Chapter 396: The Fatal Blow

A sudden knock at the door silenced the hall instantly. Everyone exchanged glances, hearts pounding with anxiety. The chief manager hurriedly whispered, “Master, what should we do?”
“Ignor them. Take the money away right away,” Yang Huahua ordered decisively.
“Master, it’s too late. There are six hundred large chests!”
That night, they planned to transport 40,000 guan in cash—equivalent to over 240,000 jin. With each chest holding 400 jin, 600 chests were needed, requiring more than a dozen ships to transport all of them. Yet so far, only over a hundred chests had been loaded; there was no way they could finish in time.
“Open the door!”
The pounding outside intensified, the main door shaking violently as if it might be broken. Yang Huahua inwardly cursed. If Li Longji were still in power, no one would dare treat the Yang family so rudely. She said to the others, “Find something to cover the money. I’ll deal with this.”
Accompanied by a few employees, she went to the main door and ordered, “Open the side door!”
Two employees opened the side door. With a loud crash, it was kicked open, revealing flames outside. A military officer kicked the employees aside and snapped, “Damn it! How dare you neglect me?”
“How dare you!”
Furious, Yang Huahua rushed over and glared at the officer. “Have you lost your mind? This is the Yang family’s treasury. How dare you be so rude?”
“I don’t care if you’re from the Yang or any other family—everyone must be inspected!”
Seeing a beautiful young woman before him, the officer’s eyes lit up. He reached out to pinch her cheek and laughed, “Young lady, you’re quite pretty! How about joining the army with me…”
Before he could finish, Yang Huahua, enraged, slapped him across the face and shouted at him, “Blind fool! How dare you harass me?”
The officer was stunned and humiliated in front of his soldiers. Fuming, he drew his sword and roared, “Rebellion! Anyone who resists will be killed! Grab this woman!”
At that moment, another officer behind him recognized Yang Huahua. He quickly pulled the officer aside and whispered, “This woman is the Lady of Guo.”

Back in the day, Yang Huahua enjoyed immense power; even Li Linfu would give way when seeing her carriage. Though she had declined in influence now, she was still a first-rank concubine, and Yang Guozhong remained the right chancellor, still wielding considerable power. The military officer didn’t expect to find Yang Huahua here and thought she was just a shopkeeper’s concubine. Upon learning her true identity, he was terrified. Although the Lady of Guo State had no official power, if she reported him to the emperor, he would lose his head as well.

“Madam… I am sorry for my rudeness!”

He hurriedly bowed, ignoring the burning shame on his face.

Yang Huahua pointed outside and ordered, “Get out of here!”

The military officer was in a dilemma. They had orders to search anyone, but facing someone as powerful as the Lady of Guo State, they didn’t dare be reckless. Yet, failing to search meant they couldn’t report to their superiors. At that moment, an officer behind them quickly said, “We’re leaving now, right away!”

He pulled the military officer away through a side door, which slammed shut behind them. The military officer complained to his companion, “How can we report to our superiors if we don’t search?”

The other officer whispered, “Since the Lady of Guo State is here, there must be something in the shop. It’s better not to provoke her. We should just surround the shop to prevent them from taking anything away, then report to General Changsun.”

“Hmm! That’s a good idea. Let’s do that.”

The military officer waved his hand and ordered, “Surround it!”

Hundreds of soldiers rushed forward and encircled the shop. The back door was close to a small river, and the dozen or so boats waiting to transport money immediately sailed away upon seeing the situation.

The main door of the shop was tightly closed, with dozens of employees waiting for Yang Huahua’s orders. Suddenly, one of them rushed over in panic and reported, “Madam, those soldiers have surrounded the whole shop, and the boats in the river have left too. What should we do?”

“Those bastards!” Yang Huahua gritted her teeth in fury. With no other options, she said, “Move all the money back to the warehouse. I’ll go see Chancellor Yang.”

The employees began moving the money, while Yang Huahua hurried outside. In the darkness, her carriage headed toward Yang Guozhong’s residence.

Unbeknownst to her, as soon as she left, a curfew was imposed in the East and West Markets. Changsun Quanxu also arrived at her shop. He ordered the doors to be broken down, and soldiers rushed in, locking all the employees and the shopkeeper in a dark room. They packed up her 40,000 strings of copper coins and took them away—this was the biggest haul from that night’s operation.

Dawn was approaching, and the East and West Markets, which had been in turmoil all night, finally settled down. Yet the curfew remained in place; the gates of both markets were tightly closed, with only soldiers patrolling the streets. People in the shops were not allowed to come out, and the area around the West Market office was under especially strict security, with a thousand fully armed soldiers patrolling back and forth to prevent anyone from entering. In the spacious hall of the office, piles of boxes covered the floor, each labeled with the name of a shop. These contained copper coins seized from various shops overnight. Dozens of accountants were busy keeping track of the amounts. Once the silver coins arrived, they would be exchanged at a rate of one to thirty to return to the people—this was the forced exchange.

At this moment, Di Wuqi arrived at the office accompanied by several officials. He found Changsun Quanxu and bowed, saying, “The Emperor has sent me to assess the situation. I want to know how much copper coin has been collected so far.”

Changsun Quanxu glanced at a preliminary tally in his hand and said, “A total of 240,000 guan of copper coin have been collected.”

Di Wuqi frowned. Only 240,000 guan? Today, 20,000 guan of silver coins were to be issued. At a ratio of one to thirty, 600,000 guan of copper coin would be needed. According to previous data, including those from the banking houses, the total copper coin stock in both markets should have been over 3 million guan. How could it be less than 10% so far?

As if he could read his thoughts, Changsun Quanxu sighed and said, “We were too late. Most shops had already moved their money away. Wang Baoji’s banking house only had 200 guan left. Anxi Banking House was closed, with not a single coin left. Yang’s Banking House, however, managed to keep 40,000 guan. I doubt Lady Guo will agree to this.”

“What about silver coins? Were any found?”

Changsun Quanxu shook his head. “Silver coins are easy to carry, so there were even fewer. Almost all of them were taken away. Only 6,000 were found.”

“This…”

Di Wuqi was stunned. Only 240,000 guan—less than half of what was needed. How could he report this to the Emperor?

At that moment, an official from the Ministry of Revenue nearby complained, “I think it’s because too many favors were asked for. General Changsun didn’t do his job properly!”

“You bastard!” Changsun Quanxu flew into anger, pointing at the official and shouting, “My men haven’t slept all night, working as porters and thieves for you. Their backs are almost broken. You lazy wretches who live in comfort—what do you do but talk nonsense?”

Di Wuqi also grew displeased and said in a drawn-out voice, “General Changsun, the main problem is there’s not enough money. We can’t report this!”

“That’s because you’re too slow. Others have already fled for two days, and you just now realized it. What does that have to do with me?”

Changsun Quanxu felt extreme disgust toward Di Wuqi before him. He believed this was not the Emperor’s intention but rather the result of such sycophantic officials inciting the Emperor, ruining His reputation. Suppressing his anger, Changsun Quanxu said in a grave tone, “Doctor Di, please forgive my blunt words. Conducting such forced searches of shops overnight is nothing short of banditry. It should only be done occasionally. Please convey to the Emperor that this action will not only lose the people’s support but also drive merchants away from Jianghuai and Bashu. In the long run, Chang’an will have no merchants left. Who would still bring grain, rice, oil, and tea to Chang’an? It’s like killing the chicken to get its eggs.”

Di Wuqi, thinking that the plan to issue silver coins had almost failed, said helplessly, “It’s pointless to discuss this now. The silver coins will arrive soon. Let’s exchange them first! We’ll report back to the Emperor after seeing the situation after the exchange.” He sighed, turned, and walked away. Changsun Quanxu watched his retreating figure and spat bitterly, “Tch! Sycophantic official.”

……

Dozens of carriages slowly entered the West Market gate. All the carriages were covered with oilcloth, and dozens of guards followed each one on both sides, providing extremely strict protection. About a hundred steps away from the West Market gate, a large crowd of people who had heard the news gathered to watch. Many merchants also gathered together, whispering among themselves—around a few hundred in total. Most of them were shop owners living outside. Having heard about the night-time search in both markets, they came to check the situation. Some were extremely anxious, while others were secretly relieved. Those who were anxious hadn’t withdrawn all their money from the shops, while those who were relieved had already transferred their money elsewhere.

At that moment, a dozen soldiers carrying announcements strode forward quickly. They went to the side of an inn by the road, a designated spot for posting announcements. The soldiers applied glue to the wall and stuck up a notice bearing a bright red seal. The merchants crowded around, looking up at the announcement that concerned their livelihoods. It was indeed a notice about issuing silver coins. Someone read aloud, “As the country’s funds are insufficient and the value of currency exceeds that of goods, it is decided to mint Dali silver coins to circulate alongside Kaiyuan Tongbao coins, with one coin being equivalent to thirty in value…”

“One coin equals thirty!” someone exclaimed in shock.

“Damn it! They must have forced exchanges last night!” Some people started cursing. The crowd became agitated, and hundreds of merchants turned and rushed toward the West Market. After taking a few steps, dozens of riders arrived at full speed. The leading officer shouted to the merchants, “Go back for now. The curfew will be lifted at noon. Come back then!”

One merchant mustered his courage and asked, “Sir, is our money safe now?”

“Your money is safe. We won’t take your wealth.”

The officer paused for a moment before saying, “Don’t worry! You will get back every penny of your money.” At these words, the merchants grew agitated. What the officer implied was that their money had already been taken away, confirming their fears—that the government intended to force the issuance of silver coins. By taking their copper coins, they would surely replace them with silver coins, and those dozen or so carts must be filled with silver coins. The merchants immediately began cursing, but the officer ignored them and turned his horse to leave.

Suddenly, someone behind them shouted, “Don’t worry! Anxi will compensate you for your losses.” All eyes turned back, and they saw several men in black riding toward them. One of them continued, “This time, the government used force to exchange people’s copper coins, causing many to suffer losses. So this time, Anxi will exchange the silver coins you were forced to give up at an appropriate price to reduce your losses—but only this once.”

Although everyone was skeptical, most couldn’t help but cheer. Someone asked, “What price will you give for our silver coins?” The leader of the men in black was Hu Peiyun. He had just received a message from Li Qingan the previous night, adding to his tasks—not only to disrupt the government’s attempt to issue silver coins but also to prevent Dali silver coins from circulating in the market. Purchasing the silver coins from merchants was an excellent way to achieve this.

Hearing someone ask about the purchase price, Hu Peiyun stepped forward and said, “We can’t buy them at the original price. As you know, the issuance price is one to thirty, so we can only buy them at one to twenty. Of course, if you think the price is too low, you don’t have to sell. We won’t force you. And we’ll only accept offers for five days—no extensions. Starting this afternoon, Anxi’s shops will officially begin purchasing silver coins.”

The crowd was disappointed once again. That meant they would suffer a ten-copper loss. Some sighed, while others stamped their feet and cursed, cursing the ancestors of Wu Qi through eighteen generations.

……

In Xiling Alley next to the Western Market, the Rehai Tavern still existed, though business was even slacker. Few customers came to dine throughout the day. It remained one of the Han-Tang Association’s bases in Chang’an. At that moment, a young man rushed into the tavern. He flashed a silver token and went straight to the inner courtyard, where he spoke a few words to a man who seemed to be a servant. The servant immediately led him to a room in the inner courtyard and knocked on the door.

“Master Hu, he’s here.”

“Let him in!”

The servant opened the door and said to the young man, “Come in!”

The young man darted inside, and the door closed softly again. The room had no windows, and the light was dim. Although it was morning, the lights were still on. Dozens of people were seated there, with Hu Peiyun sitting in the middle. He had just received news that the first batch of silver coins sent from Shuofang had arrived in Fengtian County. He immediately gathered his key members to discuss how to transport the silver coins to Beijing.

In fact, there were many ways to transport silver coins to Beijing—by water or through the city gates. The key was to use the safest method. The safest method was to buy over the troops guarding the city. Most of these troops were the 20,000 soldiers recruited by Li Qingan at the beginning of the year. Although Li Yu had taken control of the military, many of the middle-ranking officers still favored Anxi and could be easily bribed. Now, the city gates were no longer closed at night. As long as the guarding troops could be bribed, transporting the silver coins into the city at night would be a piece of cake.

The plan had been finalized when the young man entered, bowed to Hu Peiyun, and took out a cloth bag from his bosom, handing it to him respectfully. “Please take a look, Chief!”

“Chief” was the title used by the Han-Tang Association in the past. Hu Peiyun was the leader of the Luoyang branch, so everyone was accustomed to calling him Chief Hu. Hu Peiyun took the cloth bag, spread it out on the table, and said with a smile, “Let’s all take a look!”

Everyone gathered around. Under the light, they saw that the cloth bag contained a dozen silver coins, each bearing the characters “Dali” on its surface. “Dali silver coins!” someone exclaimed in surprise.

The Dali silver coins were the new coins to be issued soon—yet they already had them here.

“These are the Dali silver coins we forged. Let’s see if they look similar.”

With that, Hu Peiyun took out a small box and opened it. Inside were two genuine Dali silver coins, samples secretly brought to them by Zheng Shaoyou, the deputy head of the mint.

Hu Peiyun placed one fake coin next to the genuine one and said with a smile, “Let’s see what’s different.”

Everyone examined them carefully. The two coins were exactly the same size, with the pattern of the Hanyuan Hall on the front and the characters “Dali Tongbao” on the back. A character “silver” was engraved in the middle to indicate it was a silver coin. There was no difference in these patterns between the two coins.

“They look exactly the same! It’s impossible to tell the difference.”

“There is still a slight difference. Look at the color.”

Only then did everyone notice that the genuine coins were darker in color, while the fake ones seemed slightly newer. But it was likely due to different times of minting. Over time, the difference would no longer be apparent.

Hu Yunpei smiled and said, “Actually, the weight is different too. Real silver coins are 1 part silver, 6 parts copper, and 3 parts lead, with a bit of silver still present. Our fake coins, on the other hand, are half copper and half white lead, with no silver at all. They’re heavier, with only a silver coating on the surface that will wear off over time.”

He then asked the young man, “How much have we minted so far?”
“Reporting to the chief, we’ve already minted one hundred guan. We aim to mint another two thousand guan in ten days. The one hundred guan of fake silver coins are now outside the city.”
“No need to mint any more,” Hu Yunpei said with a slight smile. “One hundred guan of fake coins is enough. In fact, just a small stone is enough to stir up huge waves. Go! Deliver the one hundred guan into the city.”
“As ordered!” The young man bowed and left in a hurry.

Hu Yunpei stood up and said to everyone, “Now I’ll assign tasks.”
Everyone immediately sat up straight. Hu Yunpei glanced at them slowly and said, “Starting today, the Dali silver coins will be introduced. But we’ve taken measures. It’s estimated that most of these coins will be exchanged with us, with only a small portion entering the market. Now we need to do two things. First, get all one hundred guan of fake Dali silver coins into the market, by any means necessary—giving them away or scattering them. In short, we must ensure these fake coins appear in every corner of Chang’an. Second, we need to spread the word vigorously, saying that Dali silver coins are half copper and half white lead, with no silver at all. They’re inferior coins issued by the court under the pretext of silver, meant to plunder the people’s wealth. We must make the people of Chang’an believe that these coins are even less valuable than ordinary Kaiyuan Tongbao coins due to their lower copper content. Do you all understand?”
Everyone stood up and agreed. Hu Yunpei nodded and smiled, “Good! You may all go back. I’ll distribute the coins to you right away. It’s now the first moment of Si hour. One hour later, at the first moment of Wu hour, everyone must act simultaneously in their respective areas!”
……
Before noon, the curfew was finally lifted. The Dali silver coins sent out from the city office were gradually delivered to various shops. Along with them was a document similar to a exchange list, written in a polite tone, clearly stating how much money could be borrowed and exchanged for new silver coins at a ratio of one to thirty, along with the amount to be returned. But no matter how clear it was written, what use was it? The merchants were furious. These Dali silver coins were no different from the original Tianbao silver coins—even duller in color and coarser in craftsmanship. It was outright robbery!

Some people still harbored illusions—that if the silver content were higher, they wouldn’t have to sell it at a loss to Anxi’s coin shop, and perhaps it could even be exchanged at thirty to one. But based on experience, they judged that the silver content in these coins was at most 10%, so exchanging them at ten to one would already be generous. More importantly, if fake coins became widespread, they might not even be worth ten to one, just like the Tianbao silver coins back then, which were completely worthless. Out of this concern, the vast majority of merchants decided it was better to lose ten coins than to resell them to Anxi’s coin shop and get real Anxi silver coins instead—those were genuine currency.

Merchants quickly collected their coins, so they never entered circulation. Meanwhile, newly issued Dali silver coins appeared everywhere in Chang’an—wine shops, teahouses, brothels, inns, gambling houses, and marketplaces. A rumor spread rapidly: these coins contained no silver at all, only a silver coating, with half copper and half white lead; they were worth not even one coin and were nothing but a scheme by the imperial court.

Some curious people in various districts cut open the coins to verify, and indeed they found copper and white lead inside. Chang’an erupted in chaos. The people were terrified and rushed to rice shops to buy rice, driving up prices. In just half an hour, the price of rice from Huzhou, which had dropped from 700 coins per dou to 600, soared to 750 coins per dou, while the price of wheat in Longyou rose to 500 coins per dou.

As the situation worsened, officials submitted petitions to Emperor Li Yu, demanding an immediate halt to the issuance of new coins and accusing Wu Diqi of bringing disaster upon the country, urging severe punishment for him. Pei Min even raised his arms in front of the Danfeng Gate and shouted at hundreds of officials, “These inferior coins will destroy the court’s credibility! Follow me to persuade the emperor to recall these coins and punish Wu Diqi severely!”

The officials were stirred by this, especially the lower-ranking ones, who were more worried that Li Yu might use these inferior coins to pay off their two years’ worth of salaries. Eager and passionate, they followed Pei Min to the Zicheng Pavilion to petition.

In the imperial study, Wu Diqi knelt on the ground, waiting for Li Yu’s decision. Li Yu sat listlessly on the dragon throne, lost in thought. On the desk in front of him lay three cut-open inferior fake coins, identical to his own. What made his mood even more complicated was that he had just received a petition—a handwritten letter from Li Qing’an, with a pigeon message attached to it.

In the letter, Li Qing’an earnestly advised Li Yu that those who deceived the people would only end up deceiving themselves. His only way out now was to use Wu Diqi as a scapegoat; otherwise, he, Li Yu, would lose the trust of the whole country. Along with the letter came a shiny Anxi silver coin.

“If Your Majesty disapproves of the Anxi silver coins, how about I use paper money in their place?” This was a blatant threat—if Li Yu did not acknowledge the Anxi silver coins as Tang Dynasty currency, Anxi would issue paper money. Li Yu’s heart was filled with bitterness; he was now at a dead end. The failure to issue silver coins meant not only that plan had failed but also that his reputation had been completely ruined by Li Qing’an using the most ruthless tactics. Yes, he already knew it was Li Qing’an’s doing. The fastest it took for a letter to travel from Anxi here was seven days, and since Li Qing’an was still in Suiye, it would take ten days. That meant Li Qing’an had known the outcome ten days earlier. If it wasn’t him who set this up, then who else could it be? Step by step, he was being pushed into a dead end—this was revenge for his betrayal. At that moment, Li Yu faintly heard the voices of ministers outside pleading, “Your Majesty, please punish Di Wuqi severely!” Even the military, represented by Changsun Quanxu, submitted petitions demanding Di Wuqi’s execution. He was almost completely isolated. Li Yu glanced at Di Wuqi and sighed softly, “My dear Di Wuqi, it was my own foolishness that has brought disaster upon you!” Di Wuqi shuddered. Li Yu saying those words meant he was about to punish him. His heart also filled with sorrow—like a rabbit dying leaves foxes sad. If he didn’t die, how could Li Yu feel sorrow? Di Wuqi kowtowed and said in a trembling voice, “I am willing to take the blame!” “I know very well whether you are guilty or not, but I must punish you. Go to Zhongzhou and serve as the local governor. Work hard to bring benefits to the people there.” “I thank Your Majesty for your mercy!” Tears streamed from Di Wuqi’s eyes. … Outside the Zichen Pavilion, Pei Min led hundreds of ministers, still persistently shouting, “Your Majesty is innocent! The fault lies with Di Wuqi—please punish him severely!” At that moment, an eunuch stepped forward, holding a decree written by Li Yu. He unrolled the decree and said, “Your Majesty has issued an order. All ministers, please listen carefully!” Everyone fell silent as the eunuch read aloud, “I was deceived by Di Wuqi’s flattery and committed a grave mistake. Now that I have realized my error, I make the following corrections: Di Wuqi is demoted to the position of governor of Zhongzhou, and he is removed from his role as Director of Revenue. Pei Min will take over that position instead. The Dali silver coins are abolished; the court will no longer issue silver or large coins. The Changping Office is ordered to sell 100,000 dan of rice to stabilize grain prices. The Anxi silver coins are renamed Tianbao silver coins and are allowed to circulate in the Tang Dynasty alongside the Kaiyuan Tongbao coins. So it is decreed!” “Your Majesty is truly wise!” …

A currency war that took place in November of the first year of the Dali era ended in Li Yu’s crushing defeat. The 20,000 guan of Dali silver coins, issued just under a day earlier, were entirely purchased by Anxi Jifang. Li Yu’s new currency plan, which had taken nearly two months to prepare, turned out to be a fiasco. Lacking sufficient gold and silver backing, it was doomed to fail in competing with Anxi silver coins. As a result of this defeat, Li Yu was forced to recognize Anxi silver coins as the official currency of the Tang Dynasty. Since they originated during the Tianbao era, they were renamed Tianbao silver coins. From then on, Tianbao silver coins, along with Kaiyuan Tongbao copper coins, became the official currencies of the Tang Dynasty. However, Li Qingan did not give up. Two months later, a new type of pentagonal pure silver coin from Anxi appeared in the markets of Chang’an. There were two sizes: one weighing half a qian and worth 50 qian, and the other half as light, worth 20 qian. These silver coins were extremely light, easy to distinguish, and difficult to counterfeit. Their introduction brought great convenience to the Tang Dynasty’s currency system. They quickly became popular in Chang’an and were widely accepted by all social classes, becoming the third official currency of the Tang Dynasty. Although the imperial court did not recognize them as official currency this time, they were accepted by the people.