Reforms and a Thousand Troops and Ten Thousand Horses (2)
On January 12, 1568 (Year 1 of King Seonjo’s reign).
The first court session of the new year began later than expected.
Heavy snow had fallen without pause since the start of the lunar new year.
The officials gathered in the Geunjeongjeon for the first time in a while chatted pleasantly among themselves as they waited for Yi Yeon to arrive.
Every face wore a satisfied expression.
Yi Yeon had presented them with small gold coins as New Year’s gifts, the amount calibrated to each official’s rank and merit.
On the front, beneath an engraved rooster, the words Joseon Bank appeared in Hangul. The reverse bore the bold markings ‘99.99%’ and ‘10g’, with ‘Mujin Year’ inscribed in smaller characters below.
Obverse: Rooster emblem above Joseon Bank in Hangul
Reverse: 99.99% • 10g • Mujin Year
One official held up his coin and asked, “Does this 99.99 signify nine parts, nine tenths, nine hundredths, and nine thousandths?”
“So I am told.”
“It is truly astonishing. Even after seeing it with my own eyes, I can scarcely believe we can produce gold of such purity.”
“I feel the same. For something so small it is remarkably heavy, and the tooth marks are crisp. The gold must be exceptionally pure. It is astounding that the artisans of the Chemistry Bureau organized by His Majesty created these.”
Though this was an age that prized frugality and integrity under Neo-Confucian ideals, no official disliked gold coins.
In Joseon, where gold was scarce because of Ming demands, a single gold ring could purchase an entire house. These coins were treasures to be handed down through generations.
An official who had been turning the gifted coin over in his hands asked again out of curiosity, “Does the ‘10’ written here mean it weighs more than two and a half don?”
“I overheard the Chief Eunuch say so while he was distributing them. And he said the unit is called a ‘gram (g).’”
“I have never seen the symbol before. It must be a newly invented character.”
“Actually, I am told it comes from the Western writing system.”
“Ah, is that so? Simple and easy to remember.”
New Chinese characters were still flowing in from the Ming, so the officials thought little of it. They simply committed the marks to memory out of habit.
Yi Yeon had heard countless times that Joseon’s scholars clung not only to outdated knowledge but to rigid, inflexible thinking. Rather than announce the metric system and demand its immediate use, he preferred the officials to absorb it naturally.
Yet he had not found a suitable method until now.
Then the solution arrived from an unexpected direction.
On the second day of the new year, despite the deep snow, his second brother came to visit Yi Yeon. He carried five full boxes of small gold bars intended as gifts for the royal relatives while offering his seasonal greetings.
Yi Yeon stared in astonishment at the boxes, each packed with bars the size of a pillow.
“Just how much gold have you mined?”
“Thanks to Chief Alchemist Hwagyeju, production has increased several times over. It is all because of Your Majesty.”
“Ah, so you have been extracting the gold with aqua regia.”
“Yes, Your Majesty. It was truly marvelous. It melts only the gold. That must be why it is called king’s water.”
With aqua regia now available, his second brother could rapidly produce gold coins of exceptionally high purity.
“Your Majesty, here is the list for distribution to the royal relatives.”
While developing the mines, Yi Yeon had decided the royal family members must receive sufficient rewards. Only then would they support him instead of raising objections.
Greedily trying to keep everything for oneself always brings trouble.
Yet even after the allocations, a considerable quantity of gold remained.
What should I do with the surplus?
Production continued without pause, so he searched for an efficient use. At that moment, a brilliant idea struck him.
“Brother, this may be troublesome, but I need you to convert this gold into coins at once.”
“Only show me the method. I will begin immediately.”
His second brother asked for no explanation.
After the chicken-farming plan had been exposed, Yi Yeon had levied no punishment whatsoever. The gesture had moved the man deeply. Had their positions been reversed, he himself would have at least offered a word of reproach.
Still, believing he ought to understand the reason, Yi Yeon offered a brief explanation.
“Circulating gold in bar form seems less efficient than coin form. I also intend to introduce the metric system currently used by the Chemistry Bureau. You have seen for yourself how convenient and superior it is, have you not?”
“Of course. It is marvelous that length, volume, and weight can all be converted using water as the common standard.”
His second brother, who managed the mines with assistance from the Chemistry Bureau, had already adopted the new rulers, scales, and measuring vessels based on the metric system. He therefore understood its convenience very well.
“One more thing, Brother. The circulation of these gold coins and the copper coins we will produce later must be managed separately.”
“Pardon? What do you mean?”
“I considered entrusting the task to the Naesusa or the Ministry of Taxation, but the Naesusa already oversees the salt monopoly and the properties of the royal relatives, while the Ministry of Taxation is overburdened simply collecting and managing taxes. I believe we should establish a dedicated institution.”
“That may be so, yet objections could still arise.”
“Since it will handle only currency, there should be no problem.”
“Then it appears there will be none.”
From the founding of Joseon, officials had constantly checked any expansion of royal power. The reasons were many, but the foremost was their claim that they had helped establish the dynasty together. Any hint that royal authority might grow was met with immediate opposition.
Not everyone behaved that way, of course. Opposition always produced supporters; such was the way of the world.
Knowing that these dynamics had repeatedly caused literati purges, Yi Yeon had no choice but to move with care.
Divide and rule is the shortest road to a country’s ruin.
Because he knew how the original Seonjo had reduced the kingdom to chaos, Yi Yeon believed conflict among officials must be prevented at all costs.
“I have already chosen a name.”
“Already?”
“Yes, Brother. I intend to call it the Joseon Bank and have the royal family manage it directly.”
“That is only proper. But you said ‘bank’?”
“Yes, Brother.”
Thanks to the original Seonjo’s memories, Yi Yeon’s knowledge of Chinese characters was rich. He knew the ‘eun’ in bank referred to silver, yet he deliberately chose the term anyway. He had considered ‘Gold Bank’ or ‘Copper Bank’ since they would begin with gold and copper coins, but the sound felt wrong.
“What does the name signify?”
Curious about the new term, his second brother asked.
Yi Yeon, unaware of the historical origin—that Ming silver-tax guilds had been called ‘eunhang’ and the term had been misheard in Korea—offered a convenient story.
“Doesn’t silver detect poison? I named it the bank so that no poisonous elements can come near the institution that manages our currency.”
“Ah… Your insight is truly profound.”
Feeling indebted to Yi Yeon, his second brother accepted even this implausible explanation with genuine admiration.
“There is one more request I must make of you, Brother.”
“Speak freely, Your Majesty.”
“I would like you to take charge of the Joseon Bank.”
“Pardon?”
“Are you not already managing all the royal mines?”
“That is true, however…”
“That is precisely why I ask. The work is the same; only the form has changed from bars to coins. Please accept the position of Director of the Joseon Bank.”
“…”
His second brother could not answer at once. His Adam’s apple bobbed as he swallowed.
He was no fool; he instantly understood the power such a post would hold. Desire flared, yet he could not bring himself to accept. Reminding himself he must be cautious after his previous mistake, he held back.
Yi Yeon spoke to him in a gentle voice.
“Brother?”
“Yes, Your Majesty.”
“In the future, every coin in Joseon will circulate through the Joseon Bank. That means the bank will hold all the money of Joseon in its hands. To whom but you could I possibly entrust the directorship of such an institution?”
“Your Majesty’s trust honors me, but the burden is too great.”
“You are more than capable. Have you not performed excellently until now?”
“Even so… the responsibility feels overwhelming.”
“Then consider it a royal command and accept.”
“What?!”
Yi Yeon smiled at his second brother, who had looked up in shock, conveying absolute trust.
According to royal genealogy the man was a cousin. He could be clumsy, but the original Seonjo’s memories confirmed he was not the sort to deceive or betray. He was also rather timid. For all these reasons, Yi Yeon judged him the ideal choice as the first governor of the Joseon Bank.
Unaware of this inner history, the officials continued their pleased discussion while examining the gold coins they had received.
From one side of the hall came the sound of a loud quarrel. Sim Ui-gyeom had seized Ki Dae-seung and was berating him.
“What do you mean by this? Supporting the transplanting method now, of all times?”
“With the heavy snowfall, it appears we will have another bountiful harvest this year. That is why. Please understand.”
“Come now! That will not do. A scholar does not go back on his word; it violates all propriety.”
Fortunately he had not yet dragged the man’s parents into the argument. But when the subject turned to scholarly duty, Ki Dae-seung could endure no more and frowned.
“Why are you doing this to me?”
“What exactly have I done for you to speak this way?”
“Are you not picking a fight right now?”
“A fight? I am merely distinguishing right from wrong. I am not spreading fertilizer.”
The onlookers burst into laughter. They had caught the homophone: the pronunciation was identical, yet the meaning completely different. Sim Ui-gyeom was teasing Ki Dae-seung with a pun.
Even so, Ki Dae-seung held his temper.
“Aish, if you have nothing to say, just leave. Go on…”
Ki Dae-seung had no desire to quarrel with Sim Ui-gyeom, who was far younger. Rumors already called Sim a fighting cock for plunging into the chicken-farming venture; avoiding him seemed the wisest course.
“Why should I leave? The one who dislikes the situation should depart.”
“Is it not because your seat has already been taken?”
“This seat is mine as well, is it not?”
“Aish! Damn it all!”
Ki Dae-seung could only sigh. He knew exactly why Sim Ui-gyeom was tormenting him.
When did this cursed fellow become so loyal to His Majesty? It’s driving me insane.
Watching Sim Ui-gyeom grin beside him, Ki Dae-seung finally raised both hands in surrender.
“Look here, Bangsuk?”
“Why do you call me?”
“I concede defeat.”
“In what?”
“From now on I will keep this mouth of mine tightly closed. Is that acceptable?”
Only then did Sim Ui-gyeom drop his smile and bow respectfully.
“Elder Myeong-eon, I have behaved inexcusably toward you all this time. Please forgive me.”
“It is nothing. What can I do when it all stems from excessive loyalty?”
“Thank you for understanding.”
Yi Yeon had already entered the audience chamber but had signaled the Chief Eunuch to delay the announcement so he could watch the scene.
Even though they are not blood-related, he is determined to act as her younger brother and protect her son.
Yi Yeon had heard reports of Sim Ui-gyeom’s antics. Whenever anyone criticized or expressed dissatisfaction with the king, Sim would march to the offender’s house, pick a fight, and turn the place upside down.
It seems the bond between brother and sister was stronger than I realized.
He had learned the behavior stemmed from a request by Queen Insun. Rumors said that Queen Insun, who had suffered under Queen Munjeong’s self-righteousness, had earnestly implored her younger brother to safeguard the king.
Knowing this, Ki Dae-seung had endured the pranks, as had the others.
When Yi Yeon gave the signal, the Chief Eunuch shouted in a loud voice.
“His Majesty the King enters!”
The officials who had been watching the quarrel between Sim Ui-gyeom and Ki Dae-seung hurriedly took their proper places and bowed.
“We greet Your Majesty.”
Yi Yeon acknowledged the greeting with a wave and immediately raised the matter of ending the regency. Everyone approved at once.
Since his ascension the atmosphere in the audience chamber had been remarkably harmonious, so there was no reason to object. They also knew Queen Insun, who was not well-versed in letters, found the regency burdensome. The decision to withdraw it was unanimous.
After disposing of several more items on the agenda, Yi Yeon called Ki Dae-seung forward.
“What is your opinion, Minister?”
“About what matter, Your Majesty?”
“You have steadily raised the problem of education in this country, so I have given it thought. The local Confucian schools will not suffice. Instead, I wish to establish elementary schools and begin by teaching this…”
At Yi Yeon’s signal the Chief Eunuch handed Ki Dae-seung the revised primer for Hangul.
With every eye upon him, Ki Dae-seung turned the pages one by one.