Chapter 139: The Most Profitable Bank

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Iron-Blooded Ming Dynasty
The Wang Family Estate.

Among the three Wang brothers, the eldest, Wang Ju, was a merchant; the second, Wang Hua, served as an examining magistrate in Datong Prefecture. Both had long been married—Wang Ju to Lady Yao, who had once sung folk songs in her youth, and Wang Hua to the daughter of a ninth-rank official from Taiyuan Prefecture. Though her rank was modest, she was still considered a refined lady from an official family.

Fortunately, the Wang family had been merchants for generations and did not revere Confucianism, much less Neo-Confucianism. Otherwise, given the backgrounds of Lady Yao and Chen Yuanyuan, it would have been impossible for them to marry into the Wang family, let alone for Lady Yao to become the primary wife.

Because of their similar origins, from the day Chen Yuanyuan entered the Wang estate, she received special care from Lady Yao. Whenever there was something delicious or entertaining, Lady Yao would be sure to include Chen Yuanyuan.

At this moment, Lady Yao was chatting with Chen Yuanyuan in the warm chamber.

Chen Yuanyuan was seven months pregnant, her belly already quite prominent.

Lady Yao held Chen Yuanyuan’s small hand, complaining, “Third brother is really something—always busy with the war. He took your maid away and didn’t even find you another servant girl. Our Wang family can certainly afford to hire help. And you’re seven months along; it’s not right for you to have no one attending to you.”

“It’s alright, sister-in-law,” Chen Yuanyuan replied softly. “I told him not to find one.”

“That won’t do. With such a big belly, you must have someone to serve you,” Lady Yao said firmly. “Starting tomorrow, I’ll have Lian’er come to your room to help.”

Chen Yuanyuan wanted to decline, but Lady Yao interrupted, “It’s settled then—your sister-in-law has decided.”

Chen Yuanyuan resignedly said, “Then I thank you, sister-in-law.”

“Thank what? We’re family,” Lady Yao said, reaching out to touch Chen Yuanyuan’s belly with a smile. “Ah, seeing your belly, it’s surely going to be a big, chubby boy. Second brother is a scholar—he’ll be sure to name the child tomorrow.”

As they spoke, the ten-year-old Wang Ze suddenly hopped in, cheerfully calling out, “Mother, third aunt, third uncle is back!”

Wang Ze was Wang Ju’s only son and the eldest grandson of the Wang family.

No sooner had he spoken than Wang Pu strode into the warm chamber.

Lady Yao got up and scolded, “Third brother, really! Chen Yuanyuan is already seven months pregnant, and you still haven’t found a servant girl for her?”

“Yes, yes,” Wang Pu hurriedly responded. “Sister-in-law is right. I’ll find one for Yuanyuan straight away.”

“Well then, now that the third brother is back, I won’t disturb you two lovebirds,” Lady Yao said as she headed toward the door, then paused and turned back. “By the way, your eldest brother has been restless these days, always talking about going to Jiangnan. I wonder what enchantress is waiting for him there. You should find time to visit him.”

“I’ll go soon,” Wang Pu replied.

Lady Yao smiled. “Well, you talk. Sister-in-law will take her leave.”

After Lady Yao and Wang Ze left, Wang Pu turned back and took Chen Yuanyuan’s small hand in his, his gaze softer than ever. He said gently, “Wife, I’ve been away for over half a month. You don’t blame me, do you?”

Chen Yuanyuan looked at him with tender affection and gently shook her head.

“Husband, where is your maid? Why didn’t she come back with you?”

“That little girl? She’s outside.”

“Why not let her in?”

“Uh…” Wang Pu laughed awkwardly. “How could we speak privately with her listening?”

Chen Yuanyuan smiled sweetly. “She’ll eventually be your wife’s servant. What’s there to shy away from?”

“Uh, well…” Wang Pu said, “The rice isn’t cooked yet.”

Chen Yuanyuan covered her mouth and chuckled softly. “How about I let her in now, so the rice can finish cooking?”

“You little minx,” Wang Pu feigned anger. “Daring to tease your own husband! I’ll teach you a lesson.”

With that, Wang Pu reached out to pinch Chen Yuanyuan’s thigh. She was ticklish, especially there, and immediately went weak in the knees, laughing, “Mercy, husband! I won’t dare again.”

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Wang Pu gently pulled Chen Yuanyuan into his arms and sighed, apologetic. “Wife, I’ve truly put you through hardship. Since you came with me, I’ve been busy fighting battles east and west, rarely home to keep you company. You’ve suffered these past days…”

“Husband, I’m not suffering,” Chen Yuanyuan said, lifting her delicate face from his embrace with loving eyes. “Truly.”

A strange tenderness welled inside Wang Pu. Chen Yuanyuan was not only beautiful but deeply understanding. She always thought of him first, before herself. She loved him more than her own life. To have such a woman in his life, what more could he ask for?

“Oh, right,” Chen Yuanyuan suddenly remembered what Lady Yao had said. She spoke gently, “Sister-in-law mentioned that eldest brother has been waiting for you these days. It must be important. You should go see him soon. I’ll have the staff prepare the evening meal, and we’ll eat together when you return.”

“I’ll go at once.” Wang Pu leaned in to kiss Chen Yuanyuan’s red lips softly. “Wait for me.”

Chen Yuanyuan responded lightly, a faint playful smile in her eyes. “Can your maid come in now?”

“Lian’er!” Wang Pu called to the outer room. “Mistress says you may come in.”

“Coming!”

A crisp voice answered from outside, followed by the sound of light footsteps. Dressed in red, Lian’er entered the inner room, bringing with her a subtle fragrance. The young girl bowed respectfully to Wang Pu and Chen Yuanyuan, smiling sweetly. “Your servant greets the general and the lady.”

Chen Yuanyuan waved her over to sit beside her. The two women took each other's hands and began whispering.

Wang Pu wanted to stay and listen but they ignored him, so he sulked and left the warm chamber, heading toward the courtyard of his eldest brother, Wang Ju.

When Wang Pu entered, Wang Ju was frowning while smoking dry tobacco, with Lady Yao lighting his pipe.

“Eldest brother, sister-in-law,” Wang Pu greeted them.

“Ah, third brother, you’re here!” Wang Ju quickly stood, setting aside his pipe, excited. “Sit, sit down quickly.”

“You two brothers talk,” Lady Yao said, sensing they had business, and gracefully withdrew.

Wang Pu said, “Eldest brother, I came specifically to apologize.”

“Apologize? We’re brothers. No need.”

“Honestly, Little Qi should have accompanied you to Jiangnan long ago. But as you saw, first the campaign against the Mongols, then the bandits’ uprising, and lastly the Jian troops invading the passes. With all this turmoil, it wasn’t the right time, and Little Qi and the others couldn’t break free.”

“I understand, brother, I understand.” Wang Ju nodded repeatedly. “Going to Jiangnan can wait.”

“But soon—at most half a month—and you’ll be ready to depart for Jiangnan.”

“Oh?” Wang Ju brightened. “So you have a plan to deal with the Jian troops outside the city?”

Wang Pu said, “Fifty thousand catties of saltpeter have just been brought into the city. In five days, the gunpowder bureau can produce fifty thousand catties of gunpowder, and the artillery corps will have ammunition. The Jian troops outside the city will no longer be a threat. Also, I’ve allied with the bandit forces on Thunder Mountain to jointly fight the Jian. Those tens of thousands of Jian troops in Datong are doomed.”

“Third brother,” Wang Ju frowned, “not to criticize, but isn’t allying with bandits rash? Besides, how would the court and the emperor view this? If the censors and officials find out, you’d be in serious trouble. And bandits are robbers—can you trust them?”

“Don’t worry,” Wang Pu smiled. “I have ways to handle the court and the emperor. As for the bandits—ha! When have I ever lost out?”

Wang Ju thought it over and nodded. “True, since we were young, you always managed to profit. Take the eleventh year of Chongzhen, when the Jian troops invaded the pass. Others lost their positions or their heads, but you rose several ranks, from brigade commander to general. Ha! I’ve never seen you suffer a loss.”

Wang Pu said, “Brother, these coming days I’ll be busy fighting the Jian and may not have time to consult you. While I have a moment, why don’t you tell me your plans for Jiangnan? How do you intend to use the silver?”

Wang Ju said, “The most profitable trades are salt transport, silk, and tea. But salt licenses are controlled by the government; silk and tea routes are controlled by southeastern merchants from Zhejiang and Anhui. Our Wang family has no roots in Jiangnan, it will be hard to open the market.”

“No, brother, you’re mistaken,” Wang Pu said. “The most profitable business isn’t salt transport, nor silk or tea—it’s remittance banks.”

“Remittance banks?” Wang Ju was surprised. “What are those?”

Wang Pu said, “You know money shops, right?”

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“I know those,” Wang Ju said. “Money shops exchange silver for copper coins or vice versa and earn a margin. There are several on East Street, but they don’t seem very profitable.”

“That’s petty business. Of course it’s not profitable.”

“Then I don’t understand—how can money shops be big business?”

“Why not?” Wang Pu countered. “Brother, you’re a businessman who often travels to Jiangnan to sell silk and tea during peaceful times. What’s the biggest inconvenience for traveling merchants?”

Wang Ju thought and said, “Carrying too much silver is the biggest problem—it’s unsafe.”

“Exactly!” Wang Pu exclaimed. “Imagine having remittance banks in both Nanjing and Datong. You deposit silver in Datong’s bank, and it issues you a note. You take that note to Nanjing’s bank and withdraw the same amount. Convenient, right?”

“Huh?” Wang Ju scratched his head. “If such a thing existed, it would be a blessing for all merchants.”

“That’s called remote exchange,” Wang Pu said. “Those banks are remittance banks, and the notes are silver drafts. You carry only the note when traveling nationwide. Convenient, right? Say the banks charge a one percent fee. Would you pay it?”

“Of course. One percent is nothing. If you transport actual silver, there’s huge risk and cost—paying escorts, feeding the mule and camel caravans. If there were trustworthy remittance banks, who wouldn’t store their silver there? But how much can one percent really earn?”

Wang Pu said, “Brother, don’t underestimate that one percent. Merchants across the Ming realm trade billions of taels annually in goods like Jiangnan silk, Fujian tea, and Yunnan herbs. One percent of that is millions of taels.”

Wang Ju said, “Third brother, what if one remittance bank only receives deposits but no withdrawals, and another only withdrawals but no deposits? Wouldn’t we have to transport silver between banks, risking theft?”

“No,” Wang Pu said. “Our Ming is rich and diverse. Each region has its specialties—Jiangnan produces silk and tea but lacks sorghum and vinegar; Shanxi produces sorghum and vinegar but no porcelain; Jiangxi produces porcelain but no herbs; Yunnan produces herbs but no silk. So merchants travel both ways, balancing silver flows within banks. Large-scale transfers are usually unnecessary.”

“That makes sense,” Wang Ju mused, rubbing his head. “I need to think on this carefully.”

Born into a merchant family, Wang Ju had a sharp business mind. With Wang Pu’s explanation, he grasped the concept but needed time to fully accept this new idea. Once he did, he would surely praise its benefits.

Wang Pu said, “At first, brother, don’t rush. Use your silver to open remittance banks in major Jiangnan cities like Nanjing, Suzhou, Yangzhou, and Hangzhou. Get familiar with the business. Once established, expand to Fuzhou, Guangzhou, and Kunming.”

“Third brother,” Wang Ju suddenly asked, “where did you learn this idea?”

Wang Pu said, “On my return to Ming, I rescued two Western foreigners at sea. They told me about it.”

Wang Pu’s warm chamber.

Chen Yuanyuan and Lian’er were talking and suddenly discussed Wang Pu. Chen Yuanyuan asked, “Lian’er, have you and the general… you know?”

Lian’er’s cheeks flushed instantly; a lock of hair fell onto her rosy face. She shyly replied, “Mistress, what can your servant say?”

Chen Yuanyuan, having been through it herself, immediately understood from Lian’er’s expression.

Though Wang Pu was constantly close to Lian’er, he had never taken her as a concubine.

Chen Yuanyuan felt both joy and pity. Joy because Wang Pu’s love for her was deep, so much so that he was unaffected by such a pretty maid. Pity because she worried about Wang Pu’s health. Old Master Li had said that if Wang Pu went too long without a woman’s care, he might fall ill.

Chen Yuanyuan was eager for Wang Pu to take Lian’er officially, not wanting him to suffer ill health.

Of course, if Wang Pu did take Lian’er, Chen Yuanyuan would feel a bit jealous. Though understanding and magnanimous, she was still a woman, with the natural instinct to compete for affection.

Yet living in late Ming, a typical male-dominated era where men commonly had multiple wives and concubines, and given Chen Yuanyuan’s background and kind nature, she was especially content and grateful. She never sought to be the sole wife or receive exclusive favor.

“Lian’er,” Chen Yuanyuan gently held the maid’s hand and said softly, “Old Master Li said if the general goes too long without a woman’s care, he might get sick.”

Lian’er lowered her head, avoiding Chen Yuanyuan’s gaze, shyly saying, “But the general, your servant…”

“Don’t worry,” Chen Yuanyuan chuckled softly, “That’s my fault. But tonight, I promise you’ll get what you wish for.”

Then Chen Yuanyuan whispered something into Lian’er’s ear. Lian’er nodded softly, her pale face flushed again, and a hint of springtime gleam appeared in her eyes and brow.