. In particular, the Suzhou and Songjiang branches, with the recommendation of the two Misters Zhang of the Restoration Society, saw a great increase in deposits. As of April, the Great River Silver Bank's cash silver deposits total seven million two hundred thirty thousand taels..."

On the third floor of the Great River Silver Bank, in a Direct Office facing north, a woman's voice spoke steadily. Zhou Yueru listened and took notes, writing crookedly in an account book with a brush. Beside her, Liu Ruogu was not taking notes, merely sitting with his head tilted.

"After spring began, freight transport along the river increased. After March, the exchange of Banknotes at various docks surged dramatically. Upstream Banknotes are no longer sufficient. In May, a new version of Banknotes is to be issued. These are the new Banknotes to be issued, priced in yuan. From last year to this year, the Anqing Workshop produced a total of seven hundred thousand Silver Coins, all with a face value of one tael, containing seventy percent silver, with a seigniorage of thirty percent. How many such Banknotes to issue in May and June is for Manager Zhou to decide, so arrangements can be made in advance for distribution to the various Silver Banks."

Zhou Yueru took the Banknote and glanced at it. She had seen this layout countless times before. The main change from before was that the unit of measure had changed from tael to yuan. Apart from the seigniorage, this standardized Silver Coin could reduce the workload of identifying Silver Purity and weight, making it more conducive to circulation.

Zhou Yueru looked at Liu Ruogu. "With Lord Pang absent, exactly how many Banknotes to issue — I would still ask Shopkeeper Liu to provide a guideline."

Liu Ruogu adjusted his sitting posture and said politely, "Lord Pang has made it clear beforehand that the issuance of Banknotes is entirely under Miss Zhou's supervision. As for the Silver Bank side, we merely report the usage requirements — it's not for us to propose guidelines. I, Liu, will just say this: these Banknotes are issued based on deposits as the foundation. The deposits were never our own to begin with. What's deposited is debt owed to others. The average annual interest is roughly one mace. Over here, when Banknotes are issued, the annual interest is again roughly one mace. That makes two mace in interest. If the Silver Coins can be used, they bear no interest, and we ourselves still have three mace in seigniorage. Therefore, I, Liu, feel that while all places along the river say they lack Banknotes, it's not necessarily imperative to issue them. Using the Silver Coins first would be the same. If we truly must issue, then follow the previous three hundred thousand. When Lord Pang asks, it will be easier to answer."

Zhou Yueru pondered for a moment. Seeing this, Liu Ruogu immediately added, "I, Liu, am just speaking offhand. Ultimately, it will be handled according to Manager Zhou's decision. I still have to meet with the Boat Dock Master at Shangxin River for discussions. Manager Zhou, you also know that the Nanjing docks have never been mobilized. We can only deal with them politely. I must make this trip."

Zhou Yueru quickly stood up. "Then I won't delay Shopkeeper Liu."

Liu Ruogu repeatedly said he dared not accept such courtesy, nodded to the female accountant who was reporting, and then left the room.

The room was quiet for a moment. The woman clutched the booklet in her hands and said cautiously, "What Shopkeeper Liu said also makes sense. Silver Coins don't pay interest. Should we just use Silver Coins along the river for now, issuing according to the three hundred thousand, to avoid being blamed by Lord Pang?"

Zhou Yueru did not respond to her words. She returned to the desk and looked at her own booklet. "Except for that September batch, the re-exchange of Banknotes for silver afterward has been less than forty percent. Once those maturing in September are redeemed for the full amount in silver, even fewer people will exchange them back for silver in the future. With seven million in deposits, equivalent to ten million yuan in Silver Coins, we could issue twenty-five million in Banknotes."

As she said this, her tone couldn't help but tremble slightly. The female accountant standing beside her also began to breathe heavily. Zhou Yueru's gaze was fixed on the Petition Paper, and both her hands trembled as well.

Zhou Yueru paced two circles in the room. After calming down a little, she returned to the desk. "Of the deposits, five million came in as Silver Notes, counted in taels. When they exchange back, most will still want silver taels, unless the Silver Coins can be put into use quickly. So it's still tied to activity on the river. We must issue them everywhere along the river, but issue more on the Lower River, especially near Suzhou. Use the Silver Coins together with Silver Notes and Banknotes. Once everyone knows about them, naturally they'll want Silver Coins."

The female accountant said in a low voice, "Before Lord Pang left to rally to the king, he only set the issuance amount for half a year. We shouldn't have issued any in March and April. But once spring began, everywhere needed to exchange Banknotes. Not only did we issue in March, we also issued five hundred thousand in April — all on our own authority. By this time next year, Lord Pang will have to pay an extra hundred thousand taels in interest. The May reports from along the river are coming in — it'll need about a million, at least until September. I..."

Her voice grew softer and softer, and toward the end, she seemed about to cry. Zhou Yueru looked up at the female accountant. "You've also worked hard. This was issued with my approval. If anything happens, you won't be punished."

"Manager Zhou, the hard work is nothing. It's just... my heart is terribly afraid. One stroke of the pen here means tens of thousands or hundreds of thousands of taels of silver. Not only have I never seen it — in the past, I never even imagined so much silver. If we really issue twenty-five million, the annual interest alone is two and a half million. Add to that the seven hundred thousand in interest on the Silver Notes — just the interest alone is three million two hundred thousand. If the slightest mistake or omission occurs, how could a lowly woman like me possibly bear the responsibility?"

As the female accountant spoke, her eyes reddened and tears streamed down. She stopped talking and just kept wiping away tears. "Every year, hundreds of thousands in interest must be paid out here, and over there, tens of millions must be issued. This servant doesn't know, with so much created, what the final outcome will be. Night after night, I think about it, unable to sleep the whole night."

Zhou Yueru walked to her side and said, "When this Silver Bank first opened, with only tens of thousands in deposits, I was worried. When it reached over three hundred thousand, I was still worried. Later, when Susong handed over a million taels of silver, I was still worried. Now it's seven million, and I still don't know what the final outcome will be. But for now, the Silver Coins were something Lord Pang decided to mint long ago. So why would he still go to the trouble of using interest-bearing Banknotes? There must be his reasoning. Look — those people before didn't exchange back precisely because of that Banknote interest. Silver Coins can only be issued up to ten million yuan, and at least seven million belongs to others. But Banknotes can be issued up to twenty-five million. Now that General Pang has won a battle, even less will everyone come to exchange at once. Fifty thousand per month should be fine. Issuing a million taels per month might also be possible. As long as the docks need it..."

As Zhou Yueru said this, her own heart trembled. Both fell silent. This figure was more than triple Liu Ruogu's. After a long while, once they had both digested this number, Zhou Yueru finally said softly, "Ultimately, I made the decision. If anything happens, I'll bear it. First, go compile the requests reported from various locations, especially those estimating usage for July and August. Don't wait until there's a shortage to print — that would be too late."

The female accountant stopped crying, spread a sheet of Petition Paper on the desk, wiped her tears, and left the room. Zhou Yueru returned to the desk and buried her head in studying the issuance plan, the Silver Coins, and the new version of Banknotes on the tabletop.

The issuance amount for May had not yet been set. That spot was blank. Zhou Yueru practiced writing the characters for "five hundred thousand yuan" twice in her booklet. This was her habit — because her handwriting was poor, she always practiced before writing it in officially.

After practicing a few more times, Zhou Yueru dipped the brush tip in ink and held it suspended over that blank space on the formal Petition Paper. Just as she was about to set the brush down, she suddenly stopped.

Zhou Yueru seemed almost frozen. She stared blankly for a long while, then abruptly tossed the brush onto the inkstone, turned, walked to the window, and pushed open the window leaf with one shove. From the third floor of the Great River Silver Bank, looking out, the layered and overlapping eaves and towers of Nanjing city were fully captured in her gaze.

Across the way, gamblers streamed in and out of Baishun Hall. Serving maids in plain, elegant long dresses greeted and saw off guests at the door. Bursts of cheers or startled cries came from inside the hall. People on the street came and went, all looking up to gaze at the resplendent Great River Silver Bank, their eyes filled with yearning and envy.

Zhou Yueru looked down for a moment, closed her eyes by the window, steadied her breathing, then turned back to the desk, lifted the brush, and wrote. On the Petition Paper, with a trembling yet steady hand, she wrote the characters: "One Million Yuan."