Volume 181 Treatises 134: Finance and Economics 2c

食貨下三○會子鹽上

Finance and Economics III, continued: Huizi; Salt, part 1

會子、交子之法，蓋有取於唐之飛錢。真宗時，張詠鎮蜀，患蜀人鐵錢重，不便貿易，設質劑之法，一交一緡，以三年為一界而換之。六十五年為二十二界，謂之交子，富民十六戶主之。後富民資稍衰，不能償所負，爭訟不息。轉運使薛田、張若穀請置益州交子務，以榷其出入，私造者禁之。仁宗從其議。界以百二十五萬六千三百四十緡為額。

The systems of huizi and jiaozi drew largely on the Tang practice of flying money. In the Zhenzong era, while Zhang Yong held Shu, he worried that local iron currency was too heavy for commerce. He introduced exchange certificates—one note redeemable for a full string of cash—with a three-year issue period after which notes were swapped for new ones. Across sixty-five years the system ran through twenty-two issues, known as jiaozi and managed by sixteen prosperous merchant houses. Eventually those merchant backers grew poorer and could not honor their obligations, and litigation went on without end. Transport commissioners Xue Tian and Zhang Ruogu asked to set up a Yizhou Jiaozi Office to control issuance and redemption, banning private printing. Emperor Renzong accepted the plan. The quota for each issue was set at 1,256,340 strings of cash.

神宗熙寧初，立偽造罪賞如官印文書法。河東運鐵錢勞費，公私苦之。二年，乃詔置交子務於潞州。轉運司以其法行則鹽、礬不售，有害入中糧草，遂奏罷之。四年，復行於陝西，而罷永興軍鹽鈔場，文彥博言其不便；會張景憲出使延州還，亦謂可行於蜀不可行於陝西，未幾竟罷。五年，交子二十二界將易，而後界給用已多，詔更造二十五界者百二十五萬，以償二十三界之數，交子有兩界自此始。時交子給多而錢不足，致價太賤，既而竟無實錢，法不可行。而措置熙河財利孫迥言：「商人買販，牟利於官，且損鈔價。」於是罷陝西交子法。

Early in Shenzong's Xining reign, counterfeiters of notes were punished and informants rewarded under the same rules used for forged official seals and documents. Moving iron cash through Hedong was exhausting and expensive, and the burden fell on government and people alike. In year two an edict established a Jiaozi Office at Luzhou. The transport office argued that jiaozi would undercut salt and alum sales and disrupt grain deliveries under the commissary system, and memorialized to abolish the office. In year four the scheme was tried again in Shaanxi and the Yongxing Army salt-certificate depot was closed, but Wen Yanbo warned of drawbacks; Zhang Jingxian, back from a mission to Yanzhou, likewise held that jiaozi suited Shu but not Shaanxi; soon the Shaanxi experiment was dropped entirely. In year five the twenty-second issue was due for replacement, yet the next issue was already overissued. The court ordered 1.25 million notes of a twenty-fifth issue to cover the twenty-third, and from then on two jiaozi issues could circulate at once. Too many jiaozi were outstanding and too little coin was held in reserve, so prices collapsed; without real backing the system failed. Sun Jiong, steward of Xihé revenue, argued: "Traders profit by arbitrage against the state and drive down certificate prices." The Shaanxi jiaozi system was then abolished.

紹聖以後，界率增造，以給陝西沿邊糴買及募兵之用，少者數十萬緡，多者或至數百萬緡；而成都之用，又請印造，故每歲書放亦無定數。

From the Shaosheng period onward new issues were regularly enlarged to fund frontier grain purchases in Shaanxi and recruitment—tens of thousands of strings at the low end, millions at the high; Chengdu too kept asking for extra print runs, so yearly issuance had no fixed ceiling.

崇寧三年，置京西北路專切管幹通行交子所，仿川峽路立偽造法。通情轉用並鄰人不告者，皆罪之；私造交子紙者，罪以徒配。四年，令諸路更用錢引，準新樣印製，四川如舊法。罷在京並永興軍交子務，在京官吏，並歸買鈔所。時錢引通行諸路，惟閩、浙、湖、廣不行，趙挺之以為閩乃蔡京鄉里，故得免焉。明年，尚書省言：「錢引本以代鹽鈔，而諸路行之不通，欲權罷印製。在官者，如舊法更印解鹽鈔；民間者，許貿易，漸赴買鈔所如鈔法分數計給。」從之。

Chongning year three set up a Jingxi North Circuit office to manage jiaozi circulation, copying Sichuan's anti-counterfeiting statutes. Collusion in passing forged notes, or neighbors who failed to report it, was criminal; private manufacture of jiaozi paper brought penal servitude and exile. Year four ordered every circuit to adopt qianyin printed to a new design, while Sichuan kept the old rules. Capital and Yongxing jiaozi offices were shut and their staff merged into the salt-certificate purchase office. Qianyin then circulated everywhere except Fujian, Zhejiang, Hunan, and Guang; Zhao Tingzhi remarked that Fujian escaped because it was Cai Jing's native circuit. The following year the Ministry of Revenue reported: "Qianyin were meant to replace salt certificates, but circulation is poor; we ask to suspend printing temporarily. Official holdings should, as before, be reissued as salt certificates; private notes may be traded and gradually redeemed at the purchase office in fractional shares like salt certificates." The court approved.

大觀元年，詔改四川交子務為錢引務。自用兵取湟、廓、西寧，藉其法以助邊費，較天聖一界逾二十倍，而價愈損。及更界年，新交子一當舊者四，故更張之。以四十三界引準書放數，仍用舊印行之，使人不疑擾，自後並更為錢引。二年，而陝西、河東皆以舊錢引入成都換易，故四川有壅遏之弊，河、陝有道途之艱，豪家因得以損直斂取。乃詔永興軍更置務納換陝西、河東引，仍遣文臣二人監之。八月，知威州張持奏：「本路引一千者今僅直十之一，若出入無弊，可直八百，流通用之，官吏奉舊並用引，請稍給錢便用。」擢持為成都路轉運判官，提舉川引。後引價益賤，不可用，持復別用印押以給官吏，他無印押者皆棄無用。言者論其非法，持坐遠謫。三年，詔錢引四十一界至四十二界毋收易，自後止如天聖額書放，銅錢地內勿用。四年，假四川提舉諸司封樁錢五十萬緡為成都務本，侵移者準常平法。

Daguan year one renamed the Sichuan Jiaozi Office the Qianyin Office. Campaigns for Huang, Guo, and Xining leaned on note issues for frontier costs; issuance swelled to more than twenty times a Tiansheng quota while value kept falling. At the scheduled renewal, four old notes bought only one new note, forcing a thorough reform. Issue forty-three set the new quota; old seals were kept to avoid panic, and thereafter everything was called qianyin. In year two Shaanxi and Hedong funneled old qianyin to Chengdu for exchange, clogging Sichuan while frontier circuits bore transport costs; great families bought cheap and sold dear. The court reopened an exchange office at Yongxing Army for Shaanxi and Hedong notes and posted two civil supervisors. In the eighth month, Zhang Chi, prefect of Weizhou, memorialized: "In this circuit a note once worth a thousand cash is now worth only one-tenth. If circulation were sound it could be worth eight hundred; let it circulate thus. Officials' salaries should still be paid in notes; please supply some cash for convenience." Zhang Chi was made Chengdu transport judge with charge over Sichuan qianyin. Notes sank further until unusable; Zhang Chi stamped a new seal for official pay, and unstamped notes were abandoned. Critics called this unlawful; Zhang Chi was exiled far away. Year three barred redemption of issues forty-one and forty-two and capped new issues at the Tiansheng quota, forbidding use where copper cash circulated. Year four lent 500,000 strings of Sichuan sealed reserves as office capital; diversion was punished like granary theft.

政和元年，戶部言成都漕司奏：「昨令輸官之引，以十分為率，三分用民戶所有，而七分赴官場買納，由是人以七分為疑。請自今無計以三七分之數，並許通用，願買納者聽。民間舊以本錢未至，引價大損，故州官官錢亦減數收市；今本錢已足，請勿減數以祛民惑。又請四十三界引俟界滿勿換給，自四十四界為改法之首。」而戶部詳度欲止行四十四界，其四十五界勿印。若通行及乏用，聽於界內續增其新引給換之，餘如舊鬻之，或於給錢之所易錢儲以為本，移用者如擅支封樁錢法。詔可。靖康元年，令川引並如舊即成都府務納換。以置務成都，便利歲久，至諸州則有料次交雜之弊，故有是詔。

Zhenghe year one: the Ministry relayed Chengdu's plea: "Requiring three parts of household notes and seven bought at depots made the seven parts suspect. Drop the three-seven rule, allow free circulation, and let willing buyers still purchase at depots. While reserves lagged, note prices collapsed and prefects paid less when buying them in; reserves are now full—please pay full value to restore confidence. We also ask that notes of the forty-third issue, when the issue expires, not be exchanged, and that the forty-fourth issue mark the start of the new method." Revenue officials wanted only issue forty-four in circulation and no printing of issue forty-five. If needed, supplemental notes within an issue could be printed and swapped; otherwise sales continued, or coin could be exchanged for reserves at payout sites; diversion matched penalties for sealed funds. The edict approved. Jingkang year one restored direct redemption of Sichuan qianyin at the Chengdu office. Long placement in Chengdu had been convenient, but prefectures abused batch mixing in deliveries—hence the order.

大凡舊歲造一界，備本錢三十六萬緡，新舊相因。大觀中，不蓄本錢而增造無藝，至引一緡當錢十數。及張商英秉政，奉詔復循舊法。宣和中，商英錄奏當時所行，以為自舊法之用，至今引價復平。

Traditionally each new issue carried 360,000 strings of reserve, old and new issues chaining together. Under Daguan they printed without reserves until a one-string note bought barely a dozen coins. When Zhang Shangying took power, the court ordered a return to the old rules. In Xuanhe he reported that under the restored method note prices had leveled again.

高宗紹興元年，有司因婺州屯兵，請樁辦合用錢，而路不通舟，錢重難致。乃造關子付婺州，召商人入中，執關於榷貨務請錢，願得茶、鹽、香貨鈔引者聽。於是州縣以關子充糴本，未免抑配，而榷貨務又止以日輸三分之一償之，人皆嗟怨。六年，詔置行在交子務。臣僚言：「朝廷措置見錢關子，有司浸失本意，改為交子。官無本錢，民何以信？」於是罷交子務，令榷貨務儲見錢印造關子。二十九年，印公據、關子，付三路總領所：淮西、湖廣關子各八十萬緡，淮東公據四十萬緡，皆自十千至百千，凡五等。內關子作三年行使，公據二年，許錢銀中半入納。

Shaoxing year one: troops at Wuzhou needed funds, but the route lacked shipping and coin was too heavy to move. They printed guanzi for Wuzhou, called merchants to commissary delivery, and let them redeem guanzi at the Monopoly Office for cash or commodity certificates. Thereupon prefectures and counties used guanzi as grain-purchase funds, which inevitably involved forced quotas; the Monopoly Office moreover repaid only one-third per day, and everyone lamented. Year six established a Jiaozi Office at the court-in-exile. Officials warned: "Guanzi were meant to be cash-backed, but agencies drifted into unsecured jiaozi. Without reserves, why should anyone trust them?" The Jiaozi Office was abolished; the Monopoly Office stored cash and printed guanzi. Year twenty-nine printed public warrants and guanzi for three chief commissioners: 800,000 strings each for Huai West and Huguang guanzi, 400,000 Huai East warrants, in five denominations from 10,000 to 100,000. Guanzi ran three years, warrants two; half cash and half silver redemption was allowed.

三十年，戶部侍郎錢端禮被旨造會子，儲見錢，於城內外流轉；其合發官錢，並許兌會子輸左藏庫。明年，詔會子務隸都茶場。三十二年，定偽造會子法。〈（犯人處斬。賞錢十貫，不願受者，補進義校尉。若徒中及庇匿者能告首，免罪受賞，願補官者聽。）〉當時會紙取於徽、池，續造於成都，又造於臨安。會子初行，止於兩浙，後通行於淮、浙、湖北、京西。除亭戶鹽本用錢，其路不通舟處上供等錢，許盡輸會子；其沿流州軍，錢、會中半；民間典賣田宅、馬牛、舟車等如之，全用會子者聽。

Year thirty: Vice Minister Qian Duanli was ordered to issue huizi backed by stored cash for circulation in and around the capital; all scheduled government disbursements could be tendered to the Left Treasury in huizi. Next year the Huizi Office was subordinated to the tea monopoly. Year thirty-two codified penalties for forging huizi. (The forger is executed. Informants receive ten strings of cash, or appointment as Junior Righteousness Captain if they decline cash. Penal laborers or harborers who inform are pardoned and rewarded, and may take office if they wish.) Huizi paper first came from Huizhou and Chizhou, then Chengdu, then Lin'an. Huizi began in the two Zhe circuits, then spread through Huai, Zhe, Hubei, and Jingxi West. Salt producers still paid capital in cash, but landlocked districts could remit tribute wholly in huizi; riverine prefectures took half cash and half huizi; private sales of land, livestock, and boats followed the same rule, with all-huizi deals allowed.

孝宗隆興元年，詔會子以「隆興尚書戶部官印會子之印」為文，更造五百文會，又造二百、三百文會。置江州會子務。乾道二年，以會子之弊，出內庫及南庫銀一百萬收之。二年，以民間會子破損，別造五百萬換給。又詔損會貫百錢數可驗者，並作上供錢入輸，巨室以低價收者坐之。四年，以取到舊會毀抹付會子局重造，三年立為一界，界以一千萬貫為額，隨界造新換舊。以戶部尚書曾懷同共措置，鑄「提領措置會子庫」印。每道收靡費錢二十足，零百半之。凡舊會破損，貫百字存、印文可驗者，即與兌換。五年，令行在榷貨務、都茶場將請算茶、鹽、香、礬鈔引，權許收換第一界，自後每界收換如之。其州縣諸色綱錢，以七分收錢，三分收會。九年，定捕造偽會之賞。

Longxing year one stamped huizi "Longxing Ministry of Revenue Official Seal Huizi," adding 500-, 200-, and 300-cash denominations. A Huizi Office opened at Jiangzhou. Qiandao year two: to curb abuse, a million taels of silver from palace treasuries were used to buy huizi in. That same year, 5,000,000 new notes replaced damaged public huizi. Damaged notes with readable denominations had to be turned in as tribute; magnates who hoarded them cheap faced punishment. Year four: old notes were burned and reprinted on a three-year issue cycle capped at ten million strings per issue. Minister Zeng Huai co-managed the reform and cast the seal "Office for Directing and Managing the Huizi Treasury." Each note carried a twenty-cash fee; odd hundreds paid half. Damaged old notes with legible denominations and seals were exchanged immediately. Year five let the capital monopoly and tea offices take the first issue for commodity certificates, then each issue in succession. Prefectural taxes were collected seventy percent cash, thirty percent huizi. Year nine set rewards for seizing counterfeit huizi.

淳熙元年，詔左藏南上庫給會子二十五萬，收買臨安、平江、紹興、明秀州額外浮鹽，其齎到鈔錢，令榷貨務月終輸封樁庫，以備循環換易會子。三年，詔第三界、四界各展限三年，令都茶場會子庫以第四界續印會子二百萬貯南庫。當時戶部歲入一千二百萬，其半為會子，而南庫以金銀換收者四百萬，流行於外者才二百萬耳。光宗紹熙元年，詔第七、第八界會子各展三年。臣僚言：「會子界以三年為限，今展至再，則為九年，何以示信？」於是詔造第十界立定年限。慶元元年，詔會子界以三千萬為額。嘉定二年，以三界會子數多，稱提無策，會十一界除已收換，尚有一千三百六十萬餘貫，十二界、十三界除燒毀尚有一萬二百餘萬貫。（十二界四千七百萬餘貫，十三界五千七百萬餘貫。）詔封樁庫撥金一十五萬兩，（兩為錢四十貫。）度牒七千道，（每道為錢一千貫。）官告綾紙、乳香，（乳香每套一貫六百文。）湊成三千餘，添貼臨安府官局，收易舊會，品搭入輸。（十一界會子二分，十二、十三界會子各四分。）以舊會之二，易新會之一。泉州守臣宋均、南劍州守臣趙崇亢、陳宓，皆以稱提失職，責降有差。

Chunxi year one issued 250,000 strings of huizi to buy surplus salt quotas in Lin'an, Pingjiang, Shaoxing, and Ming-Xiu; certificate proceeds went monthly to sealed reserves for redemption. In the third year, issues three and four were each extended three years; the Huizi Treasury at the tea monopoly was ordered to print 2,000,000 strings of the fourth issue for storage in the southern treasury. Annual revenue was 12,000,000, half huizi; the southern treasury held 4,000,000 in metal redemption while only 2,000,000 circulated. Shaoxi year one extended issues seven and eight three years each. An official protested: "Three-year issues now run nine—how does that inspire confidence?" The court then ordered issue ten with a firm expiration. In Qingyuan 1, an edict set each huizi issue at a quota of thirty million strings. In Jiading 2, because the three issues of huizi were too numerous and there was no effective method for supporting their value, the eleventh issue, after what had already been exchanged, still had more than 13.6 million strings outstanding, while the twelfth and thirteenth issues, after burned notes were deducted, still had more than 102 million strings outstanding. The twelfth issue had more than 47 million strings, and the thirteenth issue more than 57 million strings. An edict ordered the Sealed Reserve Treasury to allocate 150,000 taels of gold, each tael valued at forty strings; seven thousand ordination certificates, each valued at one thousand strings; official patent silk-paper and frankincense, each set of frankincense valued at one string and six hundred cash; these were gathered to make more than three thousand units and added to the Lin’an Prefecture government bureau for exchanging old huizi, to be accepted in mixed payments by grade. The eleventh-issue huizi made up two-tenths, and the twelfth- and thirteenth-issue huizi four-tenths each. Two old huizi were exchanged for one new huizi. Song Jun, the prefectural official of Quanzhou, and Zhao Chongkang and Chen Mi, the prefectural officials of Nanjianzhou, were all demoted in varying degrees for failing in value support.

紹定五年，兩界會子已及二億二千九百餘萬。端平二年，臣僚言：「兩界會子，遠者曾未數載，近者甫及期年，非有破壞塗汙之弊，今當以所收之會付封樁庫貯之，脫有緩急，或可濟事。」有旨從之。淳祐二年，宗正丞韓祥奏：「壞楮幣者隻緣變更，救楮幣者無如收減。自去年至今，楮價粗定，不至折閱者，不變更之力也。今已罷諸造紙局及諸州科買楮皮，更多方收減，則楮價有可增之理。」上曰：「善。」三年，臣僚言：「今官印之數雖損，而偽造之券愈增；且以十五、十六界會子言之，其所入之數，宜減於所出之數。今收換之際，元額既溢，來者未已。若非偽造，其何能致多如是？大抵前之二界，盡用川紙，物料既精，工製不苟，民欲為偽，尚或難之。迨十七界之更印，已雜用川、杜之紙，至十八界則全用杜紙矣。紙既可以自造，價且五倍於前，故昔之為偽者難，今之為偽者易。人心循利，甚於畏法，況利可立致，而刑未即加者乎？臣愚以為抄撩之際，增添紙料，寬假工程，務極精致，使人不能為偽者，上也；禁捕之法，厚為之勸，厲為之防，使人不敢為偽者，次也。」七年，以十八界與十七界會子更不立限，永遠行使。十一年，以會價增減課其官吏。景定四年，以收買逾限之田，復日增印會子一十五萬貫。

Shaoding year five: two concurrent issues exceeded 229,000,000 strings. In the second year of Duanping, a court official said: "Of the two issues of huizi, the older has not yet seen several years and the newer has barely reached one year; there is no damage or defacement. The huizi now collected should be stored in the sealed reserve; in an emergency they may serve a purpose." The throne agreed. Chunyou year two: Han Xiang of the Imperial Clan Court wrote, "Paper money fails from endless reissues; salvation lies in recall and reduction. Since last year note values have held steady without sharp depreciation—because issues were not constantly replaced. We have now abolished the various paper-making offices and the prefectures' levies of paper bark, and are collecting and recalling notes by many means; thus there is reason for paper values to rise." The emperor said: "Good." In the third year, a court official said: "Although the amount officially printed has been reduced, forged certificates increase ever more; for issues fifteen and sixteen, redemptions in should have been less than payouts; yet exchanges exceeded the quota while new notes kept arriving. Without forgery, how could volumes be so high? Early issues used fine Sichuan paper and careful workmanship, making counterfeiting hard. Issue seventeen mixed Sichuan and Du paper; issue eighteen used only Du paper. Local paper was cheap—one-fifth the old cost—so forgery became easy. Profit tempts more than law threatens, especially when gain is instant and punishment delayed. Best policy: richer paper, longer production, exquisite workmanship that defeats counterfeiting; laws against capture, with thick rewards and stern prevention so people dare not forge—this is second best." Year seven made issues seventeen and eighteen permanent without renewal. Year eleven tied officials' performance reviews to note prices. Jingding year four printed 150,000 more strings daily to fund excess land purchases.

咸淳四年，以近頒見錢關子，貫作七百七十文足，十八界每道作二百五十七文足，三道準關子一貫，同見錢轉使，公私擅減者，官以贓論，吏則配籍。五年，復申嚴關子減落之禁。七年，以行在紙局所造關子紙不精，命四川製使抄造輸送，每歲以二千萬作四綱。

Xianchun year four pegged guanzi at 770 cash per string and issue-eighteen huizi at 257 cash each—three per string—circulating like coin; private discounting brought embezzlement charges for officials and registry exile for clerks. Year five again banned discounting guanzi. Year seven ordered Sichuan to supply fine guanzi paper—20 million sheets yearly in four convoys—because capital paper was poor.

川引自張浚開宣府，趙開為總餉，以供糴本，以給軍需，增印日多，莫能禁止。七年，川、陝副帥吳玠請置銀會於河池，不許。蓋前宋時，蜀交出放兩界，每界一百二十餘萬。今三界通行，為三千七百八十餘萬，至紹興末，積至四千一百四十七萬餘貫；所貯鐵錢，僅及七十萬貫，以鹽酒等陰為稱提。是以餉臣王之望亦謂添印錢引以救目前，不得不為朝廷遠慮。詔添印三百萬，之望止添印一百萬。孝宗隆興二年，餉臣趙沂添印二百萬。淳熙五年，以蜀引增至四千五百餘萬，立額不令再增。光宗紹熙二年，詔川引展界行使。寧宗嘉泰末，兩界出放凡五千三百餘萬緡，通三界出放益多矣。

Sichuan qianyin began under Zhang Jun and Zhao Kai to fund grain and armies; overprinting grew unstoppable. Year seven Wu Jie's request for a Hechi silver-note office was denied. Under the early Song, Shu circulated two issues of about 1.2 million each. Three issues now exceed 37.8 million, reaching 41.47 million by late Shaoxing; reserves held only 700,000 strings of iron cash, with salt and wine revenue quietly propping prices. Commissary Wang Zhiwang warned that emergency printing required long-term planning. The court authorized 3 million more; Zhiwang printed only 1 million. Longxing year two: Zhao Yi added 2 million. Chunxi year five capped Shu notes at 45 million. Shaoxi year two extended Sichuan qianyin terms. By late Jiatai two issues exceeded 53 million strings; three issues were higher still.

開禧末，餉臣陳咸以歲用不足，嘗為小會，卒不能行。嘉定初，每緡止直鐵錢四百以下，咸乃出金銀、度牒一千三百萬，收回半界，期以歲終不用。然四川諸州，去總所遠者千數百里，期限已逼，受給之際，吏復為奸。於是商賈不行，民皆嗟怨，一引之直，僅售百錢。製司乃諭人除易一千三百萬引，三界依舊通行，又檄總所取金銀就成都置場收兌，民心稍定。自後引直鐵錢五百有奇，若關外用銅錢，引直五百七十錢而已。

Kaixi's Chen Xian tried small notes for deficits but failed. Jiading opened with notes below 400 iron cash per string; Chen Xian spent 13 million in gold, silver, and certificates to retire half an issue by year's end. Remote prefectures faced tight deadlines and corrupt clerks at redemption. Trade stalled, the people protested, and notes traded at a hundred cash each. The commissioner reversed the recall, restored three-issue circulation, and opened a Chengdu redemption market with gold and silver. Notes then fetched just over 500 iron cash—570 where copper circulated.

喜定三年春，製、總司收換九十一界二千九百餘萬緡；其千二百萬緡，以茶馬司羨餘錢及製司空名官告，總所樁金銀、度牒對鑿，餘以九十三界錢引收兌；又造九十四界錢引五百萬緡，以收前宣撫程鬆所增之數；凡民間輸者，每引百貼八千。其金銀品搭，率用新引七分，金銀三分，其金銀品色官稱，不無少虧，每舊引百，貼納二十引。蓋自元年、三年兩收舊引，而引直遂復如故。昔高宗因論四川交子，最善沈該稱提之說，謂官中常有錢百萬緡，如交子價減，官用餞買之，方得無弊。

Xiding spring year three recalled issue 91—over 29 million strings; of which 12,000,000 strings were matched with Tea-Horse surplus funds, commissioner blank appointments, and chief-office gold, silver, and certificates; the rest were redeemed with issue ninety-three qianyin; issue 94 added 5 million to absorb Cheng Song's excess printing; the public received an eight-thousand subsidy per hundred notes surrendered. Redemption mixed seventy percent new notes with thirty percent metal; short assay forced twenty new notes per hundred old ones. After two recall drives in years one and three, prices recovered. Gaozong once praised Shen Gai's "support" doctrine: keep a million strings in reserve and buy notes when prices fall.

九年，四川安撫製置大使司言：「川引每界舊例三年一易。自開禧軍興以後，用度不給，展年收兌，遂至兩界、三界通使；然率以三年界滿，方出令展界，以致民聽惶惑。今欲以十年為一界，著為定令，則民旅不復懷疑。」從之。

In the ninth year, the Sichuan pacification and commissioner office said: "Each issue of Sichuan qianyin followed the old rule of exchange every three years. Since Kaixi wars, renewals slipped until two or three issues overlapped; extensions were announced only at expiry, alarming the public. We now wish to fix ten years as one issue by permanent statute, so travelers will no longer be in doubt." Approved.

寶祐四年台臣奏：「川引、銀會之弊，皆因自印自用，有出無收。今當拘其印造之權，歸之朝廷，仿十八界會子造四川會子，視淳祐之令，作七百七十陌，於四川州縣公私行使。兩料川引並毀，見在銀會姑存。舊引既清，新會有限，則楮價不損。物價自平，公私俱便矣。」有旨從之。咸淳五年，復以會板發下成都運司掌之，從製司抄紙發往運司印造畢功，發回製司，用總所印行使，歲以五百萬為額。

In the fourth year of Baoyou, censorial officials memorialized: "The abuses of Sichuan qianyin and silver notes all come from printing and using locally with issuance but no recall. Centralize printing, model Sichuan huizi on issue eighteen at 770 per thousand per Chunyou rules. Destroy old qianyin; keep silver notes temporarily. Clearing old notes and capping new ones will stabilize prices. Prices will level themselves and public and private interests will both be served." The throne agreed. Xianchun year five restored Chengdu printing under commissioner paper supply and chief-office seals, capped at 5 million yearly.

紹興末，會子未有兩淮、湖廣之分，其後會子太多而本錢不足，遂致有弊。乾道二年，詔別印二百、三百、五百、一貫交子三百萬，止行用於兩淮，其舊會聽對易。凡入輸買賣，並以交子及錢中半。如往來不使，詔給交子、會子各二十萬，付鎮江、建康府榷貨務，使淮人之過江、江南人之渡淮者，皆得對易循環以用。然自紹興末年，銅錢禁用於淮而易以鐵錢，會子既用於淮而易以交子，於是商賈不行，淮民以困。右司諫陳良祐言交子不便，詔兩淮郡守、漕臣條其利害，皆謂所降交子數多，而銅錢並會子不過江，是致民旅未便。於是詔銅錢並會子依舊過江行用，民間交子許作見錢輸官，凡官交，盡數輸行在左藏庫。

Late Shaoxing huizi were undivided by region; later overissue without reserves caused trouble. Qiandao year two printed 3 million Huai-only jiaozi in four denominations, exchangeable for old huizi. All payments and trade took half jiaozi, half cash. To ease cross-river trade, Zhenjiang and Jiankang each received 200,000 jiaozi and huizi for interchange. Copper was banned on the Huai for iron; huizi gave way to jiaozi—commerce stalled and the region suffered. Chen Liangyou protested; officials agreed too much jiaozi and no cross-river coin or huizi hurt travelers. The court restored cross-river coin and huizi, allowed private jiaozi as cash payments, and recalled official jiaozi to the capital.

三年，詔造新交子一百三十萬，付淮南漕司分給州軍對換行使，不限以年；其運司見儲交子，先付南庫交收。紹熙三年，詔新造交子三百萬貫，以二百萬付淮東，一百萬付淮西，每貫準鐵錢七百七十文足，以三年為界。慶元四年，詔兩淮第二界會子限滿，明年六月，更展一界。嘉定十一年，造兩淮交子二百萬，增印三百萬。十三年，印二百萬，增印一百五十萬。十四年、十五年，皆及三百萬。自是其數日增，價亦日損，稱提無術，但屢與展界而已。

Year three printed 1.3 million new jiaozi for Huainan prefectures, with no fixed expiry; stored transport jiaozi went first to the southern treasury. Shaoxi year three issued 3 million jiaozi—2 million east, 1 million west—at 770 iron cash per string for three-year issues. Qingyuan year four extended the second Huai huizi issue one more term until the sixth month next year. Jiading year eleven printed 2 million new Huai jiaozi and added 3 million. Year thirteen printed 2 million and added 1.5 million. Years fourteen and fifteen each hit 3 million. Thereafter volume rose and value fell daily; only repeated extensions propped the system up.

初，襄、郢等處大軍支請，以錢銀品搭。孝宗隆興元年，始措置於大軍庫儲見錢，印造五百並一貫直便會子，發赴軍前，並當見錢流轉。印造之權既專，印造之數日益；且總所所給止行於本路，而荊南水陸要衝，商賈必由之地，流通不便。乾道三年，收其會子印板。四年，以淮西總所關子二十萬，都茶場鈔引八十萬，付湖北漕司收換，輸左藏庫，又命降銀錢收之。五年，詔戶部給行在會子五十萬，付荊南府兌換。淳熙七年，詔會子庫先造會子一百萬，降付湖廣總所收換破會。十一年，臣僚言：「湖北會子創於隆興初，迄今二十二年，不曾兌易，稱提不行。」詔湖廣總領同帥、漕議經久利便。帥、漕、總領言：「乞印給一貫、五百例湖北會子二百萬貫，收換舊會，庶幾流轉通快，經久可行。」從之。

Initially Xiang-E armies were paid in mixed coin and silver. Longxing year one stored cash at army treasuries and printed 500- and 1,000-cash huizi for army circulation as coin. Monopolized printing swelled daily output; yet notes circulated only locally while Jingnan—a merchant crossroads—lacked convenient exchange. Qiandao year three seized the huizi plates. Year four sent 200,000 Huai guanzi and 800,000 certificates to Hubei for exchange into the Left Treasury, with silver and cash buyback. Year five gave Jingnan 500,000 capital huizi for redemption. Chunxi year seven printed 1 million huizi for Huguang to replace damaged notes. Year eleven: Hubei huizi had not been redeemed in twenty-two years since Longxing—"support" failed. The court ordered Huguang commanders, transport, and chief commissioner to plan a fix. The commander, transport official, and chief commissioner said: "We ask permission to print 2,000,000 strings of Hubei huizi in 1,000- and 500-cash denominations to exchange old notes, so circulation may be swift and the system durable." Approved.

十三年，詔湖廣會子仍以三年為界。紹熙元年，詔湖廣總所將見行及樁貯新舊會取數，仿行在例立界收換。餉臣梁總奏：「自來不曾立界，但破損者即行換易，除累易外，尚有五百四十餘萬，見在民間行用。乞別樣製作兩界，印造收換。」從之。

Year thirteen restored three-year Huguang issues. Shaoxi year one ordered Huguang to count all notes and institute capital-style issue renewals. The commissary Liang Zong memorialized: "From the beginning no issue term was set; damaged notes were exchanged at once; apart from repeated exchanges, more than 5,400,000 still circulate among the people. We ask to make two new issues in a different design for exchange." Approved.

嘉定五年，湖廣餉臣王釜，請以度牒、茶引兌第五界舊會，每度牒一道，價千五百緡，又貼搭茶引一千五百緡，方許收買，期以一月。然京湖二十一州止置三場，不便。製臣劉光祖乃會總所以第六界新會五萬緡，令軍民以舊楮二而易其一；繼又令軍民以一楮半而易其一；又請於朝添給新楮十萬，軍民賴之。十四年，造湖廣會子三十萬易破會。十七年，造湖廣第六界會子二百萬。嘉熙二年，撥第七界湖會九百萬付督視參政行府。寶祐二年，撥第八界湖廣會三百萬貫付湖廣總所，易兩界破會，自後因仍行之。

Jiading year five Wang Fu offered certificates plus tea warrants at 3,000 strings total per old note for one month. Only three sites served twenty-one Jing-Hu prefectures—unworkable. Liu Guangzu offered 50,000 sixth-issue notes at two old for one; then one and a half old for one; and secured 100,000 more from court—relief for the public. Year fourteen printed 300,000 to replace damaged Huguang huizi. Year seventeen issued 2 million of the sixth Huguang issue. Jiaxi year two allocated 9 million seventh-issue Huguang huizi to the field headquarters. Baoyou year two gave the chief office 3 million eighth-issue notes to retire two damaged issues—then routine.

鹽之類有二：引池而成者，曰顆鹽，《周官》所謂盬鹽也；鬻海、鬻井、鬻堿而成者，曰末鹽，《周官》所謂散鹽也。宋自削平諸國，天下鹽利皆歸縣官。官鬻、通商，隨州郡所宜，然亦變革不常，而尤重私販之禁。

Salt falls in two kinds: pool salt, granular salt—the "brine salt" of the Rites of Zhou; sea, well, and alkaline-boil salts are fine salt—the "loose salt" of the Rites of Zhou. After conquering the realm, the Song monopolized all salt profits. Circuits mixed state sales and licensed trade as local needs dictated, with frequent reforms and especially harsh bans on smuggling.

引池為鹽，曰解州解縣、安邑兩池。墾地為畦，引池水沃之，謂之種鹽，水耗則鹽成。籍民戶為畦夫，官廩給之，復其家。募巡邏之兵百人，目為護寶都。歲二月一日墾畦，四月始種，八月乃止。安邑池每歲歲種鹽千席，解池減二十席，以給本州及三京，京東之濟、兗、曹、濮、單、鄆州、廣濟軍，京西之滑、鄭、陳、潁、汝、許、孟州，陝西之河中府、陝虢州、慶成軍，河東之晉、絳、慈、隰州，淮南之宿、亳州，河北之懷州及澶州諸縣之在河南者。凡禁榷之地，官立標識、候望以曉民。其通商之地，京西則蔡、襄、鄧、隨、唐、金、房、均、郢州、光化信陽軍，陝西則京兆鳳翔府、同華、耀、乾、商、涇、原、邠、寧、儀、渭、鄜阝、坊、丹、延、環、慶、秦、隴、鳳、階、成州、保安鎮戎軍，及澶州諸縣之在河北者。顆、末鹽皆以五斤為鬥，顆鹽之直每斤自四十四至三十四錢，有三等。至道二年，兩池得鹽三十七萬三千五百四十五席，席一百一十六斤半。三年，鬻錢七十二萬八千餘貫。

Pool salt was produced at the two pools of Jie Prefecture—in Jie County and Anyi. Fields were leveled and flooded with brine—"planting salt"—until evaporation left crystallized salt. Registered saltern households received government grain and corvée exemptions. A hundred patrol troops—the "Treasure Guard"—were recruited. Work began on the first day of the second month, planting from the fourth month through the eighth. The Anyi pool produced a thousand saltern-beds of salt yearly; the Jie pool twenty fewer, supplying the prefecture, the three capitals, Ji, Yan, Cao, Pu, Dan, Yun prefectures and Guangji Army in Jingdong, Hua, Zheng, Chen, Ying, Ru, Xu, Meng in Jingxi, Hezhong, Shan, Yu, Qingcheng in Shaanxi, Jin, Jiang, Ci, Xi in Hedong, Su and Bo in Huainan, Huai and counties of Chan on the Henan bank in Hebei. Monopoly zones were marked with signs and watch posts. Open trade reached long lists of Jingxi and Shaanxi prefectures plus Hebei Chan counties north of the Yellow River. Both salt types measured five catties per dou; granular salt sold in three grades from forty-four to thirty-four cash per catty. Zhidao year two: 373,545 beds at 116.5 catties each. Year three revenue exceeded 728,000 strings.

咸平中，度支使梁鼎言：「陝西沿邊解鹽請勿通商，官自鬻之。」詔以鼎為陝西製置使，又以內殿崇班杜承睿同製置陝西青白鹽事。承睿言：「鄜、延、環、慶、儀、渭等州洎禁青鹽之後，令商人入芻粟，運解鹽於邊貨鬻，其直與青鹽不至相懸，是以民食賤鹽，須至畏法，而蕃部青鹽難售。今聞運解鹽於邊，郤與內地同價，邊民必冒法圖利，卻入蕃界私販青鹽，是助寇資而結民怨矣。」繼又有上疏言其不便者，鼎請候至邊部斡運，及乘傳至解池即禁止商販。旋運鹽赴邊，公私大有煩費，而邊民頓無入市，物論紛擾。於是命判鹽鐵勾院林特、知永興軍張永詳議，以為公私非便，請復舊商販。詔切責鼎，罷度支使。大中祥符九年，陝西轉運使張象中言：「兩池所貯鹽計直二千一百七十六萬一千八十貫，慮尚有遺利，望行條約。」真宗曰：「地利之阜，此亦至矣。過求增羨，慮有時而闕。」不許。

In the Xianping period, Revenue Commissioner Liang Ding said: "Along the Shaanxi frontier, Jie salt should not be traded freely; the government should sell it itself." Ding became Shaanxi commissioner with Du Chengrui for green-white salt policy. Chengrui said: "After green salt was banned in Yan, Yan, Huan, Qing, Yi, Wei, and other prefectures, merchants delivered fodder and transported Jie salt to the frontier for sale; its price was not far from green salt, so the people ate cheap salt, feared the law, and frontier green salt was hard to sell. Now I hear Jie salt at the frontier is sold at inland prices; frontier people will break the law for profit and smuggle green salt into tribal lands—aiding the enemy and breeding popular resentment." More critics spoke; Ding banned trade as soon as he reached Jie Pool. Forced frontier shipments exhausted everyone and emptied frontier markets. Lin Te and Zhang Yong reviewed the policy and urged restoring merchants. Ding was rebuked and dismissed. In the ninth year of Dazhong Xiangfu, Shaanxi transport commissioner Zhang Xiangzhong said: "Salt stored at the two pools is valued at 21,761,080 strings; fearing lost revenue remains, we ask for regulations." Emperor Zhenzong said: "The bounty of this land has reached its height. Seeking more profit may leave a time of shortage." He refused.

先是，五代時鹽法太峻。建隆二年，始定官鹽闌入法，禁地貿易至十斤、煮堿鹽至三斤者乃坐死，民所受蠶鹽以入城市三十斤以上者，上請。三年，增闌入至三十斤、煮堿至十斤坐死，蠶鹽入城市百斤以上，奏裁。自乾德四年後，每詔優寬。太平興國二年，乃詔闌入至二百斤以上，煮堿及主吏盜販至百斤以上，蠶鹽入城市五百斤以上，並黥麵送闕下。至淳化五年，改前所犯者正配本州牢城。代州寶興軍之民私市契丹骨堆渡及桃山鹽，雍熙四年，詔犯者自一斤論罪有差，五十斤加役流，百斤以上部送闕下。

Five Dynasties salt laws had been brutal. Jianlong year two: ten catties smuggled or three catties illicit boil-salt meant death; thirty catties mulberry salt in cities needed imperial review. Year three raised thresholds but kept harsh penalties. From Qiande year four onward penalties were eased by edict. Taiping Xingguo year two replaced death with tattooing and escort to court for larger amounts. Chunhua year five sent offenders to local garrison labor instead. Yongxi year four graded penalties for Khitan salt smuggling at Daizhou.

天聖以來，兩池畦戶總三百八十，以本州及旁州之民為之，戶歲出夫二人，人給米日二升，歲給戶錢四萬。為鹽歲百五十二萬六千四百二十九石，石五十斤，以席計，為六十五萬五千一百二十席，席百一十六斤。禁榷之地，皆官役鄉戶衙前及民夫，謂之帖頭，水陸漕運。而通商州軍並邊秦、延、環、慶、渭、原、保安、鎮戎、德順，又募人入中芻粟，以鹽償之。

Tiansheng: 380 saltern households supplied two corvée men each with daily rice and annual payments. Output reached 1.52 million piculs—655,120 beds of 116 catties. Monopoly zones impressed "posted heads" for transport. Frontier circuits also repaid fodder deliveries with salt.

凡通商州軍，在京西者為南鹽，在陝西者為西鹽，若禁鹽地則為東鹽，各有經界，以防侵越。天聖初，計置司議茶鹽利害，因言：「兩池舊募商人售南鹽者，入錢京師榷貨務。乾興元年，歲入才二十三萬緡，視天禧三年數損十四萬。請一切罷之，專令入中並邊芻粟，及為之增約束、申防禁，以絕私販之弊。」久之，復詔入錢京師，從商人所便。

Jingxi open trade used southern salt, Shaanxi western salt, monopolies eastern salt—with strict boundaries. Early Tiansheng, the Fiscal Planning Office discussed tea-salt interests and said: "The two pools formerly recruited merchants selling southern salt to pay cash at the capital Monopoly Office. In the first year of Qianxing, yearly intake was only 230,000 strings—140,000 less than Tianxi year three. We ask to abolish this entirely and require only commissary fodder and frontier fodder, with tighter rules and patrols to end private trade." Later cash payment at the capital was restored for merchant convenience.

三京、二十八州軍，官自輦鹽，百姓困於轉輸。天聖八年，上書者言：「縣官禁鹽，得利微而為害博，兩池積鹽為阜，其上生木合抱，數莫可較。宜聽通商，平估以售，可以寬民力。」詔翰林學士盛度、御史中丞王隨議更其制度。因畫通商五利上之曰：「方禁商時，伐木造船輦運，兵民不勝疲勞，今去其弊，一利也；陸運既差帖頭，又役車戶，貧人懼役，連歲逋逃，今悉罷之，二利也；船運有沉溺之患，綱吏侵盜，雜以泥沙硝石，其味苦惡，疾生重膇，今皆得食真鹽，三利也；錢幣，國之貨泉。欲使通流，富家多藏鏹不出，民用益蹙，今歲得商人出緡錢六十餘萬助經費，四利也；歲減鹽官、兵卒、畦夫傭作之給，五利也。」十月，詔罷三京、二十八州軍榷法，聽商人入錢若金銀京師榷貨務，受鹽兩池。行之一年，視天聖七年，增緡錢十五萬。其後歲課減耗，命翰林學士宋庠等以天聖九年至寶元二年新法較之，視乾興至天聖八年舊法，歲課損二百三十六萬緡。康定元年，詔京師、南京及京東州軍，淮南宿、亳州，皆禁如舊。未幾，復弛京師榷法，並詔三司議通淮南鹽給京東等八州，於是兗、鄆、宿、亳皆食淮南鹽矣。

Twenty-eight circuits and three capitals suffered forced salt transport. Tiansheng year eight, a memorialist said: "The government monopoly gains little and harms greatly; salt at the two pools piled like a hill with trees as thick as an embrace—countless. Free trade at fair prices would ease the people." Sheng Du and Wang Sui were ordered to redesign the system. They submitted five benefits of open trade: "When trade was banned, felling trees to build boats for transport exhausted soldiers and civilians—removing this is the first benefit; Second: ending land corvée and flight of the poor. Third: ending adulterated boat salt that caused disease. Coin is the state's currency. Fourth: merchants' 600,000 strings revived circulation hoarded by the rich. reducing yearly pay to salt officials, soldiers, and saltern corvée, the fifth benefit." Tenth month: monopolies ended; merchants bought pool salt at the capital with cash or bullion. One year later revenue beat Tiansheng year seven by 150,000 strings. Thereafter yearly intake declined; Hanlin Academician Song Qi and others compared the new law from Tiansheng nine to Baoyuan two with the old law from Qianxing to Tiansheng eight—the yearly intake lost 2,360,000 strings. Kangding year one restored monopolies in the capital region and selected circuits. Soon the capital reopened trade and Huainan salt fed eight Jingdong circuits.

自元昊反，聚兵西鄙，並邊入中芻粟者寡。縣官急於兵食，調發不足，因聽入中芻粟，予券趨京師榷貨務受錢若金銀；入中它貨，予券償以池鹽。繇是羽毛、筋角、膠膝、鐵炭、瓦木之類，一切以鹽易之。猾商貪吏，表裏為奸，至入椽木二，估錢千，給鹽一大席，為鹽二百二十斤。虛費池鹽，不可勝計，鹽直益賤，販者不行，公私無利。慶曆二年，復京師榷法，凡商人虛估受券及已受鹽未鬻者，皆計直輸虧官錢。內地州軍民間鹽，悉收市入官，官為置場增價出之。復禁永興、同、華、耀、河中、陝、虢、解、晉、絳、慶成十一州軍商鹽，官自輦運，以衙前主之。又禁商鹽私入蜀，置折博務於永興、鳳翔，聽人入錢若蜀貨，易鹽趨蜀中以售。久之，東、南鹽地悉復禁榷，兵民輦運，不勝其苦，州郡騷然。所得鹽利，不足以佐縣官之急。並邊務誘人入中芻粟，皆為虛估，騰踴至數倍，大耗京師錢幣，帑藏益虛。

After Yuanhao's rebellion, frontier fodder deliveries collapsed. Desperate for grain, the state paid certificates redeemable in cash at the capital for commissary deliveries; other goods were repaid in pool salt. Feathers, horn, glue, iron, charcoal, tile, and wood were all traded for salt. Corrupt valuation gave 220 catties of salt for two logs worth a thousand cash. Absurd repayments flooded the market, prices collapsed, and nobody profited. Qingli year two restored the capital monopoly and charged merchants for inflated certificates and unsold salt. Inland private salt was bought up and resold at markup. Eleven circuits banned merchant salt again, using yamen runners for transport. Shu entry was blocked; exchange offices at Yongxing and Fengxiang swapped salt for cash or Shu goods. Soon eastern and southern monopolies returned, exhausting troops and roiling prefectures. Salt revenue no longer met urgent state needs. Frontier fodder deliveries were wildly overvalued, draining the capital treasury.

太常博士範祥，關中人也，熟其利害，常謂兩池之利甚博，而不能少助邊計者，公私侵漁之害也；儻一變法，歲可省度支緡錢數十百萬。乃畫策以獻。是時韓琦為樞密副使，與知制誥田況皆請用祥策。四年，詔祥馳傳與陝西都轉運使程戡議之，而戡議與祥不合，祥尋亦遭喪去。八年，祥復申其說，乃以為陝西提點刑獄兼製置解鹽事，使推行之。其法：舊禁鹽地一切通商，聽鹽入蜀；罷九州軍入中芻粟，令入實錢，償以鹽，視入錢州軍遠近及所指東、西、南鹽，第優其直；東、南鹽又聽入錢永興、鳳翔、河中；歲課入錢總為鹽三十七萬五千大席，授以要券，即池驗券，按數而出，盡馳兵民輦運之役。又以延、慶、環、渭、原、保安鎮戎、德順地近烏、白池，奸人私以青白鹽入塞，侵利亂法。乃募人入中池鹽，予券優其估，還，以池鹽償之；以所入鹽官自出鬻，禁人私售，峻青白鹽之禁。並邊舊令入中鐵，炭、瓦、木之類，皆重為法以絕之。其先以虛估受券及已受鹽未鬻者，悉計直使輸虧官錢。又令三京及河中、河陽、陝、虢、解、晉、絳、濮、慶成、廣濟官仍鬻鹽，須商賈流通乃止。以所入緡錢市並邊九州軍芻粟，悉留榷貨務錢幣以實中都。行之數年，黠商貪賈，無所僥幸，關中之民，得安其業，公私便之。

Fan Xiang of Guanzhong argued pool profits were huge but lost to corruption before reaching the frontier; reform could save tens of millions yearly. He submitted a reform plan. Han Qi and Tian Kuang backed Fan Xiang's plan. In the fourth year, Xiang was ordered by express to discuss with Shaanxi transport commissioner Cheng Kan; Kan disagreed, and Xiang soon left for mourning. Year eight: Xiang became commissioner and implemented his reform. The law opened monopolies to trade and allowed salt into Shu; frontier fodder commissary ended; cash payments earned salt at distance-weighted premiums; eastern and southern salt could be bought at Yongxing, Fengxiang, and Hezhong; Annual intake was 375,000 large beds via pool warrants, ending forced haulage. Frontier passes near tribal salt pools suffered green-white salt smuggling. Recruits delivered pool salt at premium rates for certificate repayment; the state sold that salt and banned private and green-white trade. Iron, charcoal, tile, and wood commissary was shut down. Prior inflated certificates and unsold salt had to be paid back. Selected circuits kept official sales until merchant trade sufficed. Cash bought frontier grain while capital coin stayed in the treasury. Within years, smuggling waned, Guanzhong stabilized, and all benefited.

皇祐元年，侍御史知雜何郯復言改法非是。明年，遣三司戶部副使包拯馳視，還言行之便，第請商人入錢及延、環等八州軍鬻鹽，皆重損其直，即入鹽八州軍者，增直以售，三京及河中等處禁官鬻鹽。而三司謂京師商賈罕至則鹽貴，請得公私並貿，餘禁止。皆聽之。田況為三司使，請久任祥，俾專其事。擢祥權陝西轉運使，賜金紫服。祥初言歲入緡錢可得二百三十萬，皇祐三年，入緡錢二百二十一萬；四年，二百一十五萬。以四年數視慶曆六年，增六十八萬；視七年，增二十萬。又舊歲出榷貨務緡錢，慶曆二年，六百四十七萬；六年，四百八十萬。至是，榷貨務錢不復出。其後，歲入雖贏縮不常，至五年，猶及百七十八萬；至和元年，百六十九萬。時祥已坐它罪貶，命轉運使李參代之。三年，遂以元年入錢為歲課定率，量入計出，可助邊費十分之八。

Huangyou year one: He Zheng attacked the reform. Bao Zheng inspected, endorsed the reform, and adjusted prices and bans. The Fiscal Commission sought mixed trade at the capital where merchants were scarce. All approved. Tian Kuang asked to retain Xiang permanently. Xiang became acting transport commissioner with gold-purple robes. Xiang predicted 2.3 million; Huangyou year three brought 2.21 million; year four, 2.15 million. Year four beat Qingli year six by 680,000; and year seven by 200,000. Under the old law the Monopoly Office paid out millions—6.47 million in Qingli year two; 4.8 million in year six. Under the reform, payouts stopped. Revenue fluctuated but still hit 1.78 million by year five; Zhihe year one: 1.69 million. Xiang had been demoted; Li Can replaced him. Year three fixed the year-one intake as the annual quota, covering eight-tenths of frontier costs.

久之，並邊復聽入芻粟以當實錢，而虛估之弊滋長，券直亦從而賤，歲損官課，無慮百萬。嘉祐三年，三司使張方平及包拯請復用祥，於是復以祥總鹽事。祥請重禁入芻粟者，其券在嘉祐三年已前，每券別請輸錢一千，然後予鹽。又言商人持券若鹽鬻京師，皆虧失本錢。請置官京師，蓄錢二十萬緡，以待商人至者，券若鹽估賤，則官為售之。券紙六千，鹽席十千，毋輒增損，所以平其市估，使不得為輕重。詔以都鹽院監官兼領，自是稍復舊。未幾祥卒，以轉運副使薛向繼之。治平二年，歲入百六十七萬。

Frontier fodder commissary returned, inflating valuations and depressing certificate prices by a million yearly. Jiayou year three: Zhang Fangping and Bao Zheng restored Fan Xiang to salt policy. Xiang banned fodder commissary and charged a thousand cash per old certificate. Merchants selling certificates or salt in the capital, he said, lost money. He proposed a capital stabilization fund of 200,000 strings to buy depressed certificates and salt. Fixed prices—6,000 per certificate, 10,000 per bed—stabilized the market. The Salt Bureau supervisor took charge and policy gradually normalized. Xiang soon died; Xue Xiang succeeded him. Zhiping year two: 1.67 million intake.

初，祥以法既通商，恐失州縣征算，乃計所曆所至合輸算錢，並率以為入中之數。自後州縣猶算如舊。嘉祐六年，向悉罷之，並奏減八州軍鬻鹽價。兩池畦戶，歲役解、河中、陝、虢、慶成之民，官司旁緣侵剝，民以為苦，乃詔三歲一代。嘗積逋課鹽至三百三十七萬餘席，遂蠲其半。中間以積鹽多，特罷種鹽一歲或二歲三歲，以寬其力。後又減畦戶之半，稍以傭夫代之，五州之民始安。

Xiang had folded transit taxes into commissary rates to protect local revenue. Prefectures still collected transit tax anyway. Jiayou year six: Xiang ended the levies and cut salt prices in eight circuits. Saltern corvée from five circuits abused the people until three-year rotation was ordered. 3.37 million beds of back salt tax were halved by remission. Planting was suspended one to three years when stocks piled up. Halving saltern households and using hired labor eased five circuits.

青白鹽出烏、白兩池，西羌擅其利。自李繼遷叛，禁毋入塞，未幾罷，已而復禁。乾興初，嘗詔河東邊人犯青白鹽禁者如陝西法。慶曆中，元昊納款，請歲入十萬石售縣官。仁宗以其亂法，不許。自範祥議禁八州軍商鹽，重青白鹽禁，而官鹽估貴，土人及蕃部販青白鹽者益眾，往往犯法抵死而莫肯止。至和中，詔蕃部犯青白鹽抵死者，止投海島，群黨為民害者，上請。嘉祐赦書，稍遷配徒者於近地，自是禁法稍寬。熙寧初，詔淮南轉運使張靖究陝西鹽、馬得失。靖指向欺隱狀，王安石右向，靖竟得罪，擢向為江、淮等路發運使。諫官範純仁言賞罰失當，因數向五罪，向任如初。乃請即永興軍置賣鹽場，又以邊費錢十萬緡，儲永興軍為鹽鈔本，繼又增二十萬。

Green-white salt from Wu and Bai pools was controlled by Western Qiang. Li Jiqian's rebellion brought bans, brief openings, then bans again. Qianxing extended Shaanxi penalties to Hedong green-white salt smugglers. Qingli: Yuanhao offered 100,000 piculs yearly to the court. Renzong refused as disruptive to law. Fan Xiang's bans raised official prices and drove deadly green-white smuggling. Zhihe softened tribal death sentences to island exile. Jiayou amnesties eased penalties further. Xining opened with Zhang Jing auditing Shaanxi salt and horses. Xiang exposed Jing; Wang Anshi punished Jing and promoted Xiang. Fan Chunren protested; Xiang kept his post. Xiang set up a Yongxing salt market with 300,000 strings certificate capital.

四年，詔陝西行蜀交子法，罷市鈔；或論其不便，復舊。七年，中書議陝西鹽鈔，出多虛鈔，而鹽益輕，以鈔折兌糧草，有虛抬邊糴之患。請用交子法，使其數與見錢相當，可濟緩急。詔以皮公弼、熊本、宋迪分領其事，趙瞻製置。又以內藏錢二百萬緡假三司，遣市易吏行四路請買鹽引，仍令秦鳳、永興鹽鈔，歲以百八十萬為額。八年，中書奏陝西鹽鈔利害及立法八事，大抵謂買鈔本錢有限，而出鈔過多，買不盡則鈔賤而糴貴，故出鈔不可無限。然商人欲變易見錢，而官不為買，即為兼並所抑，則鈔價益賤；而邊境有急，鈔未免多出，故當置場以市價平之。今當定買兩路實賣鹽二百二十萬緡，以當用鈔數立額，永興路八十一萬五千，秦鳳路一百三十八萬五千，內熙河路五十三萬七千；永興軍遣官買鈔，歲支轉運司錢十萬緡買西鹽鈔，又用市易務賒請法募人賒鈔變易，即民間鈔多而滯，則送解池毀之。詔從其請，然有司給鈔溢額，猶視其故。九年，乃詔御史劾陝西官吏，止三司額外出鈔。

Year four tried Shu jiaozi in Shaanxi and ended certificate sales; critics restored the old certificate system. Year seven: empty salt certificates inflated frontier grain costs. They proposed jiaozi matched to cash reserves. Pi Gongbi, Xiong Ben, Song Di, and Zhao Zhan were appointed. 200,000 strings from the inner treasury were lent to the Fiscal Commission; market officials bought certificates on four routes; Qin-Feng and Yongxing certificates were capped at 1.8 million yearly. Year eight capped issuance: limited capital but excessive certificates cheapened grain. Without government buyback, monopolists depressed certificate prices; frontier crises required stabilization markets. Quotas were set: 2.2 million total—815,000 Yongxing, 1.385 million Qin-Feng. Yongxing bought certificates, loaned them through market offices, and destroyed excess at Jie Pool. Approved—but over-issue continued. Year nine censured Shaanxi over-issue beyond Fiscal Commission quotas.

十年，三司言：「鹽法之弊，由熙河鈔溢額，故價賤而芻糧貴。又東、西、南三路通商郡邑榷賣官鹽，故商旅不行。今鹽法當改，官賣當罷。請先收舊鈔，印識之舊鹽，行加納之法。官盡買舊鈔，其已出鹽，約期聽商人自言，準新價增之，印鹽席，給符驗。東、南舊法鹽鈔，席才三千五百；西鹽鈔席減一千，官盡買。先令解州場院驗商人鈔書之，乃許賣。已請鹽，立限告賞，聽商人自陳，東、南鹽席加錢二千五百，西鹽席加三千，為易舊符，立期令賣。罷兩處禁榷官賣，提舉司賣鹽並用新價，錢承買舊鈔，商人願對行算請者聽，官為印識如法。應通商地各舉官一員，其鹽席限十日自言，乃令加納錢，為印識，給新引，聽以舊鈔當加納錢。」皆行之。而別定官賣鹽地，市易司以買鹽，亦加納錢。

In the tenth year the Fiscal Commission said: "The salt law's abuse comes from Xihé certificates exceeding quota, so prices fall and fodder is dear. Open-trade circuits' official sales blocked merchant travel. They proposed ending official sales. Recall old certificates, mark old salt, require supplemental payments. State buyback of old certificates with stamped beds and tokens for released salt. Old eastern and southern beds cost 3,500; western beds dropped 1,000—all bought by the state. Jie depots had to verify certificates before sale. Self-report deadlines added 2,500–3,000 per bed for new tallies. Ended two monopoly zones; new prices, stamped exchange, cash for old certificates. Each open-trade place should appoint one official; salt beds must report within ten days, then pay supplemental money for stamping and new certificates, old certificates accepted as supplemental payment." All implemented. Official-sale zones remained; the Market Office bought salt with supplements.

舊制，河南北曹、濮以西，秦、鳳以東，皆食解鹽。自仁宗時，解鹽通商，官不復榷；熙寧中，市易司始榷開封、曹濮等州。八年，大理寺丞張景溫提舉出賣解鹽，於是開封府界陽武、酸棗、封丘、考城、東明、白馬、中牟、陳留、長垣、胙城、韋城，曹、濮、澶、懷、濟、單、解州、河中府等州縣，皆官自賣。未幾，復用商人議，以唐、鄧、襄、均、房、商、蔡、郢、隨、金、晉、絳、虢、陳、許、汝、潁、隰州、西京、信陽軍通商，畿縣及澶、曹、濮、懷、衛、濟、單、解、同、華、陝、河中府、南京、河陽，令提舉解鹽司運鹽貨鬻，仍詔三司講求利害。

Traditionally Henan north and Qin-Feng east ate Jie salt. Under Renzong Jie salt traded freely without state monopoly; Xining's Market Office monopolized Kaifeng region prefectures. In the eighth year Court Doctor Zhang Jingwen was commissioned to sell Jie salt; thereupon in the Kaifeng circuit and Cao, Pu, Chan, Huai, Ji, Dan, Jie, Hezhong, and many counties, all sold officially. Before long merchant opinion was restored: Tang, Deng, Xiang, Jun, Fang, Shang, Cai, E, Sui, Jin, Jin, Jiang, Yu, Chen, Xu, Ru, Xi, Xijing, Xinyang Army opened trade; capital counties and many prefectures had the Jie Salt Commissioner transport and sell, and the Fiscal Commission was ordered to study pros and cons.

鹽價既增，民不肯買，乃課民買官鹽，隨貧富作業為多少之差。買賣私鹽，聽人告，重給賞，以犯人家財給之。買官鹽食不盡，留經宿者，同私鹽法。於是民間騷怨。鹽鈔舊法每席六緡，至是二緡有餘，商不入粟，邊儲失備。召陝西轉運使皮公弼入議，公弼極言官賣不便。沈括為三司使，不能奪。王安石主景溫，括希安石意，言通商歲失官賣緡錢二十餘萬。安石去位，括在三司，乃言官賣當罷。於是河陽、同、華、解州、河中、陝府、陳留、雍丘、襄邑、中牟、管城、尉氏、鄢陵、扶溝、太康、咸平、新鄭聽通商，其入不及官賣者，官復自賣；澶、濮、濟、單、曹、懷州，南京，陽武、酸棗、封丘、考城、東明、白馬、長垣、胙城、韋城九縣，官賣如故。詔商鹽入京，悉賣之市易務，每席毋得減十；民鹽皆買之市易務，私與商人為市，許告，沒其鹽。

Higher prices brought forced salt purchases scaled by wealth. Informers on private salt took the offender's property as reward. Unused official salt overnight was treated as smuggling. Public outrage followed. Certificates fell from six to two strings per bed; grain deliveries stopped. Shaanxi transport commissioner Pi Gongbi was summoned; Gongbi strongly said official sale was inconvenient. Fiscal Commissioner Shen Kuo could not overturn it. Wang Anshi backed Jingwen; Shen Kuo claimed open trade cost 200,000 yearly. After Anshi left, Kuo urged ending official sales. Thereupon Heyang, Tong, Hua, Jie, Hezhong, Shan, Chenliu, Yongqiu, Xiangyi, Zhongmou, Guancheng, Weishi, Yanling, Fugou, Taikang, Xianping, Xinzheng opened trade; where intake did not match official sale, the government sold again; Chan, Pu, Ji, Dan, Cao, Huai, Nanjing, and nine counties kept official sale as before. Merchant salt in the capital had to sell to the Market Office at floor prices; private sales were reported and confiscated.

皮公弼鹽法，酌前後兩池所支鹽數，歲以三百三十萬緡為額。又令京師置七場，買東、南鹽鈔，市易務計為錢五十九萬三千餘緡；三司闕錢，請頗還其鈔，令賣之於西；買者其三給錢，其七準沿邊鹽價給新引；庶得民間舊鈔，而新引易於變易。詔用其議。公弼請復範祥舊法平市價，詔假三司錢三十萬緡，市鈔於京師。先是，解鹽分東西，西鹽賣有分域；又並邊州軍市芻糧，給鈔過多，故鈔及鹽甚賤，官價自分為二。於是增西鹽價比東鹽，以平鈔法，歲約增十二萬緡，毋復分東西，悉廢西鹽約束。解池鹽鈔舊以二百二十萬緡為額，轉運使皮公弼請增十萬，以助邊糴，至是，又為二百四十二萬。商人已請西鹽，令加納錢，使與新法價平。元豐三年，三司舉張景溫賣解鹽息羨，進官賜帛。

Pi Gongbi capped yearly pool disbursement at 3.3 million strings. Seven capital markets bought eastern and southern certificates for 593,000 strings; the Fiscal Commission sought to resell certificates west for cash; buyers paid thirty percent cash, seventy percent in new frontier certificates; to absorb old certificates and ease new ones. Approved. Gongbi restored stabilization with a 300,000-string capital fund. Jie salt had been split east-west with western sale zones; Frontier fodder over-issue cheapened certificates and split prices. Western prices rose above eastern to unify certificates, adding 120,000 yearly. Jie Pool certificates had been capped at 2,200,000 strings; transport commissioner Pi Gongbi asked to add 100,000 to aid frontier grain purchase—by then it was 2,420,000. Western salt holders paid supplements to match new prices. Yuanfeng year three rewarded Zhang Jingwen for salt-sale surplus.

明年，權陝西轉運使李稷言：「自新法未行，鈔之貴賤，視有司出之多寡。新法已後，鈔有定數，起熙寧十年冬，盡元豐三年，通印給一百七十七萬餘席，而鹽池所出才一百一十七萬五千餘席，餘鈔五十九萬有餘，流布官私，其勢不得不賤。」遂下三司住給。五年，戶部猶以鈔多難售，歲給陝西軍儲鈔二百萬，裁其半，然鈔多，卒不能平價。

The next year acting Shaanxi transport commissioner Li Ji said: "Before the new law, certificate value depended on how much agencies issued. After the new law certificates had fixed numbers—from winter of Xining ten through Yuanfeng three, 1,770,000-plus beds were issued while pools produced only 1,175,000-plus beds; 590,000-plus surplus circulated public and private and had to fall in price." Issuance was halted. In the fifth year the Ministry of Revenue still found certificates hard to sell; 2,000,000 certificates yearly for Shaanxi army grain were halved, yet certificates remained many and prices never stabilized.

元祐元年，戶部及製置解鹽司議：「延、慶、渭、原、環、鎮戎、保安、德順等八州軍，皆官自鬻，以萬五千五百席為額，聽商旅入納於八州軍折博務，算給交引，如範祥舊法。鹽價錢應償者，以轉運司年額鹽鈔給之，所鬻鹽錢，以待轉運司糴買。仍舉承務郎以上一員，於在京置場，以鹽鈔鬻見錢而輸之都鹽院庫，遇給解鹽額鈔盡歸之本司，毋更給轉運司。他司皆毋得販易，雖有專旨，聽執奏。其已買鈔，自本司拘之，若民間鈔少或給本路緡錢，即上戶部議鬻其鈔。」詔皆從之。既而又以商人入納解鹽減年額賣鹽費錢二萬七千餘緡，增在京買鈔之本。入中解鹽，並效熙河鈔，而價隨事增損以折，澶懷滑州、陽武鹽價，定為錢八千二百。時，陝西民多以樸硝私煉成顆，謂之倒硝，頗與解鹽相亂。紹聖三年，製置使孫路以聞，詔犯者減私鹽法一等坐之。

In the first year of Yuanyou, the Ministry and Jie Salt Commissioner discussed: "Yan, Qing, Wei, Yuan, Huan, Zhenrong, Baoan, and Deshun eight circuits all sell officially at 15,500 beds quota; merchants may pay at eight circuits' exchange offices and receive certificates like Fan Xiang's old law. Certificate revenue funded transport; sale proceeds bought grain. A capital market sold certificates for cash to the Salt Bureau. Other agencies were barred from trading without memorial. Purchased certificates were held by this office; if public certificates were few or local strings were given, the Ministry would discuss selling them." Approved. Merchant delivery cuts increased capital certificate funds by 27,000. Jie commissary followed Xihé pricing; Chan-Huai salt fixed at 8,200 cash. Shaanxi "inverted salt" from crude saltpeter mimicked Jie salt. Shaosheng year three: inverted-salt offenders were punished one grade below private-salt law.

初，神宗時，官賣解鹽，京西則通商。有沈希顏者為轉運使，更為榷法，請假常平錢二十萬緡，自買解鹽，賣之本路，民已買解鹽盡買入官，掊克牟利，商旅苦之。哲宗即位，殿中侍御史黃降劾希顏罪。元祐元年，京西始復舊制通商，然猶官賣，元符元年乃罷之。永興軍渭州河北高陽、櫟陽、涇陽等縣，如同、華等六州軍，官仍自賣鹽，而禁官司於折博務買解鹽販易規利。俄以水壞解池，聽河中府解州小池鹽、同華等州私土鹽、階州石鹽、通遠軍岷州官井鹽鬻於本路，而京東、河北鹽亦通行焉。三年，詔陝西轉運副使兼製置解鹽使馬城，提舉措置催促陝西、河東木筏薛嗣昌，提舉開修解州鹽池。

Under Shenzong Jie salt was official-sale; Jingxi traded freely. Shen Xiyan as transport commissioner changed to monopoly law, borrowed 200,000 strings from the Ever-Normal Granary, bought Jie salt himself, sold it in his circuit; people who had bought Jie salt had to buy all into the government; he squeezed for profit and travelers suffered. Zhezong's accession brought Huang Jiang's impeachment of Xiyan. Yuanyou restored Jingxi trade; Yuanfu ended official sale. Yongxing, Weizhou, and Hebei Gaoyang, Liyang, Jingyang counties like Tong, Hua, and five other circuits still sold salt officially, while forbidding officials buying Jie salt at exchange offices for profit. Soon Jie Pool was damaged by flood; Hezhong and Jie small-pool salt, Tong-Hua private earth salt, Jiezhou stone salt, and Tongyuan-Minzhou official well salt were allowed sold in their circuits; Jingdong and Hebei salt also circulated. In the third year, Shaanxi transport vice commissioner and Jie Salt Commissioner Ma Cheng and timber raft supervisor Xue Sichang were ordered to repair Jie salt pools.

崇寧元年，解州賈瓦南北圓池修沼畦眼，拍摩布種，通得鹽百七十八萬二千七百餘斤。初，解梁東有大鹽澤，綿亙百餘里，歲得億萬計。自元符初，霖潦池壞。至是，乃議修復；四年，池成。凡開二千四百餘畦，百官皆賀。內侍王仲千者董其役，以課額敷溢為功。然議者謂解池灌水盈尺，暴以烈日，鼓以南風，須臾成鹽，其利固博；苟欲溢額，不俟風日之便，厚灌以水，積水而成，味苦不適口。

Chongning year one restored pools yielding 1.78 million catties. Once a hundred-li salt marsh east of Jie Liang yielded vast salt. Yuanfu rains ruined the pools. Restoration was now debated; pools finished in year four. 2,400 beds reopened amid official celebration. Wang Zhongqian claimed credit by inflating quotas. Critics noted proper Jie salt needed sun and south wind after shallow flooding; deep flooding for quotas yielded bitter salt.

崇寧初，言事者以鈔法屢變，民聽疑惑，公家失輕重之權，商旅困往來之費，乞復範祥舊法，謹守而力行之，無庸輕改。雖可其請，未幾，蔡京建言：「河北、京東末鹽，客運至京及京西，袋輸官錢六千，而鹽本不及一千，施行未久，收息及二百萬緡。如通至陝西，其利必倍。」議遣韓敦立等分路提舉。及鹽池已復，京仍欲舊解鹽地客算東北末鹽，令榷貨務入納見緡無窮，以收己功，乃令解鹽新鈔止行陝西。五年，詔：「鈔法用之，民信已久，飛錢裕國，其利甚大，比考前後法度，頗究利害，其別為號驗，給解鹽換請新鈔。先以五百萬緡赴陝西。河東，止給糴買，聽商旅赴榷貨務換請東南鹽鈔。貼輸見緡四分者在舊三分之上，五分者在四分之上。且帶行舊鈔，輸四分者帶五分，輸五分者帶六分；若不願貼輸錢者，依舊鈔價減二分。」先是，患豪商擅利源輕重之柄，率減鈔直，使並邊糴價增高，乃裁限之。崇寧四年，以鈔價雖裁，其入中州郡，復增糴價，客持鈔算請，坐牟大利。乃詔陝西舊鈔易東南末鹽，每百緡用見錢三分，舊鈔七分。後又詔減落鈔價逾五十者，論以法。

Chongning memorialists urged restoring Fan Xiang's stable certificate law. Though approved, before long Cai Jing said: "Hebei and Jingdong fine salt transported to the capital and Jingxi pays 6,000 cash per bag while salt cost is under 1,000—the policy is new yet already yields 2,000,000-plus strings. If extended to Shaanxi, profit would surely double." Han Dunli and others were commissioned by route. Jing limited new Jie certificates to Shaanxi while pushing northeastern salt cash. In the fifth year an edict said: "Certificate law has long won public trust; flying money enriches the state with great benefit. Comparing laws before and after, weigh pros and cons; issue separate tallies for Jie salt exchange for new certificates. Five million strings went to Shaanxi first. Hedong took certificates only for grain purchase and southeastern salt exchange. Supplemental cash tiers rose above old rates. Old certificates could be bundled with higher supplemental tiers; those unwilling to pay supplemental cash had two-tenths deducted from old certificate price." Earlier caps targeted merchants who depressed certificates and raised frontier grain prices. Year four caps failed—frontier grain prices and merchant arbitrage persisted. Old Shaanxi certificates could buy southeastern salt at thirty percent cash, seventy percent old notes. Later edicts punished certificate discounts over fifty percent.

及大觀四年，張商英為相，議復通行解鹽如舊法，而東北鹽毋得與解鹽地相亂。繼而有司議解池已復，依舊法印鈔請。商旅已買東北鹽，隨處官司期三日盡籍，輸官償其價，隱匿者如私鹽法。解鹽未到，官鬻所得東北鹽，解鹽到即止。已請鈔已支者悉毀，已支未請者聽別議。在京仍通行，其經由州縣鄭州、中牟、開封府祥符、陽武縣境內，亦許通放。而王仲千所請通入京西北路陳、潁、蔡州、信陽軍，權止之。商旅已算請東北鹽，元指定東京，未至者，止今所至州軍批引；其已入京未貨者，都鹽院全袋拘買鬻之，許坐賈請買碎賣。

Daguan year four: Zhang Shangying restored Jie circulation and barred northeastern mixing. Agencies resumed old certificate printing after pool restoration. Northeastern salt holdings were registered and bought in within three days. Officials sold seized northeastern salt until Jie salt arrived. Drawn certificates were destroyed; undrawn ones renegotiated. Capital circulation continued; Zhengzhou, Zhongmou, Kaifeng Xiangfu, Yangwu along the route might also pass. Wang Zhongqian's northwest expansion was halted. In-transit northeastern salt was endorsed locally; unsold capital stock was bought by the Salt Bureau for retail.

政和元年，詔陝西鈔依鈔麵實價，輒增減者，以違制論。未幾，復以陝西通行鹽鈔，舊雖約以銅錢六千為鈔麵，然鈔貴則入粟增多，鈔平則入穀減少。若限以六千，陝西唯行鐵錢，是鹽鈔一席得六千鐵錢斛斗矣，深損公家，其隨時增減聽之。二年，蔡京復用事，法仍變改，鈔不可用者悉同敗楮。六年，兩池漫生鹽，募人倍力采取，且議加賞；繼生紅鹽，百官皆賀，製置解鹽使李百祿等第賞有差。七年，議復行解鹽，時童貫宣撫關、河，實主之。詔解鹽地見行東北鹽，復盡收入官，官給其直，在京於平貨、在外於市易務樁管，如解鹽法鬻之；不自陳，如私鹽法。重和元年，詔復行解鹽舊法。逾年，榷貨歲虧數百萬貫，又鈔價減落，糴買不行，三省趣講畫以聞，貫遂請罷領解鹽。俄而三省條奏：舊東北鹽地客販解鹽，立限盡鬻，限竟鬻未盡者，運往解鹽地，逾者論如私鹽法。京畿、京西復置官提舉。初，崇寧中，以鹽各利一方，故解鹽止行本路，東南鬻海利博，行於數路。既復行解鹽，商旅苦於折閱；即改如舊，慮商旅疑惑。遂詔諭諸路，鈔法更不改易，扇搖者論如法，仍倍之。

Zhenghe year one fixed Shaanxi certificate face value by law. Certificate value still swung grain deliveries despite the 6,000 face. Fixing 6,000 iron-cash face would have overpriced grain deliveries—flexibility was allowed. Year two Cai Jing returned; bad certificates were voided like ruined notes. Year six wild salt blooms brought double-strength harvesting and bonuses; red salt brought congratulations and ranked rewards. Year seven restoration was led by Tong Guan on the Guan-He front. Northeastern salt in Jie zones was state-purchased and resold like Jie salt; undeclared stock faced private-salt penalties. Chonghe year one restored old Jie salt law. A year later losses and falling certificates led Tong Guan to resign salt duties. Unsold northeastern Jie salt had to move to Jie zones or face smuggling penalties. Capital and Jingxi commissioners were reappointed. Chongning kept Jie salt local while sea salt ranged widely. Restoring Jie salt hurt travelers holding northeastern stock; policy reverted to avoid merchant panic; circuits were warned certificate law was now fixed, with doubled penalties for rumor.

靖康元年，解鹽鈔入納算請，並參照熙寧、元豐以前舊法，又增改解鹽及東北鹽地，即商旅不願鹽，則用鈔麵請錢如舊法。繼定每席鈔為八貫者，盡收入鈔麵；其入納糧草者，許直赴池請鹽，省復入京批鈔之擾。

Jingkang restored pre-reform certificate rules with cash option. Eight-string certificate beds collected full face; grain deliverers could draw salt at pools without capital stamping.

煮海為鹽，曰京東、河北、兩浙、淮南、福建、廣南，凡六路。其煮鹽之地曰亭場，民曰亭戶，或謂之灶戶。戶有鹽丁，歲課入官，受錢或折租賦，皆無常數，兩浙又役軍士定課煮焉。諸路鹽場廢置，皆視其利之厚薄，價之贏縮，亦未嘗有一定之制。末鹽之直，斤自四十七至八錢，有二十一等。至道三年，鬻錢總一百六十三萬三千餘貫。其在京東曰密州濤洛場，一歲煮三萬二千餘石，以給本州及沂、濰州，唯登、萊州則通商，後增登州四場。舊南京及曹、濮、濟、兗、單、鄆、廣濟七州軍食池鹽，餘皆食二州鹽，官自煮之。慶曆元年冬，以淄、濰、青、齊、沂、密、徐、淮陽八州軍仍歲凶災，乃詔弛禁，聽人貿易，官收其算，而罷密、登歲課，第令戶輸租錢。其後兗、鄆皆以壤地相接，罷食池鹽，得通海鹽，收算如淄、濰等州。自是諸州官不貯鹽，而百姓蠶鹽歲皆罷給，然使輸錢如故。至和中，始詔百姓輸錢以十分為率，聽減三分。

Sea salt came from six circuits: Jingdong, Hebei, two Zhe, Huainan, Fujian, Guangnan. Boiling sites were salterns; workers were saltern or stove households. Households delivered salt for cash or tax offsets; two Zhe used soldier quotas. Depot policy shifted with profit and price—no fixed rule. Fine salt had twenty-one price grades from forty-seven to eight cash per catty. Zhidao year three sales exceeded 1.63 million strings. In Jingdong, there was the Taoluo Saltern of Mizhou, which boiled more than 32,000 shi a year to supply that prefecture and Yi and Wei prefectures; only Deng and Lai prefectures practiced open trade, and later four salterns were added in Dengzhou. Formerly Nanjing and the seven prefectures and armies of Cao, Pu, Ji, Yan, Shan, Yun, and Guangji used pool salt; the rest all used salt from the two prefectures, which the government boiled itself. In the winter of Qingli 1, because the eight prefectures and armies of Zi, Wei, Qing, Qi, Yi, Mi, Xu, and Huaiyang had again suffered famine and disaster, an edict relaxed the prohibition, allowed people to trade, and had the government collect the tax on it, while abolishing the annual quotas of Mi and Deng and merely ordering households to pay rent money. After this, because Yan and Yun both adjoined these territories, they stopped using pool salt and were allowed to circulate sea salt, with taxes collected as in Zi, Wei, and the other prefectures. From then on, officials in the various prefectures no longer stored salt, and the annual distribution of silkworm-season salt to the people was all abolished, yet they were still made to pay money as before. During Zhihe, an edict first ordered that the money paid by the people be reckoned as ten parts and allowed three parts to be remitted.

元豐三年，京東轉運副使李察言：「南京、濟、濮、曹、單行解鹽；餘十有二州行海鹽，請用今稅法置買賣鹽場。」其法，盡灶戶所煮鹽而官自賣，重禁私為市者，歲收錢二十七萬三千餘緡，而息幾半之。吳居厚為轉運判官，承察後治鹽法，利入益多。六年，較本路及河北買賣鹽場，自改法抵今一年有半，得息錢三十六萬緡。察、居厚皆進官，加賜居厚三品服。詔運賣鹽錢儲之北京，令河北都轉運使蹇周輔、判官李南公受法於居厚，行之河北。

In the third year of Yuanfeng, Jingdong transport vice commissioner Li Cha said: "Nanjing, Ji, Pu, Cao, and Dan eat Jie salt; the other twelve prefectures eat sea salt—we ask to set buy-sell salt markets under current tax law." The state bought all stove salt and banned private trade for 273,000 strings yearly, nearly half profit. Wu Juhou expanded profits after Cha. Year six: eighteen months yielded 360,000 strings profit. Cha and Juhou were promoted; Juhou got third-rank robes. Salt profits were stored at Beijing and copied in Hebei.

其在河北曰濱州場，一歲煮二萬一千餘石，以給本州及棣、祈州雜支，並京東之青、淄、齊州，若大名、真定府，貝、冀、相、衛、邢、洺、深、趙、滄、磁、德、博、濱、棣、祁、定、保、瀛、莫、雄、霸州，德清、通利、永靜、乾寧、定遠、保定、廣信、永定、安肅軍則通商。後濱州分四務，又增滄州三務，歲課九千一百四十五石，以給一路，而京東之淄、青、齊既通商，乃不復給。

The Binzhou saltern produced over 21,000 piculs a year for local and selected Jingdong needs, but most Hebei prefectures and garrisons listed in the statute still traded salt freely. Binzhou and Cangzhou depots expanded; open-trade Jingdong circuits were dropped.

自開寶以來，河北鹽聽人貿易，官收其算，歲額為錢十五萬緡。上封者嘗請禁榷以收遺利，余靖時為諫官，亟言：「前歲軍興，河北點義勇強壯及諸科率，數年之間，未得休息。臣嘗痛燕薊之地，陷入契丹幾百年，而民忘南顧心者，大率契丹之法簡易，鹽曲俱賤，科役不煩故也。昔太祖推恩河朔，故許通商。今若榷之，價必騰踴，民苟懷怨，悔將何及。河朔土多鹽鹵，小民稅地不生五穀，惟刮堿煎鹽以納二稅，禁之必至逃亡。鹽價若高，犯法亦眾，邊民怨望，非國之福，乞且仍舊通商。」其議遂寢。

Since Kaibao Hebei salt traded freely for 150,000 strings transit tax yearly. Memorialists once asked monopoly for lost revenue; Remonstrator Yu Jing urgently said: "In recent years armies mobilized in Hebei, militia and levies pressed—people have not rested for years. He argued Khitan cheap salt and light levies kept Hebei loyal in spirit. Taizu had allowed Hebei open salt trade. Monopoly would spike prices and breed lasting resentment. Poor alkali-boilers would flee if boiling were banned. If salt is dear, lawbreaking will multiply, frontier people will resent—this is not the state's blessing; please keep open trade." The proposal died.

慶曆六年，三司使王拱辰復建議悉榷二州鹽入官，以專其利。都轉運使魚周詢以為不可，且言：「商人販鹽，與所過州縣吏交通為弊，所算十無二三。請敕州縣以十分算之，聽商人至所鬻州軍並輸算錢，歲可得緡錢之十餘萬。」三司奏用其策。仁宗曰：「使人頓食貴鹽，豈朕意哉？」於是三司更立榷法而未下，張方平見上問曰：「河北再榷鹽何也？」上曰：「始議立法，非再榷。」方平曰：「周世宗榷河北鹽，犯輒處死。世宗北伐，父老遮道泣訴，願以鹽課均之兩稅，而弛其禁，許之，今兩稅鹽錢是也。豈非再榷乎？且今未榷，而契丹盜販不已，若榷則鹽貴，契丹之鹽益售，是為我斂怨而使契丹獲福也。契丹鹽入益多，非用兵莫能禁，邊隙一開，所得鹽利能補用兵之費乎？」上大悟曰：「其語宰相立罷之。」方平曰：「法雖未下，民已戶知之，當直以手詔罷不可自下出也。」上喜，命方平密撰手詔下之。河朔父老相率拜迎，於澶州為佛老會七日，以報上恩，且刻詔北京。後父老過其下，必稽首流涕。

Qingli year six: Wang Gongchen sought full Hebei salt monopoly. Transport commissioner Yu Zhouxun objected and said: "Merchants trafficking salt collude with passing prefecture clerks—of ten parts taxed, only two or three are collected. Please order prefectures to collect the full ten-tenths; let merchants pay transit tax at sale prefectures—yearly could gain 100,000-plus strings." The Fiscal Commission adopted it. Renzong said: "To make people suddenly eat dear salt—is that my intent?" Thereupon the Fiscal Commission revised monopoly law but had not issued it; Zhang Fangping saw the emperor and asked: "Why monopoly Hebei salt again?" The emperor said: "The initial proposal was legislation, not renewed monopoly." Fangping said: "Later Zhou monopolized Hebei salt—violators were executed. Shizong folded salt into two taxes after elders' protest—that is today's salt levy. Fangping asked: is this not monopoly again? Monopoly would help Khitan salt while angering Hebei. More Khitan salt enters; only war can stop it—if the frontier opens, can salt profits cover war costs?" The emperor greatly understood: "Tell the chief councilors to abolish it at once." Fangping said: "Though not issued, households already know—use a personal edict to abolish; do not issue from below." The emperor had Fangping draft the secret edict. Hebei elders celebrated at Chanzhou with a seven-day rite and carved the edict at Beijing. Afterward elders passing the stele always bowed and wept.

久之，緡錢所入益耗，皇祐中，視舊額幾亡其半。陝州錄事參軍王伯瑜監滄州鹽山務，獻議商人受鹽滄、濱二州，以囊貯之，囊毋過三石三斗，鬥為鹽六斤，除三斗為耗勿算，餘算其半。予券為驗，州縣驗券縱之，聽至所鬻州軍並輸算錢；即所貯過數，予及受者皆罰，商人私挾它鹽，並沒其貲。時知滄州田京，與伯瑜合議上聞，召試行之。逾年，歲課增三萬餘緡，遂以為定制。熙寧八年，三司使章惇又請榷河北鹽，詔提舉河北、京東鹽稅周革入議，將施行焉。文彥博論其不便，乃詔仍舊。

Over time revenue halved from the old quota by Huangyou. Wang Boyu proposed bagged salt from Cang and Bin with size limits, waste allowance, and half tax on the rest. Certificates let merchants pass counties and pay transit tax at destination circuits; Over-limit storage or extra salt brought fines and confiscation. Prefect Tian Jing co-memorialized and a trial was ordered. A year later revenue rose 30,000 strings and the rule was fixed. Xining year eight: Zhang Dun sought Hebei monopoly again; Zhou Ge was ordered to plan it. Wen Yanbo blocked it; the old open-trade rule continued.

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