Chapter 5 Pei Yuan's Debt Empire
Chapter 5 Pei Yuan's Debt Empire
Pei Yuan had a smile on his face, but he was cursing in his heart.
He hesitated for a moment and answered, "This is not something I can decide. It depends on the opinion of the Pacification Office."
Before he could come up with a good excuse, Zhang Rong snorted coldly, "Captain Han needs you. This is your blessing. Don't be ungrateful."
Han Qianhu ignored this and looked at Pei Yuan with a chuckle.
Pei Yuan knew that the matter was probably a foregone conclusion. If he didn't show any tact, Captain Han might call a hundred or eighty people to chop him down.
He could only grit his teeth and say, "Of course I will obey your order, but can this matter be postponed for two days?"
Han Qianhu asked curiously, "Why is this?"
Pei Yuan didn't want to mention it, but now he could only tell the truth, "In two days, it will be the day when the Pacification Office will distribute the salary. I want to receive this month's salary and then go to work with the thousand households."
Han Qianhu was confused when he heard this and thought that this guy was simply inexplicable.
"You are a centurion of the sixth rank in the imperial court. Even if you are with me, I will not be short of your salary. Are you afraid that the Nanjing Pacification Office cannot afford it?"
Pei Yuan swallowed and whispered, "I have some interest payments that I need to pay back urgently. If I miss the deadline, I will have to pay more."
Speaking of Pei Yuan’s debt, it’s really hard to describe in a few words.
When his father was still alive, he owed several hundred taels of silver.
But this guy is a drunkard. No matter if he got the salary or some shameful benefits, he would get drunk once he drinks and not care about anything else.
Pei Yuan had been living in fear with this old man since he was a child, and it was not the first time that he was blocked at the door by people demanding debts.
When Pei Yuan grew up a little, he could no longer bear it and took over the debts from his father.
Afterwards, they relied on the annual salary of sixty taels of silver and a small amount of shady income to barely support their lives.
In order to prevent the debt from expanding too quickly, Pei Yuan paid off the bulk of the debt to the Shouning Marquis family through a large number of small loans, and then made various maneuvers to control the size of the debt.
The interest charges of the Shouning Marquis family are very fierce. As long as a sum of money has not been repaid, no matter how much has been paid before, when the interest is due, the full amount must be calculated and added to the debt.
After Pei Yuan paid off the debt to the Shouning Marquis family, he had room to maneuver the small sums of money and could always pay them off before the interest was paid.
At that time, Pei Yuan was only nine years old.
Nine-year-old Pei Yuan is in charge of his huge debt empire amounting to hundreds of items, and he feels like life is hopeless.
At the beginning of the year, his father died. Without the extra income, Pei Yuan's debt empire was almost on the verge of collapse.
The only thing to be thankful for is that he inexplicably awakened this "debt settlement system", and he has reached the age to inherit the position of a sixth-rank centurion.
The Pei Yuan family is a hereditary centurion family, and its history can be traced back three generations.
In the first year of the Jingtai reign, a large number of military officers were killed or injured in the Tumu Incident. There were also rumors that the Oirat army would invade again. There was not enough horse grass in Datong and Xuanfu, so the emperor showed special grace and allowed the people to donate horse grass to become officials.
As soon as the imperial edict was issued, most of the wealthy people in the north fled.
The next year, the emperor issued another decree, saying, "Hahaha, I was just joking with you guys before, the Oirat people may not come again! The prosperous era is just the starting point!"
Moreover, the price was raised to the point where one could donate a hereditary military rank and be granted an official position in the Imperial Guard.
Pei Yuan's great-grandfather decisively acted to buy at the bottom, donated 600 dan of grain and fodder, and got the actual position of a trial centurion in the Embroidered Uniform Guard.
The old man had been doing business for half his life and had never suffered any loss. Not long after he entered the Jinyiwei as an official, he became the confidant of Jinyiwei commander Lu Zhong because of his generosity and intelligence.
From a trial centurion of the sixth rank, he was successfully promoted to a real centurion of the sixth rank.
Later, because of his involvement in the Golden Sword Case of the retired emperor, he was imprisoned together with Jinyiwei Commander Lu Zhong.
When the emperor succeeded in restoring the throne, Jinyiwei commander Lu Zhong was executed by slow slicing...
Pei Yuan's great grandfather spent all his family wealth and finally drew a clear line between himself and Lu Zhong, thus being spared.
But apart from the hereditary position of a centurion, he left nothing for his descendants.
Perhaps because they witnessed all these ups and downs, Pei Yuan's ancestors and father lived very clearly.
When the two men were gone, all that was left for Pei Yuan was this centurion and a bunch of old debts.
Although the centurion that Pei Yuan got had a poor foundation, it was full of sincerity from the court.
Over the past fifty years, he has received a real salary of ten shi every month, which is more than ten times the original donation of six hundred shi.
But so what?
A stone of rice can be sold for five coins of silver nowadays. Even if Pei Yuan did not eat or drink for a year, he could only save sixty taels of silver. This number was not even enough to pay the annual interest on the hundreds of taels of debt.
Later, an uncle who was familiar with the matter suggested that if they could find a way to get a real position as a centurion, they might be able to make some money and supplement their livelihood.
It was already the sixth year of the Zhengde reign. Not to mention a small centurion, even many inherited commanders and assistant commanders had to wait for their vacancies to be filled every day with their hands in their pockets.
For example, in the Jin Ping Mei, which reflects the great tide of the times, the captain Chen, who could not fill the vacancy, could only make a living by opening a coffin shop. The hereditary captain Xie Xida, who was also a wanderer in the world, could only sing songs and help others. After the death of the male protagonist Ximen Qing, his vacancy was also long-cherished.
Pei Yuan asked someone and found out that the current price for a vacancy of a centurion at the Jinyiwei was three thousand taels of silver.
This price is many times higher than when his father bought the official position.
Pei Yuan's current salary is barely enough to make a living, not to mention the money he has to squeeze out to pay off his gambling debts. It's a pipe dream for him to want a real job.
Fortunately, Pei Yuan had this "debt settlement system" so he could play a big game. So Pei Yuan asked around among the prominent creditors and found Gu Dayong who was out gambling for fun.
The initial plan was to borrow three thousand taels of silver from Gu Dayong to fill the vacancy.
But when the money was forcibly borrowed through the "Debt Settlement System", Pei Yuan discovered a painful thing: he could borrow money by force, but he could not buy an official position by force!
What's more, he used Gu Dayong's money to buy an official position from Gu Dayong.
Isn't this just a clear case of getting something for nothing?
Seeing that Gu Dayong was about to turn hostile on the spot, Pei Yuan's mind went blank and he shouted out "30,000 taels!"
A captain of the Imperial Guard could be sold for three thousand taels because after filling the vacancy, there was indeed a chance to earn three thousand taels.
When the premium reaches ten times, the loan is no longer a loan, but a venture capital that may bring huge profits.
Even Gu Dayong couldn't resist this temptation.
Besides, isn’t the money that was lent returned?
As a result, Pei Yuan's debt empire suffered a fatal blow, and the "debt settlement system" also refreshed the debt ceiling and the mandatory settlement date for overspending debts.
Then came the trouble.
Pei Yuan hid the fact that he borrowed 30,000 taels of silver from Gu Dayong from many people, but he could not hide it from the creditors who cared about him and protected him.
Although Pei Yuan repeatedly stated that Eunuch Gu was well aware of his financial situation and was not in a hurry to collect the money.
But those borrowers were still panicking, and many of them even vowed that as long as they could repay the principal on time, they could even waive the interest.
Pei Yuan had to take advantage of the opportunity of getting a real job before the news spread, and quickly borrow more long-term loans and settle some of the debts that were about to mature in a timely manner.
If I wait until I get back from Nanjing, then everything will be over...
After listening to Pei Yuan's vague words, Han Qianhu said "oh".
She often deals with people in the market, but it's not that she is ignorant of the ways of the world.
She thought about it, snapped her fingers, and the small white porcelain cup in her hand flew towards Pei Yuan.
Pei Yuan hurriedly caught it with both hands.
Captain Han smiled and said, "How about this, I will help you pay this month's salary in advance, so you don't have to worry about it."
"This cup in your hand is a token of my love. Take it to the nearest temple or Taoist temple and ask for six taels of silver. The rest will be yours. Come meet me here tomorrow at noon."
Pei Yuan was quite surprised to hear this.
He was a centurion of the sixth rank and could receive ten dan of grain every month. The price converted into silver was not stable and could only be an approximate figure.
For example, this year, due to the rebellion in Northern Zhili, the price of rice remained above 5 cents per dan, which was more than 5 taels of silver. The drought in Henan continued, and one dan of rice could be sold for 1 tael and 2 cents, but Henan was too far away, and it was not realistic to transport it there.
Theoretically, the salaries of officials in the two capitals can also be converted directly into silver. This year, the official price in the two capitals is seven cents of silver per stone.
According to this official price, Pei Yuan could get seven taels, but it would be naive to think so.
Because when calculated according to the official price, the full amount cannot be paid out and must be discounted.
When the Ming Dynasty collected taxes, due to insufficient currency liquidity, it implemented a dual-track system of currency and physical objects.
For example, the silk industry in the south was well developed. When collecting taxes, paying grain was not as convenient as paying silk. So the court showed mercy and allowed the people to pay silk directly.
The tax collectors first converted the silk fabrics into money, and then converted the money into the grain that should be paid.
When silk products are converted into money, a certain amount is charged, and when money is converted into grain, another amount is charged.
The officials are all happy, this is good governance!
Gradually, a bunch of unused miscellaneous items accumulated in the warehouse, and the court was in a dilemma. So the court thought, well, why don’t I just convert these things into wages and pay them out?
The officials were very confused at this time, what the hell!
As an official of the sixth rank, Pei Yuan's annual salary was 120 shi of grain.
After the 120 dan of grain were carefully divided, the original salary was 66 dan and the converted salary was 54 dan.
Of the 66 dan of original salary, one could actually receive 12 dan of rice, 45 dan of silver salary, and 9 dan of silk salary. Of the 54 dan of salary in cash, 27 dan of cloth salary and 27 dan of banknote salary were paid.
Due to the wanton printing and crazy depreciation of the Ming Dynasty's treasure notes, they had no circulation value during the Zhengde period. The 27 shi salary converted into banknotes was basically like feeding a dog.
The actual value of nine stone of silk salary and twenty-seven stone of cloth salary was less than one-tenth of the book figures.
The forty-five dan of grain converted into silver salary was the grain that could actually be calculated at seven cents per dan.
If you calculate it this way, Pei Yuan will be at a loss.
If the Jinyiwei had not been a powerful department and had not been secretly provided with sufficient food and salary, Pei Yuan's debt empire would have collapsed long ago.
Han Qianhu borrowed Pei Yuan and directly supplied him with six taels of silver, which was quite generous.
After Han Qianhu finished speaking, he saw Pei Yuan was still stunned, thinking that he couldn't find the way, so he immediately asked with a smile, "Why? Do you think I have to get it for you personally?"
Zhang Rong, the deputy commander of the Jinyiwei, said with a smile, "Zhihua Temple is not far away."
Han Qianhu stopped smiling and said casually, "Let's go to Zhihua Temple."
(End of this chapter)