Chapter 165: The Decision

Liu Yu let out a light laugh.
What Tang Tingshu said seemed like this, but in another timeline, those words were repeated in a different tone: “There should be one person in charge, either called president or emperor. I firmly believe it should be you, so the title remains up to you to decide.”
The one who said this was Sun Yat-sen, the most famous opportunist in modern Chinese history. To persuade his fellow native from Xiangshan, Liu Xuexun, to invest in the revolution, he offered such an unprecedented and empty promise.
Liu Xuexun was also a remarkable figure at the end of the Qing Dynasty and the beginning of the Republic of China. A graduate of the imperial examinations, he spent years as a pending official before venturing into the so-called “Wei Xing” lottery to amass wealth. To convince this wealthy patron to invest in the revolution, Sun Yat-sen tried every means, even writing him an enthusiastic personal letter.
This letter was not preserved in the Kuomintang’s official history, but Feng Ziyu, a senior Kuomintang figure, included it in his book *Revolutionary Anecdotes*.
“First, establish a temporary government to handle government affairs. For the structure of the government, five people will suffice. There should be one person in charge, either called president or emperor—I firmly believe it should be you, so the title remains up to you to decide. The remaining three positions—one for internal affairs, one for foreign affairs, and one for finance—can be filled by people you choose. In my opinion, Mr. Yang Wen is best suited for finance, Mr. Li Bo for foreign affairs (I’m not sure if he shares your ideals), and Mr. Sheng Xuan for internal affairs. As for military affairs, I will take charge myself. I’ll first seize territory before inviting you all to join me. For foreign affairs, it’s best to send agents abroad first; I can choose such people myself. Everyone can handle their own responsibilities.”
Sun Yat-sen’s empty promise was extremely grandiose—“One person in charge, either president or emperor—I firmly believe it should be you”—but to obtain the positions of president or emperor, Liu Xuexun couldn’t just idle away his time. He had to invest real money in this highly risky yet potentially rewarding cause, exchanging large sums for vague promises.
Liu Xuexun was a shrewd man. Unlike some overseas Chinese who spent all their wealth while placing their hopes on opportunist leaders, he wasn’t that kind of person.
Liu Yu was equally astute. Even Sun Yat-sen understood the importance of military power—how could Liu Yu not? He simply responded in his own way: “Napoleon, Washington—these are my ideals, my desires. It’s hard to choose just one… In this turbulent time for China, I still need to rely on you, my esteemed brother.”
“I wouldn’t dare claim such honor!” Tang Tinggeng replied. “I’m just doing my part wholeheartedly for the country.”
Although the Tang brothers offered empty promises, their optimism about the Black Flag Army also indicated a certain direction: the Black Flag Army might be able to take their place—but only potentially. These big bourgeoisie members were opportunistic conservatives who wouldn’t miss any opportunity, nor would they risk execution.
What Tang Tinggeng passed on was merely a message not meant for outsiders, so Liu Yu didn’t take it seriously. Instead, he gave promises to the Tang brothers and businessmen like Xu Run from the China Merchants Steam Navigation Company: “If we can establish a government in the future, I will certainly rely on you, my esteemed brother, for financial support.”

Tang Tingshu was indeed a remarkable figure in modern Chinese history—a first-rate comprador who, in this era, sought to break free from foreign control and establish Chinese industrial and mining enterprises. The most famous of these was the Kaiping Coal Mine, which later became a burden on him. Yet his efforts were clearly recognized by his contemporaries; some even said, “China can do without Li Hongzhang, but not without Tang Tingshu.” This might be an exaggeration, but it still illustrates the significance of these compradors. Liu Yu knew that if he wanted to send troops to Guangdong and Guangxi in the future, he would inevitably have to interact with these powerful compradors from those regions.

Tang Tinggeng was overjoyed. He came to Shanxi not only to supply arms to the Black Flag Army but also to see if there was any chance to revive the Trading Bureau and to take advantage of the situation with the Black Flag Army. With Vietnam in chaos, all of the Trading Bureau’s investments there were lost, but their years of operations there had shown them that the Black Flag Army could be a reliable military force. However, during the battle in Shanxi, despite the Black Flag Army’s many victories, they still lacked the courage to invest in them, as they were seen merely as bandits. But after that battle, they gained such courage. The French gathered 20,000 elite troops to attack Shanxi and were utterly defeated—this was not a fictional martial arts story but a verifiable fact. As people well-versed in maritime affairs, they had numerous sources of information: English newspapers in Hong Kong, French reports in Saigon, and concession newspapers in Shanghai—all clearly stated that the French had suffered a complete defeat in the Shanxi battle. Even some materials written by the French did not shy away from acknowledging this fact. They keenly perceived this situation as well as the potential of the Black Flag Army.

“If they succeed, they will be like Emperor Guangwu of Han; if not, they will become Hong Xiuquan…” This was their assessment of the Black Flag Army before they arrived. Of course, between success and failure, there was another possibility: that the Black Flag Army might stay in Vietnam and overthrow the Nguyen dynasty. Even if they could only take control of northern Vietnam, it would still be an excellent partner for the Steamship Trading Bureau and the Tang brothers. The Steamship Trading Bureau could accomplish many things for the Black Flag Army, while the Black Flag Army could grant it a monopoly position that would last for decades. After entering Vietnam, Tang Tinggeng made this point even clearer: “Even if they fail, they can still become Hong Xiuquan…” The Black Flag Army had tens of thousands of brave and combat-ready soldiers, and they had already replaced the Nguyen dynasty locally, bringing a fresh energy compared to the Qing dynasty. These compradors had become wealthy due to the corrupt political and economic system of the Qing dynasty, so they harbored nostalgia for the old regime. But when that regime became an obstacle to their further development, they were unhesitating in their determination to replace it. It was just that before then, they lacked a sufficient military force—Tang Tinggeng had already thought this through in detail. With the strength of the Tang brothers and Xu Run, along with their local networks, they could control this powerful army. Even if they could only rule Guangdong and Guangxi, it would be a worthwhile achievement. While politely declining on behalf of his brother, he asked, “Does the commander need any help from us brothers? We will do our utmost to assist.”

They had more vision than the officials of the Qing Dynasty. Moreover, he himself had been stationed in Hue over the past few years as a representative of the China Merchants Steam Navigation Company, giving him a good understanding of the actual situation in Vietnam. He now realized that even if the French could continue this war, they were unlikely to achieve a complete victory—it would surely be a protracted conflict. From what he had seen and heard, the Black Flag Army had more than twenty elite infantry battalions and several artillery battalions, all composed of highly skilled soldiers. The Qing Dynasty’s brave battalions, Green Standard Army, and Eight Banners could not compare to them at all; their equipment was entirely Western-style, with rapid-fire guns and steel cannons—only Li Hongzhang’s Huai Army could match them. Besides, by relying on the China Merchants Steam Navigation Company, they could continuously purchase military supplies from Hong Kong. Financially, thanks to the tens of millions of gold coins from the Nguyen Dynasty in Hue and a base population of millions, they could sustain themselves for years. Even under the most optimistic circumstances, it would take at least three years for the French to defeat the Black Flag Army and conquer all of Vietnam. Thus, he wisely saw that his investment could yield good returns.

Liu Yu casually asked, “How much more money is needed to ensure that your brother and Mr. Xu’s positions at the China Merchants Steam Navigation Company are as secure as Mount Tai?” He knew that Tang Tingshu and Xu Run both had the ability to manipulate situations skillfully but were not entirely honest. In history, this very trait had led to their expulsion from the company. Now that they had signed a contract with him, it was only natural to offer them benefits. Tang Tinggeng hesitated for a while. Although he was trying to help the Black Flag Army, he still had to get money from them—would this make Liu Yu underestimate them? But after a moment, he came to a decision: “The commander has already promised 150,000 taels of silver. We shouldn’t ask him to spend more.” “But the China Merchants Steam Navigation Company is mostly composed of shares, and its capital is insufficient. If the commander can provide more support, that would be ideal. Just another 100,000 taels, and when the commander advances into the eastern provinces, he will be unstoppable.” Liu Yu was extremely generous. Without hesitation, he said, “Including the 150,000 taels as a deposit, I’ll give you 1 million taels.” Tang Tinggeng wasn’t expecting Liu Yu to be so generous. Then Liu Yu added, “However, I can’t pay these 850,000 taels in gold or silver. But when we defeat the enemy forces invading Shanxi and seize their large amounts of military pay, those francs can’t be used in Tonkin, so my brother can take them there.” After the war began, the production of francs by the Xiliu Camp never stopped, but finding buyers became a major problem. It would be better to have Tang Tinggeng take them to Guangdong, Guangxi, and Shanghai. Tang Tinggeng knew that francs were not as widely accepted in the Eastern world as pounds sterling, but having money was better than having none. Besides, these were top-tier currencies issued by the great powers. “Then I thank you.” Among the enemy’s supplies, Liu Yu did indeed seize hundreds of thousands of francs in military pay. But since he intended to be half sincere and half deceptive, he didn’t explicitly state his position. “But if I have another 200,000 to 300,000 taels, I’ll cover it with Black Flag Banknotes.” “Black Flag Banknotes?” They were used throughout Vietnam, and in Guangxi as well. In recent years, they had also been circulated in several counties along the Yunnan border. In Guangdong, this unofficial currency was only used on a small scale.

But Tang Tinggeng intended to take this money to Shanghai. Yet he said without hesitation, “Commander, rest assured. With our China Merchants Steam Navigation Company, we can ensure that the Black Flag banknotes can be used smoothly in the southeastern provinces.”
“Is the China Merchants Steam Navigation Company limited to that?” Liu Yu asked right away. “The bankhouses in Beijing dare to issue banknotes worth millions or even tens of millions of taels with just a capital of several hundred thousand taels.”
“Don’t worry!” Tang Tinggeng also became bold: “When the troops advance into the Central Plains, the commander only needs to bring a million Black Flag banknotes and no need to carry any gold or silver.”