Chapter 34
Chapter 34
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Translator: MadScientist
Chapter: 34
Chapter Title: Currency and Direct Appeal (4)
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Joseon's provincial memorials began with Joheon, the righteous army commander.
The disciple of Nam-myeong Jo Sik, who was infamous for his hatred of the Japanese, and a 'pioneer' who was the first to prophesy the Imjin War, living up to his nightmare status for the wokou pirates.
Jo Sik himself was quite radical, but Joheon took it to another level.
But from now on, the originator of Joseon's provincial memorials is me.
"Your Highness's intent to create currency and broadly benefit the people is truly noble. That heart can well be compared to Yao and Shun."
Both King Sejong and Yi Bang-won started their currency initiatives with extremely good intentions. The results were hellish, but the reasons for implementation were filled solely with goodwill.
Yi Bang-won, who remembered the previous dynasty Goryeo and the Yuan well, believed that using 'currency' would lead to prosperity like the Yuan.
In fact, when Sangpyeong Tongbo spread widely in Joseon, it greatly aided commercial development—that much is true. And considering how Ming's economy skyrocketed after Zhang Juzheng implemented a system of collecting all poll taxes in silver...
The outcomes that Yi Bang-won and Sejong expected from issuing currency weren't wrong.
The problem lay in knowing only the results and not the proper methods of execution.
"However, what starts for the people must not plunge them into suffering. Thus, this humble subject risks his life to offer this admonition."
Medieval Europe was like that, and so was Joseon—truly a world short on spectacles. With no TV, newspapers, or radio, executions of criminals oddly became major entertainment for the populace.
In such a world, if a renowned young official known for his talent submits a petition demanding his own head if ignored... naturally, it draws everyone's attention, and crowds gather inevitably.
Even if they don't grasp the content of the petition, it's still amusing and novel entertainment.
As I predicted, crowds of officials, yangban, and commoners swarmed around me as I raised my provincial memorial.
"Your Highness decrees that currency exchange offices shall be established in every town nationwide, allowing people to bring rice or cloth and exchange them for coins. During the previous paper money issuance, exchanges were only available in Hanyang and Gaeseong, making it extremely difficult for people across the nation to obtain paper money. But this time, with exchanges available in every town, coins will be easily obtainable nationwide—this is most excellent."
During the previous paper money issuance, exchanges were only in Gaeseong and Hanyang. Folks living nearby could bring rice or cloth to swap for paper money, but...
Just as in medieval Europe, where fewer than 2% of the population ever traveled more than 80km from their hometowns in their lifetimes, most Joseon people never left their birth villages.
So how could someone from Jeolla Province possibly go all the way to Hanyang for an exchange? Naturally impossible. Yet needing to make immediate transactions, they resorted to barter.
And those caught bartering faced severe punishment.
This ignored every practical reality, tantamount to Yi Bang-won killing off the people himself.
At least, thanks to my proving that activating commerce benefits the populace, they've announced nationwide exchange offices... better than original history. Joseon Tongbo had similar exchange issues.
"Furthermore, Your Highness sets the rate at one doe of rice per coin (one nyang by weight). Yet currently in Joseon, one doe of rice trades for three nyang of copper. How do you think the people will react?"
This was the biggest reason Joseon Tongbo failed.
Exchanging one nyang of copper yields only a third of a doe of rice, but minting it into a coin triples its value.
Though most commoners are illiterate, unable even to read Thousand Character Classic, they're not so ignorant as to believe reshaping copper into coins magically triples its worth.
Thus, markets traded one doe of rice for three copper coins... while Sejong still enforced one coin per doe. Innocent people got caught like rats in between.
The result was so disastrous that the Annals of the Joseon Dynasty record: 'The economic ruin from coins was foreseen immediately upon their issuance.'
"Even if the coin's value is set roughly equivalent to the copper weight used, how can we secure enough copper for currency use in Joseon? Exchanging one seam of rice requires two geun of copper. Yet in Jinhae County alone, from market taxes, I collected one thousand seam of white rice, and estimating the total value of traded goods, it exceeds ten thousand seam. Even just calculating Jinhae County's small-scale transactions requires over twenty thousand geun of copper—have you gauged how much would be needed nationwide for coin circulation? Is securing that much copper feasible?"
The Military Armory uses about ten thousand geun of copper for cannon production in wartime prep. Twenty thousand geun? Beyond Joseon's current capacity.
Nationwide, it would require millions of geun at minimum. Utterly impossible.
Heck, it'd be more realistic for a guy with no dating experience to find an F-cup virgin beauty who's a lifelong singleton, loves only him, and supports his livelihood.
At least probabilistically, that's not entirely impossible.
"Moreover, for coins to serve as currency instead of rice, taxes must also be accepted in coins to convince the people of their utility. Yet the recent decree on the new currency prohibits tax payments in currency."
People in modern society don't question currency's value. Take a paper scrap marked 'ten thousand won' to the government, and it counts as paying your ten thousand won tax.
Thus everyone trusts currency—because the government accepts taxes in it.
But Joseon didn't accept taxes in currency, so such money was doomed to fail. If the state treats it as worth less than copper scraps, why would the people see it as currency?
"If the nation deems currency inferior to mere copper lumps, how can the people regard those lumps as money? Please, have mercy!"
I shouted thus. When my throat grew parched, I had Dol-soe fetch water and drank. When it felt like my voice might give out, I paused shouting, bowed toward the king's direction, then continued.
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Kim Dae-bung raising a provincial memorial naturally reached Yi Bang-won's ears.
Upon hearing, Yi Bang-won found Kim Dae-bung most insolent. Sejong felt the same.
Currency widespread would immensely benefit the people, yet why couldn't his cherished Kim Dae-bung understand their grand vision? Utterly exasperating and regrettable.
Yi Bang-won, attending a privy council (morning assembly) after a while, sighed first.
"Truly regrettable. So regrettable—We and the King sought to mint coins and broadly benefit the people... yet how can a wise man like Kim Dae-bung fixate on the immediate, failing to see afar, and oppose us? Most regrettable."
Other ministers, led by Prime Minister Hwang Hui, dared not respond.
Yi Bang-won, who seemed ready to do anything for currency implementation, wore his 'black dragon robe' and held his 'iron mace'.
'Rebel and die. You will surely die.'
But Ryu Jeong-hyeon thought differently; removing Kim Dae-bung far away was paramount.
Now despised by Yi Bang-won was the perfect opportunity.
"Supreme King, Your Highness, upon reflection, Hall of Worthies Scribe Kim Dae-bung has achieved too much at such a young age. As the saying goes, 'child prodigies meet untimely ends'—those who pass exams young easily grow arrogant... Kim Dae-bung has become overly arrogant, deeming his beliefs infallibly correct, and submits this as so-called 'loyal admonition'."
This perfectly hit what Yi Bang-won wanted without crossing him.
Yi Bang-won had no intent to kill Kim Dae-bung—merely to scare him.
Where else to find such a capable, loyal minister devoted solely to Joseon?
He was plainly destined to become a far greater prime minister than Hwang Hui, Maeng Sa-seong, Jo Mal-saeng, or Heo Jo.
Yi Bang-won saw Kim Dae-bung as the ideal regent to support the still-young king after his own uncertain passing.
"A child receives praise from parents when good, the rod when bad, gradually shaped into a person. Your Highness, Supreme King, now is the time to wield the rod for Kim Dae-bung."
"The rod, eh."
Yi Bang-won nodded.
"...Your words ring true. Kim Dae-bung can't be flawless. He can't know everything."
"Yes, precisely."
Then Hwang Hui countered.
"Supreme King, Your Highness, Kim Dae-bung's words have merit upon scrutiny. Please heed his life-risking petition and thoroughly review. Implementing currency afterward harms nothing. Who in court best understands currency and commerce now?"
"Kim Dae-bung."
"That he risks death despite knowing Your Highness the Supreme King and His Majesty's command means there are points worth reconsidering. Heed his views, assign him to the Currency Casting Bureau or Inspectorate to oversee potential issues with the issued currency."
"That has merit too. Yet openly defying Our command demands serious reflection thereon."
A smile crept onto Ryu Jeong-hyeon's lips. Proceed thus, one by one.
Slow but steady, breaking Kim Dae-bung's convictions and policies this way, Joseon would forever remain a nation for yangban scholars alone.
"Having received the memorial, We must respond. Isn't that so, Your Majesty?"
"Yes, indeed."
Finishing, Yi Bang-won swept out of Geunjeongjeon in his black dragon robe.
Sejong and civil-military officials followed.
Yi Bang-won addressed Kim Dae-bung performing his provincial memorial at Gwanghwamun.
"...Repent even now, and I'll impose light punishment, forgive, and greatly employ you."
Kim Dae-bung replied.
"This humble subject cannot."