Chapter 56
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Translator: Ace
Chapter: 056
Chapter Title: Sprouts of Capitalism (1)
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The Andong Kim Clan had been pushed to the brink of annihilation due to Kim Ja-geun's recklessness.
Though King Heonjong had spared their lives by keeping their heads attached to their necks, everyone knew it wasn't out of fondness for the Kims.
"The Kim Clan has not only gnawed away at the state but has even set their sights on Your Highness's sacred throne. There is no need to let such traitors live."
These weren't just anyone's words.
They came from the Grand Royal Dowager herself—the king's grandmother and Kim Ja-geun's own sister, Queen Sunwon.
"Grandmother. How can you speak such chilling words?"
"If Your Majesty spared them out of fear that this old woman might faint from shock, it would be a grave sin against the ancestral shrines and the altars of the state."
The Grand Royal Dowager, well past sixty, pounded her chest and choked back sobs, bringing the surrounding eunuchs and court ladies to a somber hush.
Yet even after his grandmother's final approval for their execution, King Heonjong refrained from pressing the big red button. Kim Ja-geun's severed head didn't magically reattach to Kim Heung-geun's body.
Instead, Heonjong granted the post of Minister of Finance to Kim Heung-geun, who had been under house arrest, and summoned brothers Kim Byeong-hak and Kim Byeong-guk back to court. This clearly signaled that he had no intention of completely purging the Andong Kim Clan.
"I have great expectations of you."
"I shall spare no effort, not even the life of my old horse, to repay Your Majesty's trust."
At the moment the Minister of Finance position was bestowed, Kim Heung-geun realized the truth.
[Hand over every last penny from the family coffers!]
Joseon's finances had always been like a patient gasping for breath.
What was a Minister of Finance—or Hojo Panseo—supposed to do? Naturally, roll with whatever the throne demanded.
Though Kim Ja-geun's antics had led to the confiscation of immense wealth after his ghostly demise, the Andong Kim Clan—the pinnacle of the Gyeonghwa Sajok who had gripped power for half a century—wouldn't crumble from a single blow.
They still had money. Plenty of it.
In Joseon, without power, you couldn't hold onto wealth, but even ruined nobles went three years on their reserves. The Kims still possessed vast assets.
That was what Heonjong wanted.
For the sake of your clan's future, cheerfully donate that mountain of gold and silver. Straight-up extortion would look too crude.
With no position to refuse, Kim Heung-geun swiftly slipped into his well-practiced role as a seasoned Joseon official.
"Your Highness! You've not only spared us sinners, who deserve death a hundred times over, but granted us office as well. How could I refuse, even if I had to smash my head against the floor until my brains spilled out? We offer all our family assets to aid the nation's great cause. Please—"
[This is it, right? We'll transfer every asset to the state accounts!]
"Your loyalty is admirable, Heung-geun, but We are no tyrant plundering Our subjects' wealth. We cannot accept this."
[That's not it.]
The king openly using "We" now was one thing. After all, they were like eggs hurtling toward the massive wall of Qing China with the brakes cut.
But why refuse the money?
Wasn't that why he'd been made Minister of Finance—to squeeze them dry?
Maybe it was the "triple refusal" courtesy rule, where you had to decline twice first? But no one misread the royal mind and stayed in court. That didn't seem right.
In the end, after much deliberation, he left the palace and summoned brothers Byeong-guk and Byeong-hak.
"I thought His Majesty surely wanted our remaining clan wealth, yet he refused. Do you know anything?"
"Well..."
"Why not seek out someone who truly understands the royal will?"
Who in these times could claim to know the king's mind?
"Prince Heungseon owes us a debt."
"I doubt he'd see it that way."
Kim Heung-geun had no retort and could only smack his lips.
Had he sat on the throne of power too long?
Was he the one whose instincts had dulled?
Political debts shifted entirely depending on where power lay.
Gravity applied to power too—the stronger pulled the debtor-creditor dynamic into reversal.
When the Andong Kims were at their peak, Yi Ha-eung truly owed Kim Heung-geun. But now? It was more accurate to say Yi Ha-eung had smashed Kim Ja-geun's pot and bestowed grace by preserving the clan.
"Then we'll prepare a grand feast. Send word to the Cloud Pavilion to invite Prince Heungseon."
And that very night.
Prince Heungseon arrived at Kim Heung-geun's mansion, bringing one extra guest.
"It's been a while."
"Oh, please, speak freely. This lowly one wonders if he even belongs here—"
"Ha! Lowly one? The man who safeguarded the nation's ancestral shrines and altars dares call himself that? Sit, sit!"
Yi A-seul.
The king's confidant.
A figure even the king handled with care.
Yet who would dare label him a regent?
Who in Joseon had defended the crumbling shrines, leading to this robust kingdom?
Like the envoys who secured Ming aid during the Imjin War, Yi A-seul deserved merit solely for his feats.
But he'd declined, proudly claiming British identity, while Prince Heungseon refused on grounds that royal kin shouldn't claim such honors. Amid land reforms, avoiding merit squabbles made sense, but rejecting the scholar's ultimate glory without hesitation echoed their fame across Joseon's eight provinces once more.
The table was set with fine wine, glasses clinking through several rounds.
"Lately, my worries have been mounting."
Borrowing the excuse of drink—or claiming tipsiness—he cut straight to the chase.
"To repay the nation's immense grace, this old body sought to return all it possesses, yet His Majesty refused. I fear my loyalty falls short and tremble sleeplessly."
"Heavens. If the house of Lord Munjeong (Kim Sang-heon) isn't loyal martyrs, who in this land can claim fidelity?"
Yi Ha-eung's words drew an immediate nod from A-seul. Seeing this, Kim Heung-geun felt a quiet relief.
[At least they don't plan to sacrifice our house again!]
"I am old and dull, blind to His Majesty's grand aspirations. Pray, advise freely. How can I serve king and country rightly?"
"Tread the righteous path, and loyalty to king and love of country follow naturally, no?"
Yi Ha-eung smirked, skirting the issue. Look at that sly fox—everyone knew, yet he wouldn't give a straight answer.
"As a foreigner, I scarce grasp the royal will—"
"If not you, who? Save this old man!"
A-seul held back too, subtly glancing at Prince Heungseon. [Ask him, not me.]
After Heung-geun's repeated pleas, Yi Ha-eung stroked his beard and veered into side topics.
"Lately, delving into Western books, I've pondered their progress—and gained profound insights."
"With the Foreign Minister so diligent, this old frame can't lag. Might you share?"
"They form vast entities beyond mere merchant guilds—companies, they call them—tackling grand affairs domestically and abroad. Even Britain's conquest of India used no imperial troops, just mercenaries hired by this company. Astonishing, no?"
"How mighty Britain must be, for private soldiers to subdue India...!"
"That's the power of the company. Not just any, but— what was it?"
"Joint-stock companies. Shares akin to capital stock."
"I'm no expert, but isn't pooling capital what merchants already do?"
Heung-geun put on airs.
Any noble house with means—like the Andong Kims—naturally ran businesses under servants' or slaves' names. Joseon's default. Conversely, nobles mustn't sully hands with "base" trade. Also default.
A-seul said nothing of joint-stock genius, emergent stock markets drawing hidden funds efficiently, or limited liability fueling bold ventures.
"His Majesty keenly studies Britain's prosperity. If Joseon's first joint-stock company bears the Andong Kim name, wouldn't it align with his vision?"
Anyway, Britain did it.
It worked wonders there.
Secret to national strength!
"But... can a noble stoop to commerce?"
"Precisely why it's perfect to prove your loyalty."
They were ready to offer everything anyway.
Only then did Heung-geun grasp: the king wanted the Kims to pioneer this "joint-stock company," luring nobles into industry and commerce as pioneers.
Not mere asset seizure, but embracing infamy.
As Finance Minister, he knew land reforms would follow cadastral surveys. Nobles would sell excess land for cash—then need outlets to sustain clans.
"I'll gladly do it. Of course."
Other noble houses, loath to starve, would follow. No great dishonor.
But he held one last hope.
"Then, what company would best aid the nation?"
Even specifying the sector.
"Textiles, most straightforward. Machine-spun cotton yields incomparable volumes."
"Cotton cloth."
"Arms factories promising too. Construction. And more—"
Kim Heung-geun memorized A-seul's suggestions.
His clan's survival hung on it.
Modernization is devilishly hard.
In original history, barring Imperial Japan, most challengers collapsed midway. It demands shattering worldviews.
Look at Joseon now.
Astonishingly, they barely grasp modernization or industrialization. At best, superficially.
Yet Joseon's ironclad absolutist monarchy, self-destructed yangban from factional wars, timely foreign nudges, and revolts aligned perfectly.
A heaven-sent opportunity for bold reforms.
But problems abound.
- Another one? Really?
Of course. No problems? That's the biggest problem.
What industry sparks Joseon's Industrial Revolution?
- Cotton textiles, right? You just told that Kim guy.
Yes. Cotton is key.
21st-century folk, drowning in endless apparel stores, forget: clothes rival food and shelter as necessities—and luxuries. Britain's revolution didn't start with spinning jennies and looms by chance.
But neighbor China? Human-powered punk country.
Opium from exploited Indian plantations? Chinese grow domestic, undercutting imports on price.
China's Joseon's prime market—yet compete on price with that absurdity?
- Still, produce tons, it'll sell. Japan too.
Enter problem two.
Joseon industrializing steals pie from Britain et al.
Will money-mad powers sit idle? Doubtful.
Thus, textiles aren't the answer.
Textiles matter, but Joseon's best fit is elsewhere.
- You've got plans, huh?
Naturally. Tailoring products to client futures is a top salesman's virtue.
One answer.
Military industry alone.
Guns, swords, cannons, powder, bullets!
Joseon-tailored industrialization ensures great power status and endless fish stew!
- Hold up! Stop! If you can't sell cloth, where do weapons go?
Produce, and buyers swarm.
Can't sell guns? Trade for gold next door.
And astonishingly.
Before I spoke, Joseon reached the same conclusion.
"Your Majesty. As we declare independence worldwide and befriend Western powers, how can we neglect our nearest neighbor?"
"Japan has long exchanged envoys with us. With Beijing lost, the Qing will surely harass our eastern seas to salvage prestige. We must strengthen amity with Japan against contingencies."
Not quite?
A tad off?
"Discuss dispatching an embassy to the shogun."
Yes. Exactly.
Joseon folk are innocents, unaware of imperialism...
"With Joseon's fortunes rising daily, this embassy must be extraordinary. Procure a fine Western warship to convey our delegation to Edo—they'll recognize our majesty."
No.
That's the Unyo-ho incident.