บท 60: Rebuilding Rijilir
After the dinner party, the elders presented Will and the City Lord's separate plans to their clans. Will's house became uncomfortably crowded as guests would pop in to discuss Will's bond proposal. Will cautioned each guest, the bond program would be more attractive for investors if the Tribal Council and could raise more funds; as opposed to, creating bonds for separate tribes.
Will educated each guest on the differences between municipal and government bonds. He also discouraged his guest away from nationalization and the harm it would cause in the markets. Nationalization is when a government transferred private ownership to the state. This would often cause private investment to divest from a country leading to a deflation of currency.
Will welcomed each opportunity. When he lived on Earth he consulted world leaders on their national economic policy, how was now any different. Except for one, he wasn't paid his exorbitant consultation fee. No matter, Will was slowly building his credentials, next time they would pay.
Each quest was instructed on the differences between high, intermediate, and low yield bonds; how the number of years, and how to set interest rates. He gave examples of five-year high, intermediate, and low yield bonds with a five percent interest, and how varying the years, yield, and interest rate would incentive investment and raise capital funds the Tribal Council desperately needed.
At one point, his house became so crowded, the staff could not deliver tea, cakes, and hors d'oeuvres through the house. The guest was invited outside for a garden party, which provide slightly more room for the staff to maneuver.
Will knew this economic policy sounded good but was not the easiest to explain. It would be even harder convincing Tribal Council voting members this economic policy offered stability and security in a teetering economy.
Not everyone enjoyed discussing economics, more often people found it boorish. But, as long as their money was secure, had jobs, and feed their families they would tentatively agree. The greatest fear for Tribal Council voting members was trusting a human. Even though Will joined a clan, he was still human. And humans had a reputation for enslaving their race.
This was a fact the City Lord used for propagation. To counter Will, his rhetoric spoke of fearmongering. He argued Will would use this opportunity to through the economy into further chaos and then families would be forced to sell themselves or children into debt slavery to earn enough money to survive.
The City Lord argued the need to nationalize rice farms and farmers. The Tribal Council would become the farm landowners, and lease the farms to farmers who would follow their directions. It was in the Tribal Lands' best interest to schedule create this Land Reform, it also aligned with the growing labor movement. The Tribal Council could control who farms, how many farms plant rice. After the harvest, the Tribal Council would limit imports, especially rice, and focus on exporting goods and crops. The funds from exporting could then be used to develop the Tribal Lands further.
The crux of the City Lord's plan was an import tax, that would raise capital funds to develop rice farms. Will was in opposition to the City Lords. Will and other rice sent a declaration that if the Tribal Council created a tariff, the rice importers would have no choice but to decrease the amount of rice they import. The Tribal Council feared this might trigger another rice riot. The City Lord, argue this was just a scare tactic.
A week after the Sun Yefang's dinner party, the Tribal Council met to vote its new economic policy. Two proposals gained the most popularity, the City Lord nationalization proposal, and Will's bond program. Both proposals were controversial, as the Tribal Council rarely voted to increase its central power. Some clans even voted, they would vote against the Tribal Council's power grab, as they saw it.
A few clans threatened to opt out of the policy if their favored policy was voted down. Other tribes sought to attach ridders, or addendums, to the two policies. And in the middle of all this was Will. There was a precedent for the Tribal Council to assume temporary central powers. But there was no precedent for allowing a human to sit in the Tribal Council amphitheater. People kept giving Will awkward stares.
After the power shift, six great clans existed. In the Tribal Lands over 500 beast clans existed. The now six great clans positioned themselves around the building, with their vassals sitting around them.
An old bear, Will had not seen before gaveled in the session. He sat on a stone backless chair with rolled chair arms, next to a small stone table. This is the place the City Lord sat during Will, Lawrence, and Holo's trial. In a shaky whisper, that commands the respect of everyone present, he announced, "We are here to discuss how to get ourselves out of this mess we created. Who wishes to bring a proposal before the council?" He coughed in between each word.
Stalking Wolf, was the first to stand. With a strong back and confident shoulders, he spoke in a clear tone, each word was spoken stoically "Honorable Ferocious Bear, it is good to see my old friend again. The Wolf and Tiger Clans propose to create a 15-year intermediate bond with 6% interest and levy a small clan tax. Our proposal plans to distribute those funds to targeted rural investment, and village reconstruction projects."
"Stalking Wolf it is good to see you and your new pup. Council one proposal is accepted for debate, is there another," Ferocious Bear said coughing. The City Lord rushed to the stage to pour his grandfather a cup of water from a nearby pitcher.
While on stage the City Lord stood extended in his three-meter-tall muscular frame, announced in a deep baritone voice, "Honorable grandfather, the Bear Clan offers a proposal. We propose nationalizing all the rice farms. To pay for the reconstruction caused by the riots we propose taxing the merchant rice importers."
"Are there any other economic proposals?" The old, wrinkled grandfather bear paused, but the amphitheater sat quietly for five minutes.
"Hearing there are no other proposals, we debate these two and then take a vote. First, are there any grievances?" Ferocious Bear, sipped water waiting.
"Honorable Ferocious Bear, the Rabbit Clan wishes to bring a grievance on behalf of the merchants. We have a petition signed by other 200 merchants to oppose nationalizing the farms. What's to stop this from council deciding next to nationalize our shops or another trade route to Fermion?"
"Honorable Ferocious Bear, the Snake Clan wishes to bring a grievance. We have a petition signed by over 100 clans, who fear the clan tax with indebt them to a larger tribe, or worse to human slavers. What's to stop this council from levying more taxes in the future?"
"Grievances have been brought how to do address them?" The old bear asked.
"Grandfather, the rice merchants are making thousands of lead credits from the major clans, as we are forced to subsidize the rice to pacify protestors. Why shouldn't those merchants be forced to return those credits?" City Lord answered other clans began shouting in agreement. Clans were spending thousands of lead credits to purchase the brown rice.
"Question for the Bear Clan, what happens when you tax rice importers and they decide to import less because of the taxes? I'll tell you what, the rioters will come back and the amount of illegal brown rice on the market will increase," said an upset Rabbiton.
"If that happens we will increase the tax, or force importers to bring in the same amount as before or more!" said an upset City Lord who did not like being questioned by either a Rabbiton or merchant.
"Overreach!" yelled an Orca Clan's Sea Witch. "You would infringe on another clan's merchants and business. The Orca Clan are avid sea traders. What tax would you set on our merchants?"
"All merchants, especially rice importers, will be taxed 35% at the beginning. This amount was given by my civil clerk. Once enough funds are raised, I imagine that will decrease over time, until the crisis is resolved and the tax dismissed." The City Lord did not like being questioned.
"Outrageous! The Orca Clan opposes this proposal!" the Sea Witch's flipped her black hair in disgust.
"Outrageous, then what about the clan tax raised by Wolf Clan?" The City Lord was so angry his fingers curled into a fist.
"If I may Stalking Wolf," said a respectful Sun Yefang. "The clan tax is based on the principle and interest payments to pay back the bond. A clan's tax would be based on a clan's tribal territory. That would mean the Tiger Clan would pay the highest taxes, followed by the Bear, Wolf, and so on. As an example, the Turtle Clan would pay the lowest tax. In the Tiger and Wolf Clan proposal any clan that is unwilling, or unable to pay their share taxes, forfeits their right to the target investment and reconstruction funds. Trust me, the Tiger and Wolf Clans are more than happy to use these funds to improve our clan territories" he said showing a cunning grin.
"Any more questions for on these two proposals, before I call the vote?" the sickly old bear coughed.
"No one? Then I'll call the roll? Ferocious Bear half-whispered.
"Grandfather the Bear Clan votes for our proposal," The City Lord said proudly.
"Ferocious Bear, the Eagle Clan votes for the Wolf and Tiger Clans proposal," said Heavenly Eagle.
"The Orca Clan votes for the Wolf and Tiger Clans proposal," said the Sea Witch.
"The Snake Clan votes for the Bear Clan proposal," yelled an injured Naga man.
"The Tiger Clan votes for our proposal," said Ye Fan.
"The Wolf Clan votes for our proposal," said Stalking Wolf.
Then Ferocious Bear called the smaller vassal tribes by name. The vassal tribes voted the same way their patron clans.
"The Wolf and Tiger proposal is pronounced the winner," said Ferocious Bear. "Grandson, I believe you wish to make a statement on behalf of the Bear Clan.
"The Bear Clan will support the bond and clan tax proposal to endeavor tribal unity," bowed to the amphitheater in respect. Applause erupted from the stands.
"I too wish to make an announcement; The Snake Clan rejects the bond proposal and will pay the clan tax! This Tribal Council did nothing as my clan suffered! And now you wish to help my clan rebuild. The Snake Tribe will repay this injustice!" said a Naga man as he walked out of the amphitheater with his clan in tow.
Striking Tiger, Stalking Wolf, and Will walked on stage and explained the bond system once again in detail, in case someone was not able to make it to one of Will's garden parties. Will explained intermediate would draw investors, and minimize the risk of the Tribal Council defaulting when the bond matures. Given the uncertainty in the market, a 5% interest would incentivize people to purchase bonds. In two weeks the Tribal Council would offer its first bond auction.
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