Volume One, Chapter Two: Issuing Government Bonds

Silence. For a moment, the entire imperial court fell into utter stillness.

Especially those ministers upon whom Zhang Yan's gaze settled—each one felt the hair on their necks stand on end.

Could such words truly come from the mouth of a fool? How vicious they were!

Not to mention Zhang Wu, who still knelt nearby, stunned beyond measure.

‘Good heavens, has my foolish son become a venomous one now?’

He even began to suspect he was dreaming, so desperate was he for Zhang Yan’s affliction to be cured that he must have conjured such a dream.

“Your Majesty, this child speaks with alarming audacity. It is best not to heed the words of a simpleton.”

Xiao Changqing stepped forward and spoke.

“Scholar Xiao speaks true. Our devotion to the throne and country is unquestionable, but the method of confiscating family estates is truly shocking.”

“You wretch! Such poison in your words—does your mother know of it?”

Shen Qiuxue shook her head gently and murmured, “He has now offended nearly half the court.”

Yet among them all, only Jiang Zhiwan’s eyes shone with sudden brilliance, her thoughts racing.

For the past fortnight, these two matters had plagued her mind, yet on the court, these so-called pillars of the state could not produce a single workable strategy.

Though Zhang Yan’s proposal was ruthless, these ministers were hardly paragons of virtue, and she knew well that many resented her ascension as a woman.

Seizing this opportunity to give them a sound warning was, perhaps, a clever move.

“This too is a method worth considering. Why should I punish it? Unless, of course, my loyal ministers have a better plan?”

Indeed, Jiang Zhiwan’s gaze drifted across the ministers’ faces, as if truly weighing the viability of Zhang Yan’s strategy.

“This…”

No one had expected Jiang Zhiwan to respond so, and they all looked at one another, unsure what to say.

At last, Xiao Changqing steeled himself to make his presence felt before Jiang Zhiwan.

As the only top scholar in a century, he had pondered several solutions recently, though none were yet fully formed—now, he had no choice but to present one.

He cupped his hands respectfully, “Your Majesty, this minister has a plan.”

“Speak.”

Jiang Zhiwan turned to Xiao Changqing, her expression betraying a trace of interest. This top scholar was, after all, one of her trusted candidates.

So it was only by pressing them that new strategies would emerge.

Sensing Jiang Zhiwan’s interest, Xiao Changqing felt a surge of excitement.

“Your Majesty, though natural disasters abound within our borders, the southern regions remain prosperous. I propose we mobilize the wealthy merchants of the south, asking them to donate silver to relieve this urgent need.”

As Xiao Changqing spoke, he glanced at Jiang Zhiwan’s expression, finding little change there.

Instead, Zhang Yan let out a derisive snort.

“What are you laughing at?” Xiao Changqing demanded coldly.

Zhang Yan spread his hands. “Oh, nothing. I just thought of something amusing, that’s all. Pfft!”

“You!”

It was obvious to all—Zhang Yan was mocking Xiao Changqing.

“Ignorant child! Scholar Xiao’s plan is ingenious. You, a mud-playing simpleton, have no place to sneer at it.”

“Indeed, it seems the fool truly lives up to his name, unable to distinguish good from bad.”

“Foolish words from a foolish mouth—how fitting.”

“To disrupt the court merits punishment!”

Those ministers whose estates Zhang Yan had threatened to confiscate immediately turned their ire upon him, unleashing a barrage of condemnation.

Zhang Wu, beside himself with rage, glared at the ministers. “Damn you all, calling my son a fool when you haven’t even a single plan yourselves. Does that not make you worse than him?”

Zhang Yan glanced at his father—this old man was certainly protective.

The ministers sneered, unwilling to stoop to Zhang Wu’s level.

“Scholar Xiao’s plan is reasonable and can indeed address our urgent need,” Shen Qiuxue quietly affirmed, voicing her agreement.

A faint smile appeared on Jiang Zhiwan’s lips. “Scholar Xiao’s proposal is adequate. But I am curious—why do you, Zhang Yan, find it laughable?”

Zhang Yan’s own lips curved upwards. “Scholar Xiao’s plan is not without merit. In fact, it is quite similar to my second strategy. However, Scholar Xiao has forgotten something.”

“And what is that?” Xiao Changqing asked, only then realizing he had fallen into Zhang Yan’s rhythm.

Zhang Yan stepped to Xiao Changqing’s side and clapped him heartily on the shoulder. “Scholar Xiao, after all your years poring over the classics, have you forgotten? Merchants pursue profit. If you were forced to hand over your wealth, would you do so willingly?”

Xiao Changqing’s expression shifted as he considered the question.

But quickly he recovered, snorting contemptuously. “This concerns the nation. Since when can a merchant’s reluctance sway state affairs?”

“Indeed, Your Majesty, I too agree with Scholar Xiao. His strategy is worthy of a rising talent of our dynasty.”

At this moment, a venerable elder stepped forth.

“Grand Councillor Yang speaks true. Mere merchants—how dare they oppose the court?”

Zhang Yan shook his head. “Have any of you considered what would happen if the local gentry joined forces? All they need do is outlast the court’s urgent need for silver. Would the court really dispatch troops to seize it by force?”

“This…”

Grand Councillor Yang frowned, thoughtful. Suddenly, Zhang Yan’s reasoning seemed sound.

As a veteran of three reigns, Grand Councillor Yang understood well that violent seizure would only invite resistance and further weaken the court.

Xiao Changqing’s face darkened. “And do you have a way to make these merchants surrender their silver willingly?”

“Ah, but I do,” Zhang Yan replied with a sly grin.

Hearing this, Xiao Changqing’s expression grew even grimmer.

Zhang Yan turned to Jiang Zhiwan and smiled. “Your Majesty, my second strategy is precisely to replenish the treasury.”

“To persuade merchants to contribute willingly is not difficult—simply show them the profit.”

“Thus, the court should issue government bonds for merchants to purchase, redeemable in one year at face value plus twenty percent profit, guaranteed by the court. Naturally, merchants would be eager to buy.”

He looked at Xiao Changqing and smiled. “Do you understand, Scholar Xiao? It does not do to be too bookish—one must know what merchants desire.”

“You!” Xiao Changqing nearly spat blood in anger. “Returning the principal is well enough, but where is the court to find twenty percent profit?”

Zhang Yan sighed, wearing a look of disappointment. “Naturally, that too comes from the merchants themselves.”

“With these funds, the treasury will be flush. Not only can we confront Liang, but also provide greater support to the imperial merchants, enabling them to use this capital to wage a price war. With the court’s backing, no private merchant can compete with the imperial merchants. In time, the others will suffer heavy losses.”

“But the imperial merchants must not go too far—for only with competition does the market thrive.”

Silence fell once more upon the Golden Throne Hall.

To use merchants’ own silver against them—such cunning could only be called ruthless.