Chapter 7: The Birth of Sovereign Debt

"A hearty drink today... ambitions unfulfilled... hum-hum-da-da-da, spilling fresh blood to write of spring... ahem... achoo!"

Li Chang'an received a reply from the long-faced freak from Meishan that morning and hummed happily in his rocking chair. The long-faced freak said his three-year mourning period was over and he was preparing to return to Bianliang to flatten the literary world once again. Moreover, during those three years, he had reached the maximum level of cultivation and written the first "philosophical masterpiece" in Chinese history, *Nine Thoughts*.

Heh, changing history is such an easy task. You just need to find truly smart people, toss them an opportunity to be remembered for ages, and they will all behave just like the Red Hare horse. Once that long-faced fellow returns, life will be much more interesting—he can sponge off others, show off, and slap faces. When the time comes, he would restart the "Genius Ranking" and continue to toy with the talents of the world.

Just as he was feeling pleased with himself, he heard a "heavy carriage" rumble to a stop outside. Who puts a house on wheels? It was at least the size of an apartment—did it have a kitchen, a living room, and a bathroom? Behind the carriage followed four guards, fully armored and helmeted, exuding an intense sense of pressure.

*Creak...* Someone inside pushed the door open, dressed in a red robe, and beckoned to him.

Damn it, I am a dignified Cheng Yi Lang, an official of the eighth rank—are you beckoning to a child here?

"Li Chang'an, come here!"

He didn't move. In this life, apart from his grandfather and uncle, no man had ever been able to order him around like that. What kind of foul habit is this? My friends are all at the level of sages; what kind of nobody are you?

When he opened his eyes again, he realized he had no choice—the four armored giants were charging toward him.

"Li, the Prime Minister wants to see you!"

The Prime Minister? The Great Song has many Prime Ministers. Whether it is the Pingzhangshi, the Canzhi Zhengshi, the Privy Councilor, the Commissioner of the Three Departments, or the Minister of the Secretariat, which one was throwing his weight around?

Today, Wang Pang was wearing his full official attire. His face was one-third swallowed by his black gauze cap, and his official robes obscured his usual dashing young master image, making it hard to recognize him at first glance.

"Li Chang'an, get in!"

"Sure, using a government vehicle for personal business? Did you bring out your old man's luxury Lincoln?"

Once inside the carriage, he was dumbfounded. There were two old men sitting there, both wearing the crimson robes of first-rank officials.

Uh...

"Sit! I heard you are starting a school but are hindered by insufficient collateral and cannot secure a loan. Education is a benevolent act encouraged by the imperial court, and it is also a good omen that has only appeared since His Majesty ascended the throne. Let me see what help I can provide you."

He turned his head; Wang Pang was sitting right next to him.

Li Chang'an felt a chill. No way, does Young Master Wang have this kind of hobby? I didn't argue with my grandfather because of my sexual orientation—you guys have to listen to my explanation!

"Chang'an, I heard about your difficulties yesterday. My father and Prime Minister Wen are both deeply moved and wish to fulfill your charitable heart. Speak your mind boldly!" As he said this, he nudged him with his elbow.

This terrified Li Chang'an, and he hurriedly scooted to the side.

"Uh... your excellencies, there is no need to trouble two such important ministers with my trivial matters. As Young Master Wang saw yesterday, I have already persuaded a friend to stand as a guarantor for a loan from the Daxiangguo Temple."

"Nonsense! The Daxiangguo Temple has always been snobbish, and you have a grudge against them; they will surely bleed you dry with interest. My father says if your logic holds, he can move twenty thousand guan out of the Green Sprouts money for you, and it will be interest-free for ten months." Wang Pang shot down his excuse.

Li Chang'an hurriedly used his hand to block the young minister who kept leaning in—we can talk, but why are you getting so close?

Two Prime Ministers of the nation, blocking his way at his house early in the morning. It was neither proper etiquette nor human decency; if they really wanted to lend him money, summoning him to the Prime Minister's residence or the Three Departments would be normal. However, given his temperament, he would only eat the sugar coating off a sugar-coated bullet—why not take the bargain?

"It is like this..."

He reintroduced his concept of factoring financing. Wang Anshi was still in his prime, after all, he was under fifty, and he could understand half of it. Old Man Wen beside him was sixty-three, and the wrinkles on his face were as numerous as the pleats on a girl's skirt.

The two of them pondered for a long time. By the time they felt they understood, the carriage had already traveled a mile, but their eyes still looked as if they had choked on muddy water.

Old Man Wen stroked his beard, tilted his head to glance at the scenery outside the window, and suddenly his eyes brightened, as if he had gained some insight.

"Building a school is not a task for a single day. You must carefully select the site, solidify the foundation, and use good materials. Borrow today, repay tomorrow—I see your method requires full repayment in three years. What if you don't have the twenty thousand guan to repay next year?"

Is that the only problem? That's simple. Li Chang'an had a ready-made plan: "Prime Minister, I can repay in installments. For example, we can set up a repayment schedule, starting from the end of this year, repaying three thousand guan every ten months."

"Actually, I was thinking, could we let you repay it after three years? After all, this is a charitable act; even if the imperial court is tight, we don't lack your twenty thousand guan." Wang Anshi took the words right out of his mouth.

Three years interest-free—at the current rate of twenty percent, that would be twelve thousand guan. He turned his head and stared solemnly at Wang Pang. What exactly is this young minister trying to do?

"I'm asking you, as long as there is a decent explanation, I will personally deliver the twenty thousand guan in banknotes from the imperial treasury to your door within three days!"

Decent? What kind of decency do you need to borrow money? You're not even asking for interest; could it be that you want to snatch the results of my "God-Making Project"? That shouldn't be the case; you are both Prime Ministers, you don't need to do that.

After thinking for a while, he felt that they must be trying to win him over to advertise the Green Sprouts Law. Oh... that's simple. Isn't this just a startup loan, or what they call a policy-based loan from the China Development Bank? I know this routine.

"Actually, it can be like this... consider it a special loan set up by the court to support public welfare projects, nominated by the locality, reviewed by the court, and issued by the Three Departments."

The four of them discussed the details for another half hour. After about an hour, someone outside shouted, "Xuande Gate! Routine inspection!"

The young minister opened the door and invited Li Chang'an to step down.

"Alright, wait for my good news. Within three days at the latest, the money will arrive!"

After dropping him off, the three officials continued into the palace. Watched by two big men, he could only walk back.

On the way back, he admired Old Wang more and more. He was truly a hero of his age. In order to promote the Green Sprouts Law, he could humble himself before a junior and even give away twenty thousand guan for free. He had such breadth of spirit; he was worthy of being the reformist Prime Minister who believed that "Heaven's will is not to be feared, and the ancestors' ways are not to be followed."

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"Brother Kuanfu, since the imperial meeting has been postponed, why don't we perfect this method of national debt together today?"

Wang Anshi supported the old Prime Minister and invited him into his official office. Unexpectedly, the old man exerted force, hooked his arm, and dragged him toward the Privy Council instead.

"Jiepu, your place is crowded and noisy; it's not as quiet as mine. Besides, His Majesty will want to hear this as well, and it is more convenient here."

An hour later, His Majesty Zhao Xu let out a long sigh, and his whole body relaxed.

Three-year loans, annual interest of fifteen percent, paying only interest for the first three years and the principal in the third year. The minimum amount was one hundred guan, the maximum one thousand guan, issued by the Exchange Bureau and sold together by exchange shops in the top twenty cities across the country. The bonds were backed by the spring and autumn taxes of the dynasty and the "salt, iron, tea, and imperial porcelain" of the Three Departments. If there was a default at maturity, goods could be auctioned off by the Monopoly Bureau to raise funds.

The total amount of the first issue of national debt was set at twenty million guan, to be sold in June.

It was enough to get through the current crisis first. As for things three years from now, someone would naturally solve them in three years.