Legend of the Magnate Episode 10 Recap
> Legend of the Magnate Recap
Gu Pingyuan, representing the Eight Families, negotiated with Prince Shen, who was impatient to lead his troops to battle and demanded directness. Gu Pingyuan explained the impracticality and risk of transporting 24 million taels of actual silver, which would require hundreds of carts and men, attract unwanted attention, and even draw scrutiny from imperial censors. He affirmed that the Eight Families were prepared to raise the sum, even at great personal risk, acknowledging Prince Shen's dangerous service to the nation.
Prince Shen initially suggested the Eight Families issue an IOU to Li Wantang, praising Li Wantang's efficiency. Gu Pingyuan vehemently objected, arguing that the credit for such a significant contribution should go to the Eight Families, not Li Wantang. He analogized it to a general tolerating another taking credit for his hard-won victory. He also warned that aggressively pressuring the influential Eight Families, who had powerful connections in the capital, could backfire.
Gu Pingyuan then offered an even larger sum, matching any payment Li Wantang might have made to secure Prince Shen's intervention. Prince Shen, though calling Gu Pingyuan sharp-tongued, asked for his proposal. Gu Pingyuan suggested the 24 million taels be designated as military provisions for Prince Shen's Yellow River campaign.
To ensure discretion and avoid public uproar or attempts by others to claim a share, he proposed transporting the silver to the capital to be exchanged for banknotes from the Four Major Banks, which would be convenient for Prince Shen to carry. Prince Shen agreed to the plan and requested a timeline. Gu Pingyuan committed to delivering the banknotes within two months, emphasizing the constant travel required.
He presented Prince Shen with a signed pledge from the Eight Families for the 24 million taels, bearing their personal seals. Prince Shen initially scoffed at the "flimsy paper," questioning if Gu Pingyuan took him for a child. Gu Pingyuan defended the pledge by highlighting the centuries-old credibility of the Eight Families, asserting their reliability surpassed Li Wantang's.
Prince Shen accepted the pledge, threatening to "raze their ratholes" if the banknotes were not delivered within two months, and ordered Gu Pingyuan to leave. Immediately after Gu Pingyuan departed, Prince Shen instructed his men to prepare for immediate departure to Shandong. After leaving Prince Shen, Gu Pingyuan went to see Li Qin. Li Qin, ashamed of his father Li Wantang's schemes against Gu Pingyuan, was initially hesitant to meet him.
However, Li Wantang insisted that Li Qin confront Gu Pingyuan. Li Wantang, dreaming of dominating Shanxi, was then informed by his manager that Gu Pingyuan and the Eight Families had successfully negotiated with Prince Shen, who had accepted their pledge and already departed for his campaign. Furious, Li Wantang criticized Prince Shen as a fool for accepting a mere IOU.
Gu Pingyuan then met with Li Qin and told him to "see them off," indicating that Li Wantang's aggressive tactics had alienated all the local draft banks and he should leave Shanxi. He confidently vowed that he would force Taiping Bank to close within three months. When Li Qin relayed Gu Pingyuan's message, Li Wantang furiously berated his son.
Stressing that one must be ruthless in Shanxi, he ordered Li Qin to return to the capital, indicating he would remain to personally oversee the downfall of the Eight Families. As a frustrated Li Qin left, he encountered Gu Pingyuan again, who delivered a final warning from the Eight Families to Li Wantang: "A businessman must abide by the business code. Do not continue to rely on power to bully others."
Before leaving, Li Wantang instructed his men to spread false rumors that the Eight Families owed the imperial court millions, intending to trigger widespread bank runs and seize their assets. On the grand opening day of Li Wantang's Taiping Bank, the rumors sparked a bank run—but at Gu Pingyuan's Taiyufeng Bank. As a massive crowd gathered to withdraw their silver, Gu Pingyuan remained calm.
With the help of Jin First Madam, who sent several carts of silver for a public display of financial strength, confidence was restored. The spectacle was so effective that many not only canceled their withdrawals but made new deposits. By day's end, Taiyufeng had weathered the storm and even increased its capital by over 600,000 taels. In stark contrast, Taiping Bank had a disastrous opening with no customers. A humiliated Li Qin sent word of the failure to his father.
Gu Pingyuan reported back to Wang Tiangui, explaining his credit-based strategy with Prince Shen was a method he learned in the penal colony and admitting it was a gamble. Pleased with the outcome, Wang Tiangui again pressed Gu Pingyuan for the location of King Li's treasure, refusing to release Chang Si until it was found.
Wang Tiangui offered Gu Pingyuan the prestigious position of chief manager of the Eight Families, but Gu Pingyuan refused to discuss anything until Chang Si was freed. Later, Gu Pingyuan visited Chang Si in prison, where Chang Yu'er was also present. Chang Yu'er jested that rumors were spreading of Gu Pingyuan becoming Wang Tiangui's "godson." Chang Si dismissed this, clarifying that Wang Tiangui was detaining him only to pressure Gu Pingyuan for the treasure.
Deeply concerned, Chang Si warned Gu that Wang Tiangui was ruthless and untrustworthy, urging him to escape Shanxi now that he had proven himself. However, Gu Pingyuan steadfastly refused, vowing to personally overthrow Wang Tiangui and free Chang Si. After the visit, Gu Pingyuan found Chang Yu'er weeping outside the prison. He comforted her and walked her home.
On the way, Chang Yu'er shared her heartfelt wish: for him and her father to be free, and for Gu Pingyuan to return home to his fiancée, Bai Yimei, and live a life of peace. She confessed that simply having known him in this life was enough for her. Moved, Gu Pingyuan responded with a philosophical quote, "Where the heart rests, there lies my home."
Meanwhile, Li Wantang and Su Zixuan were staying at Fenglingdu Inn when they received Li Qin's message about the failed opening. Su Zixuan, disappointed, urged Li Wantang to use his final trump card: withdraw the 6 million taels he had strategically deposited in the Eight Families' banks months ago to trigger a decisive bank run.
However, Li Wantang wrote back to Li Qin, instructing him not to touch the 6 million ("dead silver") and to send any unused funds back to the capital. Incensed by his father's retreat, Li Qin decided to defy his orders. Arguing that they had nothing left to lose, he resolved to withdraw the 6 million taels for a final, desperate attack against Gu Pingyuan. When Jin First Madam learned of Li Qin's plan, she feared a devastating bank run.
Gu Pingyuan proposed a bold counter-strategy: since Taiping Bank offered a higher interest rate, the Eight Families should turn Li Qin's tactic against him. He suggested they withdraw their own funds and deposit the entire sum into Taiping Bank to earn the higher interest. The managers enthusiastically agreed, with Jin First Madam pledging 4 million taels and others committing their entire remaining silver.
The next morning, a massive procession of silver carts, seemingly from the Eight Families and the public, lined up outside Taiping Bank, ready to make deposits. Li Qin's manager, Zhang Guangcai, begged him not to open, warning of the huge financial loss. However, driven by a belief in business integrity and refusing to be seen as a coward, Li Qin ordered the doors opened. To his astonishment, the street was empty.
Only Gu Pingyuan stood there, who revealed it was all a bluff. Explaining that in business one should not push rivals to ruin, he had called off the "joke" at the last minute.
