1
漢興，接秦之獘，丈夫從軍旅，老弱轉糧馕，作業劇而財匱，自天子不能具鈞駟，而將相或乘牛車，齊民無藏蓋。 於是為秦錢重難用，更令民鑄錢，一黃金一斤，約法省禁。 而不軌逐利之民，蓄積餘業以稽市物，物踴騰糶，米至石萬錢，馬一匹則百金。
When Han rose, it inherited Qin’s exhaustion. Men followed military campaigns, and the old and infirm transported grain and food. Labor was heavy and wealth scarce; even the Son of Heaven could not equip matched horses, while generals and ministers sometimes rode ox carts and commoners had nothing in reserve. Therefore, because Qin coinage was heavy and hard to use, they further ordered the people to cast money, fixing the value at one catty of gold per jin, and regulated the laws while reducing prohibitions. People who broke the rules to pursue profit hoarded surplus goods to control the market, driving prices up. Rice reached ten thousand cash per shi, and a single horse cost a hundred gold.
2
天下已平，高祖乃令賈人不得衣絲乘車，重租稅以困辱之。 孝惠、高后時，為天下初定，復弛商賈之律，然市井之子孫亦不得仕宦為吏。 量吏祿，度官用，以賦於民。 而山川園池市井租稅之入，自天子以至于封君湯沐邑，皆各為私奉養焉，不領於天下之經費。 漕轉山東粟，以給中都官，歲不過數十萬石。
After the realm was pacified, Emperor Gaozu then ordered that merchants could not wear silk or ride carriages and imposed heavy taxes to disgrace them. During the time of Emperor Xiaohui and Empress Dowager Gao, since the realm had only just been settled, they again relaxed the laws on merchants, yet the sons and grandsons of the marketplace still could not serve as officials or clerks. They measured clerk salaries and estimated official expenses, then levied them on the people. Revenues from mountains, rivers, parks, ponds, and marketplaces, from the Son of Heaven down to the enfeoffed lords and their maintenance estates, were all reserved for private support and not counted among the realm's ordinary expenses. Grain from Shandong was transported to supply the central offices, and the yearly total did not exceed several hundred thousand shi.
3
至孝文時，莢錢益多，輕，乃更鑄四銖錢，其文為「半兩」，令民縱得自鑄錢。 故吳諸侯也，以即山鑄錢，富埒天子，其後卒以叛逆。 鄧通，大夫也，以鑄錢財過王者。 故吳、鄧氏錢布天下，而鑄錢之禁生焉。
By the time of Emperor Xiaowen, elm-seed tokens had grown numerous and light, so they cast new four-zhu coins bearing the inscription “half liang,” and allowed the people to cast coins freely. Therefore, the feudal lord of Wu cast coins near the mountains, became as rich as the Son of Heaven, and later finally rebelled. Deng Tong, a grand master, grew richer than kings by casting money. Thus, the coinage of Wu and the Deng clan spread throughout the realm, and the prohibition on casting money arose from it.
4
匈奴數侵盜北邊，屯戍者多，邊粟不足給食當食者。 於是募民能輸及轉粟於邊者拜爵，爵得至大庶長。
The Xiongnu frequently invaded and robbed the northern border, and those who garrisoned and defended were many, so border grain was insufficient to supply food to those who should eat. They therefore recruited people able to transport grain to the frontier and rewarded them with noble ranks, up to Grand Chief.
5
孝景時，上郡以西旱，亦復修賣爵令，而賤其價以招民； 及徒復作，得輸粟縣官以除罪。 益造苑馬以廣用，而宮室列觀輿馬益增修矣。
During the time of Emperor Xiaojing, when there was a drought west of Shangjun, the order allowing the sale of noble ranks was revived and the prices were lowered to attract buyers; Convicts sentenced to renewed labor could also deliver grain to the government in order to have their crimes expunged. They further increased the palace-park horses for wider use, and palaces, towers, carriages, and horses were expanded and refurbished.
6
至今上即位數歲，漢興七十餘年之閒，國家無事，非遇水旱之災，民則人給家足，都鄙廩庾皆滿，而府庫餘貨財。 京師之錢累巨萬，貫朽而不可校。 太倉之粟陳陳相因，充溢露積於外，至腐敗不可食。 眾庶街巷有馬，阡陌之閒成群，而乘字牝者儐而不得聚會。 守閭閻者食粱肉，為吏者長子孫，居官者以為姓號。 故人人自愛而重犯法，先行義而後絀恥辱焉。 當此之時，網疏而民富，役財驕溢，或至兼并豪黨之徒，以武斷於鄉曲。 宗室有土公卿大夫以下，爭于奢侈，室廬輿服僭于上，無限度。 物盛而衰，固其變也。
By the time the present emperor had been on the throne for several years, in the more than seventy years since Han rose, the nation had no affairs. When they did not encounter water or drought disasters, the people then had each person supplied and each house sufficient, the granaries of cities and towns were all full, and the treasuries had surplus goods and wealth. The money in the capital accumulated in enormous quantities, until the strings rotted, and the coins could no longer be counted. The grain in the great granary, old grain following old grain, was full and overflowed, exposed and piled outside, until it rotted and could not be eaten. Commoners in streets and alleys had horses, and along the paths and crossroads they formed groups; those who rode government-branded mares were shunned and could not gather for meetings. Those who guarded the alley gates ate fine grain and meat, those who served as clerks extended their sons and grandsons, and those who resided as officials took it as their surname and appellation. Therefore, each person loved themselves and valued not violating the law, first practiced righteousness, and then shrank from shame and humiliation. At this time, the net of law was loose, and the people were wealthy. Some became arrogant and extravagant in their use of wealth, even annexing land and gathering powerful retainers, using force to dominate local affairs. The imperial clan, territorial lords, high ministers, and officials below them competed in extravagance, and their houses, carriages, and clothing exceeded the privileges allowed by their rank. When things flourish, they then decline; this is certainly their change.
7
自是之後，嚴助、朱買臣等招來東甌，事兩越，江淮之閒蕭然煩費矣。 唐蒙、司馬相如開路西南夷，鑿山通道千餘里，以廣巴蜀，巴蜀之民罷焉。 彭吳賈滅朝鮮，置滄海之郡，則燕齊之閒靡然發動。 及王恢設謀馬邑，匈奴絕和親，侵擾北邊，兵連而不解，天下苦其勞，而干戈日滋。 行者齎，居者送，中外騷擾而相奉，百姓抏獘以巧法，財賂衰秏而不贍。 入物者補官，出貨者除罪，選舉陵遲，廉恥相冒，武力進用，法嚴令具。 興利之臣自此始也。
After this, Yan Zhu, Zhu Maichen, and others brought in Dong'ou, dealt with the two Yue, and between the Jiang and Huai the region was drained and expenses mounted. Tang Meng and Sima Xiangru opened roads to the southwest barbarians, chiseled mountains and opened paths for more than a thousand li, to broaden Bashu, and the people of Bashu were exhausted by this. Peng Wujia destroyed Joseon and established Canghai Commandery, after which the region between Yan and Qi was heavily mobilized for resources. When Wang Hui laid his stratagem at Mayi, the Xiongnu broke off the heqin alliance and invaded and harassed the northern frontier. Warfare continued without end, and the realm suffered under the strain. Travelers carried provisions, residents supplied them, and the inner and outer regions were thrown into mutual disturbance. The common people were worn down by shrewd regulations, their wealth dwindled, their bribes ran short, and still these were not enough. Those who brought in goods got offices, and those who exported goods were pardoned. Appointments declined, integrity and shame were trampled underfoot, military power advanced, and the laws were harsh while the commands were complete. The ministers who promoted profit began from this point.
8
其後漢將歲以數萬騎出擊胡，及車騎將軍衛青取匈奴河南地，筑朔方。 當是時，漢通西南夷道，作者數萬人，千里負擔饋糧，率十餘鐘致一石，散幣於邛僰以集之。 數歲道不通，蠻夷因以數攻，吏發兵誅之。 悉巴蜀租賦不足以更之，乃募豪民田南夷，入粟縣官，而內受錢於都內。 東至滄海之郡，人徒之費擬於南夷。 又興十萬餘人筑衛朔方，轉漕甚遼遠，自山東咸被其勞，費數十百巨萬，府庫益虛。 乃募民能入奴婢得以終身復，為郎增秩，及入羊為郎，始於此。
Afterward Han generals each year led tens of thousands of cavalry to attack the Hu, and the General of Chariots and Cavalry, Wei Qing, took the Xiongnu lands south of the Yellow River and built Shuofang. At that time Han opened roads to the southwestern barbarians, employing tens of thousands of workers. For a thousand li, they carried loads and fed grain, at a rate of more than ten zhong to deliver one shi, and scattered coins at Qiong and Bo to gather laborers. After several years the road remained unopened, so the barbarians repeatedly attacked, and the officials raised troops and executed them. Even all the taxes of Bashu were insufficient for the task, so wealthy men were recruited to farm among the southern tribes; they turned in grain to the county officials and received cash in the capital. To the east, as far as Canghai Commandery, the expenses in manpower and transport were comparable to those among the southern tribes. They again raised more than a hundred thousand people to build Shuofang and defend it. Transport was extremely distant, and all of Shandong suffered the labor; the cost ran into many millions, and the treasuries grew emptier. Then they recruited men who could contribute slaves and women in exchange for lifetime exemption, promoted them to lang, and also made those who contributed sheep into lang. This began at this time.
9
其後四年，而漢遣大將將六將軍，軍十餘萬，擊右賢王，獲首虜萬五千級。 明年，大將軍將六將軍仍再出擊胡，得首虜萬九千級。 捕斬首虜之士受賜黃金二十餘萬斤，虜數萬人皆得厚賞，衣食仰給縣官； 而漢軍之士馬死者十餘萬，兵甲之財轉漕之費不與焉。 於是大農陳藏錢經秏，賦稅既竭，猶不足以奉戰士。 有司言：「天子曰『朕聞五帝之教不相復而治，禹湯之法不同道而王，所由殊路，而建德一也。 北邊未安，朕甚悼之。 日者，大將軍攻匈奴，斬首虜萬九千級，留蹛無所食。 議令民得買爵及贖禁錮免減罪』。 請置賞官，命曰武功爵。 級十七萬，凡直三十餘萬金。 諸買武功爵官首者試補吏，先除； 千夫如五大夫； 其有罪又減二等； 爵得至樂卿：以顯軍功。」 軍功多用越等，大者封侯卿大夫，小者郎吏。 吏道雜而多端，則官職秏廢。
Four years later, the Han sent a great general with six generals and an army of more than a hundred thousand to attack the Right Worthy King, and took fifteen thousand heads and captives. The next year, the great general again led the six generals out against the Hu and took nineteen thousand heads and captives. The soldiers who captured and beheaded the enemy received more than two hundred thousand jin of yellow gold, and the captives, numbering tens of thousands, all received generous rewards; their clothing and food were supplied by the county officials. The dead soldiers and horses of the Han army numbered more than a hundred thousand, and the cost of armor and transport is not included. At that point, Grand Farmer Chen’s reserves of money were already spent, the taxes were exhausted, and they still were not enough to support the soldiers. The officials said: “The Son of Heaven has said, ‘I have heard that the teachings of the Five Emperors were not repeated, yet they governed; the laws of Yu and Tang were different, yet they both became kings. What they came from was different, but the virtue they established was the same. The northern frontier is not at peace, and I am deeply troubled by it. Recently, the great general attacked the Xiongnu, taking nineteen thousand heads and captives, but the detained prisoners were left with nothing to eat. We ask that people be allowed to buy ranks and redeem penalties and confinement, and thereby reduce crimes. We request the establishment of reward offices, to be called martial merit ranks. There are 170,000 ranks, worth more than 300,000 gold in all. Those who buy the martial merit rank first are tested for office and given priority in exemption; a thousand-man commander is treated like a fifth-grade grand master; if they have committed crimes, their sentence is reduced by two grades; and the rank can rise as high as Leqing, all to display military merit.” Military merit often leapt past the ordinary ranks: the greatest were enfeoffed as marquises, ministers, and grandees, while lesser men became palace gentlemen and clerks. When the paths of official advancement become mixed and too many, the offices are worn down and ruined.
10
自公孫弘以春秋之義繩臣下取漢相，張湯用唆文決理為廷尉，於是見知之法生，而廢格沮誹窮治之獄用矣。 其明年，淮南、衡山、江都王謀反跡見，而公卿尋端治之，竟其黨與，而坐死者數萬人，長吏益慘急而法令明察。
From the time Gongsun Hong used the moral principles of the Spring and Autumn Annals to bind his subordinates and became Han chancellor, and Zhang Tang used crafty legal argument to reach the position of imperial counselor, public affairs came to rely heavily on documentation and technical legal reasoning. The next year, the traces of the Huainan, Hengshan, and Jiangdu kings’ rebellion were discovered, and the dukes and ministers pursued the case to its root and destroyed their followers. Those who were condemned and died numbered in the tens of thousands, and the senior clerks became even harsher and more exacting, with the laws and commands more and more strictly enforced.
11
當是之時，招尊方正賢良文學之士，或至公卿大夫。 公孫弘以漢相，布被，食不重味，為天下先。 然無益於俗，稍騖於功利矣。
At that time they recruited and honored upright, worthy, and learned men, some of whom reached the rank of duke, minister, or grand master. Gongsun Hong, as Han chancellor, used a cloth coverlet and ate plain food, and was regarded as a model for the realm. Yet this did not help customs, and they gradually drifted toward profit and advantage.
12
其明年，驃騎仍再出擊胡，獲首四萬。 其秋，渾邪王率數萬之眾來降，於是漢發車二萬乘迎之。 既至，受賞，賜及有功之士。 是歲費凡百餘巨萬。
The next year, the swift cavalry again went out to attack the Hu and took forty thousand heads. That autumn, the Hunye King led tens of thousands to surrender, and Han accordingly sent twenty thousand carriages to welcome them. Once they arrived, rewards were bestowed, and the meritorious soldiers received their share. That year’s expenses altogether amounted to more than a hundred huge ten-thousands.
13
初，先是往十餘歲河決觀，梁楚之地固已數困，而緣河之郡隄塞河，輒決壞，費不可勝計。 其後番系欲省底柱之漕，穿汾、河渠以為溉田，作者數萬人； 鄭當時為渭漕渠回遠，鑿直渠自長安至華陰，作者數萬人； 朔方亦穿渠，作者數萬人：各歷二三期，功未就，費亦各巨萬十數。
Earlier, for more than ten years before this, the Yellow River had burst at Guan, and the lands of Liang and Chu had already suffered repeatedly. The commanderies along the river built dikes to block it, but each time the river burst and the defenses failed, and the cost was beyond counting. Afterward, Fan Xi wanted to reduce transport at Dizhu, so he dug a canal from the Fen and the Yellow River to irrigate fields, employing tens of thousands of workers; because the Wei transport canal was circuitous and far, Zheng Dangshi cut a straight canal from Chang’an to Huayin, employing tens of thousands of workers; Shuofang also dug a canal, employing tens of thousands of workers. Each project dragged on for two or three periods, but it was never completed, and the expense in each case ran to many millions.
14
天子為伐胡，盛養馬，馬之來食長安者數萬匹，卒牽掌者關中不足，乃調旁近郡。 而胡降者皆衣食縣官，縣官不給，天子乃損膳，解乘輿駟，出御府禁藏以贍之。
For the campaign against the Hu, the Son of Heaven greatly raised horses. Tens of thousands of horses came to feed at Chang’an, but Guanzhong did not have enough men to tend them, so they requisitioned from nearby commanderies. All the surrendered Hu had to be fed and clothed by the government, but the government could not meet the demand. The Son of Heaven therefore reduced his own meals, released horses from the imperial carriage teams, and drew on the palace storehouses to support them.
15
其明年，山東被水菑，民多饑乏，於是天子遣使者虛郡國倉廥以振貧民。 猶不足，又募豪富人相貸假。 尚不能相救，乃徙貧民於關以西，及充朔方以南新秦中，七十餘萬口，衣食皆仰給縣官。 數歲，假予產業，使者分部護之，冠蓋相望。 其費以億計，不可勝數。 於是縣官大空。
The next year, Shandong suffered flooding and many people were hungry and destitute. The Son of Heaven therefore sent messengers to empty the commanderies’ and kingdoms’ granaries to relieve the poor. Even so it was still not enough, so they recruited wealthy men to lend to the poor. Still this was not enough to save them all, so the poor were moved west of the pass and into the newly settled Qin region south of Shuofang, more than seven hundred thousand people in all, with food and clothing supplied by the government. For several years they were given land and property, and the messengers were assigned in districts to protect them, with official canopies and banners appearing everywhere. The expense was counted in hundreds of millions and could not be measured. Thus, the county offices were left greatly depleted.
16
而富商大賈或蹛財役貧，轉轂百數，廢居居邑，封君皆低首仰給。 冶鑄煮鹽，財或累萬金，而不佐國家之急，黎民重困。 於是天子與公卿議，更錢造幣以贍用，而摧浮淫并兼之徒。 是時禁苑有白鹿而少府多銀錫。 自孝文更造四銖錢，至是歲四十餘年，從建元以來，用少，縣官往往即多銅山而鑄錢，民亦閒盜鑄錢，不可勝數。 錢益多而輕，物益少而貴。 有司言曰：「古者皮幣，諸侯以聘享。 金有三等，黃金為上，白金為中，赤金為下。 今半兩錢法重四銖，而姦或盜摩錢裏取鋊，錢益輕薄而物貴，則遠方用幣煩費不省。」 乃以白鹿皮方尺，緣以藻繢，為皮幣，直四十萬。 王侯宗室朝覲聘享，必以皮幣薦璧，然後得行。
Rich merchants and great traders either hoarded wealth and employed the poor, rotated wagon hubs by the hundreds, hoarded goods and waited in towns, and the enfeoffed lords all bowed their heads and relied on them for supplies. Through smelting, casting, and boiling salt, wealth accumulated to tens of thousands of gold, but it did not help the state’s urgent needs, and the common people were heavily burdened. Therefore, the Son of Heaven discussed the matter with the dukes and ministers, remade the currency to supply public use, and checked the men who grew fat on floating gains and monopoly. At this time the forbidden park had white deer and the Shaofu had abundant silver and tin. From the time Emperor Xiaowen cast the four-zhu coin, more than forty years had passed by this year. Since Jianyuan, coinage was scarce, and the county officials often took the copper from many mountains to cast money; the people also secretly cast coins in great numbers. Money became more numerous and lighter, while goods became scarcer and dearer. The officials said: “In ancient times there was leather currency, which the feudal lords used for presenting gifts and making offerings. Gold had three grades: yellow gold as the highest, white gold as the middle, and red gold as the lowest. Now the half-liang coin weighs four zhu, but corrupt men grind the inside of the coins and take out filings, so money becomes thinner and lighter while goods grow dearer; thus currency used in distant places becomes troublesome and costly.” Then they took a square foot of white deer skin, edged it with embroidered ornament, and made leather currency worth four hundred thousand. When kings, marquises, and the imperial clan had audiences or made offerings, they had to present jade bi with leather currency and only then could proceed.
17
又造銀錫為白金。 以為天用莫如龍，地用莫如馬，人用莫如龜，故白金三品：其一曰重八兩，圜之，其文龍，名曰「白選」，直三千； 二曰以重差小，方之，其文馬，直五百； 三曰復小，撱之，其文龜，直三百。 令縣官銷半兩錢，更鑄三銖錢，文如其重。 盜鑄諸金錢罪皆死，而吏民之盜鑄白金者不可勝數。
They also made silver and tin into white gold. They held that for heaven nothing was better than the dragon, for earth nothing better than the horse, and for man nothing better than the turtle. Therefore, there were three grades of white gold: the first weighed eight liang, was round, bore a dragon, and was called “White Selection,” worth three thousand; the second had a slightly lighter weight, was square, bore a horse, and was worth five hundred; the third was smaller still, was made oval, bore a turtle, and was worth three hundred; They ordered the county officials to melt down the half-liang coins and cast new three-zhu coins with inscriptions matching their weight. Those who privately cast gold coins were all liable to death, yet the clerks and commoners who secretly cast white gold coins were too many to count.
18
於是以東郭咸陽、孔僅為大農丞，領鹽鐵事； 桑弘羊以計算用事，侍中。 咸陽，齊之大煮鹽，孔僅，南陽大冶，皆致生累千金，故鄭當時進言之。 弘羊，雒陽賈人子，以心計，年十三侍中。 故三人言利事析秋豪矣。
Therefore, they made Dongguo Xianyang and Kong Jin the Great Farmer Assistant, to lead salt and iron affairs; Sang Hongyang handled financial calculations as a Palace Attendant. Xianyang was a major salt producer from Qi, and Kong Jin was a major iron smelter from Nanyang. Both had amassed fortunes of thousands of gold, and therefore Zheng Dangshi recommended them. Hongyang was the son of a merchant from Luoyang. Because of his skill at mental calculation, he became a Palace Attendant at the age of thirteen. Thus, when these three men discussed matters of profit, they analyzed them down to the finest detail.
19
法既益嚴，吏多廢免。 兵革數動，民多買復及五大夫，徵發之士益鮮。 於是除千夫五大夫為吏，不欲者出馬； 故吏皆（通）適令伐棘上林，作昆明池。
The laws became increasingly strict, and many clerks were abolished and exempted. Military campaigns were frequent, and many people bought exemptions or the rank of Wudafu, so the pool of men available for conscription kept shrinking. Men holding the Qianfu and Wudafu ranks were then appointed as clerks; those who did not wish to serve supplied horses instead. Therefore, all former officials were ordered to clear brambles at Shanglin and build Kunming Pool.
20
其明年，大將軍、驃騎大出擊胡，得首虜八九萬級，賞賜五十萬金，漢軍馬死者十餘萬匹，轉漕車甲之費不與焉。 是時財匱，戰士頗不得祿矣。
The next year, the great general and swift cavalry greatly went out to attack the Hu, obtained eighty or ninety thousand ranks of heads and captives, and rewarded and bestowed five hundred thousand gold. The dead horses of the Han army numbered more than a hundred thousand, and the expenses for transport, ferrying, chariots, and armor were not included in this. At this time, funds were scarce, and many soldiers did not receive their pay.
21
有司言三銖錢輕，易姦詐，乃更請諸郡國鑄五銖錢，周郭其下，令不可磨取鋊焉。
The officials said that three-zhu coins were too light and easily counterfeited, so they further requested that the commanderies and kingdoms cast five-zhu coins with a raised rim, making it impossible to grind off filings.
22
大農上鹽鐵丞孔僅、咸陽言：「山海，天地之藏也，皆宜屬少府，陛下不私，以屬大農佐賦。 願募民自給費，因官器作煮鹽，官與牢盆。 浮食奇民欲擅管山海之貨，以致富羨，役利細民。 其沮事之議，不可勝聽。 敢私鑄鐵器煮鹽者，釱左趾，沒入其器物。 郡不出鐵者，置小鐵官，便屬在所縣。」 使孔僅、東郭咸陽乘傳舉行天下鹽鐵，作官府，除故鹽鐵家富者為吏。 吏道益雜，不選，而多賈人矣。
The Great Farmer submitted a proposal from the salt and iron assistants Kong Jin and Xianyang: 'The mountains and seas are the storehouses of heaven and earth, and should all belong to the Privy Treasurer. Your Majesty does not keep them for private use, but assigns them to the Great Farmer to support public revenues. We ask to recruit people who will cover their own expenses and use official equipment to boil salt, with the government providing the iron pans. Idlers and speculators wish to monopolize the products of the mountains and seas, enrich themselves, and exploit the common people for profit. Their obstructionist arguments are too many to listen to. Anyone who dares privately to cast iron tools or boil salt shall have the left toe fettered and all tools and goods confiscated. In commanderies that do not produce iron, establish minor iron offices and attach them to the local counties.' They sent Kong Jin and Dongguo Xianyang by relay carriage to inspect salt and iron operations throughout the empire, establish government offices, and appoint wealthy men from the former salt and iron families as officials. The ranks of officials became increasingly mixed and were no longer carefully selected; many were merchants.
23
商賈以幣之變，多積貨逐利。 於是公卿言：「郡國頗被菑害，貧民無產業者，募徙廣饒之地。 陛下損膳省用，出禁錢以振元元，寬貸賦，而民不齊出於南畝，商賈滋眾。 貧者畜積無有，皆仰縣官。 異時算軺車賈人緡錢皆有差，請算如故。 諸賈人末作貰貸賣買，居邑稽諸物，及商以取利者，雖無市籍，各以其物自占，率緡錢二千而一算。 諸作有租及鑄，率緡錢四千一算。 非吏比者三老、北邊騎士，軺車以一算； 商賈人軺車二算； 船五丈以上一算。 匿不自占，占不悉，戍邊一歲，沒入緡錢。 有能告者，以其半畀之。 賈人有市籍者，及其家屬，皆無得籍名田，以便農。 敢犯令，沒入田僮。」
The merchants, because of the currency changes, accumulated many goods and pursued profit. Therefore, the dukes and ministers said: 'The commanderies and kingdoms have rather suffered disasters, and the poor people who have no property should be recruited and moved to broad and fertile lands. Your Majesty reduced meals and economized use, took out forbidden money to relieve the common people, and leniently lent taxes, but the people did not uniformly go out to the south fields, and merchants increased greatly. The poor had no reserves, and all depended on the county officials. At earlier times, taxes on light carriages, merchants, and registered cash holdings were all graded. We request that they be taxed as before. Merchants engaged in secondary occupations, borrowing and lending, buying and selling, living in towns, hoarding goods, and taking profit from trade, even if they had no market registration, were each to register themselves and their goods. The rate was one tax for every two thousand strings of cash. For rented enterprises and casting operations, the rate was one assessment for every four thousand strings of cash. For those not of clerk rank, the three elders and north border cavalry, light carriages were taxed at one tax; merchant people's light carriages were taxed at two taxes; boats of five zhang or above were taxed at one tax. Those who concealed their holdings and did not register, or registered incompletely, were sent to garrison the frontier for one year, and their cash holdings were confiscated. Those who were able to report were given half of it. Merchants registered in the market rolls, and their dependents, could not register titled land, to favor farming. Those who dare to violate the command will have their fields and servants confiscated.'
24
天子乃思卜式之言，召拜式為中郎，爵左庶長，賜田十頃，布告天下，使明知之。
The Son of Heaven then recalled Bu Shi's words, summoned and appointed Shi as Palace Attendant, granted him the rank of Left Chief of the Multitude, granted ten qing of fields, and proclaimed it to the realm, so all would know.
25
初，卜式者，河南人也，以田畜為事。 親死，式有少弟，弟壯，式脫身出分，獨取畜羊百餘，田宅財物盡予弟。 式入山牧十餘歲，羊致千餘頭，買田宅。 而其弟盡破其業，式輒復分予弟者數矣。 是時漢方數使將擊匈奴，卜式上書，願輸家之半縣官助邊。 天子使使問式：「欲官乎？」 式曰：「臣少牧，不習仕宦，不願也。」 使問曰：「家豈有冤，欲言事乎？」 式曰：「臣生與人無分爭。 式邑人貧者貸之，不善者教順之，所居人皆從式，式何故見冤於人！ 無所欲言也。」 使者曰：「茍如此，子何欲而然？」 式曰：「天子誅匈奴，愚以為賢者宜死節於邊，有財者宜輸委，如此而匈奴可滅也。」 使者具其言入以聞。 天子以語丞相弘。 弘曰：「此非人情。 不軌之臣，不可以為化而亂法，願陛下勿許。」 於是上久不報式，數歲，乃罷式。 式歸，復田牧。 歲餘，會軍數出，渾邪王等降，縣官費眾，倉府空。 其明年，貧民大徙，皆仰給縣官，無以盡贍。 卜式持錢二十萬予河南守，以給徙民。 河南上富人助貧人者籍，天子見卜式名，識之，曰「是固前而欲輸其家半助邊」，乃賜式外繇四百人。 式又盡復予縣官。 是時富豪皆爭匿財，唯式尤欲輸之助費。 天子於是以式終長者，故尊顯以風百姓。
Initially, Bu Shi was a person from Henan, and he took farming and livestock as his affairs. When his parents died, Shi had a young brother. When the brother grew up, Shi separated himself and divided the property, taking alone more than a hundred livestock sheep, and giving all the fields, houses, wealth, and goods to his brother. Shi entered the mountains and pastured for more than ten years, and the sheep brought more than a thousand heads, so he bought fields and houses. Whenever his brother squandered his property, Bu Shi again divided off part of his own property and gave it to him. At this time, Han was just frequently sending generals to attack the Xiongnu, and Bu Shi submitted a memorial, wishing to transport half of his family's wealth to the county officials to assist the border. The Son of Heaven sent a messenger to ask Shi, “Do you want an official post?” Shi said, “Your servant has herded animals since youth and does not understand official service. I do not want it.” The messenger asked, “Does your household perhaps have some grievance you wish to report?” Shi said, “Your servant has lived his life without quarreling with others. I lend to the poor in my village and teach and guide the unruly. Everyone where I live follows me, so why would I suffer grievance from others? There is nothing I wish to say.” The messenger said, “If that is so, sir, what do you want, and why are you acting this way?” Shi said, “The Son of Heaven is punishing the Xiongnu. Your foolish servant thinks that the worthy should die loyally at the frontier and the wealthy should contribute their goods. In this way the Xiongnu can be destroyed.” The messenger completed his words and entered to report. The Son of Heaven spoke of it to Chancellor Hong. Hong said: “This is not human feeling. Such lawless subjects cannot be held up as models without undermining the law. I beg Your Majesty not to permit it.” The emperor therefore gave Shi no reply for a long time, and after several years he let the matter drop. Shi returned and again farmed and pastured. More than a year later, with the army frequently in the field and the Hunye king and others having surrendered, government expenses mounted and the granaries and treasuries were empty. The next year, large numbers of poor people migrated. They all depended on the government for support, but there was no way to provide fully for them. Bu Shi brought 200,000 cash and gave it to the Governor of Henan to supply the relocated people. Henan submitted a register of wealthy men who had aided the poor. When the Son of Heaven saw Bu Shi’s name, he recognized him and said, “This is the man who earlier wished to contribute half his property to aid the frontier.” Shi then gave the county officials additional funds in full. At this time, the rich and powerful all competed to conceal their wealth, but Bu Shi alone was eager to send his wealth in to help meet state expenses. The Son of Heaven therefore considered Shi as a worthy elder, and therefore honored and displayed him to influence the hundred surnames.
26
初，式不願為郎。 上曰：「吾有羊上林中，欲令子牧之。」 式乃拜為郎，布衣屩而牧羊。 歲餘，羊肥息。 上過見其羊，善之。 式曰：「非獨羊也，治民亦猶是也。 以時起居； 惡者輒斥去，毋令敗群。」 上以式為奇，拜為緱氏令試之，緱氏便之。 遷為成皋令，將漕最。 上以為式樸忠，拜為齊王太傅。
Initially, Shi did not wish to be a lang. The emperor said, “I have sheep in Shanglin Park, and I want you, sir, to herd them.” Shi was then appointed as lang, and wearing cloth clothes and sandals, he pastured sheep. More than a year later, the sheep became fat and increased. The emperor passed by and saw his sheep, and approved of them. Shi said, “This applies not only to sheep; governing the people is also like this. Rise and reside according to the time. Drive out the bad ones at once, and do not let them ruin the flock.” The emperor considered Shi remarkable, appointed him magistrate of Gou as a trial, and Gou found him effective. He was moved and appointed as magistrate of Chenggao, and led transport the best. The emperor considered Shi simple and loyal, and appointed him as grand tutor to the king of Qi.
27
而孔僅之使天下鑄作器，三年中拜為大農，列於九卿。 而桑弘羊為大農丞，筦諸會計事，稍稍置均輸以通貨物矣。
Kong Jin directed the empire's casting and manufacture of tools, and within three years he was appointed Great Farmer, ranking among the Nine Ministers. Sang Hongyang became Assistant to the Great Farmer, took charge of accounting affairs, and gradually established the equal-transport system to circulate goods.
28
始令吏得入穀補官，郎至六百石。
They began allowing clerks to contribute grain in exchange for office, with palace gentlemen receiving posts up to six hundred shi.
29
自造白金五銖錢後五歲，赦吏民之坐盜鑄金錢死者數十萬人。 其不發覺相殺者，不可勝計。 赦自出者百餘萬人。 然不能半自出，天下大抵無慮皆鑄金錢矣。 犯者眾，吏不能盡誅取，於是遣博士褚大、徐偃等分曹循行郡國，舉兼并之徒守相為（吏）［利］者。 而御史大夫張湯方隆貴用事，減宣、杜周等為中丞，義縱、尹齊、王溫舒等用慘急刻深為九卿，而直指夏蘭之屬始出矣。
Five years after creating white gold and five-zhu coins, he pardoned the officials and commoners, numbering in the tens of thousands, who had been sentenced to death for illicitly casting gold coins. Those who killed one another without being discovered were beyond counting. More than a million people came forward voluntarily and were pardoned. Yet not even half came forward voluntarily, and people throughout the empire generally went on casting gold coins without concern. There were so many violators that the officials could not punish and confiscate from them all. The court therefore sent the erudites Chu Da, Xu Yan, and others in separate groups to inspect the commanderies and kingdoms and expose those who enriched themselves as governors or ministers by joining with powerful annexers. At this time, Imperial Censor Zhang Tang was rising in power and controlling affairs. Jian Xuan, Du Zhou, and others were appointed assistant censors; Yi Zong, Yin Qi, Wang Wenshu, and others used cruel, urgent, harsh, and searching methods as ministers among the Nine Ministers. Officials such as the Direct Commissioner Xia Lan began to appear.
30
而大農顏異誅。 初，異為濟南亭長，以廉直稍遷至九卿。 上與張湯既造白鹿皮幣，問異。 異曰：「今王侯朝賀以蒼璧，直數千，而其皮薦反四十萬，本末不相稱。」 天子不說。 張湯又與異有卻，及有人告異以它議，事下張湯治異。 異與客語，客語初令下有不便者，異不應，微反脣。 湯奏當異九卿見令不便，不入言而腹誹，論死。 自是之後，有腹誹之法（以此）［比］，而公卿大夫多諂諛取容矣。
The Grand Minister of Agriculture Yan Yi was executed. Initially, Yi was a pavilion chief in Jinan, and with integrity and straightness, he gradually moved to the nine ministers. The emperor, with Zhang Tang, having made white deer skin currency, asked Yi. Yi said: 'Now kings and marquises offer morning congratulations with blue jade bi, worth several thousand, but the skin presented instead is worth four hundred thousand. The root and tip do not match.' The Son of Heaven was not pleased. Zhang Tang also had a grudge against Yi. When someone accused Yi over other remarks, the matter was sent down to Zhang Tang to handle. Yi spoke with a guest, and the guest spoke of the initial command that had been issued and had inconvenient aspects. Yi did not respond, but slightly turned his lips. Tang memorialized that Yi, as one of the nine ministers, saw the command as inconvenient, did not enter and speak, but slandered in his abdomen, and sentenced him to death. After this, the law against inner slander was extended by analogy, and many high ministers and officials gained favor through flattery.
31
天子既下緡錢令而尊卜式，百姓終莫分財佐縣官，於是（楊可）告緡錢縱矣。
After the Son of Heaven issued the cash-registration order and honored Bu Shi, the common people still did not contribute their wealth to assist the government. Yang Ke was then allowed to proceed with reports on concealed cash holdings.
32
郡國多姦鑄錢，錢多輕，而公卿請令京師鑄鐘官赤側，一當五，賦官用非赤側不得行。 白金稍賤，民不寶用，縣官以令禁之，無益。 歲餘，白金終廢不行。
The commanderies and kingdoms had many evil cast coins, and the coins were many and light. The dukes and ministers requested to order the capital to cast bell official red-side coins, one worth five, and the levy officials used them, but those not red-side could not proceed. White gold gradually cheapened, and the people did not treasure or use it. The county officials prohibited it with commands, but it was of no benefit. More than a year later, white gold was finally abolished and did not proceed.
33
是歲也，張湯死而民不思。
That year, Zhang Tang died, and the people did not think of him.
34
其後二歲，赤側錢賤，民巧法用之，不便，又廢。 於是悉禁郡國無鑄錢，專令上林三官鑄。 錢既多，而令天下非三官錢不得行，諸郡國所前鑄錢皆廢銷之，輸其銅三官。 而民之鑄錢益少，計其費不能相當，唯真工大姦乃盜為之。
Two years afterward, red-side coins cheapened, and the people used skillful laws with them. It was inconvenient, and they were again abolished. Therefore, they all prohibited the commanderies and kingdoms from casting money, and specially ordered the three officials of Shanglin to cast. Once the coinage had become plentiful, an order was issued that no coins could circulate unless they came from the Three Offices. The coins previously cast by the commanderies and kingdoms were all abolished and melted down, and their copper was transported to the Three Offices. Private coin-casting by the people became increasingly rare, since the costs no longer balanced out. Only expert craftsmen and major criminals still did it illicitly.
35
卜式相齊，而楊可告緡遍天下，中家以上大抵皆遇告。 杜周治之，獄少反者。 乃分遣御史廷尉正監分曹往，即治郡國緡錢，得民財物以億計，奴婢以千萬數，田大縣數百頃，小縣百餘頃，宅亦如之。 於是商賈中家以上大率破，民偷甘食好衣，不事畜藏之產業，而縣官有鹽鐵緡錢之故，用益饒矣。
Bu Shi became chancellor of Qi, and Yang Ke's reports on concealed cash holdings spread throughout the empire. Families of middling means and above were almost all accused. Du Zhou handled the cases, and few convictions were overturned. They then dispatched imperial secretaries, assistant commandants of justice, and inspectors in separate sections to investigate registered cash holdings in the commanderies and kingdoms on the spot. They seized people's wealth and goods in the hundreds of millions, slaves in the tens of thousands, fields amounting to several hundred qing in large counties and more than a hundred qing in small ones, and houses in similar numbers. Thus, merchants and families of middling means and above were largely ruined. People furtively consumed fine food and wore good clothing, no longer investing in stored wealth or productive property. But because the government had salt, iron, and cash-registration revenues, its resources became increasingly abundant.
36
益廣關，置左右輔。
They also expanded the passes and established left and right assistants.
37
初，大農筦鹽鐵官布多，置水衡，欲以主鹽鐵； 及楊可告緡錢，上林財物眾，乃令水衡主上林。 上林既充滿，益廣。 是時越欲與漢用船戰逐，乃大修昆明池，列觀環之。 治樓船，高十餘丈，旗幟加其上，甚壯。 於是天子感之，乃作柏梁臺，高數十丈。 宮室之修，由此日麗。
Initially, the Great Farmer managed the salt and iron officials, whose numbers had grown large. The Water Balance was established with the intention of taking charge of salt and iron; When Yang Ke's reports on concealed cash holdings brought large quantities of wealth and goods into Shanglin, they ordered the Water Balance to take charge of Shanglin. Once Shanglin was full, they expanded it further. At this time, Yue wanted to use boats with Han to battle and pursue, so they greatly repaired the Kunming Pool and arranged towers to surround it. They made tower boats, more than ten zhang high, with the flags and banners added on them, and they were very strong. Therefore, the Son of Heaven sensed it, and then made the Boliang Terrace, several tens of zhang high. The repair of palace rooms, from this time, became daily more beautiful.
38
乃分緡錢諸官，而水衡、少府、大農、太仆各置農官，往往即郡縣比沒入田田之。 其沒入奴婢，分諸苑養狗馬禽獸，及與諸官。 諸官益雜置多，徒奴婢眾，而下河漕度四百萬石，及官自糴乃足。
They then distributed the cash-registration revenues among the offices, and the Water Balance, Lesser Treasury, Great Farmer, and Grand Coachman each established agricultural officials, who often went to nearby commanderies and counties to farm confiscated fields. The confiscated slaves were divided among the imperial parks to raise dogs, horses, birds, and beasts, and were also assigned to government offices. The offices became increasingly numerous and overlapping, and convict laborers, male and female, multiplied. Grain transported down the Yellow River amounted to four million shi, and with official purchases added, supplies were sufficient.
39
所忠言：「世家子弟富人或鬬雞走狗馬，弋獵博戲，亂齊民。」 乃徵諸犯令，相引數千人，命曰「株送徒」。 入財者得補郎，郎選衰矣。
Suo Zhong said, “Sons of eminent houses and the wealthy sometimes fight cocks, race dogs and horses, hunt and shoot, gamble and play, thereby disordering the common people.” They then summoned those who had violated the edict. Mutual denunciations implicated several thousand people, who were called “convicts sent off in chains.” Those who entered wealth got to supplement lang, and lang selections declined.
40
是時山東被河菑，及歲不登數年，人或相食，方一二千里。 天子憐之，詔曰：「江南火耕水耨，令饑民得流就食江淮閒，欲留，留處。」 遣使冠蓋相屬於道，護之，下巴蜀粟以振之。
At this time, Shandong suffered a Yellow River disaster, and for several years the harvests were not abundant. The people sometimes ate each other, in an area of one to two thousand li. The Son of Heaven pitied them and issued an edict: “In Jiangnan they burn fields and weed by water. Let the hungry people move to seek food between the Jiang and Huai; those who wish to remain may remain where they are.” They sent messengers in a continuous stream along the roads to protect them, and sent grain down from Bashu to relieve them.
41
其明年，天子始巡郡國。 東度河，河東守不意行至，不辨，自殺。 行西踰隴，隴西守以行往卒，天子從官不得食，隴西守自殺。 於是上北出蕭關，從數萬騎，獵新秦中，以勒邊兵而歸。 新秦中或千里無亭徼，於是誅北地太守以下，而令民得畜牧邊縣，官假馬母，三歲而歸，及息什一，以除告緡，用充仞新秦中。
The next year, the Son of Heaven began to tour the commanderies and kingdoms. Going east, they crossed the Yellow River, and the governor of Hedong did not expect the travel to arrive and was not prepared, so he committed suicide. Traveling west, the imperial party crossed Long. The governor of Longxi accompanied the journey with troops, but the Son of Heaven’s attendants could not obtain food, and the governor was convicted and killed. Therefore, the emperor went north and exited Xiaoguan, followed by several tens of thousands of cavalry, hunted in the new Qin middle, and restrained the border troops and returned. In the New Qin region, there were stretches of a thousand li without watch stations. Therefore, the Grand Administrator of Beidi and his subordinates were executed, and the people were ordered to raise livestock in the border counties. The officials lent out breeding mares; after three years the borrowers returned them with one-tenth of the increase. This replaced the concealed-cash reporting system and was used to fill and populate the New Qin region.
42
既得寶鼎，立后土、太一祠，公卿議封禪事，而天下郡國皆豫治道橋，繕故宮，及當馳道縣，縣治官儲，設供具，而望以待幸。
After obtaining the precious ding, they established sacrifices to Houtu and Taiyi. The dukes and ministers discussed the feng and shan sacrifices, and the commanderies and kingdoms throughout the realm all prepared by repairing roads and bridges and restoring former palaces. Counties along the imperial roads managed official stores, prepared supplies, and waited expectantly for an imperial visit.
43
其明年，南越反，西羌侵邊為桀。 於是天子為山東不贍，赦天下［囚］，因南方樓船卒二十餘萬人擊南越，數萬人發三河以西騎擊西羌，又數萬人度河筑令居。 初置張掖、酒泉郡，而上郡、朔方、西河、河西開田官，斥塞卒六十萬人戍田之。 中國繕道餽糧，遠者三千，近者千餘里，皆仰給大農。 邊兵不足，乃發武庫工官兵器以贍之。 車騎馬乏絕，縣官錢少，買馬難得，乃著令，令封君以下至三百石以上吏，以差出牝馬天下亭，亭有畜牸馬，歲課息。
The next year, Nanyue rebelled, and the Xiqiang invaded the border and became rebellious. Therefore, because resources east of the mountains were insufficient, the Son of Heaven pardoned prisoners throughout the realm. More than two hundred thousand tower-ship troops from the south were used to attack Nanyue. Several tens of thousands of cavalry were sent west of Sanhe to attack the Xiqiang, and several tens of thousands more crossed the Yellow River and built Lingju. They first established the commanderies of Zhangye and Jiuquan, and in Shangjun, Shuofang, Xihe, and Hexi they opened agricultural offices. They expanded the frontier garrisons, and six hundred thousand soldiers guarded and farmed the land. The central states repaired roads and transported grain. The farthest routes were three thousand li and the nearest more than a thousand li, and all supplies came from the Grand Minister of Agriculture. The frontier troops lacked equipment, so weapons from the imperial armory and workshops were issued to supply them. Horses for chariots and cavalry were exhausted, government funds were low, and horses were hard to buy. A decree was therefore issued ordering everyone from enfeoffed lords down to officials of three hundred shi and above to contribute mares according to rank to the post stations throughout the empire. The stations raised the mares and assessed their yearly increase.
44
齊相卜式上書曰：「臣聞主憂臣辱。 南越反，臣願父子與齊習船者往死之。」 天子下詔曰：「卜式雖躬耕牧，不以為利，有餘輒助縣官之用。 今天下不幸有急，而式奮願父子死之，雖未戰，可謂義形於內。 賜爵關內侯，金六十斤，田十頃。」 布告天下，天下莫應。 列侯以百數，皆莫求從軍擊羌、越。 至酎，少府省金，而列侯坐酎金失侯者百餘人。 乃拜式為御史大夫。
The chancellor of Qi, Bu Shi, submitted a memorial saying: 'I, your minister, have heard that when the lord worries, the minister is shamed. Nanyue has rebelled, and I, your minister, ask that my son and I, together with those in Qi skilled with boats, go and die in the campaign.' The Son of Heaven issued an edict saying: 'Bu Shi personally farms and herds, yet does not pursue profit; whenever he has a surplus, he assists government expenses. Now the world has unfortunately met an emergency, and Shi has roused himself and asked that he and his son die in the campaign. Although they have not yet fought, this may be called righteousness taking form within. I grant him the nobility of Guannei Hou, sixty jin of gold, and ten qing of fields.' The proclamation went out to the realm, but no one responded. The ranked marquises numbered in the hundreds, yet none asked to accompany the army in attacking the Qiang and Yue. At the libation ceremony, the Shaofu inspected the gold, and more than a hundred ranked marquises were convicted over their libation gold and stripped of their marquisates. Then they appointed Shi as Imperial Censor.
45
式既在位，見郡國多不便縣官作鹽鐵，鐵器苦惡，賈貴，或彊令民賣買之。 而船有算，商者少，物貴，乃因孔僅言船算事。 上由是不悅卜式。
Once Shi was in office, he saw that many commanderies and kingdoms found government salt and iron production inconvenient. The iron tools were poor, prices were high, and in some places the people were forced to buy and sell them. Because boats were taxed, merchants were few and goods were expensive. Through Kong Jin, he reported on the boat tax. The emperor therefore was not pleased with Bu Shi.
46
漢連兵三歲，誅羌，滅南越，番禺以西至蜀南者置初郡十七，且以其故俗治，毋賦稅。 南陽、漢中以往郡，各以地比給初郡吏卒奉食幣物，傳車馬被具。 而初郡時時小反，殺吏，漢發南方吏卒往誅之，閒歲萬餘人，費皆仰給大農。 大農以均輸調鹽鐵助賦，故能贍之。 然兵所過縣，為以訾給毋乏而已，不敢言擅賦法矣。
Han kept troops in the field for three years, punished the Qiang, and extinguished Nanyue. From Panyu westward to the south of Shu, it established seventeen new commanderies, governed them according to local customs, and imposed no taxes. The commanderies beyond Nanyang and Hanzhong, each according to its land resources, supplied the clerks and troops of the new commanderies with provisions, food, money, goods, relay carriages, horses, and transport equipment. The new commanderies sometimes had minor rebellions in which officials were killed. Han sent southern officials and troops to punish them, with more than ten thousand people mobilized every other year. All the expenses were supplied by the Grand Minister of Agriculture. Through equal transport and control of salt and iron, the Great Farmer supplemented tax revenues and could therefore support these expenses. Yet the counties through which the troops passed merely supplied enough wealth to meet immediate needs; they did not dare mention the laws against unauthorized taxation.
47
其明年，元封元年，卜式貶秩為太子太傅。 而桑弘羊為治粟都尉，領大農，盡代僅筦天下鹽鐵。 弘羊以諸官各自市，相與爭，物故騰躍，而天下賦輸或不償其僦費，乃請置大農部丞數十人，分部主郡國，各往往縣置均輸鹽鐵官，令遠方各以其物貴時商賈所轉販者為賦，而相灌輸。 置平準于京師，都受天下委輸。 召工官治車諸器，皆仰給大農。 大農之諸官盡籠天下之貨物，貴即賣之，賤則買之。 如此，富商大賈無所牟大利，則反本，而萬物不得騰踴。 故抑天下物，名曰「平準」。 天子以為然，許之。 於是天子北至朔方，東到太山，巡海上，并北邊以歸。 所過賞賜，用帛百餘萬匹，錢金以巨萬計，皆取足大農。
The next year, in the first year of Yuanfeng, Bu Shi was demoted in rank and became grand tutor to the Crown Prince. Sang Hongyang became Colonel for the Management of Grain, took charge of the Great Farmer's office, and took over from Kong Jin in managing the empire's salt and iron. Hongyang observed that because officials each bought goods on their own and competed with one another, prices rose sharply, and the empire's taxes and transport levies sometimes did not cover their hired expenses. He therefore requested the establishment of several dozen divisional assistants under the Great Farmer, assigned by region to oversee the commanderies and kingdoms. Equal transport, salt, and iron offices were commonly established in the counties. Distant regions were ordered, when their local goods were expensive, to use what merchants transported and sold as tax payments, so that the regions could supply one another. They established the Equalization Office at the capital, where transported goods from throughout the empire were received. They summoned artisan officials to repair carriages and equipment, all supplied by the Grand Minister of Agriculture. The Great Farmer's officials brought the empire's goods under their control, selling when prices were high and buying when prices were low. In this way, rich merchants and great traders had no way to pursue enormous profits, so they returned to basic occupations, and prices no longer surged wildly. Therefore, they stabilized prices throughout the realm, and the policy was named “Equalization.” The Son of Heaven considered it so and permitted it. The Son of Heaven then went north to Shuofang and east to Taishan, toured the coast, and returned along the northern frontier. Wherever he passed, he distributed rewards and gifts, spending more than a million bolts of silk and money and gold counted in the tens of thousands. All of it was drawn from the Great Farmer.
48
弘羊又請令吏得入粟補官，及罪人贖罪。 令民能入粟甘泉各有差，以復終身，不告緡。 他郡各輸急處，而諸農各致粟，山東漕益歲六百萬石。 一歲之中，太倉、甘泉倉滿。 邊餘穀諸物均輸帛五百萬匹。 民不益賦而天下用饒。 於是弘羊賜爵左庶長，黃金再百斤焉。
Hongyang also requested an order allowing clerks to contribute grain in exchange for office and allowing criminals to redeem their crimes. An order was issued allowing people to contribute grain at Ganquan in graded amounts in exchange for lifelong exemption from service and from reports under the string-cash tax. Other commanderies each transported supplies to places of urgent need, and the agricultural officials each delivered grain. Shipments from Shandong increased by six million shi per year. Within one year, the great granary and Ganquan granary were full. Surplus grain and other goods from the frontier were moved through the equal-transport system, and the silk amounted to five million bolts. The people's taxes were not increased, yet the resources available to the empire were abundant. Sang Hongyang was then granted the rank of Left Chief of the Multitude and two hundred jin of gold.
49
是歲小旱，上令官求雨，卜式言曰：「縣官當食租衣稅而已，今弘羊令吏坐市列肆，販物求利。 亨弘羊，天乃雨。」
That year there was a slight drought, and the emperor ordered officials to pray for rain. Bu Shi said, “Officials should live on rents and dress themselves from taxes alone; now Sang Hongyang has made them sit in the market and sell goods. Execute Sang Hongyang, and Heaven will send rain.”
50
太史公曰：農工商交易之路通，而龜貝金錢刀布之幣興焉。 所從來久遠，自高辛氏之前尚矣，靡得而記云。 故書道唐虞之際，詩述殷周之世，安寧則長庠序，先本絀末，以禮義防于利； 事變多故而亦反是。 是以物盛則衰，時極而轉，一質一文，終始之變也。 禹貢九州，各因其土地所宜，人民所多少而納職焉。 湯武承獘易變，使民不倦，各兢兢所以為治，而稍陵遲衰微。 齊桓公用管仲之謀，通輕重之權，徼山海之業，以朝諸侯，用區區之齊顯成霸名。 魏用李克，盡地力，為彊君。 自是以後，天下爭於戰國，貴詐力而賤仁義，先富有而後推讓。 故庶人之富者或累巨萬，而貧者或不厭糟糠； 有國彊者或并群小以臣諸侯，而弱國或絕祀而滅世。 以至於秦，卒并海內。 虞夏之幣，金為三品，或黃，或白，或赤； 或錢，或布，或刀，或龜貝。 及至秦，中一國之幣為（三）［二］等，黃金以溢名，為上幣； 銅錢識曰半兩，重如其文，為下幣。 而珠玉、龜貝、銀錫之屬為器飾寶藏，不為幣。 然各隨時而輕重無常。 於是外攘夷狄，內興功業，海內之士力耕不足糧馕，女子紡績不足衣服。 古者嘗竭天下之資財以奉其上，猶自以為不足也。 無異故云，事勢之流，相激使然，曷足怪焉。
The Grand Historian said: When the roads of exchange for farming, commerce, and artisans were connected, the currencies of turtle shells, cowries, gold, money, knives, and cloth arose. What it came from was long and distant, and from before the Gaoxin clan it still was, but it could not be recorded. Therefore, the writings spoke of the time of Tang and Yu, and the poems described the age of Yin and Zhou. When peaceful, they grew schools, put fundamentals first and reduced ends, and with rites and righteousness guarded against profits; When affairs changed and had many troubles, they also reversed this. Therefore, when things flourish, they then decline. When time reaches an extreme, it then turns. One solid, one pattern—this is the change of beginning and end. In Yu's tribute system, the nine provinces paid their levies according to what their lands produced and the size of their populations. Tang and Wu inherited worn-out systems and changed them with ease, so that the people were not exhausted. Each governed with anxious care, yet over time their houses gradually declined and weakened. Duke Huan of Qi used Guan Zhong's strategy, mastered the balance of light and heavy, controlled the industries of mountains and seas, and brought the feudal lords to court. With the small state of Qi, he made his name as hegemon shine. Wei employed Li Ke, fully used the land's productive strength, and became a powerful state. From this time on, the world contended through the Warring States, valuing deceit and force while slighting benevolence and righteousness; wealth came first, and deference came afterward. Therefore, some wealthy commoners accumulated fortunes of many tens of thousands, while some poor people could not even fill themselves with bran and husks; Some powerful states annexed clusters of smaller ones and reduced other lords to submission, while weak states saw their sacrifices cut off and their lines extinguished. This continued down to Qin, which finally united all within the seas. In the currencies of Yu and Xia, gold was of three kinds: either yellow, or white, or red; or coins, or cloth, or knives, or turtle shells and cowries. By the time of Qin, the currency of the unified state was divided into two grades: yellow gold, measured by the yi, served as the higher currency; copper coins bore the inscription 'half liang', weighed what the inscription stated, and served as the lower currency. Pearls, jade, turtle shells, cowries, silver, tin, and the like were used for vessels, ornaments, and stored treasure, but not as currency. Yet each changed with the times, and their relative value was never fixed. Abroad they drove back the Yi and Di, while at home they undertook great works. Men throughout the realm farmed with all their strength yet had too little grain to eat, and women spun and wove yet had too little clothing to wear. People of old could exhaust the resources and wealth of the world to support those above them and still think it insufficient. There is no special reason for this. The momentum of affairs, each force driving the next, made it so. Why should it be surprising?