“Opening a money house is not really a difficult matter. If the gentleman had not insisted on doing it, this palace would not have suggested it at all.”
The Ninth Princess said, “It is simply a thankless task with great responsibility.”
“I would like to hear the details!” Jin Feng said with a clasped-hand salute.
“I do not know much about it either.”
The Ninth Princess said, then explained what she knew about money houses.
Only then did Jin Feng understand why approval for a money house was not difficult.
Money houses in the feudal era were not quite what he had imagined.
The main currency in Great Kang was copper coins. Gold and silver were used only for large transactions.
Especially gold ingots. Not to mention ordinary commoners, many small traders rarely saw them.
Many shops, after accumulating a batch of silver scraps over time, would melt them themselves into large ingots or silver cakes, which could also circulate.
Basically every shop was equipped with precise small scales specifically for weighing silver.
However, some shops would mix other metals into their silver ingots, so people preferred to accept officially made ones.
This was also why Great Kang’s monetary system had not yet collapsed.
Whether gold, silver, or copper coins, they were all real metals, and mining output was limited.
Given Great Kang’s current level of corruption, if paper notes were used as currency, inflation would probably have hit long ago.
The profit points for money houses were also different from banks in his previous life. They did not lie in financing or investment, using depositors’ money to generate more money, but in earning handling fees.
Yes, in Great Kang, depositing money in a money house not only yielded no interest, but required paying handling fees.
And the handling fees were extremely high.
If someone forged silver notes, or if the warehouse was robbed and gold or silver lost, the money house had to bear the depositors’ losses.
So in Great Kang, money houses were not a particularly profitable or popular industry.
Court approval was also simple. The Ninth Princess had not mentioned it earlier because she simply had not considered it important.
After hearing her explanation, Jin Feng was not discouraged at all. On the contrary, he felt even more confident in his decision.
“Gentleman, the most important thing for opening a money house is actually connections. This palace will say something unpleasant. With the gentleman’s fame and qualifications, major merchants simply will not deposit their silver with you.”
The Ninth Princess said, “It is not that once you open a money house, people will immediately come to deposit silver.”
“I understand,” Jin Feng nodded. “Anyway, it is just an addition to the chamber of commerce. We will try and see.”
Merchants would also investigate a money house’s strength before depositing.
Otherwise, what if they chose a small one and it absconded with their money?
Seeing Jin Feng’s insistence, the Ninth Princess stopped advising against it.
Instead, Qing Xinyao asked curiously, “Gentleman, have you thought of another clever plan?”
Hearing this, the Ninth Princess also realised that Jin Feng rarely did things without confidence.
“Nothing clever. You will know later.”
Jin Feng was not entirely sure his idea would work, so he did not want to say it.
“Gentleman, there is nothing else right now. Just tell us!”
The Ninth Princess said, “Brother Xinyao and I might even help you spot any flaws.”
“This…” Jin Feng was tempted.
Indeed, his idea came from his previous life and might not suit Great Kang.
The Ninth Princess and Qing Xinyao were both well-experienced. Having them advise would be good.
“Regarding customers, this is what I think,” Jin Feng said. “For depositing silver in my money house, there will be no handling fee for exchanges.”
“Then how will the gentleman’s money house make money?” the Ninth Princess asked puzzled.
“From the money others deposit.” Jin Feng said, “First, I can lend it out and charge interest. Second, I can use the deposited money to do business, thus earning more.”
“That is quite a good method,” Qing Xinyao asked. “But what if there are losses?”
“Brother Xinyao, have you ever seen the gentleman lose money in business?” the Ninth Princess asked with a pout.
“That is true. I forgot the gentleman is known as the little god of wealth. Everything he does makes money.” Qing Xinyao replied with a laugh.
“What do the two of you think of my idea?” Jin Feng asked.
“This palace cannot say for sure. Merchants are all very cautious. The more you do this, the more unreliable they might find it.” The Ninth Princess said, “In the short term, business might not be very good. Gentleman, do not be discouraged.”
“Rest assured, it will not be.”
Speaking of this, Jin Feng suddenly asked, “Your Highness, why not deposit some money as my first customer, just to support my money house?”
“Others may not know, but does the gentleman still not know?” the Ninth Princess said with a bitter face. “Where would this palace have any money?”
“No problem. I can open an account for Your Highness, then announce publicly that Your Highness has deposited thirty thousand taels with me. As long as Your Highness does not expose it.” Jin Feng said with a smile.
“The gentleman is the clever one!”
The Ninth Princess immediately understood Jin Feng’s purpose.
He wanted to use her reputation to attract business.
The status of an imperial princess was still very useful. If even the princess deposited in the Jinchuan Chamber, it could instantly raise the chamber’s credit rating several levels.
The Ninth Princess nodded, agreeing to Jin Feng’s proposal.
“Lord Qing, why not deposit some too?” Jin Feng turned smilingly to Qing Xinyao.
“Does the gentleman’s money house really charge no handling fees?”
Compared to the Ninth Princess’s helplessness, Qing Xinyao seemed very tempted.
The Qing family had large sums of silver coming in and going out every year.
The handling fees for exchanging silver notes back and forth annually were not a small amount.
“Of course. Absolutely no handling fees of any kind!” Jin Feng promised quickly.
“Then alright. The gold and silver in my residence together should amount to fifty or sixty thousand taels. Whenever you are ready, send people to collect it. Deposit it all in your chamber!” Qing Xinyao said generously.
“Lord Qing trusts me so much?” Jin Feng was stunned.
He thought Qing Xinyao would deposit a few thousand taels as a gesture. He had not expected him to directly offer to empty his treasury.
“Why would I not trust the gentleman?” Qing Xinyao said. “Silver in my hands just sits in the vault gathering rust. Better to give it to the gentleman. I believe with this money, the gentleman can definitely earn even more!”
“Thank you for your trust, Lord Qing!” Jin Feng saluted Qing Xinyao with clasped hands.
One had to admit, someone who could become a provincial governor was indeed no ordinary person.
Qing Xinyao spoke and acted with great magnanimity.
The three chatted idly for a while longer, then an escort hurried up the mountain.
“Gentleman, bad news. The two soldiers from the Weisheng Army who came out of the little black room have developed hysteria. General Meng asks you to come down quickly and see.”
“Hysteria?” Jin Feng frowned slightly.
He knew that people unprepared for it would find the first time in the little black room hard to endure, so he had not dared keep the two there too long, only two days, fearing they could not bear it.
Who knew something would happen anyway.
But what did hysteria mean?
Jin Feng quickly went down the mountain.
The Ninth Princess and Qing Xinyao exchanged a glance and followed.
As he walked, Qing Xinyao asked, “Wuyang, what is this little black room?”
