Although the meeting hadn’t even started yet, tensions within the large room were already running high as the tide. A constant hum from the merchants around him told Sawo that they were feeling the same way he did. Their visible dissatisfaction mirrored the passers-by on the street the previous day. At this point, the copper crisis had been brewing for quite a while already, and it had bred much discontent. Maybe now was the time to stand up and show this king that not everything would go according to his wishes.

historical

Convinced of his plans, Sawo turned to the man who sat next to him, a competitor in the money lending business he had met on Saniya’s streets once or twice before. Although he intended to start a conversation, the other man saw Sawo’s eye contact as an invitation and began to oppose the king all on his own.

\"This is ridiculous,\" he hissed under his breath, always one eye on the guards in the corners of the room.

\"I agree,\" the former city lord said. \"One by one, every class will be swallowed by the king. The way things are going, soon all of us will be his personal slaves.\"

\"At least our previous city lord left the merchants to their own devices. Yes, he raised taxes for the commoners, but apart from that he did not bother with lowly folk. I was sure that all lords would be like that: Too absorbed in their high politics to take note of us small people. I have never seen someone as greedy for power and control as this king.\"

All of a sudden, his competitor seemed a lot more likable to Sawo.

\"I agree. Maybe we should band together and oppose this injustice. We should not take that kind of abuse from this king. What do you say, my fellow?\"

Somehow, Sawo once more found pride deep within him, something he thought long lost. However, while many merchants in the seats around them had halted their own conversations to listen to Sawo’s brave words, none of them spoke up in support. Even Sawo’s competitor deflated as soon as the former lord spoke of resistance.

\"Yet we are only humble merchants. What can we do about the will of the high nobles? What sort of power do we have to make demands, or to stop our king from any selfish actions? In the end, he is the master of the castle, and thus the city.\"

\"We could simply move,\" Sawo suggested. \"Or at least we could threaten to. No matter how much the king wants to change the laws, he cannot change the basic rules of society. Merchants will always have the right to move around as they please. That will not change, not even in Saniya. In the current crisis, how much worse would the people be off without our help? What if we all band together, and as one threaten to leave this place to its own devices? Why not watch the city drown in copper once we have moved on to greener pastures? Maybe the king would respect us then.\"

Before even a single word of reply, Sawo could tell from the other merchant’s brightened face that he was on board with his plan to pressure the king as a collective. Yet just as the man was about to answer, just before the merchants of Saniya could organize, the door in the front of the room opened. The new arrivals silenced the entire room through their sheer presence.

In front of the newcomers walked the same young foreigner who had first exchanged Sawo’s copper for certificates one season earlier. Although he remembered him as polite and helpful, to Sawo he still was the enemy. That was even more the case since he was accompanied by not only more officials of the castle, but also by a further half a dozen armed guards. While the people in the room held little love or respect for the king’s lackeys, the shiny weapons of the guards were what had forced them into silence. Sawo himself decided to remain calm for now and wait for his chance to strike.

\"Money lenders and coin exchangers of Saniya, I welcome you all to Rapra Castle. My name is Brymstock di Pluritac. I am a warrior servant and advisor under the King of the South, Corcopaca Titu Pluritac, and have been tasked to oversee the money exchange and banking business within the city. My first mission was to solve the rampant copper crisis within the kingdom, an issue I hope you can help me further alleviate today.\"

Although his introduction seemed polite and his attitude both heartfelt and competent, no one in the room greeted the young official back, despite his status. Sawo himself sneered at the thought of the hole the king had dug himself into this time. While the merchants wouldn’t speak out in the face of armed guards, no man would be happy if his livelihood was threatened. Sawo for one was looking forward to the outburst of public anger the king’s tyrannical acts would soon cause. Maybe he could give the others a little push of courage if he timed it right. However, the official still seemed intent to appease the crowd.

\"First of all, I want to apologize, to you, in the name of the crown, for the way in which you have been called here.\" With a bow, the noble shocked the commoners in the crowd. Even Sawo was confused. When had a noble ever bowed to a commoner?

\"There has been some horrible miscommunication,\" Brym continued. \"The officials who called all of you here had very specific tasks. Since this meeting is so important for the future of the entire city and especially your industry, they were supposed to make sure all money lenders and coin exchangers of Saniya attended. Some of our servants chose a radical and problematic method, even going so far as to imply threats to your businesses. For that, I deeply apologize. The servants in question have been punished and all of you will be compensated for your lost time today.\"

Indeed, when Sawo scanned past the other officials in the room, he could not find the rude man from the previous day.

\"How much do we get?\" another merchant asked before Sawo could refocus his thoughts on disruptions.

\"That would have been my first question as well.\" Somehow, Brymstock’s shallow joke made some of the merchants in the back rows chuckle. \"Your exact compensation will depend on the size of your business, but you will generally be compensated between ten and twenty Sila for your trouble today.\"

As soon as the words were spoken, no one had a problem with the meeting anymore. The atmosphere eased as if no one had ever been upset in the first place. Since such a sum was more than most of them would earn in five days, let alone in a single afternoon, it was no wonder the merchants were happy. However, their complacency frustrated Sawo. If things continued like this, the false king would win again. Thus, the former lord took it upon himself to charge ahead and offer some opposition to the powerful king.

\"Yet even if the crown bribes us, the king still intends to shut down our businesses, is that not correct? Did you imply that your servant’s words from yesterday were lies?\"

He was happy to hear the grumbles start up again, but Brymstock still retained his calm smile.

\"To reiterate, we do not plan to shut down anyone’s business. As far as the crown is concerned, there cannot be enough businesses within Saniya. You have been called here because we feel there is a need to agree on certain ground rules for financial business ventures. This way, we can make sure everyone in society benefits from your work and no one is unduly harmed.\"

\"Isn’t that just an excuse to punish us?\"

Despite Sawo’s repeated interruptions, Brymstock still seemed unfazed.

\"The point of these changes is to guarantee the prosperity of everyone here as well. If many people leave their money with you and you go out of business due to careless practices, that is bad for everyone, including yourself. If, as a result of your actions, you harm Saniya’s economy, you will also suffer. This is a responsibility you should be made aware of, but it is also a responsibility the government is willing to shoulder with you together. We are not enemies. I am only here to guarantee a sound, healthy financial market that will benefit everyone. I’m sure you would prefer stable profits over chaos as well.\"

\"If I may ask, Official Brymstock: What exactly is the king asking of us?\" another merchant asked.

\"Thank you, that is an excellent question. Right to the heart of the matter.\" His smile became just a bit brighter as he pointed at the man who had asked the right question. \"At this point, the entire financial markets of the southern kingdom are unregulated, which is what brought us into this current mess, where copper isn’t even worth as much as a stone on the street. To combat the problem, we introduced the new bank notes. However, there has been a lack of regulation, because we did not expect the banking industry to explode in the way it did. First of all, we need to address the ones among you who have begun to print your own paper currencies.\"

\"Are you saying we cannot do that? The crown does the same!\" Sawo was about to jump out of his seat, but the subtle movements from the guards held him back.

\"Yes, and minting coin is an ancient privilege of the crown,\" Brym replied. \"That does not change simply because the coin is now made of cotton. The problem with the introduction of your own currency is that so many different types of money will confuse people. Then at some point, some of you will go out of business, which happens all the time, and then your notes will be worthless. Do you believe that people will still trust in paper currency after that happens a few times? I’m sure you all understand how important the smooth distribution of this new paper money will be for the kingdom, so we cannot risk a step back at a crucial time.\"

\"So in the end, you are still here to take our business away.\"

\"If you have printed your own money, the crown is more than willing to print you special notes that let people redeem precious metals with you rather than with the crown. They will be distributed after this meeting, so long as you agree to the terms the crown gives you in other areas. Does anyone still have a problem with that?\"

As Brym looked around, Sawo did the same. Neither saw any opposition.

\"Right, let’s move on then. We have observed the way the money lenders among you have operated your businesses, and we are concerned by some actions from a few individuals. According to our estimates, some who have stored precious metals for others within their own vaults have used all of the metal, or almost all of it, to lend it to others around the city for profit. While there is no problem with turning a profit, it should be done in a responsible manner, even more so since you are not loaning your own money. What happens if those loan aren’t paid back? What happens if the owners of the metals come back all of a sudden and you can’t return their property because it’s still loaned out?\"

While Sawo could understand the official’s concerns, this wasn’t much of a problem for the typical money lenders. Almost all of them had some form of hired muscle to guarantee they were able to force lenders into payments if they were ever late. That same muscle would prevent their customers from pressing too hard if they wanted their coin back without warning. Most customers would rather wait a day or two than face off against a money lender’s troop of hired gangsters. Of course, Sawo couldn’t admit any of this, since their actions were strictly speaking illegal. Still, these customs existed for a reason, so he could at least hint at their troubles.

\"We cannot possibly be asked to keep all the metal in storage in case anyone wants his copper back, can we? In that case, we would simply become a storage facility for coin, rather than a money lewnder. There is no benefit to us. How would we earn our money?\"

\"Right! That is how a money lender works after all. We take the money others deposit with us, and we lend it back out for a profit! If we cannot lend out the money, should we ask for fees for deposits instead? Who would still leave their copper with us? How would we run our businesses?\"

At last, another merchant had found his voice and supported Sawo from behind. As soon as they felt their fountain of wealth threatened, the merchants in the room began to murmur again, even louder than before. No wonder, since people were quick to change their tunes when it came to money. Although the official had placated the merchants before, their resentment at the king’s meddling had bubbled just below the surface. At last, the king’s greed had forced it to break through. Still, the official remained firm.

\"I’m well aware how a bank operates. However, I will not ask you to stop lending money. All I ask of you is to be reasonable. Just don’t lend out everything you have stored in your vaults. You should be able to understand why that is a problem. If one of your customers comes back to you and they want their metals back, what do you do if you have loaned out everything? Well, if they insist, you can’t do anything but threaten violence. In that case, the customer loses trust not only in your business, but in the entire financial system. I’m sure no one in this room would want to see that, least of all me.\"

Once again, Official Brymstock tried a conciliatory tone. While he managed to quiet down the merchants for the moment, the men in the crowd still looked at him with suspicion in their eyes. Even so, the official didn’t show any signs of discomfort as he continued in a calm voice.

\"Although I risk repeating myself, what the banking division wants least is to kill off your industries. Neither do we want to prohibit all money lending from your side. Rather, we simply want you to be responsible in your operations. For every Silo you loan out, we want you to retain a certain amount of metals in your vaults, just to make sure you will always be able to fulfill your commitments to your customers. That way, your business will also be safe in the case of an emergency, like multiple, sudden defaults on your loans. For now, we want you to limit yourselves to a three times leverage. That means you would be required to retain back at least one Silo for every three Sila you loan out.\"

The official looked around in the silent room.

\"I don’t think that’s especially harsh, nor do I think that a safety measures like that will prevent you from making money,\" he continued. \"In addition, you should come to Saniya’s local law enforcement if someone is unwilling to pay, or if you have any trouble with your customers. The city’s new police force is about to be rolled out in the next few days, so public safety will be much better from then on. Since you can save on private protection this way, you will even save some money, and there is less chance the local gangs will turn on you in case you do too well.\"

\"No matter how Official Brym dresses up his words, the crown’s new laws limit the amount of money we can make. Worse yet, this is only the first step and your rules are already this harsh. Who guarantees that you will not impose even tighter laws on us once we have gotten used to these?\" Again, Sawo had to speak out himself, the only one with enough courage to oppose the king.

\"We need a series of rules and regulations so a few overly greedy merchants don’t make business impossible for the rest of us,\" Brym insisted. \"In the future, you will be responsible, at least in part, for the money circulation within the kingdom. With such a pivotal position in society, do you think you have no responsibility, that there is no reason to be mindful in the way you conduct your business? And I need to stress again, you won’t be alone in these endeavors. The government will be right there with you, to share your burden and guarantee you smooth operations. As a result, the crown will announce the establishment of the first central bank of Medala to the public tomorrow. Of course, as the direct recipients of such a great innovation, you were informed first.\" Once more, Brym explained his position in a calm manner. However, Sawo wouldn’t be convinced, and neither would the other merchants in the room. Not this time.