Everyone inside Huagai Hall saw it clearly.
The young man called Wen Mang counted the banknotes. About ten sheets. Ten guan.
They recognized the notes at a glance. Who present had not received rewards from the Son of Heaven?
The only difference was recent. After the Hu Weiyong affair, His Majesty had abolished the Secretariat. The authority to print the Great Ming Treasure Notes had been transferred to the Ministry of Revenue. From this year onward, the heading changed from "Printed by order of the Secretariat" to "Printed by order of the Ministry of Revenue." Other than that, old and new notes were the same.
But the young man's casual remark tightened every heart.
Treasure notes. Waste paper.
Empress Ma felt her husband's temper rising and caught his sleeve.
"Do not be hasty. Let us hear what he says."
Zhu Biao added softly,
"That is not Great Ming. Father's notes have no legal force there. His words are harsh, but…"
The Hongwu Emperor's anger cooled slightly.
"I am not unreasonable. I merely wished to stretch a little."
He straightened.
"These notes are the foundation of Great Ming. How can they be compared to waste paper?"
As if in answer, Wen Mang continued on the light screen.
[Lightscreen]
[Not quite. Waste paper might actually be worth more.
What is depreciation? Depreciation is when you print a sheet of paper as a treasure note, and that note cannot even buy a blank sheet of paper. That is depreciation.
How is Great Ming's financial system? With Old Zhu's level, can he handle it? He cannot. He does not understand credit systems, value backing, reserves.
From the start, these notes becoming waste paper was inevitable.
Anyway, let us look at the handcrafted box and chair. That craftsmanship is solid.
That wraps up this unboxing vlog. The treasure note issue can wait. It is unavoidable when talking about Ming.]
[Server Chat Log]
[VictoryPending: Better to call them Ming counterfeit notes. The emperor can print them to spend, but the people cannot use them to pay taxes. What kind of system is that.
: To be fair, early Hongwu notes held up for a while. By the twenty eighth year they had only depreciated tenfold.
WinOrSnack: Only tenfold in twenty years?
HeroInProgress: Later it gets worse. In the sixth year of Chenghua, one guan equaled two copper coins. Five hundred fold depreciation. In the first year of Hongzhi, one guan equaled one coin. A thousand fold. By Jiajing, a thousand guan equaled two hundred eighty coins. Nearly four thousand fold.
BuffPlsKnight: Even Song did better. Jin and Yuan at least had reserves.
PingSavedMe: The problem was structural. The Ming inherited Yuan practice. Reserves had already been undermined under Kublai. Hongwu relied more on corvée than taxation. Artisan households, military households. If he needed labor, he drafted it. Early Ming lacked currency. The notes, flawed as they were, eased shortages.
The real issue was issuing without withdrawal.
Ming treasure notes benefited the emperor, not officials, not commoners.
Another factor was limited precious metal output compared to population growth. Some argue that with limited silver production, rising silver value encouraged hoarding, leading to deflation.
LowHPHero: No wonder people say chaotic eras are dramatic. Ming was considered orderly, yet as dramatic as chaos.]
Zhu Yuanzhang stared at the final line.
As dramatic as chaos.
The characters drifted left and vanished. The light faded. Silence filled Huagai Hall.
The Hongwu Emperor staggered and fell back into his chair. Empress Ma and the princes rushed forward.
"Father. Summon the imperial physician."
He waved them off.
"I am fine."
He pushed himself up and walked a few steps.
Sunlight fell faintly across the floor. The palace roofs were familiar. Yet everything felt distant.
An hour ago he had summoned ministers, brothers, family to witness Heaven's mandate.
An hour later he had learned of future deaths, future enemies, internal fractures, a wider world.
And now even his Hongwu currency was mocked as worse than waste paper.
He had prepared words. Ten guan is no small sum. A young man should value effort over gold. Remember how I rose from nothing.
All of it meaningless.
If a thousand guan would later equal two hundred eighty coins, then ten guan would not even reach three coins.
Three copper coins.
Then the chair and box truly were worth more than his reward. Even the fine paper used to print the notes might cost more.
"Father."
But his gaze was distant.
Sunlight entered from the south facing doors. The palace roofs beyond were as familiar as ever. He had walked these halls countless times. Yet now they seemed strange.
An hour ago, he had gathered ministers and family to witness Heaven's revelation.
In that short time, he had learned of future enemies. Of internal divisions. Of wars beyond imagination. Of the vastness of the world.
And now, of currency collapse.
He had once believed firmly that treasure notes would strengthen the realm. Copper was insufficient. Silver scarce. Paper was practical. Authority backed it.
Authority.
But what is authority when trust fades?
He began calculating in his mind.
If in the Jiajing era one thousand guan equaled two hundred eighty copper coins, then ten guan would equal less than three coins.
Three.
He had rewarded that young man with ten guan.
Less than three copper coins.
Even the fine paper used to print those notes might be worth more.
For the first time since ascending the throne, Zhu Yuanzhang felt something close to shame.
Not because he was mocked.
But because the criticism might be correct.
"Father."
Zhu Biao's voice trembled slightly.
Zhu Yuanzhang looked at his eldest son. At Empress Ma. At the worried princes.
He forced a smile.
"To mend the fold after sheep are lost is not too late."
"Now that we know, we change."
He stood again. This time more steadily.
"If the problem lies in issuing without restraint, then we must restrain."
"If trust is lacking, then we must create it."
His eyes regained sharpness.
"Great Ming will not become a laughingstock."
Just then Zhu Biao blinked and pointed at the screen.
"Father. The light has not disappeared. More text has appeared."
Zhu Yuanzhang turned.
Indeed, faint characters emerged again.
Replay function available.
He coughed lightly.
"Then we watch again."