马殷
In 923, Li Cunxu claimed himself to be the legitimate successor to Tang, establishing a new Later Tang as its Emperor Zhuangzong. Thereafter, he made a surprise attack on the Later Liang capital Daliang (大梁, i.e., formerly Bian Prefecture), catching it defenseless. Zhu Zhen, not wanting to be captured, committed suicide before the city fell to Later Tang forces, ending Later Liang. The circuits that had previously been controlled by Later Liang came under Later Tang control. Ma Yin, hearing of the Later Tang victory, sent Ma Xifan to Daliang to pay tribute to Emperor Zhuangzong. When Ma Xifan met Emperor Zhuangzong, Emperor Zhuangzong asked him about the events in the Chu realm and was impressed. Wanting to praise Ma Xifan while, at the same time, sow seeds of suspicion by Ma Yin against Gao Yu, he stated to Ma Xifan, "I had often heard that one day Gao Yu would take over the Hunan region. If the Prince of Chu has a son like you, how could Gao do so?" Despite this attempt by Emperor Zhuangzong to cause Ma Yin to suspect Gao, Ma Yin refused to do so and continued to trust Gao. Indeed, it was said that it was Gao's suggestion that Ma, who was enticing merchants to come to Chu by collecting no transactional taxes from them, coined money out of iron and lead — two metals that were not used for money outside of Chu realm. As a result, the merchants were forced to spend the money by purchasing items from Chu, thus allowing Chu to enrich itself through these commercial activities. Further, also at Gao's suggestion, to encourage sericulture, Ma also allowed the people of his realm to pay taxes with silk in lieu of money, and it was said that after several years of this policy, Chu had become a major producer of silk.