"The new bond issuance is okay. He can replace some of the land bonds in the market, but in order to fundamentally solve such a problem, we need an extremely large amount of land. Jia Xu said helplessly.

The issuance of mineral bonds has brought many benefits, at least the scale of land bonds in the market has been reduced a lot, and if it continues to develop, it is estimated that the situation will improve with greater optimism. Jia Xu thinks so.

"We need to maintain a much larger expansion in the future. But to do that, we have to solve our internal transportation problems, and the advantages in the distribution of benefits, and so on. Shang Wu said.

"Well, that's exactly what is going on." Jia Xu said.

"But what we are concerned about is the next step of war bonds, without war bonds, it means a decrease in fiscal revenue, and it is impossible to further expand the war. It even directly determines the scale of our next troop trip. We have to find a way to deal with this, otherwise it will be very difficult to do a lot of things. Shang Wu said so worriedly, this is the problem that Shang Wu is concerned about, their financial situation is extremely unfavorable, in such a situation, if they want to complete such a thing, they need to directly solve a lot of problems, how to complete such a thing, their situation needs to depend on the bond market. Finance was an important factor restricting the scale of the Republican Army's troop deployment, and Shangwu had to raise military expenses in advance. Although there is still some time, they must do it as soon as possible.

"We must speed up the recovery of some land bonds, reduce the obstacles of war bonds, and further expand the benefits of the war." Shang Wu said.

"It's a bit hard to do. Most of the land in Hedong and Bingzhou is limited. Not a plain area after all. To meet the needs of the land, it is unlikely, plus the control of the area is more mountainous. It's still very difficult to operate. Jia Xu said. The IRA controlled almost all of Shanxi, and although it controlled such areas, it relied on a very limited amount of valley floors and basins to support their agriculture, and the land bonds were largely related to agriculture. Mineral bonds are effectively equivalent to industrial bonds. Two different attributes lead to a direct and essential difference between the two.

"Well, relying solely on mineral bonds is not enough, and I think we should expand the bond function to more extent. I haven't figured this out yet, so let's put it on hold for a moment. Shang Wu said.

"In that case, I suggest that we pay attention to the West River. This is a telegram from Dong Zhuo, they agree that we will build a corresponding trading base in Xihe, and in exchange, they hope to get more loans, as well as arms, it seems that Dong Zhuo wants to further expand the armament war, and the size of their troops may reach more than 100,000. In this way, the total amount of debt will reach new heights. Jia Xu said worriedly.

Dong Zhuo's arms expansion war has further accumulated the risk of the Republican Army's external debt, and if this problem cannot be solved in time, their situation will have a greater crisis, but at present, they still need Dong Zhuo to do this, as for the debt crisis, Shang Wu believes that the danger is not very great for the time being. Although the total amount of debt exceeds Dong Zhuo's previous loans, Shang Wu believes that Dong Zhuo's assets are also increasing, and as for the last few things, they will still solve such things.

"In addition, Luoyang's intelligence has also been fed back in a timely manner, and the state soldiers have quickly taken Bishui Pass, and they will further advance to Luoyang. Dong Zhuo's military spending is under great pressure. Jia Xu said.

The Republican Army's advantage of attaching importance to intelligence has been brought into play, and Shangwu can find out a series of actions and details of the other side. Unilateral transparency is extremely beneficial to the IRA.

No wonder Dong Zhuo agreed in a hurry, and only asked for a loan. It seems that the other side also knows that we are their only support. Shang Wu said.

"Yes, but then we have a lot of pressure. It is equivalent to our family supporting two families. Jia Xu said worriedly.

"Rest assured, we're going to get what we need from a fight like this, and we're just going to spend some time." Shang Wu said. Jia Xu agreed, but in the specific situation, they still need to further complete such things. Because only then can they be satisfied to a greater extent.

Jia Xu nodded in agreement with such an idea. Because the Republican Army occupies a lot of advantages.

Jingshi, the second line of defense outside Luoyang City. Dong Zhuo walked in the trench to inspect the construction of their defensive line.

"There are three infantry battalions stationed here, the equivalent of a regiment of the Republican Army. We have more than 2,000 firearms. Such a firepower output, even if all the state soldiers attacked, could not be penetrated. Guo Yan introduced with confidence. Dong Zhuo just nodded after listening. It still depends on the battle, and if there is no battle, it will be difficult for them to accomplish such a thing.

"How's the first line of defense?" Dong Zhuo then asked, he took the binoculars handed over by the guards to check the situation on the position of the first line of defense. The first line of defensive line consisted of three trenches, the last of which was no more than three miles away from the first trench of the second line of defense. If they stand on the high ground, they can still see the situation on the other side if the weather conditions allow.

"There are two infantry battalions there, and the firepower is as high as 1,000 firearms, and if they are released at once, the state army will suffer great, big losses." Guo Yan said.

"Hmm. Very good. Dong Zhuo nodded, indicating that he was still satisfied. Dong Zhuo adopted the method of echelon arrangement, if the first line was broken. They will retreat to the second line and be broken through again. Then they retreated to the second line of defense. And so on, this is an acceptable situation for them.

Because as they retreat, their forces will gradually concentrate, and their forces will become stronger. On the contrary, the opponent will continue to consume his own vitality in the continuous offensive temptation, and finally lead to the final loss in their strength, and the advantage will inevitably belong to Dong Zhuo's side. The soldiers were also very strong, their cavalry and infantry were very effective, although they suffered a blow from the Republican army, they took the initiative to retreat at first, and if they did not retreat on their own initiative, they might not have suffered such a big blow.

"Bang bang." That's when it happened. Dong Zhuo heard a fierce exchange of fire from the front line. Guo Yan felt very bad when he heard it.

"Let's go to the observation center and see what is going on." Dong Zhuo said. Guo Yan reluctantly agreed, and the people who built it were driven away. The soldier quickly took his weapon and entered the combat position. But the fighting at the front was fierce. Guo Yan seemed to be a little nervous.

"Fuck, what's going on?" Dong Zhuo took the telescope and scolded loudly. When Guo Yan heard such a scolding, he felt uncomfortable in his heart, but there was no way, he was the main person in charge of the defense line. He couldn't see it clearly in his telescope, and his telescope magnification was not as good as Dong Zhuo's, but he also saw it. The firearms on the first line of defense were defeated. Yes, defeated. It was not clear to see, but as time progressed, what they saw was that many soldiers were fleeing without their lives, their firearms were thrown away, and the heavy firearms became a burden for them to escape, and the firearms in their hands could not be fired at all during the run, and behind them, there were many swords and axes. They held shields in one hand and long knives in the other, and even, unable to pursue each other, would throw their axes out and hit the fleeing soldiers.

"Give me a second line of defense. There must be no room for error. Dong Zhuo shouted angrily, he was very anxious now, he didn't know what was going on in the first line of defense, but it was definitely not a good thing to knock down these soldiers of his own all of a sudden, and even, this was a very bad thing, such a thing would happen in front of his eyes, he didn't know if he chose to know such a thing.

But bad things are still going on, and at least their situation will not be conducive to a situation that they think is very good.

For example, the current situation. This is absolutely bad for them.

Because there were routs in front, and the axemen of the soldiers were following closely behind, the soldiers of the second line of defense could not fire, and if they did, they would kill their own people.

"Damn it, shoot me and kill those damn deserters." The officer shouted loudly. The soldiers were hesitant, after all, they were all their own brothers, but if they were allowed to rush over, it would be extremely disadvantageous to them.

Under constant pressure from the officers, they could only open fire. The bullets that flew out kept hitting their own people, and after a large number of them fell, the deserters realized that they were blocking their own angles. They fell on their stomachs or fled to their sides.

And in the back were the axemen of the soldiers, who immediately advanced with their shields on their heads.

The flying bullets hit some targets, and many people were hit and fell to the ground. However, there are still many people who rush in quickly. As long as they enter the trenches, their combat effectiveness is even more powerful than that of firearms.

"Hit, fire, quick." The officer shouted loudly, for the approaching enemy was putting a lot of pressure on them, which made them feel very unnatural. Even, they felt nervous, so nervous that they didn't want to look at the enemy.