Chapter 204: Wanjin Paper Currency
It was already evening when Okabe Igen’s entire family was brought to Xin Wanjin.
Xin Wanjin could now be considered the “capital” of the Chita Peninsula, and it was a city primarily focused on industry and commerce, naturally attracting people. Even though the Chita Peninsula had suffered disasters in the past two years, the population had still surged, and the town’s scale had expanded by more than threefold. It appeared quite prosperous even at night.
The pier district, in particular, was constantly loading and unloading goods day and night, having long deviated from the traditional “work at sunrise, rest at sunset” rhythm. This naturally gave rise to “night markets,” where numerous lanterns were hung for illumination, various vendors offered snacks, and some sold all sorts of small goods. There were also entertainment performances like Zaju Opera, Kyogen, and acrobatics, creating a boisterous and lively atmosphere.
In terms of market activity alone, it already evoked the sentiment of Northern Song Dynasty night markets: “Night markets continue until the third watch, and by the fifth watch, they reopen. Where there is liveliness, it is ceaseless.” However, the scale was still not comparable.
Okabe Igen and his family had never been to Xin Wanjin before, and they were quite shocked by this dazzling spectacle of lights. Such a lively atmosphere was difficult to witness even in Atsuta Port; at least Atsuta Port wouldn’t waste so much lamp oil, and commoners wouldn’t have surplus money to “squander” like this.
History books rarely mention it, but wealth concentration in Medieval Japan was actually extremely severe, even more exaggerated than the modern Japanese situation where 90% of wealth is held by 1% of the population. Commoners struggled just to get enough to eat, and spending money on entertainment outside was basically exclusive to samurai and nobility; ordinary people couldn’t even dream of it.
Yuan Ye was unfazed by all this. He personally arranged for Okabe Igen’s entire family to temporarily stay at the “Wanjin Guesthouse,” giving them a small courtyard to themselves. He then kindly asked them to rest well before taking his leave.
The “Wanjin Guesthouse” was similar to the “XX Hotel” found in every place in modern China, belonging to state-owned enterprises. It was generally used to host important clients from various regions, with excellent service and facilities. Even at past eleven o’clock at night, one could still “order food”—which was essentially buying it fresh from the night market and serving it, but the variety was indeed extensive.
In addition to dining and drinking, it also offered hot spring baths and massage services, allowing one to soak and relax their muscles thoroughly.
The Okabe family had never experienced such luxury before. They felt as if these were not things a commoner class should enjoy, and they initially acted like country bumpkins in the city, timid and hesitant. Only after realizing that Yuan Ye was paying for everything did they dare to try it boldly. Afterward, each of them developed a much better impression of Xin Wanjin. After all, they, as craftsmen, had expected to suffer and be treated as “slave labor,” preparing themselves to sleep in sheds and eat taro. The current contrast was quite significant.
Indeed, when they worked for the Oda Family and the Matsuoka Family, they generally slept in construction site sheds, and their meals were not great. Taro, wild vegetables, buckwheat, and beans were their daily fare. No one cared about their happiness.
That night, the Okabe family ate and slept very comfortably.
The next morning, A Man arrived with her entourage. Now that Okabe Igen was in Yuan Ye’s hands, he naturally dared not show her any disrespect. He quickly and politely welcomed her out and asked, “Lord A Man, are we going to see Lord Nohara Saburo now?”
“No, he said that since you’ve just moved in, you need some time to settle and get familiar with the environment. He plans to meet you this afternoon.” A Man was also one of the beneficiaries of Yuan Ye’s respectful treatment of subordinates and was accustomed to this approach. She said this casually, then beckoned her subordinates to bring the items over. “He asked me to bring you some things so you wouldn’t lack anything after moving in and have to buy it yourself.”
Following her words, several people brought over various daily necessities, including handmade soap, kneaded towels, fashionable cloth, thick work clothes, hemp thread gloves, lacquered bamboo tubes, paper, ink, brushes, and inkstones, and even cloth shoes and straw sandals. In short, they were all small trinkets that could be used daily, considered a welfare package for new employees—most Xin Wanjin “civil servants” also received these items, so it wasn’t special treatment.
In addition to this employee welfare, A Man also produced a handful of “shopping vouchers,” stating that these were a personal gift from Yuan Ye to Okabe Igen’s family. They could use these “shopping vouchers” at almost all stores in Xin Wanjin to redeem goods of equivalent value when shopping, essentially meaning Yuan Ye would pay for their shopping.
Finally, she had someone bring over a small box. When opened, it was filled with stacks and stacks of thick paper money. “This is your annual salary for this year. We now distribute it monthly, but he was afraid you’d be unfamiliar with Xin Wanjin and get anxious, so he gave it all to you at once. Count it yourself, then sign for me.”
“Uh, this… Your Highness will still give us an annual salary?” Okabe Igen’s words were hesitant, but his hands were honest as he took the box. After all, he had a large family to support, and Owari had suffered famine in the past two years with little construction of temples or pavilions, leaving him financially strained.
“I don’t think it should be given, but that person… you’ll understand later. Just take it if he gives it to you!” A Man actually didn’t want to give it. Now that Okabe Igen was in her hands, it was generous enough not to hang him up and beat him, so why give him money? If he wanted money, he should ask Oda Nobunaga!
However, Yuan Ye’s hands were always as leaky as a sieve; he was accustomed to spending lavishly but also very good at making money. She was too lazy to manage it further, merely pointing at the paper money and saying, “You must have seen similar things, right? This is a total of One Thousand Kan. Take these ‘paper notes’ to a place called Wanjin Bank, and you can exchange them for money, be it Copper Coins, Gold and Silver.”
Japan already had something similar to “banknotes” at this time. Yuan Ye had received them from Oda Nobunaga before, but they were more like “bills of exchange” with very large denominations, making them inconvenient for daily use.
The paper money Yuan Ye was now introducing was for convenient daily use. Okabe Igen was not foolish and could guess the nature of the paper money in his hands, so he wasn’t surprised. He lowered his head and examined them closely, finding that the “One Kan,” “Five Hundred Wen,” “One Hundred Wen,” and “Fifty Wen” were all exquisitely made, with vibrant colors and exquisite printing. The various patterns on the front and the “Xin Wanjin” characters on the back were printed very clearly and beautifully, indicating that great effort had been put into the engraving.
A Man treated him as a clueless bumpkin and casually instructed him, “Although no one has dared to counterfeit them yet, just in case, look here, here, and here at an angle to the light. The parts that reflect light are genuine notes.”
Indeed, to prevent counterfeiting, Yuan Ye used modern iridescent dyes in printing, and the paper was specially made, actually closer to cloth. The manufacturing process was very complex, making it virtually impossible to fully replicate in this era.
He issued paper money primarily to stimulate the economy, as Copper Coins were too cumbersome and heavy to carry, and making change with Gold and Silver was troublesome. On the other hand, it was naturally to make money; credit currency was a godsend for obtaining labor for free. He had wanted to do this for a long time, but currently, paper money was just beginning to be used, circulating only in the Xin Wanjin area. Furthermore, it could only be used to pay the monthly salaries of “civil servants” for now. Merchants’ acceptance was very low, and almost no one was willing to accept large denominations of paper money. “Civil servants'” acceptance was also extremely low; as soon as he issued the paper money, everyone would go to the bank to exchange it for Copper Coins or Gold and Silver to take home, and the paper money never stayed in their hands overnight.
In a sense, he was currently losing money by issuing paper money, and Wanjin Bank was currently the most arduous job within Xin Wanjin’s internal affairs system, with tellers working themselves to exhaustion every day.
However, Yuan Ye was not in a hurry. Credit is not built in a day. He planned to take ten years to accomplish this. Moreover, even if the exchange rate was as high as 99.99%, he still benefited. At least he saved a lot of costs when paying his subordinates’ salaries. For example, with Okabe Igen—One Thousand Kan of money weighed several thousand jin, requiring several Ox Carts to transport. Now, his Ox Cart expenses were directly saved. Okabe Igen had to figure out how to move it himself slowly; if he couldn’t move it all in one day, Yuan Ye could use the money for a few more days.
A Man couldn’t fathom Yuan Ye’s intricate plans and just thought he was messing around. Regardless of whether Okabe Igen would exchange it or not, she completed the task Yuan Ye assigned and left immediately, not caring about anything else. There were also “Eastern Depot” personnel at the guesthouse, so Okabe Igen’s every move was under her observation, and she wasn’t afraid of spies from the Oda Family among them.
Okabe Igen politely saw her off and immediately arranged for his son to take a few apprentices and hired laborers to find the so-called “Wanjin Bank” to exchange the money. Then, he rummaged through the items A Man had brought, falling into deep thought.
Yuan Ye had been harassing him, seemingly to build ships. Since the other party was so polite, he should also show some real skill and do this job well!
Indeed, Xin Wanjin wasn’t as terrible as rumored, and Yuan Ye wasn’t the extremely cruel bastard that other samurai claimed him to be. He should definitely do a good job!
However, just in case, his wife and daughters still needed to be hidden!
