Chapter 487: The Salt Market (Part 1)

Once the idea of the salt market took hold, it was easy to draw parallels and expand on it — Ruhui, for instance, thought of many more applications.

They had barely drunk half a cup of tea when a steward from the Yangzhou contingent stood up and said with great caution, "Master Jin, I've been staying here for over ten days and constantly hear the clerks praising the bustle of He Family Village market. Would it be possible for Master Jin to lead us all over for a look, so that I and the various proprietors here can get a sense of how the future salt market will be organized?"

The man spoke so carefully that many turned to look at him, recognizing him as the house steward of a minor Yangzhou salt merchant. The merchant's surname was Wang, and the steward had taken the surname Wang as well. Had this salt merchant not still held a small number of fixed official salt warrants, he would already have been treated as a salt bandit trafficking illicit salt, and few held him in any regard.

No one paid him any mind; he had kept to himself the entire time here, with only two servants at his side, both of whom he had sent to stay in Little Stone Village to save on lodging costs. This shabby appearance only deepened the contempt — no one even bothered to speak to him.

Earlier, a few had remarked that this family was lucky to have caught the very first wave of the salt market, and might well manage a modest turnaround.

But for him to speak up at a moment like this only grated on everyone's nerves. They were all in a rush to head back — who had the leisure to go look at some market? A village market, at that — what could possibly be worth seeing? After ten-odd days here, they had long since seen everything worth seeing. And to have the gall to casually say "Master Jin leading us all" — who did he think he was!

Yet that last remark of Steward Wang's had stirred their interest. This He Family Village market was also set up by Zhao Jin, so the future salt market would surely follow much the same model. Going for a look would help them plan ahead. Still, Steward Wang had spoken with no sense of proportion, actually asking Master Jin to lead them. Given Master Jin's standing, having a subordinate steward or attendant guide them would already have been a great courtesy.

Zhao Jin, seated there, glanced at Steward Wang, a smile appearing on his face. He exchanged a look with the companions beside him, nodded, and said, "Very well. Allow me to play the host. Everyone, follow me."

A slight stir rippled through the crowd — Master Jin was actually giving face to this tactless Steward Wang. On Steward Wang's face, a flash of delight was instantly replaced by far greater trepidation, and he hurriedly cupped his fists and bowed, saying, "I am indebted to Master Jin, indebted to Master Jin!"

The group filed out of the inn once more, though aside from Zhao Jin, only Wang Zhaojing and Ruhui stayed at his side; the other companions all dispersed to attend to their own tasks. Naturally, no one could find fault — having Master Jin himself lead them was already an honor; did you expect every one of the young masters to accompany you? They changed direction, and before they had walked far, they arrived at the market.

The Yangzhou contingent had grown bored over their ten-odd days in He Family Village. They had wandered every corner of the village and its surroundings, save for the restricted areas where entry was forbidden, and had strolled through this market more times than they could count. But their previous visits had been idle wandering; this time, they could see much more.

The market was, in truth, a village unto itself — broad streets, rows of simple but orderly houses, and specially built open-sided sheds for the stall vendors. Merchants of every kind gathered here, yet the streets were very clean, with people moving about at intervals to sweep away rubbish and debris. Squads of sturdy men in black, carrying short cudgels, patrolled in formation; anyone committing a crime or getting into a dispute would promptly be dealt with.

"... Over here is the public scale. If there's any dispute over weight, this scale is the final word..."

"... Both shop rentals and stall rentals require payment of rent and sundry fees. All the market's operating expenses are drawn from these..."

"... That over there is the tea shed. It's stocked with cooled boiled water and heatstroke medicine. Not needed now, but it will be useful once the weather turns hot and the heat grows oppressive..."

"... Oh, you ask why no cups are provided? Anyone who wants to drink water here must bring their own cup. If someone comes on the spur of the moment, a cup will be given to them..."

Zhao Jin did not go into a detailed explanation — that the temporary cups were scrubbed clean and then soaked in boiling water. What seemed like a fussy precaution actually prevented the spread of certain epidemics. With more and more people gathering in this market, an outbreak of disease would be a serious problem. But these measures were dismissed as overly fastidious, the affectations of the rich, and he could not easily explain them in detail.

When they first arrived, most of the Yangzhou salt merchants and stewards had been distracted, but the more they looked, the more intently they focused, nodding frequently at Zhao Jin's explanations. If this was the model, the future salt market would be no lesser.

Some even began to think that Yangzhou could set up something similar, rather than negotiating in the great hall of the Salt Guild or having terms dictated in the prefectural yamen. With a salt market like this, a titan like the Feng family would be unable to manipulate the salt trade.

That they could see all this and draw so many conclusions was entirely thanks to Steward Wang's courageous request. Unconsciously, everyone's attitude toward Steward Wang improved considerably. Steward Wang, sensing an opportunity, pushed forward with all his might and had already made his way right behind Zhao Jin.

Besides the storefronts and the stalls under the open-sided sheds, there were also hawkers who set up shop right on the ground along the street — these were villagers from nearby hamlets earning a bit of pocket money. Those allowed to set up stalls here were all from the villages under the joint defense pact. Zhao's Camp was quite lenient toward them: for each visit, they only had to leave behind one item from their goods as a sundry fee — meaning a flatbread seller need only leave a single flatbread.

"Master Jin, what is that place over there?"

"That is where one can issue silver notes," Zhao Jin answered with a smile. That storefront looked entirely different from the other shops along the street — far more solemn and imposing, it stood out conspicuously on the market street.

The salt merchants and stewards from Yangzhou buzzed with astonishment; they had never imagined that in this region of Xuzhou, there would actually be a place that could exchange silver notes.

Silver notes had only appeared in the final years of the Jiajing reign, a method devised by Shanxi merchants, and had only begun to gain currency in the middle of the Wanli reign. Their use, however, was not widespread — in the north, only in Shanxi and the great thoroughfare cities along the Grand Canal, plus the wealthy regions of Jiangnan and the key towns along the Yangtze. To put it plainly, it was the Grand Canal and Yangtze basins, plus Shanxi, which had grown rich through the grassland trade.

Fujian and Guangdong also used negotiable instruments widely, but that was a different system. The local magnates, maritime traders and pirates, the various European colonizers, and even the civilized tribal chieftains of Southeast Asia and the overseas Chinese merchants there — they all recognized the instruments issued by the Indian Brahmins, which were treated as equivalent to hard silver and had long since established their credit.

Traveling to trade in distant parts while carrying large quantities of gold and silver was highly inconvenient, and even more likely to attract the attention of criminals and bring disaster. With the Xuzhou salt market established, vast amounts of salt would flow in, and vast amounts of silver would flow in from elsewhere to buy it — how to bring that great quantity of silver back and forth was likewise inconvenient and unsafe.

They had never expected to find a piaohao here. When the Grand Canal had shifted its course from Xuzhou to Pizhou, silver notes had only just begun to appear along the canal route, and Xuzhou had swiftly declined thereafter, leaving it with no possibility of ever using silver notes or piaohao.

No one had imagined that here, in the market of He Family Village, there would actually be a piaohao. This would make things far more convenient for everyone.

"Master Jin, could you take us all over for a look?" Steward Wang was a little nervous, and a little excited as well. His words voiced what everyone was thinking; they were all intensely curious.

Zhao Jin nodded and strode in that direction. The salt merchants and stewards grew even more courteous toward Steward Wang, urging him forward to the front of the group. Someone even murmured in a low voice, "No wonder Zhao's Camp is so formidable in battle — these young masters still haven't taken off their armor even now."

"My piaohao currently has only one shop with which it can mutually exchange notes — the Sun Family Trading House in Yutou Town. Notes up to around three thousand taels can be redeemed for silver in cash at any time," Zhao Jin explained with a smile.

The Sun family had tribute grain exchanged for liquor there, as well as grain purchasing and wholesale liquor sales, so the silver flowing in and out was considerable. The Sun Family Trading House and Zhao's Camp were essentially one entity and trusted each other implicitly, so they had directly adopted this silver note method — a certificate issued at either end could be honored at the other.

"That's convenient enough! Silver can be redeemed or notes issued at the Sun house, and there are other piaohao in Yutou Town as well!" everyone said, laughing.

Yutou Town lay right along the Grand Canal and was a prosperous, wealthy junction town, so naturally such convenient instruments as silver notes were available there. Cashing or depositing silver merely required an extra transfer step at the Sun Family Trading House. Though it added one more layer of procedure, it was still far more convenient than carrying large amounts of silver in person.

The group walked over and could see two hawkers selling dried fruits and snacks in front of the shop door — the shop's patrons were considerably wealthier than the market stall customers and naturally had a demand for such things. There were also a few vendors selling local specialties, enthusiastically calling out to customers. Though there were designated stalls under the open-sided sheds, some people still seized every opportunity to squeeze in.

On the rooftop across from that piaohao, on the side facing away from the street, a figure was slowly climbing downward. He carried an oilcloth sack on his back, its shape faintly suggesting a bow.

This archer's surname was Wu and his given name Biao. He had originally been a soldier in the Liao garrison, but the Li clan's exploitation had been so brutal that during a border raid for plunder, he had swallowed a sum of money and fled. He had made his way all the way to South Zhili, where he had scattered and spent all his money clean away. Fortunately, his skills remained, and he used them to sell his life for coin.

In street brawls or bloody feuds in the rivers and lakes, whichever side had a bow on their side held a massive advantage. Wu Biao, being a military man by training, knew how to pick his position and shot true. Job after job, his reputation grew.

By now, hiring this Wu Biao to act cost no less than ten taels of silver, and after the deed, each arrow cost an additional two taels. Yet everyone was still willing to hire him, because hiring him meant certain victory — every single arrow guaranteed a human life.

Now Wu Biao had taken up with a retired singing girl from the pleasure boats and had found a residence for them in Yangzhou city. It looked as though he meant to settle down for the long term, and his asking price had risen considerably from before.

For this job, however, Wu Biao had taken a deposit alone of three hundred taels, with another five hundred taels to come after the deed. Seeing the sums involved, Wu Biao knew the target was no easy mark, and he knew even more that the one putting up the silver was not someone he could afford to offend.

Thinking of his woman, now with child, and the prospect of a long and peaceful life ahead, Wu Biao had accepted the job. He had been placed as a retainer under a certain salt merchant, and after arriving, he had spent his days idly wandering until he found this suitable spot.

The place to strike was Wu Biao's to decide. He had chosen this spot opposite the piaohao precisely to provide a pretext for luring Zhao Jin over. Though the piaohao was an important location, the grain shop opposite it was very loosely guarded and easy to slip into.