Chapter 2736: The Capital (Part 92)

Leng Ningyun returned to the bank with renewed confidence.

Securing Prefect Zhong's commitment meant having official backing—at least in the eyes of ordinary citizens. More importantly, it would give pause to whoever lurked behind the kidnappers.

The capital teemed with high-ranking officials, but the Shuntian Prefecture magistrate remained one of its most critical positions. Only the Emperor's most trusted ministers could hold such a post.

The next task: "persuading" the bosses of Shanxi House.

Winter nights arrived early. Shortly after four o'clock, the sky had already begun to darken. Outside, scattered firecrackers punctuated the evening air. No matter how difficult the year had been, certain traditions demanded observance.

Inside Delong and its adjoining residence, however, the atmosphere was lively. Leng Ningyun's return had invigorated everyone. Though the clerks had no idea how to handle the impending run once they reopened on the fifth, simply having the manager back gave them all a sense of security. After all, throughout the years of carving out markets in the capital, they had weathered countless storms—all resolved under the manager's steady direction. People still believed Leng Ningyun possessed such abilities.

As for Leng Ningyun himself, he was not nearly so confident. He had telegraphed headquarters and knew that personnel from the Field Bureau and the Beiyang Army Reconnaissance Division were being dispatched, set to arrive in Tianjin early in the New Year. That would give him crack troops to command. Still, he hoped to resolve the market problem "peacefully" rather than through bloodshed and arson. Of course, if it came to that, he would not hesitate.

That evening's New Year's Eve dinner, he first dined with the shop staff in the bank proper, then retired to the inner residence to keep the New Year's Eve vigil with the women.

He had celebrated New Year in the capital many times before, but this time—having escaped death—a special feeling stirred within his heart.

After the New Year, on the first day of the first month, Leng Ningyun gathered all of Delong's senior staff to prepare for reopening.

When the meeting concluded, he asked Wu Kaidi to stay behind to discuss fundraising.

Official seals would be reopened on the third of the first month. Most merchants would reopen on the fifth. Wu Kaidi estimated that Shuntian Prefecture would send officials to unseal their premises on the fourth or fifth.

As for Delong, there was no need to open precisely at the deadline. By custom, the capital's banking guild would host a banquet on the fifth to entertain their peers. The gathering served dual purposes: building relationships and discussing important matters for the coming year. Only after this banquet would the banking industry officially open for business.

This opening banquet was a matter of life and death for every player in the banking trade, large and small. The money business differed from other industries—it was "making money with money," an enterprise of creating something from nothing.

A bank's deposits and capital were inherently limited. When funds ran tight, banks had to coordinate among themselves. Such coordination included both long-term loans and short-term advances. Through mutual honoring, clearing, and settlement among the banks, the money trade could make one million taels function as three.

Everything had two sides—benefits and drawbacks alike. Banks were not like street money changers or single-room exchange shops. Each possessed at least tens of thousands in capital and deposits, leveraging hundreds of thousands in business. Once one collapsed, every connected peer would suffer losses.

Though peers were rivals, in the money trade, there existed a profound sense of shared fate.

Because of this relationship, guild membership was notoriously difficult to obtain. One needed not only substantial capital and connections, but also the approval of most existing members. At present, the Shanxi faction dominated the capital's money trade, commanding the strongest capital reserves. Next came the Jiangnan-Zhejiang faction and the Lianghu faction. He, a lone representative of the Guangdong faction, had initially struggled even to find the door.

Delong's original admission to the guild had been quite an ordeal. Fortunately, his capital and connections proved ample. Crucially, he could handle Liangguang remittances—fast and in substantial amounts—a capability rare among the capital's peers. He had also leveraged his relationship with Zhao Yingong to win over the Jiangnan-Zhejiang faction. Only then was he admitted.

But Shanxi House's attitude toward this newcomer had originally been mere "exclusion." Though numerous frictions arose over deposit collection, matters had generally not escalated to life-or-death stakes. First, their business scopes rarely overlapped—a case of well water not mixing with river water. Second, he had Eunuch Yang's backing. The power of a great eunuch was not something ordinary officials and gentry dared or wished to provoke.

Through this kidnapping case, however, Shanxi House's attitude had become thought-provoking. It revealed that someone among them was deeply involved. Whether this meant a specific Shanxi House or the entire Shanxi faction remained unclear.

What was known: Manager Qiao of Xia's Shanxi House was deeply implicated. A mere manager could not possess such audacity on his own. Xia's must certainly be involved at a fundamental level.

"In my view, Shanxi House might kick us while we're down, but actually intending to kill you is unlikely," Wu Kaidi said. "Even if they purchased large quantities of Delong notes at depressed prices, if we cannot honor them in full, those notes become worthless paper. If Delong falls, everyone suffers losses. Why undertake something that harms others without benefiting themselves?"

"Exactly. So in the kidnapping case, besides Xia's, the other houses are probably not involved. If they can take advantage and watch Delong collapse, they will be happy to observe from the sidelines. They are standing by, waiting to take cheap shots. They will not necessarily exert themselves." Leng Ningyun sighed. "So I suspect the main force preparing for the run by buying notes cheaply is Xia's. The other houses do not need to deliberately redeem—simply bringing the Delong notes they accumulated before the New Year would suffice."

"Xia's willingness to engage in this losing proposition is probably at someone's direction..."

"That goes without saying! Must be the Stone Elder Group, and perhaps other powerful figures as well."

Now that he had returned safely, the other seven Shanxi Houses were probably wary. Whatever the people behind Xia's had told them or promised, his return fully demonstrated Delong's strength.

Kicking someone while they were down was one thing; actual combat was quite another. This was precisely why he believed the Shanxi Houses could still be won over.

"Besides the eight Shanxi Houses, there are six Jiangnan-Zhejiang and Lianghu faction peers who can be approached. Though they are far weaker than the Shanxi faction, something is better than nothing."

Wu Kaidi understood immediately. "I will go see their managers right away."

"Speak plainly to them. First, Delong truly is in difficulty, but if we can stabilize, everyone benefits. Second, Shanxi House already holds the most power in the capital. If they crush Delong this time, they will certainly press their advantage afterward. So in this matter, please ask them to provide as much short-term capital as they can."

"Yes, they understand that when the lips are gone, the teeth grow cold," Wu Kaidi said. "But these six houses all operate with thin capital. Asking them to send silver will be difficult..."

"Send whatever they can, at double last year's highest interbank lending rate." Leng Ningyun said. "Tell them they need not send silver—please send notes instead."

"Each of these six houses can probably lend about two thousand taels. More than that is likely hopeless."

Two thousand each meant twelve thousand—still far short of the 180,000 gap. Moreover, of the existing 150,000, Eunuch Yang had declared he would withdraw his 100,000 the moment they opened. Calculated this way, there remained a gap of nearly 270,000 taels.

270,000 taels was a staggering figure in late Ming. The court's expenditure on repairing the Three Great Halls during the Wanli and Tianqi eras had been only twenty or thirty thousand taels.

But on second thought, it was not truly that much. Subtracting the 100,000 Eunuch Yang would definitely withdraw, of the remaining 170,000, most consisted of outstanding notes. Delong maintained nationwide branches with a strong reputation and swift remittances. Many notes were still in transit or circulating in other regions. The notes present in the capital's market amounted to perhaps 100,000 at most.

"Getting Shanxi House not to kick us while we're down would already be fortunate. We probably cannot count on them for timely assistance." Wu Kaidi sighed.

"Not necessarily." Leng Ningyun said. "As long as Delong does not collapse and they can profit, that will suffice. These Shanxi fellows conduct business even with the Eastern Barbarians. Can they not make money from us? Xia's is trapped on the pirate ship with no way off, but the other seven can definitely be approached. We can obtain perhaps 100,000 taels from them."

"Simply doubling the lending benefit probably will not move them."

"Benefits alone will not suffice—there must be consequences as well." Leng Ningyun chuckled. "The Special Reconnaissance Team will arrive in Tianjin within days. How can we not capitalize on such an opportunity?"

Wu Kaidi had never been to Lingao, but he had heard stories about the Special Reconnaissance Team. Hearing it mentioned now, he could not help but laugh. "Yes, with them here, we can also 'invite the Gods of Wealth'!"

"Exactly. If they cooperate willingly, excellent. If not, we shall have to abandon pretenses and employ tactics." Leng Ningyun said. "But if it truly comes to that, resolution will prove difficult. We are merely 'stealing the red rope and opening the box'—letting them understand what they are dealing with should suffice."

"Yes, yes, that will be enough." Wu Kaidi's expression brightened considerably. "As long as these seven do not run on us, we will be fine!"

"Calculated this way, it should work out." Leng Ningyun said. "To be cautious, we still require more cash on hand. Prepare a visiting card for me. In the next two days, I wish to see Li Luoyou."

"You want to see him?" Wu Kaidi was startled. "He is in the capital, but he is famously difficult to meet. You have requested audiences several times and been refused..."

"Delong now stands at a life-or-death juncture. He must see me."

Wu Kaidi was dumbfounded. By ordinary logic, having been refused when matters were going well, with Delong now in danger, the other party would be even less inclined to respond.

Of course, he did not know that Li Luoyou had a vulnerability within the Kun's grasp. As long as he cared about his nephew-in-law, he had to provide assistance at this critical moment. If circumstances truly deteriorated to Delong's collapse, with Leng Ningyun fleeing or being arrested, Gu Baocheng in Lingao might as well abandon any hope of conducting business—he would be better off digging sand for Fu Youdi.

Observing his surprise, Leng Ningyun did not elaborate, saying only, "Do not worry. In times of crisis, Mr. Li will certainly not abandon us."

Seeing his confidence, Wu Kaidi said, "I will arrange it immediately. He is in the capital but does not stay at his own residence—he maintains another place."

"Prepare a generous gift, all the newest Australian goods! Prepare one for his concubine as well."

(End of Chapter)