Chapter Sixty-One: The Journey Leads to the Sea

After the banks expanded into the northern and southern provinces of Zhili, their growth temporarily halted due to a lack of personnel. Li Zhizao obtained an imperial decree to establish an accounting school dedicated to training bank clerks. Zhu Youxiao discovered that Arabic numerals had reached China, though their use was not widespread. He decreed that banks would henceforth employ Arabic numerals exclusively, replacing the traditional codes, and introduced simple symbols for addition, subtraction, multiplication, and division. He mandated that all bookkeeping must utilize both Chinese and Arabic numerals, with clear distinctions between general and subsidiary ledgers, and that accounts should be reconciled every half month to guard against future fraud and embezzlement as business increased.

The mint employed hydraulic machinery, resulting in high output, yet Zhu Youxiao insisted that sufficient silver reserves must be available to meet withdrawals before promoting the new currency everywhere. Although no run on the banks had occurred in the northern and southern Zhili provinces, he prudently prepared for the possibility elsewhere.

From December onward, the military pay in Liaodong was entirely disbursed in silver coins. The bank established a branch at Shanhaiguan, though no other branches existed in Liaodong yet, so exchanges could only be conducted at Shanhaiguan. According to the branch’s records, few came to exchange for silver in the first month; instead, more people brought their silver to convert it into coins.

In the first month of the second year of the Tianqi era, the Emperor issued an edict: Copper coins and treasure notes in the northern and southern Zhili provinces could be exchanged at banks for new currency according to their quality. By the third year of Tianqi, the use of old copper coins and treasure notes would cease in those provinces. By the fourth year, their use would end nationwide. Silver itself was not banned, but Zhu Youxiao believed the convenience of coins over ingots would gradually drive the latter out of circulation.

Li Zhizao sought guidance on how to handle the collected copper coins and treasure notes. Zhu Youxiao ordered the destruction of all treasure notes and the remelting of copper coins to create new currency. Wei Zhongxian, however, suggested selling the copper coins to other nations, such as Japan.

Japan had long lacked its own currency. In fact, many countries neighboring Ming used Ming copper coins as their coinage. Wei Zhongxian was unaware of this, but since Zhang Qianfang began maritime trade, Ming raw silk and porcelain had been exchanged for Japanese copper, and Zhang’s contacts were under Wei’s supervision. Once Zhu Youxiao ascended the throne and appointed Wei as the Director of the Eastern Depot, Zhang’s liaison became a part of the Eastern Depot. Zhu Youxiao valued maritime affairs highly, so Wei paid close attention to Zhang’s situation. Recently, Zhang’s contact had remarked, “Buying copper with copper coins is actually more profitable, with almost five times the return, but there aren’t enough coins.” Wei remembered this. Now, with a large volume of recovered copper coins, transporting them directly to Japan seemed even more advantageous.

As a modern man, Zhu Youxiao understood the benefits of controlling a nation’s currency. Upon hearing of this opportunity, he immediately directed that all recovered copper coins be shipped to Quanzhou for Zhang Qianfang to transport to Japan in exchange for copper. He instructed the Eastern Depot to establish an office in Quanzhou specifically to assist Zhang with maritime shipping of copper coins.

In October of the forty-seventh year of the Wanli era, Zhang Qianfang, along with his followers, sailed from Tianjin aboard a ship that was neither new nor old, finally returning to his hometown of Quanzhou. It was their first long voyage at sea, and upon landing, none could stand steadily.

Zhang Qianfang, having sailed before, handled himself better. He first found his contact in Quanzhou and arranged lodging for his group, then instructed his deputy Shen Congjing before heading home.

The closer he got to his family home, the more excited he became. Just as he reached the door, the family servant Zhang Liangcai jumped out, embracing him and exclaiming, “Young Master Qianfang, heavens, the young master has returned!” He looked Zhang over closely and said, “You’ve suffered outside, grown much thinner—Madam will be heartbroken.”

Zhang Liangcai, the old family servant, had watched the brothers grow up. Deeply moved, Zhang Qianfang replied, “Uncle, you’re still the same. I’ve missed you and Xiaojie all this time. Is Xiaojie still learning from Manager Wang?”

Zhang Liangcai’s expression changed. “Let’s not talk about him now. Hurry and see Madam and the young lady.” He pulled Zhang inside, calling out, “Madam, the young master is home!”

Zhang Qianfang entered his parents’ room. His mother, Madam Yang, was seated in the center chair, holding a little girl of three or four years. A gentle, refined young woman stood behind her. Zhang Qianfang knelt and bowed, calling out, “Your unfilial son Qianfang greets Mother, wishing you health and happiness.”

Madam Yang gazed at her son, tears streaming down her face. She set down the little girl and nudged her forward, saying, “Go, call your father. Poor child, you haven’t seen him in two years.”

The little girl twisted shyly, reluctant to approach. Zhang Qianfang wiped his own tears and reached out to her, saying, “Nannan, I am your father. Come, let me hold you.”

The girl hesitated, but the gentle young woman behind her gave her a gentle push, and she finally stepped forward, allowing Zhang to hold her in his arms.

At lunch, the girl, Zhang Ting, finally grew comfortable with her father, repeatedly offering him dishes, saying, “Father hasn’t eaten outside, that’s why you’re so thin.” The whole family laughed together.

In the afternoon, Zhang Qianfang’s father and elder brother, Zhang Qianshu, returned, and the three gathered in the study. Zhang Siyou asked, “Why have you come home again?”

Zhang Qianfang replied, “Reporting to Father, I was originally in the capital garrison, with little opportunity for advancement. At that time, the Crown Prince’s grandson wished to study martial arts, so I was selected to accompany him. The Crown Prince’s grandson is quite interested in maritime affairs and sent me to Quanzhou to open sea routes.”

Before Zhang Siyou could respond, Zhang Qianshu interjected, “Father, the current Emperor is healthy, the Crown Prince in his prime, but the Crown Prince’s grandson…”

Zhang Siyou considered this and asked, “The Crown Prince’s grandson is so young, yet interested in maritime affairs?”

Zhang Qianfang replied, “I have accompanied him for some time. Though young, he is exceptionally knowledgeable and sincere in his dealings. I believe he will be a wise ruler and wish to follow him.”

Zhang Siyou nodded, “Since you have pledged yourself to the Crown Prince’s grandson, you must remain loyal to him, no matter what happens. You must not waver—do you understand?”

Zhang Qianfang answered, “Father has always taught me loyalty. I will not disappoint your teachings.”

Zhang Siyou smiled, “Well said. Since you are managing maritime affairs for His Highness, you may speak with your uncle about it when you visit tomorrow.”

That evening, Zhang Qianfang was finally alone with his wife, Liu Li. She stroked his thin face, lovingly saying, “You’ve become so gaunt—no wonder Nannan didn’t recognize you.”

Zhang Qianfang clasped her hand, “You’ve suffered these two years. Things will be better now. I should reside in Quanzhou often, and if I must return to the capital, I’ll bring you and Nannan with me. With brother and sister-in-law taking care of the household, I have no worries.”