settlements, the "village commons", where people collected firewood or
went fishing. They now had to pay money for fishing rights and for the
right to collect wood, money for the emperor's exchequer. The same
purpose lay behind the wine, salt, and iron tool monopolies. Enormous
revenues came to the state from the monopoly of minting coin, when old
metal coin of full value was called in and exchanged for debased coin.
Another modern-sounding institution, that of the "equalization offices",
was supposed to buy cheap goods in times of plenty in order to sell them
to the people in times of scarcity at similarly low prices, so
preventing want and also preventing excessive price fluctuations. In
actual fact these state offices formed a new source of profit, buying
cheaply and selling as dearly as possible.

Thus the character of these laws was in no way socialistic; nor,
however, did they provide an El Dorado for the state finances, for Wang
Mang's officials turned all the laws to their private advantage. The
revenues rarely reached the capital; they vanished into the pockets of
subordinate officials. The result was a further serious lowering of the
level of existence of the peasant population, with no addition to the
financial resources of the state. Yet Wang Mang had great need of money,
because he attached importance to display and because he was planning a
new war. He aimed at the final destruction of the Hsiung-nu, so that
access to central Asia should no longer be precarious and it should thus
be possible to reduce the expense of the military administration of
Turkestan. The war would also distract popular attention from the
troubles at home. By way of preparation for war, Wang Mang sent a
mission to the Hsiung-nu with dishonouring proposals, including changes
in the name of the Hsiung-nu and in the title of the _shan-yü_. The name
Hsiung-nu was to be given the insulting change of Hsiang-nu, meaning
"subjugated slaves". The result was that risings of the Hsiung-nu took