"I would gladly hear the details." Li Zhi sat up straight, listening attentively.
Zhang Sheng said, "Issuing Zhenshan Yuan can follow the model of Qingyuan. Initial credibility is paramount, so I will provide twenty million Qingyuan to exchange for the newly issued Zhenshan Yuan. The Zhenshan Yuan obtained from this can simply be used to purchase the local products of your fief."
Li Zhi had studied the mechanism behind Qingyuan long ago, so there was no need for Zhang Sheng to elaborate. As long as Qingyuan provided crucial support at the very beginning, he could handle the follow-up matters on his own. Zhenshan Fief bordered the mountain tribes, and its lands had all been seized from them, yielding abundant local specialties and precious ores. Its population had grown to over seven hundred thousand, laying the groundwork for minting and issuing Zhenshan Yuan.
Recognizing the crux of the matter, Li Zhi immediately rose and bowed, saying, "With Qingming's backing, Zhenshan Yuan will surely succeed. I thank Master Zhang in advance. If Master Zhang has any instructions, so long as it is within my power, I will spare no effort!"
Zhang Sheng pondered for a moment before speaking: "Looking at the situation in Zhao, I fear they will not tolerate you in the future. If Zhenshan Fief were merely eking out an existence and dragging out an ignoble life, that would be one thing. But if Zhenshan Yuan is issued, your strength will inevitably advance by leaps and bounds in a short time. Trouble is bound to arise then."
Li Zhi took on a grave expression. "I have prepared for that long in advance. Here is how I plan to handle it, though to see it through, I will still need Master Zhang's assistance."
Li Zhi had governed Zhenshan Fief with remarkable success, putting his talents on full display. As a result, he not only received the full support of the Four Sages Academy, but also won the recognition of the King of Qi from Southern Qi. The State of Zhao had originally stationed Li Zhi in the western borderlands intending to use him as the first line of defense against the mountain tribes. To their astonishment, Li Zhi won battle after battle. Several major campaigns completely shattered the mountain tribes, allowing him to claim a thousand li of land and command an army of over a hundred thousand.
If Zhenshan Fief continued to develop like this, it might completely block Zhao's westward expansion. The King of Zhao had agreed to let Li Zhi erect boundary stones to ward off disaster, not to let him prosper. Consequently, once Li Zhi's forces exceeded a hundred thousand, Zhao began using all manner of pretexts to restrict the flow of provisions to Zhenshan Fief and barred refugees from passing through the border passes.
However, Qingming had risen unexpectedly with a terrifying abundance of goods. Zhenshan Fief could meet most of its needs directly from Qingming, leaving it no longer dependent on supplies from Zhao.
Li Zhi's current solution was to recruit soldiers and personnel from Southern Qi, route them through Western Jin, and then transport them into Zhenshan Fief via Qingming. Although this made for a long detour, Western Jin had no desire to offend Southern Qi, and Qingming certainly would not obstruct them. Over the past period, Li Zhi had used the method of ants moving a house, transporting only two to three thousand men at a time. Bit by bit, he had recruited fifty thousand elite troops and ten thousand skilled craftsmen from Southern Qi.
Li Zhi planned to recruit another hundred thousand troops from Southern Qi and replenish most of their supplies and equipment from Qingming. That way, even if the King of Zhao turned hostile, Zhenshan Fief would be strong enough to defend itself. Moreover, the reason Li Zhi had been able to set up boundary stones here in the first place was through a trade of interests with Zhao. If the King of Zhao went back on his word, the King of Qi would certainly not let the matter rest.
Yet under this arrangement, out of the twenty million Qingyuan Zhang Sheng exchanged, perhaps ten million would flow straight back. To some extent, this served as Li Zhi's repayment.
After hearing Li Zhi's plan, Zhang Sheng said, "A long delay invites trouble. Taking advantage of the ongoing war between Jin and Zhao, the timing is ideal. Why not pull off a sleight of hand and condense several years of work into two months?"
Li Zhi's heart leaped once again.
The connections in Western Jin were already fully established. No one would pay mind to troop transports that were slightly larger than usual. With a bit of squeezing in the cabins, a capacity of a thousand could easily hold four thousand. If he steeled his heart, forwent carrying military supplies altogether, let the passengers endure a few days of hunger, and only landed at Qingming to buy rations and eat a hearty meal on the spot, stuffing ten thousand men into a single ship was not impossible.
That way, within three months, Li Zhi was confident he could transport a hundred and fifty thousand Southern Qi elites plus fifty thousand craftsmen. By then, Zhenshan Fief's population would exceed a million, comprising three hundred thousand elite soldiers, three hundred thousand laborers, over a hundred thousand skilled artisans, and fewer than two hundred thousand ordinary farmers. In terms of proportions, it would be severely top-heavy.
According to Southern Qi conventions, roughly ten farmers were needed to support one elite infantryman, and fifty farming households were required to maintain one heavy cavalryman. But with Zhenshan Fief backed by Qingming, where the vast majority of all military rations and supplies were purchased, this ratio posed no problem whatsoever, completely upending the King of Zhao's plot to strangle them by the throat. As for whether Qingming would strangle him later, that would be a matter for another day.
Decisive as ever, Li Zhi said, "Then I must ask Master Zhang to prepare military rations and supplies for two hundred thousand men. My father will deliver the immortal silver aboard the next batch of skyships."
Zhang Sheng smiled faintly. "Once Zhenshan Yuan is issued, we won't need to go through such trouble."
After Li Zhi departed, only Feng Chutang and Perfected Fenhai remained inside the war chariot. Feng Chutang shot several subtle glances at Perfected Fenhai until Fenhai, having no choice, asked, "Disciple, why on earth did you have Li Chengfeng and Li Zhi issue those 'yuan' things one after another?"
Zhang Sheng replied, "Senior Brother Feng has likely guessed most of it. Why not let him explain?"
Feng Chutang offered a wry smile. "I have only guessed the first few layers. But you must have follow-up moves, and those are beyond me."
Perfected Fenhai pulled seniority, saying, "Then tell us the layers you've figured out first."
Feng Chutang said, "First, whether it is Bishui or Zhenshan, their own strength and production are limited. To issue paper currency stably, they must borrow large amounts of Qingyuan as backing, especially at the outset. Furthermore, their exchange rate must be pegged to Qingyuan, and they must always hold enough Qingyuan for redemption. Only then can issuance succeed. This effectively elevates Qingyuan's status and circulation. The more factions that issue paper money, the more widely Qingyuan will be used. Proceeding like this, Qingyuan will naturally become the foundation of all currencies."
Perfected Fenhai nodded slowly, wearing a look of profound agreement.
"Second, if various regions wish to maintain a stable currency value over time, they must hold substantial reserves of Qingyuan. Through their hands, these Qingyuan are circulated outward. For instance, Qingyuan's natural frontier is no longer the Qingming realm, but the borders of Bishui and Zhenshan. Once they hold vast quantities of Qingyuan, they will ultimately return to purchase our goods, meaning we never have to worry about producing too much to sell."
"Very reasonable," Perfected Fenhai mused thoughtfully.
"Third is a less obvious benefit. Those who have used Qingyuan and those who hold it will naturally lean toward our side. Even if they don't say it aloud, their hearts will favor us. The stronger Qingyuan becomes, the more such people there will be. Bit by bit, this accumulation will turn into an overwhelming torrent—the so-called will of the people amounts to precisely this."
Perfected Fenhai fell into deep contemplation and subconsciously murmured, "There is such a thing?"
Feng Chutang said, "There are a dozen other minor ramifications, though none are especially crucial, so I won't list them all."
Unable to maintain his sage-like demeanor any longer, Fenhai looked astonished, thinking to himself, *How can there be a dozen more? Why can't I think of even one?*
Feng Chutang sighed, looked toward Zhang Sheng, and said, "I know that for you to go to such great lengths—even starting a war with Zhao just to set the stage—you must have another hidden move. Unfortunately, I simply cannot fathom it."
Perfected Fenhai was impatient by nature and terribly curious. Unable to hold back, he urged, "Disciple, stop keeping us in suspense! What is this hidden move? Tell us quickly! This old Daoist swears not to breathe a word to anyone."
Without even lifting her eyelids, Zhang Sheng said, "Old Master, even you don't believe those words, do you?"
Fenhai's old face flushed red. "Well... in the past, when nothing major was at stake, I might have let things slip occasionally. But rest assured this time: whatever you say stops with me."
Unmoved, Zhang Sheng reached out and picked up a history book. Fenhai glared and blew at his beard, but to no avail.
Seeing Fenhai retreat to a corner of the carriage to sulk at the wall, Zhang Sheng sighed helplessly. "This matter is of paramount importance and cannot be leaked in the slightest. Master, since you have a loose tongue, it is better that you remain in the dark."
"What if I swear a blood oath!" Fenhai barked in frustration.
To his surprise, Zhang Sheng replied, "Then go ahead and swear. Oh, and don't forget to include that high cultivator where you currently work in the oath."
Instantly, Fenhai's old face caught fire, turning thoroughly crimson. He stammered, "Wh-what does this have to do with her... Besides, why bring that up? Was your master ending up like this not all for the sake of that good disciple of yours back then!"
Zhang Sheng quietly read her book, unaffected.
Left with no choice, Fenhai truly swore a blood oath. However, when naming that person, his voice dropped to a barely audible mumble and passed over it in a flash. Beside him, Feng Chutang appeared to sit motionless, but his ears had pricked up long ago. With his current cultivation, no matter how fast Fenhai spoke, he caught the name clearly. Excitement surged in his heart: *Ah, it's actually that person! So the two of them were already...*
Once Fenhai had completed the blood oath in full, Zhang Sheng finally spoke: "The essence of issuing currency is trading paper for goods. No matter how the initial regulations are designed, and no matter how perfect the framework may seem, those holding power will discover this sooner or later. When they realize that worthless slips of paper can fetch vast amounts of real wealth, do you think they will want to print more paper—more and more, until they are printing with reckless abandon?
"Be it Li Chengfeng or the King of Zhao, the moment they fail to restrain themselves and begin overprinting paper money marks the beginning of their internal collapse. Such is human nature. Even if they can restrain themselves for a time, they cannot do so for a lifetime. The day they print recklessly will come."
As Zhang Sheng finished speaking, Feng Chutang pondered her words, growing increasingly alarmed the more he thought about it.
Fenhai wore a look of utter bewilderment, feeling this was harder to grasp than when an immortal lord lectured on the Dao. Managing to find a point to question, he asked, "But if they print recklessly and still demand a one-to-one exchange for Qingyuan, wouldn't we be taking a loss?"
Zhang Sheng explained, "Aside from the very first transaction, all subsequent exchanges will float with the market. If they print recklessly and there are still people willing to trade at one-to-one, we naturally cannot interfere, nor does it concern us."
Feng Chutang remarked, "Then we should probably spend the Bishui Yuan and Zhenshan Yuan we receive as quickly as possible. During the initial period of issuance, they will surely do their best to preserve their credibility."
Zhang Sheng replied, "Exchanging a few hundred or a thousand as a token gesture is fine. I do not intend to spend the rest."
Fenhai was taken aback. "How can you not spend it? Wouldn't that be an actual loss?"
Zhang Sheng said placidly, "Only by letting them make a windfall can they cultivate a habit of squandering. Otherwise, their overprinting might be delayed for quite a long time."
At last, the army returned to Qingming. As they stepped out of the chariot, Feng Chutang walked shoulder to shoulder with Zhang Sheng. He repeatedly glanced at her peerless face, wanting to say something yet unable to bring himself to speak.
Finally gathering his courage, Feng Chutang said, "Actually, I..."
Zhang Sheng said mildly, "Ready to admit you are no match for me at last?"
Feng Chutang looked astonished. "How did you know?!"
Zhang Sheng replied calmly, "You cannot beat me in dharma combat, and now you know your political acumen falls short as well. I knew you would say those words eventually. Just as the King of Zhao printing money is merely a matter of time."
***
In the Desolate Realm, within Fengmang Fortress, Wei Yuan sat high above, addressing several dozen carefully selected Strength Shamans below: "To do a good job, an artisan must first sharpen his tools! Natural flesh, fur, scales, and claws can never compare to finely forged magical weapons and armor. Though none of you planned to return alive when you came here, only by staying alive can you continue slaying enemies and building merit. What if you truly survive until the day you can leave?
"Now, you don't need to think. Just do honestly as I say, and that 'what if' can be erased!"
Listening to him, the Strength Shamans were half-skeptical, but the phrase 'you don't need to think' registered with them instantly.
Watching the trickles of karmic luck drifting in, Wei Yuan was already well satisfied. He now felt that choosing Fengmang had indeed been the right move. There was a top-tier Desolate Shaman here whose vulnerabilities were already entirely within his grasp. That karmic luck was something Wei Yuan was determined to claim.
Chapter 906