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Shanghai Storm Chapter 44 Bankruptcy

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    There was a long line of bankers, crowding in front and behind the gate of Yishanyuan Bank, waving their deposit certificates and shouting loudly to withdraw cash. The situation was quite urgent.

    Among these people, there are real customers, fake customers, and many of them are the smoke released by Charlie and others. They do not have the deposit certificates of Yishanyuan in their hands, but they gather at the door and incite the emotions of the real customers.

    At the most critical moment, Ding Weifan, the manager of Yishanyuan Shanghai Headquarters, walked to the top of the steps and shouted loudly: "Don't panic, everyone. Our Yishanyuan Bank has been operating in Shanghai for so many years and will never go bankrupt.  You will not lose any interest on your deposits. We still have a large amount of silver in our bank, which can fully meet your withdrawal needs. I will let you take a look at the strength of our bank."

    After saying that, Ding Weifan winked at the person on the counter. The manager on duty at the counter came up to a foreigner and said in a neither humble nor condescending manner: "Sir, we have checked your deposit receipt. Your five hundred thousand taels  We will carry out the cash for you immediately, please accept it."

    Immediately, a dozen strong young men walked out of the bank. The two of them carried a box eight times. Fifty big red painted wooden boxes were moved to the door steps, and then the young men carried the boxes one by one.  When the box was opened, the gleaming white silver immediately stunned everyone around him. All fifty boxes were filled with silver.

    "Sir, you can check, each box is ten thousand taels, and the total is five hundred thousand taels of silver." The manager on duty said expressionlessly.

    The guards from the bank also came out, armed with firearms, forming a cordon among the crowd to prevent anyone from taking advantage of the chaos.

    The foreigner obviously did not react. His purpose was to create chaos because Yishanyuan could not pay the money. Unexpectedly, this bank paid out the cash so decisively, and the objection suppressed many customers who were withdrawing money.  However, in this case, he could not continue to turn a blind eye, so he had to bring two servants forward to do a pretentious inspection. He knew that Yi Shanyuan could not do anything in public, so he did a rough inspection.  , after there were no problems, he found someone to help put the silver into the carriage and left.

    Seeing the foreigner leave, Ding Weifan breathed a sigh of relief. During this period, these three people were the most troublesome, but they couldn't do anything to him, otherwise it would be thought that Yi Shanyuan could not pay the money and threatened the customers.  But at the same time, Ding Weifan also felt a little uneasy. After taking out the five hundred thousand taels of silver, there were only a few hundred thousand taels of silver left in the whole bank.  If that method fails, Yishanyuan will have no choice but to close its doors.

    Seeing Yi Shanyuan pay 500,000 taels of silver in one breath, people around him hesitated to withdraw money. Many people's deposit certificates have not expired. If you withdraw cash at this time, you will definitely lose interest. If Yi Shanyuan  If there is no risk of bankruptcy, then this will be a loss.

    However, there are still many people who continue to withdraw money under the instigation of a few people with ulterior motives.  At this moment, dozens of carriages came from a distance and slowly drove to the door of the bank. The customers who came to cash in saw the steel-clad carriages and the armed guards on the carriages, and vaguely guessed that these carriages were  Silver car.

    Ding Weifan breathed a sigh of relief when he saw the silver carriage arriving. Standing on a high place, he continued to shout loudly: "Don't worry, everyone, these carriages are filled with cash. Our Yishanyuan Bank will not miss you a cent."  Money!"

    As soon as Ding Weifan finished speaking, the dozen young men who had just walked out of the bank opened the silver carriage for handover. The young men began to move the silver cabinets into the bank box by box. During the transportation process, something suddenly happened.  A man rushed over and knocked down a man who was helping the box, either intentionally or unintentionally. With a "crash", the silver cabinet fell open and the shining silver spilled onto the floor.

    Before anyone could react, the bank¡¯s guards and employees protected the money scattered in front of the door. But even so, in just a short period of time, hundreds of taels of silver were thrown away and were picked up by the crowd.

    Some people in the crowd were secretly rejoicing at the person who took advantage of the chaos to pick up the money, but most of the people were feeling sorry.  However, Ding Weifan looked very angry when he saw this scene, but he breathed a sigh of relief in his heart.

    At this moment, someone in the crowd spread the news that Yishanyuan Bank had borrowed more than one million taels of silver from Shanghai Daotai Yamen, and that the government was strongly supporting Yishanyuan Bank in coping with the run.  The people around who were preparing to withdraw money immediately breathed a sigh of relief when they heard the news. In addition, they were tired and hungry after waiting in line for several hours. They were relieved to see that Yi Shanyuan had such financial resources, so they all took the deposit certificates.  , gradually left, and the run on Yishanyuan that threatened Yishanyuan's life and death was finally over.

    Yishanyuan Bank relies on its manager Ding WeifanThe tactic of concealing the truth was able to cope with the bank run caused by foreign banks, but Yuanfengrun Bank did not have such superb means. It only persisted until about 5 o'clock in the afternoon and then declared bankruptcy because it ran out of cash.  At this point, one of Shanghai's two financial pillars collapsed.

    By September, it was time for the Qing government to repay the Gengzi compensation. According to custom, Shanghai¡¯s share was 1.9 million taels.  However, Shanghai Daotai Cai Naihuang had already taken the official bank to rescue the market, and Shanghai's bank was already empty, so Cai Naihuang requested to allocate 2 million taels of silver from the Qing Bank to advance the compensation.

    However, this move made Chen Bangrui, the left minister of the Du branch who was different from Cai Naihuang's faction, find fault. He teamed up with Jiangsu Governor Cheng Dequan to impeach Cai Naihuang, saying that he used the market panic as an excuse to intimidate the court and embezzle Shanghai treasury money without authorization.  After a high-level game, the imperial court reprimanded Cai Naihuang for his poor turnover after taking over the Shanghai Treasury Bank, disregarding the overall situation, and embezzlement without authorization, so Cai Naihuang was immediately dismissed from his post and investigated.

    In order to secure his position, the first thing the new Daotai did after taking office was to take back the Shanghai Treasury Bank. However, Yuan Fengrun has gone bankrupt and he can only withdraw money from Yishanyuan Bank.  Yishanyuan Bank has just dealt with the square wave of bank runs, and now it is able to maintain its operations only because of the support of Shanghai Official Bank. Once the official bank is taken away, Yishanyuan will immediately fall into crisis.

    Ding Weifan urgently reported this situation to the major shareholder Li Jingchu, hoping that he could use his connections in official circles to make the new Taotai give up this decision. However, Li Jingchu's status was greatly reduced after the death of his uncle Li Hongzhang, and he was facing his own troubles at this moment.  , and did not agree to Ding Weifan's request.

    So Yishanyuan, the last pillar of Shanghai's financial community, also announced its closure after the Shanghai Daotai Yamen took away 2 million taels of silver from it.

    On the day Yishanyuan closed its doors, Ding Weifan cried loudly at the door of the bank. Unexpectedly, he had worked so hard to deal with the run on foreign banks, but in the end the bank collapsed because of his own people's backing. He was so sad that he passed out.

    ;
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