Chapter 675: This Is a Coup!

Zheng Zhilong could scarcely believe his own ears!

Zheng Sen was actually expressing gratitude — thanking Emperor Zhu for appointing him Grand Envoy for Southern Ocean Trade and concurrently Military Commissioner of the Dongning Army! How could a son behave like this? Could he still call himself a filial son?

By cheerfully taking over the Quanzhou and Taiwan operations, Zheng Sen had in one stroke cut off Zheng Zhilong's retreat!

For if Zheng Sen became Grand Envoy for Southern Ocean Trade and Military Commissioner of the Dongning Army, then what was left for Zheng Zhilong?

He could only become Minister of Revenue — otherwise he would be placed under house arrest by Zhu Cilang!

Only now did Zheng Zhilong come to his senses: what he had walked into was not merely the Ministry of Revenue's pit and the chamber-pot of the vassal debt, but a coup d'état. His rule over Quanzhou and Taiwan had already been overthrown by the collusion of Zhu Cilang and Zheng Sen — who would have thought that Zheng Sen, who had studied so much of the sages' doctrine under Qian Qianyi, was in truth an unfilial son!

No wonder Zhu Cilang thought so highly of him. Birds of a feather flock together!

Had he known, he would never have brought him back from Japan all those years ago!

Though he now knew the truth, Zheng Zhilong still could not resist, because Zhu Cilang did not intend to abolish the Quanzhou vassalage — only to change its lord, and moreover to install Zheng Zhilong's own heir Zheng Sen. For the entire Zheng clan, the benefits of replacing Zheng Zhilong with Zheng Sen were obvious: first, it confirmed the hereditary succession of the Dongning vassalage's military commissionership; second, it drew the Zheng vassalage closer to the court — Zheng Sen was, after all, the eldest senior disciple!

With Zheng Sen as lord, everyone in the Zheng clan could make money in peace.

So even Zheng Zhilong's own brothers and cousins would not side with him in this father-son struggle. What could Zheng Zhilong possibly do?

"Old Father-in-law," Zhu Cilang said, the gloom on his face swept clean away and replaced by a warm smile, "the post of Minister of Revenue is one you are most suited to fill, and the Dongning Military Commissionership is likewise most suited to the eldest senior disciple, for the one We trust most is none other than the eldest senior disciple!"

Zheng Zhilong's heart trembled at these words. To trust Zheng Sen most meant that he did not quite trust this father-in-law of his!

That was why he would use the more reliable Zheng Sen to replace him in controlling Quanzhou, Taiwan, and the Zheng family fleet.

"This subject — this subject is willing to take charge of the Ministry of Revenue, but this subject — this subject is a military man and a merchant, not a civil official." Zheng Zhilong stammered, still reluctant. "I fear it will invite criticism!"

The trap could not have been more neatly laid! Zheng Zhilong's army and territory had been taken by his filial son Zheng Sen, and now he himself had to go help his good son-in-law Zhu Cilang fill the bottomless pit of the Ministry of Revenue!

"Old Father-in-law need not worry," Zhu Cilang said. "Wu Xiang is also a military man, and is he not doing well at the Ministry of War? No one criticizes him either!"

How could the two be the same? Zheng Zhilong thought to himself: the Ministry of War was by nature concerned with military affairs, and in this age of great contention, appointing a military man was quite fitting. But the Ministry of Revenue had always been the domain of civil officials!

"Moreover," Zhu Cilang paused, "moreover, We shall soon reform the Grand Secretary system. Grand Secretaries ought to devote themselves to scholarship, not serve as cabinet ministers."

In fact, the Ming Grand Secretaries had never been concerned with scholarship. From the very beginning they had been the emperor's advisers, and later gradually acquired the power to draft edicts for the emperor, which was how they became assistant ministers.

But Zhu Cilang had now restored the chancellorship, and the work of drafting edicts had been returned to the Hanlin Academy, so the title of Grand Secretary had become a hollow one.

Yet this was not the reason Zhu Cilang reformed the Grand Secretary system. His purpose in reforming it was, in truth, to promote the advancement of Confucian learning.

"This subject — this subject can serve as Minister of Revenue," Zheng Zhilong said, out of options. "But this subject has many aides and managers, and it is by relying on them that this subject has been able to run Quanzhou and Taiwan and operate his commerce."

"Old Father-in-law, rest assured, We shall give you a quota of appointees!" Zhu Cilang said with a smile. "We will not send you to your post alone."

The reason so many senior civil officials of the Ming appeared incompetent was also connected to the Son of Heaven's fondness for "lone ministers." Even a good man needs three helpers — how could a good official manage without a host of good assistants? A lone minister, faced with a pack of crafty old career clerks, would be duped into looking like a fool.

So Zhu Cilang permitted heads of ministries and local chief officials to nominate a number of subordinate officials. Of course, not just anyone could be nominated; there was still a threshold — they had to pass the Ministry of Personnel's examination.

But Emperor Zhu could open a back door for Zheng Zhilong — Zheng Zhilong himself could not pass the Ministry of Personnel's examination, let alone his helpers. But the man truly knew how to manage money! Before Zhu Cilang came to power, the Zheng family's chief accountant managed far more money than the Ming Ministry of Revenue, and managed it well, making the silver grow ever larger. The Chongzhen Emperor's muddleheaded Ministers of Revenue ought to have spent a few years as apprentices in the Zheng family counting-house.

Although Emperor Zhu himself was quite capable of raising money — ranking first among all the emperors of the Ming — he still fell far short of Zheng Zhilong. Zheng Zhilong was a formidable man who had started with empty hands and fought his way to becoming the richest man in the Ming (perhaps the richest in the world), and he had done it without any golden finger. In later ages he would have been on the level of Li the Superman! How could Zhu Cilang compare with him?

So the Ming court's "CFO" could be none other than Zheng Zhilong!

Now that Zheng Zhilong had finally submitted, Zhu Cilang was overjoyed. He rose, walked over to Zheng Zhilong, took hold of his old, dark, rough hand, and grinned so wide he could not close his mouth.

"With Old Father-in-law in charge of the Ministry of Revenue, the Ming restoration may be said to have hope!" Emperor Zhu added. "We have already ordered wine prepared. Today we shall drink ourselves senseless!"

Zheng Zhilong's brow was still faintly furrowed. He asked Emperor Zhu: "Your Majesty, how should this vassal debt affair be settled?"

"Legislate!" Zhu Cilang said with a smile. "Mending the pen after the sheep are lost is still not too late! This vassal debt speculation ran wild entirely because there were no laws to restrain it. Therefore We intend to enact a Securities Law to regulate the issuance and trading of bonds, stocks, and futures. At the same time We shall enact a Banking Law to regulate the conduct of banks."

The Great Ming Securities Law and the Great Ming Banking Law had in fact long since been drafted. But the time to promulgate them had not yet come — only with a bloody lesson like the "vassal debt storm" would the market accept these two laws.

Zheng Zhilong hesitated a moment, then asked: "Then what of those who lost everything in the earlier crash?"

Zhu Cilang merely uttered eight words: "Set thresholds, and bear your own risk!"

The best means of protecting investors is to hold fast to the two great principles: setting thresholds and bearing one's own risk!

Emperor Zhu had worked in this very line in his previous life. Though no great star, he knew the important reasons small and medium investors suffered losses: first, there were no thresholds; second, they harbored illusions about the "Hand of God."

That was why he had set the face value of the vassal bonds at one hundred taels, and why he would not employ the "Hand of God" to make up the losers' losses — for doing so would only cause investors to lose even more in the future!

Good intentions can sometimes accomplish bad things!

Chongqing Prefecture, Bishan.

Since the onset of winter, over a hundred thousand laborers had converged from all parts of Sichuan under Shun rule upon an auspicious site in Bishan, near the Shun capital Chongqing — a treasure spot that Song Xiance had located by the art of gold-divining and point-fixing. If only Li Zicheng were buried here, it would secure the Shun's iron-clad realm for two hundred years!

So Li Guo had now conscripted laborers to build an imperial mausoleum for his father, who was two years younger than himself.

But the treasure spot found by Grand Strategist Song did not seem very efficacious: before the year's end, bad news arrived from downriver.

The Great Ming Emperor Zhu was about to attack Shu by three routes. The northern route, commanded by Wu Sangui, Governor-General of Sichuan-Shaanxi and concurrently Military Commissioner of Pingxi, would mobilize a great army of 150,000 from the Pingxi and Shuofang garrisons, setting out from Qishan or Dasan Pass to strike northern Sichuan.

The southern route, commanded by Ma Shiying, Governor-General of Sichuan-Guizhou and concurrently Governor of Guizhou, would mobilize a great army of 150,000 from the Chuandong and Chuanxi garrisons, setting out from Zunyi to attack Chongqing Prefecture.

The eastern route would be led by the Ming Son of Heaven himself in personal command, dispatching 200,000 troops through the Three Gorges to attack Kuizhou Prefecture.

The three armies totaled 500,000 — truly the force of Mount Tai bearing down!

Moreover, to raise military funds, Emperor Zhu had borrowed several million taels from the merchants and gentry of Huguang, and had appointed the world's foremost profiteer, Zheng Zhilong, as Minister of Revenue. The Shun's splendid realm was in grave peril!

And so Li Guo, the Shun Emperor, strolling within the still-unfinished Yongling Mausoleum of the Shun's Exalted Founder, could not help but let out a long sigh.

(End of Chapter)