Travel back in time and become Chongzhen, watch me turn the tide

In the Ming Dynasty, merchants generally enjoyed a relatively benevolent environment. Since the founding of the Ming Dynasty by Zhu Yuanzhang, many restrictions on merchants have been relaxed to a certain extent.

Zhu Yuanzhang deeply understood the importance of merchants in "transferring goods and services," and their indispensable role in the exchange of goods and economic ties between the people and the government. Regarding taxation, he explicitly stipulated that "all commercial taxes shall be levied at one-thirty percent; those exceeding the limit shall be considered as violators of the law." This provision demonstrated moderate support for commercial development, and some items were even exempt from tax, undoubtedly providing a relatively relaxed tax environment for commercial activities.

However, deeply constrained by the traditional hierarchy of "scholars, farmers, merchants, and artisans," merchants were at the bottom of the social hierarchy and faced numerous restrictions and constraints. For example, in terms of clothing, they were strictly prohibited from wearing high-end clothing such as silk and gauze, and could only wear clothing made of silk and cloth, thereby highlighting their status difference from other social classes. In terms of career advancement, merchants faced numerous obstacles, and an insurmountable chasm seemed to separate them from the scholar-official class. The scholar-official class was ashamed to associate with merchants, and there was a deep barrier between the two sides.

However, with the booming commodity economy, the status of merchants also significantly improved. Initially, merchants were the first to break the clothing restrictions of the early Ming Dynasty. Their clothing became increasingly luxurious, and the sartorial distinctions between them and other social classes gradually blurred. Subsequently, social values ​​regarding marriage also quietly shifted, with people no longer placing excessive emphasis on family background and instead focusing more on the generosity of the betrothal gifts.

After the Battle of Tumu, the Ming Dynasty pioneered the practice of requiring merchants to donate money to enter the government, creating a new path for merchants to enter the officialdom. Since then, the descendants of numerous merchant families have successfully entered the bureaucracy by leveraging their family wealth and influence. The connection between merchant families and the bureaucracy has become increasingly close, and they naturally came together, forming a unique social phenomenon of the integration of officials and businessmen.

The Wang family of Puzhou exemplified this typical example of a family with integrated official and merchant ties. The salt merchants present were well aware of the growing importance of merchants in the Ming Dynasty's national economy, and they shared no objection. However, Emperor Chongzhen's supreme accolade of "national treasures" filled them with deep trepidation and a profound sense of unbearable difficulty.

"Your Majesty, your words are too serious. We common people simply cannot bear it!" Liang Wenbing took the lead in standing up from his seat, looking flustered and speaking respectfully.

"I dare not!" Seeing this, the other salt merchants also hurriedly stood up, bowed and saluted, and echoed in unison.

"Haha, you guys," Chongzhen said with a smile, pointing at the group of salt merchants and laughing heartily, "you are too cautious. I sincerely believe that merchants are of vital importance to the country. You are well-deserving of the title of 'national treasure'!"

"Your Majesty, we..." Liang Wenbing was about to argue, but Chongzhen stopped him with a gentle wave of his hand.

"Just listen to what I have to say...all of you sit down!" Chongzhen said with a smile.

"Merchants are the key link in economic circulation. Our Great Ming's territory is vast, but precisely because of its vastness, the circulation of goods from all regions faces numerous inconveniences. It is you, the merchants, like a group of tireless messengers, who transport southern specialties such as silk, tea, and porcelain to the north, and northern goods such as cotton and fur to the south, ensuring the smooth flow of goods across our vast territory. Thanks to your efforts, people from all regions can enjoy a wide variety of goods from afar, greatly enriching their material lives. Without merchants acting as a facilitator, goods from all regions would be trapped in their own corners, and economic development would inevitably stagnate. Furthermore, the merchants engaged in maritime trade bravely set sail, connecting the world, exporting our exquisite silk, tea, porcelain, and other goods overseas, in exchange for precious goods such as spices and silver from foreign lands..."

Merchants were also crucial agents of cultural exchange. As commodities circulated across the land, the cultures of different regions, like a trickle of water, spread widely and integrated deeply. During their long trade journeys, merchants brought not only local products but also diverse customs, unique art forms, and innovative and distinctive ideas. Merchants, like cultural transmitters, spread the etiquette and culture of the Central Plains to distant frontier regions, allowing those living there to bask in the glory of Central Plains civilization. At the same time, they also brought the unique customs of the frontier to the Central Plains, allowing its inhabitants to appreciate the unique charm of foreign cultures, greatly promoting cultural exchange and integration…

"These are all the great contributions made by merchants, and they are also the fundamental reason why we should value merchants," Chongzhen said with a smile, "So I think you are the most important tools of the country, and you should accept them with confidence!"

"Thank you, Your Majesty. We are filled with gratitude..." Chongzhen's words really touched the hearts of these merchants. Liang Wenbing could no longer suppress his inner excitement and moved, and fell to his knees with a thud.

Upon seeing this, the salt merchants also knelt down, creating a spectacular scene. While these salt merchants appeared respectable, spending money freely and effortlessly, and chatting and laughing with court officials with ease, they knew deep down that in the eyes of these officials and gentry, they held no status at all; all they possessed was money and profit.

Now, hearing such high affirmation and praise from the current emperor himself, no matter how cunning and sophisticated they were in their daily lives, they could not help but express their true feelings, and burst into tears of gratitude, with tears welling up in their eyes.

"All of you, please stand up," Chongzhen said, waving his hand gently. "Scholars, farmers, merchants, and artisans are all the foundation of our nation. Since we are all part of this foundation, there should be no distinction between high and low, but rather equality! However, the current situation stems from two reasons. First, the very nature of business is to pursue profit, which runs counter to the values ​​we advocate of 'putting righteousness before profit'. Second, the actions of some of you are truly deplorable. Look at you, yourselves living in the utmost luxury. This ethos is like a perverse trend, corrupting the morals of society as a whole. Furthermore, there are unscrupulous merchants who are hoarding goods and annexing land, with complete disregard for the lives of the peasants. How can such behavior not arouse public outrage?"

"I admit my mistake!" Liang Wenbing stood up first, but Chongzhen raised his hand to stop him.

"I didn't call you here today to blame you," Chongzhen sighed slightly and said, "I just felt something after meeting you! I want you to know that as long as you abide by the rules and regulations and operate with integrity, then the money you earn conscientiously is what you deserve. As for how to spend it, that is also your freedom. In the future, I also intend to significantly improve your status!"

"But..." Chongzhen's face suddenly darkened, his eyes stern, and he said coldly, "If anyone has a black heart and thinks he can do something rebellious just because he has a few bucks, I will never let him off easily!"

"We dare not," the salt merchants were so frightened that they all knelt on the ground and said tremblingly, "We will operate with integrity from now on and will not let Your Majesty down..."

"Alright, alright," Chongzhen waved his hand again and said with a smile, "I'm just speaking from my heart. I invited you all here today because I have something I'd like to ask for your help..."

"Your Majesty, please speak." Liang Wenbing felt a cold sweat running down his back, as if a cold snake were crawling along his spine. How could any emperor in history speak to his subjects like this? And certainly not to lowly merchants like them.

"I know you must have been feeling anxious before coming here. To be honest, the reason you're here is, of course, money. As you all know, the Ming Dynasty is shattered, with only half of its territory remaining. I want to develop production, train soldiers, and reclaim our vast territory, but I absolutely need financial support," Chongzhen said after a moment's contemplation. "Of course, I'm not asking for money. Today, I have an idea, albeit a half-baked one, that could resolve my current predicament without wasting your money. Are you interested?"

"But I don't know what your idea is?" Liang Wenbing hesitated for a moment and asked cautiously.

“National debt!”

"National debt? What is this?" At this moment, as their own huge wealth was involved, these big salt merchants could no longer remain calm and began to whisper and discuss among themselves.

"National debt, simply put, is the debt of the nation. I issue bonds with the nation's credit. Once you purchase them, you become the creditors of the Ming Dynasty. I will repay the debt and interest upon maturity according to the bond's term," Chongzhen explained patiently, smiling. "How do you all think?"

Upon hearing this, Liang Wenbing's mind raced. He understood the concept of national debt. Simply put, they were lending money to the government, and upon maturity, the government would repay the principal and interest. At first glance, this seemed like a good deal. However, there lay a crucial issue. Just like lending money, the most crucial factor was the creditworthiness of the borrower. The Ming Dynasty's credibility was undoubtedly unquestionable, but with the current unpredictable world situation, could it truly survive this precarious situation? If the Ming Dynasty were to be destroyed, their investment would be wasted, a waste of money.

He glanced around, glancing at Wang Wende and Wu Tianquan. Just from their expressions, it was clear they had considered this thorny issue. But even so, would they dare not buy? It was clearly a dilemma. If they bought, their money might be gone forever; but if they didn't, their lives might be in danger!

"I wonder how much national debt Your Majesty has issued?" someone asked in a trembling voice.

"Not much," Chongzhen said with a smile, "only 10 million taels!"

"One... ten million taels..." The salt merchants looked at each other in shock, not knowing what to do.

"My dear bosses, this is a business that is sure to make money. What are you still hesitating about?" Just when the salt merchants lowered their heads, trying to escape reality like ostriches, a clear and pleasant voice came in.

Everyone looked up and saw a handsome man with a handsome face like Pan An quietly appearing behind Chongzhen. It was he who spoke.

"This Wang is in charge of issuing this national debt. Please discuss the specific subscription amount with him. I am also tired and will go down to rest first," Chongzhen yawned and ordered, "Have the guards withdraw from the house and close the door. You can have a good talk..."