Coming out from the coal fields, everyone rode along the pathway beside Peach Stream River, escorting the Third Imperial Prince back to the military prefecture offices.
At this time, they encountered Shen Yang, Li Zhigao, Zhou Yuan, Zhang Qian, Guo Liang, Gao Chengyuan, and others. Yang Yuanpu directly brought up Han Qian’s suggestion that the Tunying Military Prefecture utilize the streams and rivers at Baohua Mountain’s southern foot to build hydraulic machinery on a large scale.
Shen Yang and Li Zhigao supported this.
Tunying had little land but many people. Even if five or six thousand elite troops were transferred north to participate before winter, the military prefecture still had large amounts of surplus labor that could be deployed.
If they could undertake more tasks from outside, the Tunying Military Prefecture could have more income, and the living conditions of the garrison households and soldiers could improve somewhat.
Zhou Yuan, however, wished he could point at Han Qian’s nose and curse him out.
What Han Qian could accomplish, he might not necessarily be able to do.
Damming streams to build reservoirs, constructing continuous-trip hammers, water wheel mills, and such—if these were truly easy, wouldn’t the low mountains and hills surrounding Jinling city be filled with water wheel mill houses everywhere?
Although there were some water mill houses outside Jinling city, how many were there in total?
However, Zhou Yuan couldn’t say he was incapable either. His face somewhat stiff, he didn’t know how to respond.
“Not to mention the counties of the capital region—Jinling city alone has nearly 500,000 people, all suffering from the hardship of hulling their rice and grain. This is also an important factor in Jinling’s expensive rice prices. If Director Zhou can build twenty large water wheel mills or fifty medium water mill houses before year’s end, hulling a thousand dan of rice daily, besides being able to support many people, next year it could approximately increase the military prefecture’s harvest by three to five thousand dan of rice and grain. In this matter, Director Zhou must grit your teeth and accomplish it!” Han Qian didn’t forget to encourage Zhou Yuan, practically wanting to wave a small flag and cheer for him.
“Does Director Han know how much this matter will cost?” Zhou Yuan stared at Han Qian coldly and asked.
“If I were in charge of Works Office affairs, I could barely manage to accomplish it,” Han Qian said with a mocking smile.
Zhou Yuan was so angry he wanted to lunge forward and bite Han Qian.
“Zhou Yuan, do you have confidence in accomplishing this matter?” Yang Yuanpu stared at Zhou Yuan and asked. He also didn’t want to give Zhou Yuan an escape route.
“Zhou Yuan is willing to sacrifice everything for Your Highness,” Zhou Yuan could only grit his teeth and agree first.
“Good. Within the military prefecture, all garrison households without assignments are at your disposal. If you accomplish this for me before year’s end, there will be generous rewards,” Yang Yuanpu also knew that to establish authority within the Dragon Sparrow Army, he should directly intervene in the affairs of various offices. This way he could administer rewards and punishments, rather than sitting high above merely as decoration.
Having pushed Zhou Yuan into the pit he had dug, Han Qian said to the Third Imperial Prince again, “Your Highness, Han Qian has another matter requiring Your Highness’s permission before it can be implemented.”
“What matter?” Yang Yuanpu asked.
“The workshops wish to borrow funds and grain from the outside world in Your Highness’s name to address the current emergency,” Han Qian said. “Currently, the Shitang River warehouse has been completed. With goods coming and going, the surrounding neighborhoods have all heard of it, yet few people know the warehouse is property of the Linjiang Marquis’s household. I want to widely announce this in Your Highness’s name, then have the warehouse promise generous interest to the surrounding neighborhoods, borrowing funds and grain for business operations…”
The previous dynasty had established money-lending officials, making official lending a common practice. However, conversely promising generous interest and borrowing funds and grain from the common people was rare—when the government truly lacked money, didn’t they just cleverly devise pretexts to directly extort it?
If the Left Bureau had truly reached the point of being stretched thin, borrowing funds and grain for emergency use wasn’t unreasonable.
However, private lending defaults were common occurrences in this era. From Han Qian’s meaning, everyone heard he wanted to use the Third Imperial Prince’s name to widely borrow from common people in the streets and markets, not limited to specific targets.
Although the Xinchang Marquis, the Black Gauze Lady, Yao Xishui, and others weren’t present, Shen Yang, Li Zhigao, Zhou Yuan, Zhang Qian, Chai Jian, and others all understood practical affairs. Even Li Chong could quickly figure out why Han Qian suddenly made such a suggestion.
With the Left Bureau’s personnel constantly expanding, they had long ago been completely unable to sustain it, hadn’t they?
However, without giving others a chance to question Han Qian, Yang Yuanpu directly asked him:
“Promise generous interest? How much interest will you promise, and how can the warehouse continuously provide interest without fearing inability to continue?”
Yang Yuanpu didn’t ask about Han Qian’s purpose in borrowing money using the Linjiang Marquis household’s name. He was more concerned about whether the Left Bureau could accomplish this matter.
“I plan to raise 30 million coins through loans. First, to fund the fleet’s round trips between Jiang and Huai regions, compensating for shortages. Second, to supplement the workshops’ capital. Giving four fen monthly interest, the total annual interest would be around 14.4 million coins. The Left Bureau should be able to barely sustain this. Your Highness need not worry,” Han Qian said with a calm expression.
Private lending rates in this era were extremely high. According to law, as long as it didn’t exceed “one principal, one profit,” the government couldn’t interfere. The so-called “one principal, one profit” was actually a 100% annual interest rate—much more lenient than high-interest loans thousands of years later.
In the previous dynasty’s money-lending official system, the government provided capital and collected eight fen monthly interest, with an actual annual rate as high as 96%.
If anyone in the government was forced to take on this assignment, they had to desperately apportion and collect to complete the task. Many even went bankrupt over it. At the same time, although many wealthy households were willing to voluntarily assume this position, these wealthy households mainly used their own money to subsidize the official interest in order to exchange for corresponding honorary ranks and titles after completing their term.
The current dynasty’s Ever-Normal Granary Orders established for various armies had the same nature as money-lending officials, but the official interest rate was somewhat more lenient—yet still required annual payment of 60% interest…
When Han Qian forcibly assigned the Dragon Sparrow Army’s Ever-Normal Granary Order duties to Feng Yi and Kong Xirong and delivered 800 dan of tea calculated as 4 million coins in capital to the Feng family, this meant the Feng family had to pay 11.2 million coins including principal and interest over three years to prove Feng Yi and Kong Xirong had performed their duties competently.
Moreover, this money couldn’t possibly fall into Han Qian’s or the Left Bureau’s pockets.
The Dragon Sparrow Army’s ability to establish Ever-Normal Granary Orders was an important channel for raising military funds. Except for the principal, the interest had to be incorporated into the Granary Office’s overall planning.
This was interest forcibly apportioned by the government. Private lending was somewhat lower but definitely not much lower.
For this reason, unless absolutely necessary, no one was willing to borrow.
Otherwise, wouldn’t Shen Yang, Xinchang Marquis household’s Li Pu, and Li Zhigao have thought to borrow extensively to resolve urgent needs?
Borrowing was naturally easy. The various armies together had over a hundred money-lending officials who wished they had places to lend out the government-provided capital. This way they could not only complete their tasks but also obtain noble ranks upon completion. However, with the official annual rate of 60% interest, who could bear it except those who truly wanted to purchase ranks through this channel?
Not only were the Xinchang Marquis household and the Wanhong Pavilion unwilling to borrow, lending was actually one of their important sources of income.
However, all this also meant that if Han Qian wanted to establish peer-to-peer lending, if the interest rates offered were too low, he simply couldn’t raise the money.
Giving four fen monthly, converted to a 48% annual rate—this could only be considered a relatively reasonable lending rate among common people. But with such high interest, it was usually only borrowed for urgent needs, or to lend out at even higher rates. Otherwise, in this era, which household would be willing to bear such high borrowing interest on a large scale?
……
……
In any case, Zhou Yuan’s first thought was to oppose this matter.
When Chai Jian, Li Chong, and others heard it, they also frowned deeply. Yesterday Han Qian had recklessly wanted to massively expand the Left Bureau’s power. Today he wanted to use the Linjiang Marquis household’s name to immediately seize 30 million coins under the pretext of borrowing. Where in the world was there such a good deal?
Only Li Zhigao secretly signaled them with his eyes, telling them to remain calm and not be hasty.
Li Chong wanted to say something, but seeing that after the Third Imperial Prince heard Han Qian’s words, he only looked hesitantly at Shen Yang without any intention of seeking their opinions.
Li Chong also understood—Big Brother wanted them not to rush to oppose, to avoid again destroying the Third Imperial Prince’s trust in them. Clearly the Third Imperial Prince was intentionally allowing the Left Bureau to expand its power.
Therefore, the Third Imperial Prince was more concerned about whether this matter was feasible.
If they rushed to oppose at this time, how would the Third Imperial Prince view them?
Seeing the Third Imperial Prince look inquiringly his way, Shen Yang glanced at Han Qian, pondered briefly, and said, “If it’s only raising 30 million coins, Director Han can perhaps manage it.”
Hearing Shen Yang say this, Yang Yuanpu nodded and said to Han Qian, “This matter can indeed succeed. You may proceed freely with the preparations.”
Li Zhigao frowned slightly, but seeing that even Shen Yang said it was feasible, he wasn’t in a position to directly say anything at this time.
Chai Jian, Li Chong, and others led the Guard Battalion to first escort the Third Imperial Prince back to the city. Li Zhigao, Zhou Yuan, Guo Liang, Zhang Qian, and others, even if they had doubts in their hearts, temporarily suppressed them and took their leave to attend to their own affairs.
Shen Yang stopped Han Qian, stared at his face, and asked, “You seem certain that victory or defeat will be decided within three years?”
“Since you believe I can’t sustain such a large operation, why not directly make this clear to His Highness?” Han Qian asked with a smile.
“If based on the current situation, I don’t think you can last three years. But so many things happened in the past year—who knows what might happen in the next three years?” Shen Yang sighed lightly and said, “I only hope that after the Left Bureau grows powerful, you won’t forget your father’s sincere heart toward the plague-stricken refugees?”
Han Qian didn’t respond to these words. He only cupped his hands in salute to Shen Yang, then mounted his horse and, surrounded by Zhao Wuji, the cross-dressing Zhao Ting’er, Xi Ren, and others, galloped toward the Qiuhu Mountain Villa.
Facing the setting sun, riding along the pathway on the east side of Peach Stream River toward the manor, Zhao Ting’er still couldn’t help asking, “Fundraising on such a large scale with such high interest—can Young Master truly sustain it?”
“What if I can’t sustain it?” Han Qian narrowed his eyes at the no-longer-glaring sunset and said with a smile.
“Director Shen Yang actually thinks it’s quite precarious, so why did he speak in your favor?” Zhao Ting’er asked.
“What do you think?” Han Qian turned his head and asked Zhao Ting’er with a smile, then said to Xi Ren who was listening intently nearby, “This is today’s question for you both. If you can answer it, you’ll be about ready to handle matters independently.”
Xi Ren couldn’t figure it out but frowned, showing disdain.
Zhao Ting’er furrowed her delicate brows and asked, “Why would Director Shen Yang think you judged that victory or defeat must be decided within three years?”
“It’s simple. Director Shen Yang believes that even if we play the trick of borrowing new to repay old, we can actually only sustain it for three years at most,” Han Qian said with a smile. “So Shen Yang thinks I believe the succession struggle will definitely be decided within three years.”
“So that’s it!” Zhao Ting’er suddenly understood. “Three years later, if the Third Imperial Prince wins the succession struggle, never mind 30 million coins—even if the Left Bureau can’t sustain a 300 million coin operation, it’s a small matter. At that time, at worst we can randomly raid a few wealthy households and naturally balance the accounts. But three years later, if the Third Imperial Prince fails in the succession struggle, everything becomes nothing. We’ll have difficulty even preserving our lives—who’ll still care about whether we can sustain this operation? Perhaps Director Shen Yang thought the same way, which is why he didn’t make it clear to His Highness?”
“This irresponsible mentality of yours is truly unacceptable!” Han Qian laughed heartily.
“Clearly this is what you’re thinking in your heart, Young Master, yet you’re blaming it on me?” Zhao Ting’er said coquettishly.
“Hmph! You all say the Xinchang Marquis household is doing everything possible to control the Left Bureau—how could they let you easily succeed?” Xi Ren knew that if money could truly be raised through this channel, Han Qian definitely wouldn’t stop at 30 million coins. Seeing Han Qian and Zhao Ting’er, master and servant, looking so triumphant and carried away, she couldn’t help speaking out to deflate them.
“Guiding according to circumstances, a momentum that cannot be stopped,” Han Qian said lightly. As long as the Left Bureau still had some use, he didn’t believe Li Pu and the Black Gauze Lady could prevent him from doing anything at this time.