平準書

When the Han arose, it inherited the exhausted state of Qin. Able-bodied men served in the armies, the old and weak transported grain supplies. Labor was severe and resources depleted — even the Son of Heaven could not assemble a matched team of four horses for his chariot, and some generals and ministers rode in ox-carts. The common people had nothing to store or shelter. Finding the Qin coinage too heavy to use, the government allowed the people to mint their own coins, set the gold standard at one jin per unit, and simplified the laws. But lawless profit-seekers hoarded surplus goods and manipulated markets, driving up prices. Rice reached 10,000 cash per shi, and a single horse cost a hundred jin of gold.

Once the realm was pacified, Emperor Gaozu decreed that merchants could not wear silk or ride in carriages, and imposed heavy taxes to humiliate and impoverish them. During the reigns of Emperor Hui and Empress Dowager Gao, since the realm had just been stabilized, the restrictions on merchants were relaxed — yet the children and grandchildren of market traders were still barred from holding office.

By the time the present Emperor had been on the throne for several years, over seventy years had passed since the founding of the Han. The state had no troubles, and barring floods or droughts, every household was well supplied. The granaries of the capital and provinces were all full, and the treasuries had surplus wealth. The strings of cash in the capital treasury were stacked so high in the millions that the cords rotted and the coins could no longer be counted. The grain in the Imperial Granary was piled in layers, surplus upon surplus, overflowing outdoors until it spoiled and could not be eaten. Horses were found in every alley, and herds filled the footpaths between fields — anyone who rode a mare to a gathering was excluded from polite society. Gate-keepers ate fine millet and meat; officials passed their positions to their children and grandchildren; officeholders treated their titles as surnames. Thus everyone valued self-restraint and was reluctant to break the law, choosing to practice righteousness and viewing disgrace as something to avoid. At such a time, the legal net was loose and the people were wealthy — yet with excess wealth came arrogance and overreach. Some became local strongmen and factional bosses who ruled their districts by force.

From this point on, Yan Zhu and Zhu Maichen brought the Eastern Ou into the fold and managed affairs with the two Yue peoples, draining the region between the Yangtze and the Huai of resources. Tang Meng and Sima Xiangru opened routes to the Southwestern Yi, cutting through mountains for over a thousand li of road to extend Ba and Shu — exhausting the people of Ba and Shu. Peng Wu's campaigns destroyed Joseon and established the Canghai Commandery, mobilizing the region between Yan and Qi. When Wang Hui plotted the ambush at Mayi, the Xiongnu severed the peace alliance and raided the northern border. War was joined and would not end; the realm suffered from the strain, and military action grew daily. Those who traveled carried supplies; those who stayed sent provisions. The capital and provinces were thrown into turmoil keeping up the flow of support. The people were worn down by clever tricks and their wealth was consumed beyond replacement. Those who contributed goods received official positions; those who paid fines had their crimes annulled. The selection system deteriorated, shame and integrity were cast aside, military men advanced, and laws became harsh and comprehensive. The era of profit-seeking officials began here.

Thereafter, Han commanders rode out annually with tens of thousands of cavalry to strike the Xiongnu. The General of Chariots and Cavalry, Wei Qing, seized the Xiongnu's Ordos territory south of the Yellow River, and the Shuofang fortifications were built. At that time, Han was also opening roads to the Southwestern Yi — tens of thousands of workers, carrying supplies on their backs for a thousand li, delivering roughly one shi for every ten-plus zhong consumed en route.

Four years later, Han dispatched the Grand General with six subordinate generals and an army of over 100,000 to attack the Xiongnu Right Worthy King, capturing 15,000 heads and prisoners. The following year, the Grand General again led six generals out to attack the Xiongnu, capturing 19,000. The soldiers who captured and killed the enemy received over 200,000 jin of gold in rewards; the tens of thousands of captured Xiongnu all received generous compensation, with their food and clothing provided by the state. Meanwhile, Han's own soldiers and horses that died numbered over 100,000 — not counting the cost of weapons, armor, and grain transport. The Grand Minister of Agriculture's stored funds were exhausted, tax revenues were depleted, and still there was not enough to support the troops.

The Emperor then deliberated with his ministers on reforming the currency and coinage to fund expenditures and suppress the floating parasites and monopolistic magnates. At that time, the imperial park had white deer, and the Minor Treasury possessed large amounts of silver and tin.

The Grand Minister of Agriculture presented the proposals of his assistants Kong Jin and Xianyang: "The mountains and seas are Heaven and Earth's treasury, and should properly belong to the Minor Treasury. Your Majesty, not keeping them for private use, has assigned them to the Grand Minister of Agriculture to supplement taxation. We propose recruiting people to process salt at their own expense using government-issued equipment and furnaces. Idle speculators who try to monopolize the mountains' and seas' products to enrich themselves exploit the common people. Their obstructionist arguments are endless. Anyone who dares privately cast iron implements or boil salt shall have an iron fetter clamped on the left foot, and their equipment shall be confiscated."

Sang Hongyang further proposed allowing officials to contribute grain in exchange for office, and criminals to redeem their punishments. People who contributed grain to the Ganquan depot received lifetime tax exemptions on a graduated scale, without being reported for wealth declarations. Other commanderies each shipped to the most urgent destinations, and agricultural officials from each region sent their grain. The eastward grain transport increased by six million shi per year. Within a single year, the Imperial Granary and Ganquan depot were full. The border surpluses of grain and goods were redistributed through the equitable transport system — five million bolts of silk. The people's taxes were not increased, yet the state had abundant resources. Sang Hongyang was thereupon granted the rank of Left Chief of the Multitude and two hundred jin of gold.

That year there was a minor drought. The Emperor ordered officials to pray for rain. Bu Shi said: "The government should eat from rents and dress from taxes — nothing more. Now Sang Hongyang has officials sitting in market stalls, trading goods for profit. Boil Sang Hongyang alive, and Heaven will send rain."

The Grand Historian remarks: When the routes of exchange among farmers, artisans, and merchants were opened, currencies arose — tortoise shells, cowries, gold, coins, knives, and cloth money. This goes back a very long way, even before the age of Gao Xin, and cannot be fully traced. The Documents describe the era of Tang and Yu; the Odes recount the Yin and Zhou period. In times of peace, schools flourished, the root was valued over the branch, and ritual propriety guarded against profit-seeking. In times of upheaval, the reverse obtained. Thus when things reach their peak they decline, when times reach their extreme they turn — alternating between substance and refinement, this is the cycle of change. The Tribute of Yu assessed the Nine Provinces, each contributing according to its land's capacity and its population. Tang and Wu inherited and reformed failing systems, keeping the people from exhaustion, each vigilantly seeking good governance, though things gradually deteriorated. Duke Huan of Qi employed Guan Zhong's strategies, mastering the art of monetary policy and extracting the profits of mountains and seas, thereby making the other lords pay court to him — using tiny Qi to achieve a great hegemonic name. Wei employed Li Kui, maximizing the land's productive power, to become a strong ruler. From then on, all under Heaven contended in the Warring States, prizing cunning and force while despising benevolence and righteousness, putting wealth first and deference last. Thus among commoners, the rich might accumulate millions, while the poor could not get enough husks to eat; among states, the strong swallowed the small and made the lords their subjects, while the weak saw their sacrifices cut off and their lineages extinguished.