Chapter 537: Exchange

The wind over Mochou Lake passed through the window, bringing a trace of coolness to the second floor of the small courtyard.

The first time Pang Yu came to Nanjing, Ruan Dacheng had received him on the second floor of this very courtyard; the courtyard used Mochou Lake's wild scenery in place of a garden view, so one never felt it was cramped, and every visit left Pang Yu feeling at ease. So later, Pang Yu also bought a courtyard by Mochou Lake himself, not far from Ruan Dacheng's place.

Ruan Dacheng's face was ashen, his lips dry and cracked; he sat by the window staring blankly at the lake, his short jacket smeared all over with filthy stains. Swarms of biting midges danced around his cheeks and arms, constantly landing on his skin to suck blood, yet Ruan Dacheng seemed not to notice at all.

June in Nanjing was already swelteringly hot; though the waterside was refined and elegant, the mosquitoes and insects were a torment, making it no good place to escape the heat.

Pang Yu fanned beside him with a palm-leaf fan, helping to drive away the mosquitoes. Since Ruan Dacheng allowed no one else upstairs — not even Yang Weiyuan — Pang Yu had to do it himself, fanning Ruan Dacheng with one hand while slapping at the ones on his own body with the other.

Some of the biting midges were extremely tenacious, refusing to give up even when the fan swept past. Pang Yu could hardly slap Ruan Dacheng directly in the face, so he had to put more force into his waving, sending Ruan Dacheng's disheveled hair and beard fluttering without pause.

Before long, Pang Yu was drenched in sweat, and his arm could barely take it anymore, yet Ruan Dacheng remained exactly the same. When he was in the north, Pang Yu had actually longed many times in his heart to return to Nanjing, to savor fine food in a safe and leisurely setting; he truly never imagined the scene before him now.

A faint sound came from the staircase. Pang Yu turned to look and saw Pang Ding's head at the stairway opening. He set down the palm-leaf fan and walked over. Pang Ding whispered in his ear, "Sir, someone in Huai'an wants to exchange two hundred thousand in Banknotes at once. The Huai'an Silver Bank doesn't have that much stock and has sent an urgent letter to Nanjing calling for help."

"Who is it?"

"A Hui Gang salt merchant from Huai'an. Because there have been quite a few entanglements with the Hui Gang lately, Liu Ruogu fears they have ill intentions and asks for your instruction on whether to exchange for them or not."

Pang Yu thought for a moment, waved a hand at Pang Ding, then returned to sit beside Ruan Dacheng. Just as he was wondering how to begin, he suddenly heard Ruan Dacheng's voice come through: "I have thought it all through."

Pang Yu looked up, startled, but saw that Ruan Dacheng was still staring at the lake, only the unkempt beard on his chin quivering slightly.

"You must not think this involves only Commander Zhu and Elder Feng. Mr. Yushan's side must still be taken into account. The Newspaper Office is jointly run by you and the Restoration Society. In their eyes, this affair may seem as if you and Zhang Pu had other plans and deliberately stirred up such a thing. So as for Mr. Yushan's side, this old man will go with you, and then he will understand."

"Ruan Xiansheng need not trouble yourself lately…"

Ruan Dacheng cut him off directly. "It is not only Yushan. Everyone who signed this time is from the Restoration Society. The Public Denunciation implicates Elder Feng, so Zhou Yanru's side is bound to grow suspicious. The matter of the joint endeavor cannot proceed without Elder Feng. Zhang Pu must be anxious right now as well. This old man's humble opinion is that Pang Xiaoyou should first go see Mr. Yushan, then set out for Jiaxing to speak face-to-face with Elder Zhou and Zhang Pu and make everything clear. After you have agreed on a plan, then explain things to Elder Feng separately."

"I thank Ruan Xiansheng for your guidance. I shall ask you to send a trusted man familiar with the matter to accompany me, so as to contact and meet with Mr. Tianru…"

"This old man will accompany you."

Pang Yu was stunned for a moment. After seeing Ruan Dacheng's condition the night before, he had not expected Ruan Dacheng could still help with making the rounds. But he still had to go to Jiaxing and had already planned to go with Qian Qianyi. As for the Wang-surnamed salt merchant of the Hui Gang in Hangzhou, whom Ruan Dacheng had contacted, he had decided not to go. He had not expected Ruan Dacheng to recover his spirits so quickly.

"As for Commander Zhu, Tianru has no significant ties to him, so he need not go. But you, Pang Xiaoyou, have many entanglements with the Canal Transport Office, so you must be especially careful in handling this. I will first write a letter to set his mind at ease. After we return from Jiaxing, this old man will make a special trip to Huai'an."

Hearing this, Pang Yu felt a huge weight lift from his heart. Ruan Dacheng was the person directly involved, and the victim in the incident. Having Ruan Dacheng personally explain things to all parties would be far more effective than going to speak himself.

"Among these several parties, your account must differ somewhat. To outsiders, Liu Shensi is a member of the Restoration Society, and the Times remains a Restoration Society publication. Even most of the gentry in Nanjing do not clearly understand how the Newspaper Office is run. So with Commander Zhu, we should explain to him that Pang Xiaoyou merely assisted in its founding due to your status as a society member, that Anqing only provided the funds. This time, because the Restoration Society acted carelessly, Pang Xiaoyou angrily reclaimed the Newspaper Office to prevent them from stirring up more trouble. In this way, the Public Denunciation has very little connection to you — rather than apologizing after the trouble was stirred up. Commander Zhu, knowing the Newspaper Office is now in your hands, will first be able to rest easy, and second, having learned this time how critical the Times is to public opinion, he will not dare provoke you lightly in the future."

Pang Yu nodded repeatedly. As Ruan Dacheng spoke, the look in his eyes gradually shifted from blankness to alertness.

"As for Mr. Yushan's side, he is clear on the situation at the Times, so you cannot fob him off. This old man is not well placed to enter the city of Nanjing these days. You first tell him the truth. He wants to go to Zhejiang together; on the way, this old man will help you confirm it. That should be enough to make amends."

Ruan Dacheng turned his head to look at Pang Yu. His grimy face was full of haggard exhaustion, and the beard he usually kept impeccably groomed was a tangled mess. In all the time Pang Yu had known him, he had never been so slovenly.

The key figure in this matter was Ruan Dacheng. As long as he came forward, Pang Yu's efforts to make amends would yield twice the result with half the effort.

Pang Yu found this image of him somewhat amusing, but dared not laugh. He could only lower his head and say politely, "This affair has made you suffer, sir, and now I must trouble you to rush about. Truly, I cannot bear it."

Ruan Dacheng finally stirred. He raised a hand and waved it gently. "In the affairs of this world, everyone watches only their own little bit of advantage. How a person treats you depends solely on the stakes involved — whether you are useful or useless to them, whether you bring benefit or harm. That determines how they treat you: good or bad, close or distant, beating and scolding or flattering. If you are useless and harmful to them, then even if you curry favor, beg for pity, hate or resent them, they will still curse you and strike you just the same. Once you become useful to them, they will naturally rush to treat you well, and no amount of beating or scolding will drive them away. In all this old man's life, most of the people I have seen have been like this. Now that this Public Denunciation has been issued, anyone who could still come to look in on me is a benefactor to this old man."

Pang Yu did not interrupt. Ruan Dacheng's gaze remained on the swaying weeping willows outside the window. After a long while, he sighed and said, "In the end, it is still because this old man himself has reached a dead end, so others all come to bully you. Ultimately, one must still strive on one's own. As for the various parties involved within this, they have all suffered grievances this time. Even if this old man helps go and explain, in their hearts they will still harbor anger and resentment toward you. But you must not, in your urgency, insist on dissolving all that anger and resentment clean away — that would simply be a waste of silver. This Public Denunciation was not posted by you; at most, you are only implicated. Whether it is Elder Zhou, Commander Zhu, Mr. Yushan, Elder Feng, or Zhang Pu — you have now slain the Bandit Slaves in battle and your name shakes the realm. Whatever use you were to them before, you are still that use to them now. How they treat you depends solely on the stakes involved. You make your words clear, give them full face, and patiently wait for the resentment in their hearts to pass. Then things will be just as they were before."

Pang Yu nodded. "Ruan Xiansheng's noble sense of honor — this Latecomer Student will one day surely see justice done for you, sir."

……

"The Times has resumed publication after reverting to the old format. The Newspaper Office says to distribute as many copies as possible, so that fewer people will see that reformatting Public Denunciation. Since the Public Denunciation was issued, Liu Shensi has reported sick leave to the Newspaper Office and has lately been staying at Zhou Biao's residence. Because of the Public Denunciation affair, he has been hailed by the Restoration Society as a righteous hero and is the man of the hour in the Southern Capital. Society members here for the examinations all consider it an honor to invite him to their banquets, and he has social engagements almost every day."

In the meeting room on the third floor of the Great River Silver Bank, Pang Yu sat upright in the seat of honor. Jiang Fan, just arrived from Anqing, sat on the right side. Liu Ruogu, Xu Da'er, and Zhou Yueru were also present.

Pang Yu looked toward Xu Da'er. "Find out what benefit Zhou Biao gave Liu Shensi."

"There are two pieces of intelligence saying Zhou Biao promised to get him a pass in the examinations. It has been confirmed that Liu Shensi did register for this year's Provincial Examination; the favor was likely sought with the Education Intendant's side." Xu Da'er paused, then said, "This Liu Shensi eats from the inside and works for the outside. Should we just directly…"

Pang Yu turned to look at Jiang Fan. "Jiang Fan, what do you think?"

"Zhou Biao and Liu Shensi are both in Nanjing. Taking their lives would be very easy, but in my view, it is inadvisable at present. Liu Shensi is a member of the Restoration Society. The Silver Bank used him and the Hezhou experience to spread credit, and it was published in the Times three times. Outsiders may not know who Liu Shensi is, but among the scholars of the Southern Capital, nearly everyone does. Apart from the Times, our Silver Bank relies heavily on the Restoration Society. Liu Shensi's death would be no loss, but if someone seizes on it and won't let go, Zhou Biao could very easily drag the Silver Bank into it. The gain would not be worth the loss."

Pang Yu nodded slightly. When the Times first went on sale, its content and distribution channels both depended on the Restoration Society. Even now, it often devoted a full page to publishing Current Affairs Essays, specifically targeting the scholar demographic — because their families were generally quite wealthy, and the Silver Bank's advertisements were also aimed at them. To Pang Yu, the Restoration Society was both a collaborator and a major client.

Jiang Fan continued, "My concern is that Wu Yingji, Chen Zhenhui, and that group are merely being manipulated by Zhou Biao. On the surface, the Public Denunciation is aimed at Ruan Dacheng, but whether it is secretly targeting Zhang Pu or that major affair of Elder Zhou's is impossible to know at present. The Public Denunciation has just been issued, and examination candidates from all over are gathering — it is the very crest of the storm. Zhou Biao may well be hoping that we take Liu Shensi's life, so that riding the wave of the Southern Capital Provincial Examination, he can blow the matter up and then drag it into that affair of Elder Zhou's."

Liu Ruogu stood up and said, "This humble one will also say a word. Though it does put Ruan Xiansheng in a difficult position somewhat, the best course at present is to minimize the major issue and not let it implicate the great matter of the joint endeavor — otherwise the gain would not be worth the loss. As the Provincial Examination draws near, these scholars will have to pursue their own futures, and this matter will fade. Dealing with it then would be more appropriate. Secondly, Liu Shensi is a member of the Restoration Society, and the Times is nominally jointly run by us and the Restoration Society. Wu Yingji is the deputy chief editor. Under the present circumstances, he cannot be allowed to continue as deputy chief editor. And as for how to deal with Zhou Biao — these three are all Restoration Society members. We must first sound out Zhang Pu's opinion, otherwise it will also affect that major affair."

Pang Yu clasped his hands together. After a long moment, he looked at Jiang Fan and said, "Get clear details on the favor Zhou Biao solicited. No matter whom he solicited, Liu Shensi absolutely must not pass the Provincial Examination."

"This humble one understands."

Pang Yu picked up another sheet of Petition Paper from the table. "Now, the matter of Huai'an. Liu Ruogu, brief everyone again."

"The salt merchant demanding to exchange two hundred thousand in Banknotes is surnamed Chen, a producer merchant from Huai'an. The Huai'an Silver Bank's preliminary inquiries show this man does not have such financial strength. The Hangshang he deals with are the Huang Family and the Wang Family. We suspect these two families are behind it. Ruan Dacheng has arranged a face-to-face talk with the Hui Gang people. Their coming to exchange Banknotes at this moment — one, it says they have plenty of silver and great power, so they won't be at a disadvantage when negotiating with you, sir. Two, by exchanging now, once they have the two hundred thousand in Banknotes in hand, they can redeem them at any Silver Bank along the river, forcing us to transport ready silver. If they harbor ill intentions, from then on we will be run ragged. What they really intend is impossible to know, so whether to exchange for them or not is reported for you, sir, to decide."

"How many of their boats have we detained?"

"Nine are currently detained. The Hui Gang's sales routes are mostly in Huguang and Jiujiang, so most were seized and detained on the Anqing to Jiujiang stretch. When they load boats in Huai'an, they never go through the Canal Gang. Neither legitimate salt nor Private Salt transactions use Banknotes, so they never fly a flag."

Pang Yu looked at Liu Ruogu. "They deal in Private Salt too?"

"They do. Besides the salt business, they also run money shops. If you add up the entire Hui Gang, they may have more ready silver than we do."

Pang Yu mused, "The person Ruan Dacheng arranged to meet is from the Wang Family, so the one behind this in Huai'an is most likely the Wang Family. From what Ruan Dacheng implied, he can represent the Hui Gang salt merchants."

Jiang Fan said in a low voice, "We have found out that this Wang Ruqian is the second among the Wang brothers. The man himself is quite literarily talented; ordinarily he does not do business in Huaiyang but resides permanently in Hangzhou, associating with men of letters. This time he first approached Qian Qianyi, and through him contacted Ruan Xiansheng. Their choosing Huai'an — it is the salt merchants' old den and also the station of the Canal Transport Governor. Transporting ready silver is no worry. And with this Public Denunciation issued, implicating Commander Zhu within it, the Hui Gang's choice of this moment is certainly deliberate. At the very least, Commander Zhu will lean toward them."

Pang Yu shifted his gaze to Zhou Yueru, seated at the far left end. "Manager Zhou oversees Coupon Issuance. This Huai'an transaction — do you think we should exchange for them or not?"

Everyone looked toward Zhou Yueru together. Zhou Yueru froze for a moment, then somewhat flustered, straightened her Petition Papers. After a moment, she finally raised her head and said, "The Silver Bank opens its doors to do business. Anyone can exchange Banknotes. If we refuse to exchange for him just because his power is great, then you, sir, will have lost the upper hand. We detain his boats on the river precisely to make the Hui Gang convert to Silver Notes and Banknotes. Now they have come. They haven't yet said they would pick some remote place to stage a run; they are merely exchanging two hundred thousand taels' worth of tickets at once. If we don't even dare accept that, we instead reveal our true situation and earn their contempt. Then they really will stage a run. There are plenty on the river who don't want to use Banknotes and Silver Notes, especially in the Lower River region. If salt can be exempted, then Wuhu's Steel, Huzhou's silk, Songjiang's cloth can all be exempted. The Upper River's Rice and Beans can be exempted too. Once the rule is gone, no one will use it. What was the point of issuing Banknotes in the first place?"

When Zhou Yueru said "two hundred thousand taels," her tone was calm. Pang Yu couldn't help but look up and size her up for a moment. Hearing this, he nodded.

Zhou Yueru's face was a little flushed, but she continued, "They have come to probe your bottom line, sir, and to probe the Silver Bank's bottom line. Now they at least know that Huai'an doesn't have two hundred thousand in Banknotes, so they can also guess that the various points along the river are much the same, and most likely don't have two hundred thousand in ready silver either. Furthermore, it was we who wanted them to exchange. Now that they come to exchange, they haven't said they want a run; on the surface, they are still giving you face, sir. They are also telling you, sir, that they can casually mobilize two hundred thousand taels of silver. In the end, it's the same principle — all these displays are for negotiating with you, sir."

The several people attending the meeting in the room all showed a trace of surprise, as if Zhou Yueru had never been so assertive before, much less expressed herself so clearly.

Pang Yu pondered for a moment, then said, "Yueru makes a valid point. The Hui Gang's strength is not insignificant, but on the Great River, we are the ones who set the rules. We open our doors to do business. Since they have come to exchange Banknotes, exchange the full amount for them. The Dark Sentinel Division is to concentrate its forces on Huai'an. We need clear intelligence — apart from this Chen-surnamed salt merchant, exactly which other salt merchant families are plotting this matter, how they intend to use this batch of Banknotes, and where they will be stored. I want to have a clue before I reach Hangzhou."

Jiang Fan immediately said, "This humble one accepts the order."

Pang Yu stood up and smiled. "Now I'm actually a little eager to meet this Mr. Wang sooner."