Chapter 265: The Opening Controversy

Early on the eighth day of the second month, as the East Market and West Market just opened, deafening bursts of firecrackers filled the air. Bamboo tubes exploded with crackling sounds in the flames, and copper coins covered in red paper were thrown into the sky. Countless children and onlookers rushed forward to pick up the coins scattered on the ground.

From afar, many merchants gathered around, marveling at the opening of these two new banks. Banks in those days were the earliest form of financial institutions, where merchants could store their copper coins and also borrow money at high interest rates. It was one of the most profitable businesses in the Tang Dynasty. Without substantial capital and backing, few dared to enter this field.

Naturally, these new banks were properties of the Han-Tang Association. Both banks bore the same name: Juhai Bank. This was a major decision by Li Qing’an, aimed at solving the problem of transporting silver and coins from Anxi to the heartland of the Tang Dynasty. Juhai Bank’s role was to facilitate the exchange of copper coins for silver and gold coins. By leveraging the Han-Tang Association’s substantial financial resources, Li Qing’an planned to gradually achieve his goals.

Of course, exchanging silver and coins was only one of the bank’s secret operations. Its public service was “flying money”—a system where merchants could deposit money at Juhai Bank in Suiye and travel without carrying cash. Upon arriving in Chang’an, they could withdraw money using a flight ticket issued by the Suiye branch along with a prearranged code, paying only a small fee. This eliminated the risks and hassle of transporting cash.

This “flying money” system was similar to modern cross-regional remittances. It emerged during the mid-Tang Dynasty, initially used between cities within the same region, and later evolved into inter-city transfers.

As a result, merchants coming to Chang’an for business could withdraw silver or exchange it for copper coins there. These foreign merchants typically carried large amounts of money. By transporting silver to various parts of the Tang Dynasty, it remained concealed and seemed entirely legitimate, eventually becoming Li Qing’an’s best method for money laundering.

Both Juhai Banks in the East Market and West Market were three-story buildings covering over twenty acres each, with underground vaults for storing money. They had originally been two separate banks. When their owners changed careers and sold the buildings, the Han-Tang Association seized the opportunity to buy them and renovate them.

The entrance of the new bank in the East Market was crowded with curious merchants. There had been no prior announcement about its opening—it simply appeared suddenly. Hundreds of merchants gathered at the entrance, discussing the matter. As those who dealt with banks regularly, they were most concerned about the banks’ backing, as it determined whether they could deposit their copper coins there.

For example, Yang’s Bank, which opened during the first month of this year, is less than fifty steps away from Juhai Bank. It is grand in scale, and everyone knows it was opened by the Lady of Guo State. The power of the Yang family gives people confidence, so they are willing to deposit their money there.

What kind of backing does Juhai Bank have to open right next to Yang’s Bank? It sparks much speculation.

“Distinguished elders and fellow merchants, I am Li Yunfeng, the manager of Juhai Bank. I hope you will all support us in the future!”

Li Yunfeng is the second son of Li Huichun. He is in his thirty-fifties, shrewd and capable, eloquent, with extensive experience in business. He was appointed by Li Qingan as the head manager of the two markets, responsible for overseeing the operations of the banks.

Among the merchants watching, many recognized Li Yunfeng. Isn’t he the second owner of Suiye Tea House in the Western Market? It turns out that someone from Suiye opened this bank. Many people guessed that the backers of both Juhai Bank and Yang’s Bank were likely related to Li Qingan.

Their guesses were soon confirmed. When the large plaque painted in red lacquer and gilded was hung on the door amidst firecracker sounds, someone suddenly recognized that the three characters “Juhai Bank” in an elegant script were actually the work of Gao Lishi. Just two years ago, obtaining a single character from Gao Lishi cost at least a thousand gold pieces—hence the term “a thousand gold for one character.” It wasn’t because his handwriting was good, but because his power was feared by all.

When this news spread, it caused an uproar among the crowd. Li Qingan and Gao Lishi—the backers of this bank were incredibly powerful!

Some were happy about the opening of Juhai Bank, while others were resentful. The most resentful were those at Yang’s Bank next door. The two banks were only thirty steps apart. Not to mention that competitors are natural rivals, Juhai Bank also surpassed Yang’s Bank in scale. Juhai Bank was a three-story building covering dozens of acres, while Yang’s Bank had only two stories and covered just over a dozen acres. It was clear that Yang’s Bank was at a significant disadvantage.

The manager of Yang’s Bank was named Yang Pa. He was a distant cousin of Yang Huahua and could barely be considered part of the Yang family. He used to be the manager of a rice shop in Chengdu and was hired by Yang Huahua to manage the bank. He was awakened by the firecracker sounds that morning. When he learned that another bank had opened next door, he became furious and rushed out angrily.

After observing for nearly a cup of tea time, Yang Pa noticed that this bank was different. If another bank opened, it would surely be crowded with guests and officials coming to offer congratulations. But for this bank’s opening, not a single guest came to congratulate them; instead, there were only merchants gathered around to watch. This was extremely strange. Without strong backing, who would dare to deposit money here?

Unless there are two possibilities: either they were unprepared and opened hastily, or this bank really has no backing. But how could a bank open without proper preparation? It’s not some special day today—could it really be that they have no backing?

Yang Pa was not among the merchants but stood at the entrance of his own shop. He didn’t hear the merchants’ discussions nor knew Li Yunfeng, so he preconceivedly suspected that Ju Hai Xing had no backing.

Soon he noticed another strange thing: this bank had no guards, which was absolutely unbelievable. Even their own Yang Ji Bank had fifty highly skilled guards.

Yang Pa knew the reason for this—probably their guards hadn’t arrived yet. At that moment, a vicious and bold idea crossed his mind: why not smash their sign?

In business, a smooth opening is of utmost importance. Any accidents or misfortunes during opening signify future business setbacks—a major taboo among merchants. Especially for banks, which deal with money, if they are bullied, no one will dare to deposit money there anymore.

The Yang family’s domineering presence in Chang’an gave Yang Pa the courage to commit evil deeds. His shrewd merchant mindset made him think of using vicious tactics against competitors. With a low shout, he ordered, “Go up and smash their sign!”

Immediately, over twenty guards from Yang Ji Bank came out, armed with long knives and iron rods, and charged at Ju Hai Xing with fierce intent.

The merchants watching from afar noticed the anomaly and quickly retreated, hiding dozens of steps away, watching the newly opened bank with trepidation. Many sighed inwardly—how could they have thought of opening a shop to compete next to the Yang family? But many others became excited. Rumors said Yang Zhao and Li Qingan had a poor relationship, and now that the two banks were at odds, there would be good entertainment to watch.

Shop owner Li Yunfeng also noticed the anomaly. Seeing many merchants retreating, he turned around and saw over twenty burly men armed with long knives and iron rods approaching. He was shocked and stepped back, shouting loudly, “Don’t act recklessly! Do you know whose property this is?”

The burly men who came to cause trouble paid no attention to his explanations. Shouting loudly, they rushed toward the gate together, raising iron rods and long knives, ready to smash and cut the signboard. Li Yunfeng was so anxious that his eyes turned red. He desperately tried to stop them but was kicked aside. His employees fled into the shop in fear. At this critical moment, an arrow shot through the air with a whoosh, hitting the arm of the man holding the iron rod who wanted to smash the signboard. Another arrow followed, piercing the thigh of another man. Two shrill screams erupted from the crowd—the arrows were so powerful that they were actually iron arrows, breaking both men’s bones as they writhed in pain on the ground.

The burly men fell silent instantly. They all looked to the left and saw a group of cavalry approaching from about fifty steps away, numbering around a hundred. Each of them had a bow drawn and an arrow nocked, radiating murderous intent. The leading general held a bow and arrow, staring at them with a furious expression.

“It’s Li Qing’an!” someone suddenly recognized and shouted.

Fear appeared in everyone’s eyes. They turned around and fled in panic, not even daring to return to the shop, running away faster than rabbits. The two men hit by the arrows crawled toward the shop, crying out in pain.

“Boss, please save us!” their voices were distorted with fear.

Yang Pa was stunned. He never expected this shop to belong to Li Qing’an. He stepped back several times, feeling as if he had stepped into an abyss. He had never met Li Qing’an before; he had only heard about him in his family. This Li Qing’an was Yang Guozhong’s rival and someone the Yang family feared greatly. How had he offended him?

“What should I do now?” His face turned pale with fear. He was just a naive small merchant. With Yang Huahua’s support, the nobles had treated him with respect, making him forget his humble origins. But now, facing such a formidable opponent for the first time, Yang Pa was at a loss.

Li Qing’an rode slowly over. He didn’t mind revealing his connection to Juhai Hang. These two shops would eventually engage in money exchange business, and everyone would know it was him, Li Qing’an, who opened them. The key was not to reveal his connection to Hantang Hui.

Juhai Hang had planned to open in a month after thorough preparations, but at his request, it opened earlier. The hundred guards sent from Luoyang’s Hantang Hui were still on their way. Unexpectedly, someone tried to smash his signboard.

Yang Pa rushed forward in panic, bowing deeply. “Your humble servant greets General Li!”

“You mere merchant, how dare you destroy my sign?” Li Qing’an said coldly from his tall warhorse.
“I truly didn’t know it belonged to the great general. If I had known, even with all my courage, I wouldn’t have dared. Please, great general, out of respect for your wife, spare us this time!”
Yang Pai bowed repeatedly. At this moment, he had no choice but to bring up Yang Huahua.
Sure enough, Li Qing’an paused and asked, “Which wife?”
“It’s the Lady of Guo State. I heard my wife is the general’s old friend.”
“That’s her!” Li Qing’an sneered. Yang Huahua was indeed his ‘old friend.’
“That’s right! She’s my old friend.”
Yang Pai didn’t notice Li Qing’an’s sarcasm. Thinking things were turning in his favor, he quickly added with a smile, “Yes! We’re all on the same side—it’s like the dragon temple being washed away by floods.”
At that moment, Li Qing’an’s expression darkened. He turned his horse around and glanced at the sign—it was written in Yang Guozhong’s handwriting.
“Destroy its sign!”
The cavalry received the order and rushed forward, drawing their swords to slash at the sign of Yang’s shop. In moments, the sign was reduced to pieces.
Yang Pai was stunned into silence. A chill swept through him as his body trembled violently. He could no longer stand and collapsed to the ground.
After a while, his employees rushed out of the shop, helped him inside, and locked the doors tightly—no one dared to come out.
Then, Li Qing’an turned cheerful again. He bowed to the stunned merchants around him and said, “This shop is run by my Anxi Army. It exists to facilitate foreign merchants in storing and withdrawing money safely during their travels. If you’re willing, you’re welcome to deposit your money here. We won’t charge any fees and will even offer interest on deposits.”
Li Qing’an’s last words caused a stir among the merchants. Shops like this usually lent money at high interest to farmers and merchants, charging fees for storage. Ordinary merchants kept their money at home for safety and convenience. Now, Li Qing’an’s shop offered interest—this was astonishing. Chatter spread quickly among them, and they were skeptical. Li Qing’an smiled. There was no need for further explanation. Over time, the merchants would naturally come for the profit.
At that moment, a large group of foreign merchants leading camels appeared in the distance. They had heard the news and came to exchange their silver. The shopkeeper, Li Yunfeng, called out loudly. With the arrival of the merchants, his employees became busy.

Li Qing’an felt somewhat puzzled. Last night, he had already heard that Li Longji had officially issued an edict allowing gold, silver, and coins to circulate throughout the country. So why hadn’t the official announcement been posted yet? Li Qing’an wasn’t worried that Li Longji might change his mind. He had given Li Longji 200,000 jin of silver, equivalent to 1.6 million guan in copper coins. Considering his own interests, Li Longji would surely issue an edict allowing silver and coins to circulate. The people of the Tang Dynasty would need time to accept silver and coins, and the key question was how much time that would take—this was what Li Qing’an was most concerned about.

Just as the foreign merchants arrived, several officials from the city office rushed over from afar. They bowed to Li Qing’an and said, “We greet the great general!”

Seeing that one of them was holding a roll of yellow paper with an announcement, Li Qing’an smiled slightly and asked, “Is this the announcement about the official circulation of silver and coins?”

The officials were surprised. “How does the great general know about this?”

“The emperor told me about it yesterday. Go and post it right away!”

The officials immediately ran toward the gate, starting to apply paste to the walls and paste the announcement. Merchants flocked over, quickly surrounding the announcement.

Someone read aloud, “Our Tang Dynasty’s gold, silver, and coins have been minted for a long time, but due to limited quantities, they have been used only for collection. As a result, they are difficult to use in daily transactions. Now, with silver and coins from the Western barbarians flooding in and being sold privately in the markets, it undermines the currency system. Instead of trying to suppress this with restrictions, it’s better to address it by allowing their use. Hence, we hereby issue an edict ordering the whole country to allow Tianbao gold, silver, and coins to circulate within the Tang territory. Their sizes are the same as those of copper coins. One silver coin is equivalent to 100 copper coins, and one gold coin is equivalent to 1,000 copper coins. All other types of coins are prohibited. This edict must be obeyed without refusal. All gold and silver in the country must be minted by official foundries. Outside the three military governorates of Fanyang, Anxi, and Longyou, private minting is strictly forbidden. Those who violate this order will be punished severely. Thus decreed! The seventh day of the first month in the eleventh year of Tianbao.”

Below the announcement were printed designs of Tianbao gold, silver, and copper coins. Similar announcements were posted not only in the Eastern and Western Markets but also throughout Chang’an. This announcement spread across the whole country, marking the quiet beginning of a currency reform in the Tang Dynasty.