Biographies of Usurers

老子曰：「至治之極，鄰國相望，雞狗之聲相聞，民各甘其食，美其服，安其俗，樂其業，至老死，不相往來。」必用此為務，輓近世涂民耳目，則幾無行矣。

Laozi said: 'In the most perfectly governed age, neighboring states are within sight of one another, the crowing of roosters and the barking of dogs can be heard across the border, the people savor their own food, take pride in their own clothing, rest content in their own customs, and delight in their own occupations — and they grow old and die without ever setting foot in one another's lands.' If one insists on making this the governing principle, attempting to drag the modern world backward by stopping up the eyes and ears of the people, the task would prove virtually impossible.

太史公曰：夫神農以前，吾不知已。至若詩書所述虞夏以來，耳目欲極聲色之好，口欲窮芻豢之味，身安逸樂，而心誇矜輓能之榮使。俗之漸民久矣，雖戶說以眇論，終不能化。故善者因之，其次利道之，其次教誨之，其次整齊之，最下者與之爭。

The Grand Historian remarks: Of the ages before Shennong, I have no knowledge. But as the Odes and the Documents attest, from the time of Yu and Xia onward, the ears and eyes of the people have craved the ultimate in music and beauty, their palates have sought the finest flavors of grain-fed and pasture-raised meats, their bodies have desired ease and comfort, and their hearts have swelled with pride at the glory that ability and influence can bring. These habits have seeped into the people over such a long span of time that even going door to door preaching subtle doctrines could never change them. And so the wisest ruler works with the natural grain of things; the next best guides the people through the inducement of profit; the next best instructs and admonishes them; the next best imposes regulation and order upon them; and the very worst contends against them.

夫山西饒材、竹、穀、纑、旄、玉石；山東多魚、鹽、漆、絲、聲色；江南出枏、梓、薑、桂、金、錫、連、丹沙、犀、瑁、珠璣、齒革；龍門、碣石北多馬、牛、羊、旃裘、筋角；銅、鐵則千里往往山出棋置：此其大較也。皆中國人民所喜好謠俗被服飲食奉生送死之具也。故待農而食之，虞而出之，工而成之，商而通之。此寧有政教發徵期會哉？人各任其能，竭其力，以得所欲。故物賤之徵貴，貴之徵賤，各勸其業，樂其事，若水之趨下，日夜無休時，不召而自來，不求而民出之。豈非道之所符，而自然之驗邪？

The region west of the mountains abounds in timber, bamboo, grain, hemp, yak tails, jade, and fine stone; the region east of the mountains produces abundant fish, salt, lacquer, silk, and entertainments of music and beauty; the lands south of the Yangtze yield nanmu and catalpa wood, ginger, cassia, gold, tin, lead, cinnabar, rhinoceros horn, tortoiseshell, pearls, ivory, and hides; north of Longmen and Jieshi one finds horses, cattle, sheep, felt garments, sinews, and horns in abundance; and copper and iron are found scattered throughout the mountains across a thousand li, dotted about like pieces on a chessboard. These are the broad outlines. All these are the goods in which the people of the Central States take delight — the substance of their customs, their clothing and food, their sustenance in life and their provisions for the dead. And so these goods depend on farmers to produce them, foresters to extract them, artisans to fashion them, and merchants to circulate them. Was any of this ever brought about by government edicts, official levies, or appointed schedules? Each person simply employs his own abilities and exhausts his own strength to obtain what he desires. When goods are cheap, it is a sign that prices will rise; when expensive, that they will fall. Each person is spurred on in his own trade and takes delight in his own work. Like water flowing downhill, day and night without ceasing, goods come without being summoned, and the people produce them without being asked. Is this not the very manifestation of the Way, and the proof of what arises naturally?

《周書》曰：「農不出則乏其食，工不出則乏其事，商不出則三寶絕，虞不出則財匱少。」財匱少而山澤不辟矣。此四者，民所衣食之原也。原大則饒，原小則鮮。上則富國，下則富家。貧富之道，莫之奪予，而巧者有餘，拙者不足。故太公望封於營丘，地澙鹵，人民寡，於是太公勸其女功，極技巧，通魚鹽，則人物歸之，繦至而輻湊。故齊冠帶衣履天下，海岱之閒斂袂而往朝焉。其後齊中衰，管子修之，設輕重九府，則桓公以霸，九合諸侯，一匡天下；而管氏亦有三歸，位在陪臣，富於列國之君。是以齊富彊至於威、宣也。

The Book of Zhou says: 'When farmers do not produce, food grows scarce. When artisans do not produce, goods grow scarce. When merchants do not trade, the three treasures are cut off. When foresters do not extract, resources are depleted.' When resources are depleted, the mountains and marshlands are left unopened. These four occupations are the wellspring from which the people draw their clothing and food. When the source is ample, there is abundance; when it is narrow, there is scarcity. At the top, it enriches the state; at the bottom, it enriches the household. The path to wealth and poverty is not imposed by anyone from above. The skillful end up with a surplus; the clumsy are left wanting. When the Grand Duke Wang was enfeoffed at Yingqiu, the land was salty and barren and the people few. He encouraged women's handicrafts, perfected artisanal skills, and opened up trade in fish and salt. People and goods streamed toward him, arriving as if carried in swaddling clothes, converging like spokes toward the hub of a wheel. And so Qi came to supply caps, sashes, clothing, and shoes to the entire realm. From the shores of the sea to the slopes of Mount Tai, the people gathered their sleeves and hastened to pay homage at Qi's court. Later, when Qi fell into decline, Guan Zhong revived it by establishing the system of price regulation and the Nine Treasuries. With this, Duke Huan achieved hegemony, convened the feudal lords nine times, and brought order to the entire realm; and Guan Zhong himself, though he held only the rank of a vassal's vassal, possessed the 'three returns' and amassed wealth exceeding that of the rulers of the feudal states. And so the wealth and power of Qi endured all the way down to the reigns of Kings Wei and Xuan.

故曰：「倉廩實而知禮節，衣食足而知榮辱。」禮生於有而廢於無。故君子富，好行其德；小人富，以適其力。淵深而魚生之，山深而獸往之，人富而仁義附焉。富者得埶益彰，失埶則客無所之，以而不樂。夷狄益甚。諺曰：「千金之子，不死於市。」此非空言也。故曰：「天下熙熙，皆為利來；天下壤壤，皆為利往。」夫千乘之王，萬家之侯，百室之君，尚猶患貧，而況匹夫編戶之民乎！

Thus the saying goes: 'When the granaries are full, the people learn propriety and ritual; when clothing and food are sufficient, the people learn honor and shame.' Ritual is born of plenty and withers in want. When a gentleman grows wealthy, he takes delight in practicing virtue; when a petty man grows wealthy, he channels it into the exercise of his strength. Where the waters run deep, fish are born. Where the mountains are deep, beasts make their home. Where the people are wealthy, benevolence and righteousness attach themselves naturally. When the wealthy gain influence, their renown shines all the brighter. When they lose it, their guests have nowhere to turn, and discontent sets in. Among the barbarian peoples, this is even more pronounced. As the proverb puts it: 'The son of a family worth a thousand in gold will never die in the marketplace.' This is no empty saying. Thus it is said: 'All under heaven bustles and stirs — everyone comes for the sake of profit; all under heaven clamors and jostles — everyone goes for the sake of profit.' If kings of a thousand chariots, marquises of ten thousand households, and lords of a hundred estates still worry about poverty, how much more so the common man, a mere registered householder!

昔者越王句踐困於會稽之上，乃用范蠡、計然。計然曰：「知斗則修備，時用則知物，二者形則萬貨之情可得而觀已。故歲在金，穰；水，毀；木，饑；火，旱。旱則資舟，水則資車，物之理也。六歲穰，六歲旱，十二歲一大饑。夫糶，二十病農，九十病末。末病則財不出，農病則草不辟矣。上不過八十，下不減三十，則農末俱利，平糶齊物，關市不乏，治國之道也。積著之理，務完物，無息幣。以物相貿易，腐敗而食之貨勿留，無敢居貴。論其有餘不足，則知貴賤。貴上極則反賤，賤下極則反貴。貴出如糞土，賤取如珠玉。財幣欲其行如流水。」修之十年，國富，厚賂戰士，士赴矢石，如渴得飲，遂報彊吳，觀兵中國，稱號「五霸」。

In former times, King Goujian of Yue found himself besieged atop Mount Kuaiji. He turned to Fan Li and Ji Ran for counsel. Ji Ran said: 'Know that war is coming, and you prepare your defenses. Know what the season demands, and you understand the nature of goods. When both of these are perceived, the workings of all ten thousand commodities can be grasped. When the year corresponds to Metal, there is abundance; when to Water, ruin; when to Wood, famine; and when to Fire, drought. In times of drought, invest in boats; in times of flood, invest in carts. Such is the principle governing commodities. Every six years brings abundance, every six years drought, and once in twelve years a great famine. As for grain prices: when they fall to twenty cash, the farmers suffer; when they rise to ninety, the merchants suffer. When the merchants suffer, wealth ceases to circulate. When the farmers suffer, the land is left uncultivated. If the price never exceeds eighty nor falls below thirty, then both farmer and merchant profit together. Grain prices are stabilized, goods are balanced, and the markets and border passes never run short. This is the way to govern a state. The principle of accumulation and storage: strive to keep goods in perfect condition, and never let money sit idle. When trading goods, do not hold on to perishable commodities, and never dare to hoard in hopes of driving up the price. Examine what is in surplus and what is in shortage, and you will know what is dear and what is cheap. When prices rise to the extreme, they will reverse and fall. When they fall to the extreme, they will reverse and rise. When prices are high, sell as though throwing away dirt. When prices are low, buy as though acquiring pearls and jade. Wealth and currency must flow like running water.' Goujian followed these principles for ten years, and his state grew rich. He lavished rewards upon his warriors, and the soldiers charged into arrows and stones as eagerly as a thirsty man reaching for drink. He avenged himself upon mighty Wu, paraded his armies before the Central States, and earned the title of one of the Five Hegemons.

范蠡既雪會稽之恥，乃喟然而嘆曰：「計然之策七，越用其五而得意。既已施於國，吾欲用之家。」乃乘扁舟浮於江湖，變名易姓，適齊為鴟夷子皮，之陶為朱公。朱公以為陶天下之中，諸侯四通，貨物所交易也。乃治產積居。與時逐而不責於人。故善治生者，能擇人而任時。十九年之中三致千金，再分散與貧交疏昆弟。此所謂富好行其德者也。後年衰老而聽子孫，子孫修業而息之，遂至巨萬。故言富者皆稱陶朱公。

After Fan Li had washed away the humiliation of Kuaiji, he heaved a deep sigh and said: 'Of Ji Ran's seven strategies, Yue employed only five and achieved everything it sought. Now that they have been applied to the state, I intend to apply them to my own household.' He boarded a small boat and set out across the rivers and lakes, changing his name and surname. In Qi he was known as Chiyi Zipi; when he moved to Tao, he took the name Tao Zhugong. Zhugong judged Tao to be the center of the realm, with roads leading to the feudal lords in all four directions — a natural hub for the exchange of goods. He set about managing his estates and accumulating goods. He pursued the opportunities of the moment without making demands on others. Thus the man who excels at managing his livelihood knows how to choose the right people and seize the right moment. Within nineteen years he amassed a fortune of a thousand in gold three times over, and twice gave it all away to poor friends and distant kinsmen. This is what it means to be wealthy and to delight in practicing virtue. In his later years, as age overtook him, he handed the business to his sons and grandsons. They carried on and expanded it, eventually amassing an enormous fortune. And so whenever people speak of great wealth, they invoke the name of Tao Zhugong.

子贛既學於仲尼，退而仕於衛，廢著鬻財於曹、魯之閒，七十子之徒，賜最為饒益。原憲不厭糟糠，匿於窮巷。子貢結駟連騎，束帛之幣以聘享諸侯，所至，國君無不分庭與之抗禮。夫使孔子名布揚於天下者，子貢先後之也。此所謂得埶而益彰者乎？

Zigong studied under Confucius, then withdrew to serve in Wei, trading goods and accumulating wealth between Cao and Lu. Of all the seventy disciples, Zigong was by far the most prosperous. Yuan Xian could not even fill his belly with chaff and dregs, and lived hidden away in a destitute alley. Zigong rode in a four-horse carriage with a retinue of mounted escorts, bearing bundles of silk as gifts to visit and feast the feudal lords. Wherever he went, rulers divided the court and received him with the courtesy due an equal. It was Zigong, working tirelessly before and after, who caused the name of Confucius to be spread and celebrated throughout the realm. Is this not a case of gaining influence and thereby shining all the more brightly?

白圭，周人也。當魏文侯時，李克務盡地力，而白圭樂觀時變，故人棄我取，人取我與。夫歲孰取穀，予之絲漆；繭出取帛絮，予之食。太陰在卯，穰；明歲衰惡。至午，旱；明歲美。至酉，穰；明歲衰惡。至子，大旱；明歲美，有水。至卯，積著率歲倍。欲長錢，取下穀；長石斗，取上種。能薄飲食，忍嗜欲，節衣服，與用事僮仆同苦樂，趨時若猛獸摯鳥之發。故曰：「吾治生產，猶伊尹、呂尚之謀，孫吳用兵，商鞅行法是也。是故其智不足與權變，勇不足以決斷，仁不能以取予，彊不能有所守，雖欲學吾術，終不告之矣。」蓋天下言治生祖白圭。白圭其有所試矣，能試有所長，非茍而已也。

Bai Gui was a man from the state of Zhou. In the time of Marquis Wen of Wei, Li Ke devoted himself to maximizing the yield of the land, while Bai Gui took delight in reading the shifts of the seasons. His principle was: what others discard, I collect; what others seek, I release. In a good harvest year, buy grain and offer silk and lacquer in exchange; when the cocoons come in, buy silk floss and cloth, and offer food in exchange. When Jupiter is in the mao position, there is abundance; the following year will bring decline and hardship. When Jupiter reaches the wu position, there is drought; the following year will be a good one. When it reaches the you position, there is abundance; the following year will bring decline and hardship. When it reaches the zi position, there is severe drought; the following year will be a good one, though with flooding. By the time it returns to the mao position, accumulated stores have generally doubled each year. To increase your cash, buy low-grade grain; to increase your stores of grain by the bushel, buy top-grade seed. He ate sparingly, suppressed his desires, and economized on clothing. He shared both hardship and ease with his servants, and when opportunity arose, he seized it with the ferocity of a predatory beast or a raptor striking its prey. He declared: 'My approach to managing commerce and production is comparable to the stratagems of Yi Yin and Lü Shang, the military art of Sunzi and Wu Qi, and Shang Yang's implementation of the law. If a man's intelligence is insufficient for weighing circumstances and adapting, if his courage is insufficient for decisive action, if his benevolence is insufficient for knowing when to give and when to take, and if his firmness is insufficient for holding his ground — though he may wish to learn my methods, I will never teach him.' And so throughout the realm, all who speak of managing commerce regard Bai Gui as their founder. Bai Gui had truly put his principles to the test. His proven methods had real substance — they were no idle boast.

猗頓用盬鹽起。而邯鄲郭縱以鐵冶成業，與王者埒富。

Yi Dun built his fortune through the salt trade of Anyi. Guo Zong of Handan built his enterprise through iron smelting, amassing wealth to rival that of kings.

烏氏倮牧，及眾，斥賣，求奇繒物，閒獻遺戎王。戎王什倍其償，與之畜，畜至用谷量馬牛。秦始皇帝令倮比封君，以時與列臣朝請。而巴[蜀]寡婦清，其先得丹穴，而擅其利數世，家亦不訾。清，寡婦也，能守其業，用財自衛，不見侵犯。秦皇帝以為貞婦而客之，為筑女懷清臺。夫倮鄙人牧長，清窮鄉寡婦，禮抗萬乘，名顯天下，豈非以富邪？

Luo of the Wushi clan began as a herdsman. When his flocks grew large, he sold them off, invested in rare silks and exotic goods, and periodically presented gifts to the Rong king. The Rong king repaid him tenfold in livestock. His herds grew so vast that his horses and cattle were counted by the valley. The First Emperor of Qin decreed that Luo be accorded the status of an enfeoffed lord, attending court audiences alongside the ranked ministers at the proper times. The Widow Qing of Ba descended from a family that had discovered cinnabar mines and monopolized their profits for generations. Her household's wealth was beyond reckoning. Though a widow, Qing maintained her family's enterprise and used her wealth to defend herself, so that no one dared encroach upon her. The First Emperor deemed her a virtuous woman and received her as a guest of honor, building the Terrace of Lady Huaiqing in her name. Luo was but a herdsman of the frontier, and Qing a widow from a remote village, yet both were received with the courtesy due to rulers of ten thousand chariots, and their names resounded throughout the realm. Was this not because of their wealth?

漢興，海內為一，開關梁，弛山澤之禁，是以富商大賈周流天下，交易之物莫不通，得其所欲，而徙豪傑諸侯彊族於京師。

When the Han dynasty arose and the empire was unified, the border passes and bridges were thrown open and the restrictions on the mountains and marshlands relaxed. Great merchants and wealthy traders ranged freely throughout the realm, no commodity was barred from exchange, and each man obtained what he desired. The powerful families and mighty clans of the former feudal states were relocated to the capital.

關中自汧、雍以東至河、華，膏壤沃野千里，自虞夏之貢以為上田，而公劉適邠，大王、王季在岐，文王作豐，武王治鎬，故其民猶有先王之遺風，好稼穡，殖五穀，地重，重為邪。及秦文、（孝）［德］、繆居雍，隙隴蜀之貨物而多賈。獻（孝）公徙櫟邑，櫟邑北卻戎翟，東通三晉，亦多大賈。（武）［孝］、昭治咸陽，因以漢都，長安諸陵，四方輻湊并至而會，地小人眾，故其民益玩巧而事末也。南則巴蜀。巴蜀亦沃野，地饒炧、薑、丹沙、石、銅、鐵、竹、木之器。南御滇僰，僰僮。西近邛笮，笮馬、旄牛。然四塞，棧道千里，無所不通，唯褒斜綰轂其口，以所多易所鮮。天水、隴西、北地、上郡與關中同俗，然西有羌中之利，北有戎翟之畜，畜牧為天下饒。然地亦窮險，唯京師要其道。故關中之地，於天下三分之一，而人眾不過什三；然量其富，什居其六。

Within the passes, from Qian and Yong eastward to the Yellow River and Mount Hua, there stretches a thousand li of rich soil and fertile plains — land rated as top grade since the tribute system of Yu and Xia. Gongliu settled at Bin, the Great King and King Ji at Qi, King Wen established Feng, and King Wu governed from Hao. The people of this region still preserve the legacy of those former kings: they love farming, cultivate the five grains, prize the land, and are loath to stray from the right path. When Dukes Wen, De, and Mu of Qin held court at Yong, they profited from the flow of goods between Long and Shu, and merchants were plentiful. Duke Xian relocated to Liyi, which pushed back the Rong and Di to the north and opened trade routes east to the Three Jin states. There too, great merchants abounded. Dukes Xiao and Zhao governed from Xianyang, which later became the Han capital. At Chang'an and the surrounding imperial mausoleum towns, people converged from every direction like spokes to a hub. The land was cramped and the population dense, so the people grew ever more devoted to clever craftsmanship and commercial pursuits. To the south lie Ba and Shu. Ba and Shu likewise boast fertile plains. The land is rich in lacquer, ginger, cinnabar, stone, copper, iron, and implements of bamboo and wood. To the south, they border the Dian and Bo peoples, who supply slaves. To the west, they adjoin the Qiong and Zuo peoples, who supply fine horses and yaks. Though hemmed in on all four sides, the plank roads extend a thousand li and connect to everywhere. Only the Bao and Xie passes serve as the gateway, where the people exchange what they have in abundance for what they lack. Tianshui, Longxi, Beidi, and Shangjun share the customs of the region within the passes, but to the west they profit from the Qiang lands, and to the north from the livestock of the Rong and Di. In animal husbandry, they are the richest in the realm. Yet the terrain is remote and rugged, and only the capital commands the key routes connecting them. The land within the passes constitutes roughly a third of the realm, and its population amounts to no more than three-tenths of the whole; yet measured by wealth, it accounts for fully six-tenths of the total.

昔唐人都河東，殷人都河內，周人都河南。夫三河在天下之中，若鼎足，王者所更居也，建國各數百千歲，土地小狹，民人眾，都國諸侯所聚會，故其俗纖儉習事。楊、平陽陳西賈秦、翟，北賈種、代。種、代，石北也，地邊胡，數被寇。人民矜懻忮，好氣，任俠為姦，不事農商。然迫近北夷，師旅亟往，中國委輸時有奇羨。其民羯羠不均，自全晉之時固已患其僄悍，而武靈王益厲之，其謠俗猶有趙之風也。故楊、平陽陳掾其閒，得所欲。溫、軹西賈上黨，北賈趙、中山。中山地薄人眾，猶有沙丘紂淫地餘民，民俗懁急，仰機利而食。丈夫相聚游戲，悲歌慨，起則相隨椎剽，休則掘冢作巧姦冶，多美物，為倡優。女子則鼓鳴瑟，跕屣，游媚貴富，入後宮，遍諸侯。

In ancient times, the Tang dynasty established its capital east of the Yellow River, the Yin within the river's bend, and the Zhou to the river's south. The Three River region sits at the center of the realm, like the three legs of a tripod. Successive kings have made their residence here, and states have endured for hundreds or even thousands of years. The territory is small and cramped, the population dense, and the courts of capitals and feudal lords all converge here. For this reason, the customs of the people are refined, frugal, and practiced in the ways of business. The people of Yang and Pingyang trade westward with Qin and the Di, and northward with Zhong and Dai. Zhong and Dai lie to the north of the stony lands, bordering the Hu peoples, and suffer frequent raids. The people are proud, quarrelsome, and hot-tempered. They relish daring exploits, act as knights-errant, and engage in lawless behavior, spurning both farming and commerce. Yet because they are close to the northern barbarians, armies frequently march through, and the Central States' supply convoys sometimes leave behind unexpected surpluses. The people are rough and uneven in temperament. Even in the days of united Jin, their fierce and violent spirit was cause for concern, and King Wuling only encouraged it further. Their songs and customs still bear the stamp of Zhao. And so the merchants of Yang and Pingyang ply their trade among them and obtain whatever they desire. The people of Wen and Zhi trade westward with Shangdang and northward with Zhao and Zhongshan. Zhongshan has thin soil and a dense population, and still harbors remnant populations from Shaqiu, the site of Zhou of Shang's debaucheries. The customs are crafty and impetuous, and the people depend on cunning and profit-seeking for their livelihood. The men gather to amuse themselves, singing mournful ballads with gusto. When stirred to action, they band together in gangs to rob and kill; when at rest, they dig up tombs, craft cunning counterfeits and fine trinkets, and work as performers and entertainers. The women play drums and pluck the zither, trip along in fine slippers, and wander about charming the rich and powerful. They enter the inner palaces and find their way into the courts of feudal lords throughout the realm.

然邯鄲亦漳、河之閒一都會也。北通燕、涿，南有鄭、衛。鄭、衛俗與趙相類，然近梁、魯，微重而矜節。濮上之邑徙野王，野王好氣任俠，衛之風也。

Handan, too, is a great commercial hub situated between the Zhang River and the Yellow River. To the north it connects with Yan and Zhuo; to the south lie Zheng and Wei. The customs of Zheng and Wei resemble those of Zhao, yet their proximity to Liang and Lu lends them a somewhat weightier character and a greater pride in propriety. The towns along the Pu River were relocated to Yewang. The people of Yewang love spirited daring and knight-errantry — the very spirit of Wei.

夫燕亦勃、碣之閒一都會也。南通齊、趙，東北邊胡。上谷至遼東，地踔遠，人民希，數被寇，大與趙、代俗相類，而民雕捍少慮，有魚鹽棗栗之饒。北鄰烏桓、夫餘，東綰穢貉、朝鮮、真番之利。

Yan, too, is a great commercial hub situated between the Gulf of Bohai and Mount Jieshi. To the south it connects with Qi and Zhao; to the northeast it borders the Hu peoples. From Shanggu to Liaodong, the territory stretches far into the distance, the population is sparse, and raids are frequent. The customs broadly resemble those of Zhao and Dai — the people are tough, fierce, and reckless. The region abounds in fish, salt, dates, and chestnuts. To the north it borders the Wuhuan and Fuyu; to the east it commands the profits of the Huimo, Joseon, and Zhenpan.

洛陽東賈齊、魯，南賈梁、楚。故泰山之陽則魯，其陰則齊。

Luoyang trades eastward with Qi and Lu, and southward with Liang and Chu. The southern slope of Mount Tai belongs to Lu, and the northern slope to Qi.

齊帶山海，膏壤千里，宜桑麻，人民多文綵布帛魚鹽。臨菑亦海岱之閒一都會也。其俗寬緩闊達，而足智，好議論，地重，難動搖，怯於眾鬬，勇於持刺，故多劫人者，大國之風也。其中具五民。

Qi is girded by mountains and sea, with a thousand li of fertile soil ideal for mulberry and hemp. Its people produce a wealth of patterned cloth, silk, fish, and salt. Linzi, too, is a great commercial hub situated between the sea and Mount Tai. The customs are broad-minded, leisurely, and open. The people are clever, love debate, prize their land, and are difficult to rouse. They are timid in pitched battle but bold when it comes to assassination, and so there are many who resort to robbery. Such is the character of a great state. Its population encompasses all five classes of people.

而鄒、魯濱洙、泗，猶有周公遺風，俗好儒，備於禮，故其民齪齪。頗有桑麻之業，無林澤之饒。地小人眾，儉嗇，畏罪遠邪。及其衰，好賈趨利，甚於周人。

Zou and Lu, along the banks of the Zhu and Si rivers, still preserve the legacy of the Duke of Zhou. Their customs favor Confucian learning and are meticulous in matters of ritual, so the people are careful and diligent. They engage in the cultivation of mulberry and hemp, but lack the riches of forests and marshlands. The land is small and the population dense. The people are frugal and thrifty, fearful of punishment, and keep their distance from wrongdoing. But when their fortunes declined, they threw themselves into commerce and the pursuit of profit with an eagerness surpassing even that of the Zhou people.

夫自鴻溝以東，芒、碭以北，屬巨野，此梁、宋也。陶、睢陽亦一都會也。昔堯作（游）［於］成陽，舜漁於雷澤，湯止于亳。其俗猶有先王遺風，重厚多君子，好稼穡，雖無山川之饒，能惡衣食，致其蓄藏。

East of the Hong Canal, north of Mang and Dang, stretching to the marshes of Juye — this is the territory of Liang and Song. Tao and Suiyang are likewise great commercial hubs. In ancient times, Yao held court at Chengyang, Shun fished at Lei Marsh, and Tang established himself at Bo. The customs still preserve the legacy of the former kings. The people are serious and upright, with many gentlemen among them. They love farming, and though the land lacks the riches of mountains and rivers, they willingly wear coarse clothing and eat plain food in order to build up their stores.

越、楚則有三俗。夫自淮北沛、陳、汝南、南郡，此西楚也。其俗剽輕，易發怒，地薄，寡於積聚。江陵故郢都，西通巫、巴，東有雲夢之饒。陳在楚夏之交，通魚鹽之貨，其民多賈。徐、僮、取慮，則清刻，矜己諾。

The regions of Yue and Chu can be divided into three distinct zones of custom. Pei, Chen, Runan, and Nanjun, north of the Huai — this is the region of Western Chu. Its customs are reckless and impetuous, the people quick to anger. The soil is thin, and they accumulate little. Jiangling, the former Ying capital, connects westward to Wu and Ba, and to the east commands the riches of the Yunmeng marshlands. Chen sits at the intersection of Chu and the Xia region, channeling the trade in fish and salt. Its people are overwhelmingly merchants. The people of Xu, Tong, and Qulü are sharp and exacting, taking great pride in keeping their word.

彭城以東，東海、吳、廣陵，此東楚也。其俗類徐、僮。朐、繒以北，俗則齊。浙江南則越。夫吳自闔廬、春申、王濞三人招致天下之喜游子弟，東有海鹽之饒，章山之銅，三江、五湖之利，亦江東一都會也。

From Pengcheng eastward to Donghai, Wu, and Guangling — this is the region of Eastern Chu. Its customs resemble those of Xu and Tong. North of Qu and Zeng, the customs follow those of Qi. South of the Zhe River lies Yue. Ever since Helü, Lord Chunshen, and King Bi attracted ambitious young men from across the realm, Wu has enjoyed the riches of seaside salt to the east, the copper of Mount Zhang, and the profits of the Three Rivers and Five Lakes. It, too, is a great commercial hub east of the Yangtze.

衡山、九江、江南、豫章、長沙，是南楚也，其俗大類西楚。郢之後徙壽春，亦一都會也。而合肥受南北潮，皮革、鮑、木輸會也。與閩中、干越雜俗，故南楚好辭，巧說少信。江南卑溼，丈夫早夭。多竹木。豫章出黃金，長沙出連、錫，然堇堇物之所有，取之不足以更費。九疑、蒼梧以南至儋耳者，與江南大同俗，而楊越多焉。番禺亦其一都會也，珠璣、犀、瑁、果、布之湊。

Hengshan, Jiujiang, Jiangnan, Yuzhang, and Changsha — this is the region of Southern Chu. Its customs are broadly similar to those of Western Chu. After the Chu capital was relocated from Ying to Shouchun, Shouchun too became a great commercial hub. Hefei receives the tides of commerce from both north and south, serving as a gathering point for hides, salted fish, and timber. The customs mingle with those of Min and Gan-Yue. For this reason, the people of Southern Chu are fond of fine words and skilled in persuasion, but lacking in trustworthiness. South of the Yangtze, the land is low and damp, and men tend to die young. Bamboo and timber are plentiful. Yuzhang produces gold, and Changsha yields lead and tin, but the deposits are so meager that the cost of extraction barely justifies the effort. From Jiuyi and Cangwu southward all the way to Dan'er, the customs broadly resemble those south of the Yangtze, but with a stronger Yang-Yue character. Panyu, too, is a great commercial hub of the region — a gathering point for pearls, rhinoceros horn, tortoiseshell, fruit, and cloth.

潁川、南陽，夏人之居也。夏人政尚忠樸，猶有先王之遺風。潁川敦願。秦末世，遷不軌之民於南陽。南陽西通武關、鄖關，東南受漢、江、淮。宛亦一都會也。俗雜好事，業多賈。其任俠，交通潁川，故至今謂之「夏人」。

Yingchuan and Nanyang are the ancestral homeland of the Xia people. The Xia people esteem loyalty and simplicity in governance, still preserving the legacy of the former kings. The people of Yingchuan are sincere and earnest. In the waning days of the Qin, lawless people were relocated to Nanyang. Nanyang connects westward to the Wuguan and Yun passes, and to the southeast receives the commerce of the Han, Yangtze, and Huai rivers. Wan, too, is a great commercial hub. The customs are mixed and the people love enterprise. Commerce predominates among their occupations. Their tradition of knight-errantry and their connections with Yingchuan explain why they are still called 'Xia people' to this day.

夫天下物所鮮所多，人民謠俗，山東食海鹽，山西食鹽鹵，領南、沙北固往往出鹽，大體如此矣。

As for the distribution of scarcity and abundance throughout the realm, and the customs and character of the people: east of the mountains they eat sea salt, west of the mountains they eat rock salt, and south of the passes and north of the deserts salt is produced in scattered locations. Such, in broad outline, is the picture.

總之，楚越之地，地廣人希，飯稻羹魚，或火耕而水耨，果隋蠃蛤，不待賈而足，地埶饒食，無饑饉之患，以故呰窳偷生，無積聚而多貧。是故江淮以南，無凍餓之人，亦無千金之家。沂、泗水以北，宜五穀桑麻六畜，地小人眾，數被水旱之害，民好畜藏，故秦、夏、梁、魯好農而重民。三河、宛、陳亦然，加以商賈。齊、趙設智巧，仰機利。燕、代田畜而事蠶。

In sum, the lands of Chu and Yue are vast and thinly populated. The people eat rice and fish soup, practice slash-and-burn farming with flooded weeding, and gather wild fruits, snails, and clams — all sufficient without the need for trade. The land's natural bounty ensures plentiful food with no fear of famine. And so the people live idly, from hand to mouth, laying up no stores, and many remain poor. And so south of the Yangtze and the Huai, no one freezes or starves, yet neither are there any families worth a thousand in gold. North of the Yi and Si rivers, the land is suited to the five grains, mulberry, hemp, and the six domestic animals. The territory is small, the population large, and floods and droughts are frequent. The people are keen to accumulate savings, and so the regions of Qin, Xia, Liang, and Lu prize agriculture and value the people. The Three Rivers, Wan, and Chen follow the same pattern, with commerce added to the mix. Qi and Zhao employ cleverness and ingenuity, relying on opportunism and profit. Yan and Dai farm, raise livestock, and practice sericulture.

由此觀之，賢人深謀於廊廟，論議朝廷，守信死節隱居巖穴之士設為名高者安歸乎？歸於富厚也。是以廉吏久，久更富，廉賈歸富。富者，人之情性，所不學而俱欲者也。故壯士在軍，攻城先登，陷陣卻敵，斬將搴旗，前蒙矢石，不避湯火之難者，為重賞使也。其在閭巷少年，攻剽椎埋，劫人作姦，掘冢鑄幣，任俠并兼，借交報仇，篡逐幽隱，不避法禁，走死地如騖者，其實皆為財用耳。今夫趙女鄭姬，設形容，揳鳴琴，揄長袂，躡利屣，目挑心招，出不遠千里，不擇老少者，奔富厚也。游閒公子，飾冠劍，連車騎，亦為富貴容也。弋射漁獵，犯晨夜，冒霜雪，馳阬谷，不避猛獸之害，為得味也。博戲馳逐，鬬雞走狗，作色相矜，必爭勝者，重失負也。醫方諸食技術之人，焦神極能，為重糈也。吏士舞文弄法，刻章偽書，不避刀鋸之誅者，沒於賂遺也。農工商賈畜長，固求富益貨也。此有知盡能索耳，終不餘力而讓財矣。

Seen from this vantage point, the worthy men who plot in the corridors of the court, who debate in the audience hall, the gentlemen who keep faith unto death, uphold their integrity, and hide away in mountain caves, men who cultivate lofty reputations — to what do they all return in the end? They return, in the end, to wealth and abundance. And so an honest official who serves long enough eventually grows rich, and an honest merchant in the end grows wealthy. The desire for wealth is rooted in human nature. It is something all men crave without ever having to be taught. And so brave soldiers who are first to scale the walls in an assault, who smash through enemy lines, cut down generals and seize their banners, who charge into showers of arrows and stones without flinching from fire or boiling water — they do all this because they are driven by the promise of lavish rewards. As for the young ruffians of the back alleys — those who rob and murder, waylay travelers, forge coins and dig up graves, act as knights-errant swallowing up rivals, borrow connections to exact revenge, and carry out covert schemes in the shadows, defying every law and prohibition, rushing toward their own deaths as eagerly as ducks taking flight — in truth, they do it all for the sake of money. Consider the beauties of Zhao and the maidens of Zheng. They adorn their faces, take up the singing zither, trail their long sleeves, and trip along in fine slippers, beckoning with glances and luring with their hearts. They will travel a thousand li, caring nothing whether a man is old or young — all for the sake of wealth. The idle young lords who adorn their caps and swords and parade about in linked carriages with mounted escorts do so to put on the trappings of wealth and nobility. Those who hunt with bow and arrow, fish, and track game, braving the dawn and the night, enduring frost and snow, galloping through ravines and valleys without shrinking from the danger of fierce beasts — they do it all for the sake of fine flavors. Gamblers, racers, cockfighters, and dog-racers, putting on airs and vying with one another, always insisting on winning — they act this way because they dread losing. Physicians, herbalists, diviners, cooks, and skilled artisans who burn through their mental energies and push their abilities to the limit do so for the sake of generous compensation. Officials and clerks who twist documents and toy with the law, forge seals and fabricate records, unafraid of execution by blade or saw — they are lured by bribery and gifts. Farmers, artisans, merchants, traders, and herders — all of them naturally seek to grow rich and multiply their goods. In every case, people exhaust their knowledge and abilities in the pursuit of gain. In the end, no one holds back strength or yields wealth to another.

諺曰：「百里不販樵，千里不販糴。」居之一歲，種之以穀；十歲，樹之以木；百歲，來之以德。德者，人物之謂也。今有無秩祿之奉，爵邑之入，而樂與之比者。命曰「素封」。封者食租稅，歲率戶二百。千戶之君則二十萬，朝覲聘享出其中。庶民農工商賈，率亦歲萬息二千，百萬之家則二十萬，而更傜租賦出其中。衣食之欲，恣所好美矣。故曰陸地牧馬二百蹄，牛蹄角千，千足羊，澤中千足彘，水居千石魚陂，山居千章之材。安邑千樹棗；燕、秦千樹栗；蜀、漢、江陵千樹橘；淮北、常山已南，河濟之閒千樹萩；陳、夏千畝漆；齊、魯千畝桑麻；渭川千畝竹；及名國萬家之城，帶郭千畝畝鐘之田，若千畝卮茜，千畦薑韭：此其人皆與千戶侯等。然是富給之資也，不窺市井，不行異邑，坐而待收，身有處士之義而取給焉。若至家貧親老，妻子軟弱，歲時無以祭祀進醵，飲食被服不足以自通，如此不慚恥，則無所比矣。是以無財作力，少有鬬智，既饒爭時，此其大經也。今治生不待危身取給，則賢人勉焉。是故本富為上，末富次之，姦富最下。無巖處奇士之行，而長貧賤，好語仁義，亦足羞也。

As the proverb goes: 'Don't haul firewood a hundred li to sell, and don't haul grain a thousand li to sell.' If you settle in a place for a year, plant grain; if for ten years, plant trees; if for a hundred years, draw people through virtue. By 'virtue' is meant the attraction of people and goods. Now there are those who receive no official salary, no income from noble rank or landed fief, yet are happy to live on a par with those who do. They are called the 'Commoner Lords' — men enfeoffed by nothing but their own wealth. An enfeoffed lord lives on rent and taxes, collecting roughly two hundred cash per household per year. A lord of a thousand households thus takes in two hundred thousand cash, from which he pays for court audiences, tribute missions, and banquets. For commoners — farmers, artisans, merchants, and traders — the rate of return is generally two thousand per ten thousand of capital per year. A household worth a million thus earns two hundred thousand, from which corvée duties, rent, and taxes must be paid. They indulge their desires for fine clothing and food to the fullest. Thus it is said: on dry land, a herd of fifty horses, a thousand head of cattle, a thousand sheep; in the marshlands, a thousand pigs; on the waters, a fish pond yielding a thousand shi; in the mountains, a stand of a thousand timber trunks. In Anyi, a thousand date trees; in Yan and Qin, a thousand chestnut trees; in Shu, Han, and Jiangling, a thousand orange trees; north of the Huai and south of Changshan, between the Yellow River and the Ji, a thousand catalpa trees; in Chen and Xia, a thousand mu of lacquer trees; in Qi and Lu, a thousand mu of mulberry and hemp; along the Wei River, a thousand mu of bamboo; and near a famous capital or a city of ten thousand households, a thousand mu of highly productive fields adjoining the outer walls, or a thousand mu of madder and gardenia, or a thousand plots of ginger and chives. The owner of any of these is the equal of a lord enfeoffed with a thousand households. These are the assets that supply wealth effortlessly. One need not peer into the marketplace or travel to distant cities — simply sit and wait for the harvest to come in. One preserves the dignity of a retired gentleman while drawing a comfortable livelihood. But if one's family is poor and one's parents elderly, one's wife and children frail, and at the seasonal festivals one cannot afford sacrifices and contributions, and one's food and clothing are insufficient to maintain appearances — if a man feels no shame at this, he is truly beyond all comparison. And so when a man has nothing, he labors with his body. When he has a little, he contends with his wits. When already wealthy, he competes through timing. This is the guiding principle. If managing one's livelihood does not require risking life and limb, then worthy men should strive at it. Therefore wealth earned through the primary occupations ranks highest, wealth from commerce ranks next, and wealth gained through wrongdoing ranks lowest of all. To lack the conduct of a hermit dwelling among the crags, yet to remain poor and lowly for a lifetime while mouthing talk of benevolence and righteousness — this too is cause for shame.

凡編戶之民，富相什則卑下之，伯則畏憚之，千則役，萬則仆，物之理也。夫用貧求富，農不如工，工不如商，刺繡文不如倚市門，此言末業，貧者之資也。通邑大都，酤一歲千釀，醯醬千瓨，漿千甔，屠牛羊彘千皮，販穀糶千鐘，薪槁千車，船長千丈，木千章，竹竿萬，其軺車百乘，牛車千兩，木器髤者千枚，銅器千鈞，素木鐵器若炧茜千石，馬蹄蹾千，牛千足，羊彘千雙，僮手指千，筋角丹沙千斤，其帛絮細布千鈞，文采千匹，榻布皮革千石，漆千斗，糱麹鹽豉千荅，鮐鮆千斤，鯫千石，鮑千鈞，棗栗千石者三之，狐鼦裘千皮，羔羊裘千石，旃席千具，佗果菜千鐘，子貸金錢千貫，節駔會，貪賈三之，廉賈五之，此亦比千乘之家，其大率也。佗雜業不中什二，則非吾財也。

Among registered householders, if one man is ten times richer than another, the poorer defers; a hundred times, and the poorer fears him; a thousand times, and the poorer serves him; ten thousand times, and the poorer becomes his slave. Such is the way of things. When the poor seek wealth, farming is less profitable than craftsmanship, and craftsmanship less profitable than commerce. Embroidering fine patterns is less rewarding than leaning against the marketplace gate. This refers to the secondary occupations — the means by which the poor lift themselves up. In a great commercial metropolis: a wine brewer making a thousand batches a year, a vinegar and sauce merchant with a thousand jars, a beverage seller with a thousand casks, a butcher with a thousand hides, a grain trader with a thousand zhong, a firewood dealer with a thousand cartloads, a shipowner with a thousand zhang of vessel, a timber dealer with a thousand trunks, a bamboo dealer with ten thousand poles — or a hundred light carriages, a thousand ox-carts, a thousand lacquered wooden wares, a thousand jun of bronze vessels, a thousand shi of plain wood and iron wares or of lacquer and madder, a thousand hooves of horses, a thousand head of cattle, a thousand pairs of sheep and pigs, a thousand slaves, a thousand jin of sinew, horn, or cinnabar, a thousand jun of silk floss and fine cloth, a thousand bolts of patterned fabric, a thousand shi of coarse cloth and leather, a thousand dou of lacquer, a thousand da of malt, yeast, salt, or soy, a thousand jin of mackerel and shad, a thousand shi of small fish, a thousand jun of salted fish, three thousand shi of dates and chestnuts, a thousand fox and sable furs, a thousand shi of lamb furs, a thousand sets of felt mats, a thousand zhong of other fruits and vegetables, or a thousand strings of cash at interest — all with timely brokering. An aggressive merchant turns his capital three times a year; a conservative one, five. All these are comparable to the wealth of a family of a thousand chariots. This is the general standard. Any other miscellaneous trade that does not yield at least a twenty percent return is not worth the investment.

請略道當世千里之中，賢人所以富者，令後世得以觀擇焉。

Allow me now to briefly recount how the worthy men of the present age have built their fortunes, so that future generations may examine their examples and learn from them.

蜀卓氏之先，趙人也，用鐵冶富。秦破趙，遷卓氏。卓氏見虜略，獨夫妻推輦，行詣遷處。諸遷虜少有餘財，爭與吏，求近處，處葭萌。唯卓氏曰：「此地狹薄。吾聞汶山之下，沃野，下有蹲鴟，至死不饑。民工於市，易賈。」乃求遠遷。致之臨邛，大喜，即鐵山鼓鑄，運籌策，傾滇蜀之民，富至僮千人。田池射獵之樂，擬於人君。

The ancestors of the Zhuo family of Shu were originally from Zhao and had grown wealthy through iron smelting. When Qin conquered Zhao, the Zhuo family was among those relocated. Stripped of everything, Zhuo and his wife alone pushed a handcart and walked to the designated resettlement. Among the other relocatees, those who still had some money left competed to bribe the officials, petitioning to be settled nearby, at Jiameng. Only the Zhuo patriarch said: 'This land is cramped and barren. I hear that at the foot of Mount Wen lie fertile plains, and beneath the soil grows taro — enough to keep one fed for a lifetime. The people are clever at commerce, and trade flows easily.' And so he petitioned to be sent to a more distant site. He was sent to Linqiong and was overjoyed. He set about smelting iron from the nearby mountains, devising shrewd strategies, and attracting the people of Dian and Shu until his fortune grew to encompass a thousand slaves. His pleasures in country estates, fish ponds, archery, and hunting rivaled those of a sovereign.

程鄭，山東遷虜也，亦冶鑄，賈椎髻之民，富埒卓氏，俱居臨邛。

Cheng Zheng was a relocated captive from east of the mountains who also engaged in iron smelting and traded with the mallet-coiffed peoples. His wealth rivaled that of the Zhuo family, and both resided at Linqiong.

宛孔氏之先，梁人也，用鐵冶為業。秦伐魏，遷孔氏南陽。大鼓鑄，規陂池，連車騎，游諸侯，因通商賈之利，有游閒公子之賜與名。然其贏得過當，愈於纖嗇，家致富數千金，故南陽行賈盡法孔氏之雍容。

The ancestors of the Kong family of Wan were originally from Liang, where they made iron smelting their trade. When Qin conquered Wei, the Kong family was relocated to Nanyang. He expanded his smelting operations, built reservoirs and fish ponds, maintained carriages and mounted escorts, and traveled among the feudal lords. Through the profits of trade, he earned a reputation for the lavish generosity of an idle young lord. Yet his profits surpassed all expectations — far better, as it turned out, than parsimony. His household amassed a fortune of several thousand in gold, and all the traveling merchants of Nanyang came to emulate the dignified bearing of the Kong family.

魯人俗儉嗇，而曹邴氏尤甚，以鐵冶起，富至巨萬。然家自父兄子孫約，俛有拾，仰有取，貰貸行賈遍郡國。鄒、魯以其故多去文學而趨利者，以曹邴氏也。

The people of Lu are by custom frugal and thrifty, and the Bing family of Cao was the most extreme case. They rose through iron smelting and amassed an enormous fortune. Yet from father and elder brother down to sons and grandsons, the family rule was strict economy: bending down, one picks up whatever is found; looking up, one takes whatever is available. They extended credit and traded across the commanderies and kingdoms. The reason so many in Zou and Lu abandoned scholarly pursuits and rushed after profit was the example of the Bing family of Cao.

齊俗賤奴虜，而刀閒獨愛貴之。桀黠奴，人之所患也，唯刀閒收取，使之逐漁鹽商賈之利，或連車騎，交守相，然愈益任之。終得其力，起富數千萬。故曰「寧爵毋刀」，言其能使豪奴自饒而盡其力。

In Qi, custom held slaves and captives in contempt, but Dao Jian alone valued and cherished them. Cunning and unruly slaves are the bane of most men. Yet Dao Jian alone took them in and set them to work pursuing the profits of fish, salt, and commerce. Some even rode in carriages and cultivated connections with governors and chancellors — and still he only trusted them more. In the end, he reaped the full benefit of their efforts and built a fortune of tens of millions. And so it was said: 'Better to have Dao's method than a noble title' — for he knew how to make his powerful slaves prosper while extracting the full measure of their effort.

周人既纖，而師史尤甚，轉轂以百數，賈郡國，無所不至。洛陽街居在齊秦楚趙之中，貧人學事富家，相矜以久賈，數過邑不入門，設任此等，故師史能致七千萬。

The people of Zhou were already shrewd and calculating, and Shi Shi was the most extreme of all. He dispatched hundreds of carts, trading across the commanderies and kingdoms, reaching every corner of the realm. Luoyang sits at the crossroads between Qi, Qin, Chu, and Zhao. The poor there learn their trade by serving wealthy households, boasting to one another of careers spent entirely in commerce, passing through their own hometowns again and again without stopping home. With such men at his command, Shi Shi was able to amass a fortune of seventy million.

宣曲任氏之先，為督道倉吏。秦之敗也，豪傑皆爭取金玉，而任氏獨窖倉粟。楚漢相距滎陽也，民不得耕種，米石至萬，而豪傑金玉盡歸任氏，任氏以此起富。富人爭奢侈，而任氏折節為儉，力田畜。田畜人爭取賤賈，任氏獨取貴善。富者數世。然任公家約，非田畜所出弗衣食，公事不畢則身不得飲酒食肉。以此為閭里率，故富而主上重之。

The ancestors of the Ren family of Xuanqu served as granary officials along the Dudao route. When Qin collapsed, every man of power scrambled to seize gold and jade. The Ren family alone stored granary grain in underground cellars. When the armies of Chu and Han faced each other at Xingyang and the people could not farm, the price of grain soared to ten thousand per shi. All the gold and jade of the powerful flowed into the Ren family's hands, and they built their fortune upon it. While the other rich families competed in extravagance, the Ren family exercised restraint and lived frugally, devoting themselves to farming and animal husbandry. In farming and animal husbandry, while others competed to buy cheap, the Ren family alone chose to invest in expensive but high-quality stock. Their wealth endured for several generations. The Ren patriarch enforced strict family rules: they would not wear or eat anything that did not come from their own farms and herds, and until public duties were completed, no one was permitted to drink wine or eat meat. By this example he led his neighborhood, and so he was both wealthy and esteemed by the sovereign himself.

塞之斥也，唯橋姚已致馬千匹，牛倍之，羊萬頭，粟以萬鐘計。吳楚七國兵起時，長安中列侯封君行從軍旅，齎貸子錢，子錢家以為侯邑國在關東，關東成敗未決，莫肯與。唯無鹽氏出捐千金貸，其息什之。三月，吳楚平，一歲之中，則無鹽氏之息什倍，用此富埒關中。

When the frontier was opened, Qiao Yao alone amassed a thousand horses, twice as many cattle, ten thousand sheep, and grain measured in the tens of thousands of zhong. When the Seven Kingdoms of Wu and Chu raised their armies in revolt, the ranked marquises and enfeoffed lords in Chang'an marched out with the army and sought loans. The moneylenders, noting that the lords' estates all lay east of the passes where the outcome of the campaign was still uncertain, refused to lend. Only the Wuyan family came forward, lending a thousand in gold at tenfold interest. Within three months Wu and Chu were pacified. Within a single year, the Wuyan family's returns had multiplied tenfold, and their wealth came to rival any family within the passes.

關中富商大賈，大抵盡諸田，田嗇、田蘭。韋家栗氏，安陵、杜杜氏，亦巨萬。

The great merchants of the region within the passes were mostly surnamed Tian, led by Tian Se and Tian Lan. The Li family of Wei, and the Du families of Anling and Du — these too amassed enormous fortunes.

此其章章尤異者也。皆非有爵邑奉祿弄法犯姦而富，盡椎埋去就，與時俯仰，獲其贏利，以末致財，用本守之，以武一切，用文持之，變化有概，故足術也。若至力農畜，工虞商賈，為權利以成富，大者傾郡，中者傾縣，下者傾鄉里者，不可勝數。

These are the most conspicuous and outstanding examples. None of them grew wealthy through noble rank, fiefs, official salaries, or by twisting the law. Every one of them hammered and forged, advanced and retreated, rose and fell with the times, seized their profits, used commerce to build their fortunes and agriculture to preserve them, cut through obstacles with decisive action and sustained their position through cultured management. Their adaptations followed discernible principles — their methods were truly complete. As for those who devoted themselves to farming, herding, craftsmanship, forestry, and commerce, wielding shrewd advantage to build their wealth — dominating a commandery at the top, a county in the middle, or a village at the bottom — they are too many to count.

夫纖嗇筋力，治生之正道也，而富者必用奇勝。田農，掘業，而秦揚以蓋一州。掘冢，姦事也，而田叔以起。博戲，惡業也，而桓發用富。行賈，丈夫賤行也，而雍樂成以饒。販脂，辱處也，而雍伯千金。賣漿，小業也，而張氏千萬。灑削，薄技也，而郅氏鼎食。胃脯，簡微耳，濁氏連騎。馬醫，淺方，張裏擊鐘。此皆誠壹之所致。由是觀之，富無經業，則貨無常主，能者輻湊，不肖者瓦解。千金之家比一都之君，巨萬者乃與王者同樂。豈所謂「素封」者邪？非也？

Frugality and hard labor are the orthodox path to making a living, but those who truly grow rich invariably win through unconventional methods. Farming is mere digging in the earth, yet Qin Yang used it to dominate an entire province. Grave-robbing is a criminal act, yet Tian Shu built his fortune upon it. Gambling is a disreputable trade, yet Huan Fa used it to grow wealthy. Itinerant peddling is considered a lowly pursuit, yet Yong Lecheng grew prosperous through it. Selling grease is a humiliating occupation, yet Yong Bo amassed a thousand in gold. Selling beverages is a petty trade, yet the Zhang family accumulated ten million. Knife-grinding is a humble skill, yet the Zhi family dined from tripod vessels. Selling dried tripe is a trivial and humble trade, yet the Zhuo family rode in linked cavalcades. Horse doctoring is a lowly art, yet Zhang Li struck bells at his banquets. Every one of these fortunes was built through single-minded dedication. Seen in this light, wealth has no fixed occupation, and goods have no permanent master. The capable attract wealth like spokes converging on a hub; the incapable see it crumble away like broken tiles. A family worth a thousand in gold is the equal of a city's lord. Those who possess enormous fortunes share the same pleasures as kings. Are these not what we call the 'Commoner Lords'? Or are they not?

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