Hwieon Comprehensive Finance
“Thank you, Auntie, for handling that troublesome request for me.”
When Hwiyeom offered Dang Su-jeong his praise after hearing her report, she shook her head and laughed.
“Don’t mention it. Cleaning up those small fry wasn’t even work. More importantly, how did you know Yeowangchae was going to attack Gong Duchan? Did you plant someone inside them?”
“Haha. The details are a secret.”
“You little brat—keeping secrets even from me?”
“No, nothing like that. If I explain in detail… the distorted business structure between Yeowangchae and Elder Gong Duchan was…”
Once Hwiyeom finished his brief explanation, Dang Su-jeong clicked her tongue in admiration.
“Wow. How did that guy manage to produce a sharp little mind like you? You’re really something.”
“…Calling your own older brother ‘that guy’ is a bit much.”
“Whatever. Anyway, I gathered everything exactly as you said. Check it over.”
She handed over the debt ledgers she had taken from Song Hoejang. Hwiyeom accepted them and smiled with quiet malice.
Gong Duchan had always been greedy and arrogantly sure of himself. Imagining that same man trembling in the terror of death before he died was enough to leave Hwiyeom feeling thoroughly refreshed.
Dang Su-jeong asked, “What are you going to do with those debt ledgers?”
“Did Song Hoejang happen to have his official seal as well?”
“Yeah. Looked like he’d brought it to write up a contract with Gong Duchan right there.”
“I thought as much. This will make things much easier.”
“What are you planning?”
“I’ll use these to seize control of the entire Jeonjanggye and put them under Jin Cheong to work them hard.”
Hwiyeom smiled faintly.
I’ll force every moneylender who was under Gong Duchan to kneel before me. Jin Cheong’s faction never attended that gathering today on my orders, so the line between friend and foe is already drawn.
“…You’re thinking something nasty again.”
“Oh? You noticed?”
“You bloodthirsty little monster. I’m just glad you’re on my side.”
Dang Su-jeong laughed and thoroughly ruffled Hwiyeom’s hair.
“Work hard. Call this aunt of yours anytime you need me.”
“Yes, Auntie. Take care.”
Afterward, Hwiyeom met the moneylenders one by one through Jin Cheong’s arrangements.
When he casually waved the debt ledgers taken from Gong Duchan before their eyes, the men went pale with shock. Seeing that the creditor’s name was not Gong Duchan’s but Song Hoejang’s made them grind their teeth in fury. Then the news that both Song Hoejang and Gong Duchan were already dead and that Yeowangchae had been completely destroyed left them trembling, faces ashen. Finally, when they confirmed that the creditor’s name on the ledgers had been changed to Jeong Pansu, representative of Hwieon Comprehensive Trading Company, they nodded in hollow resignation.
They understood the situation with perfect clarity: Song Hoejang, who had planned to dispose of Gong Duchan, had betrayed them and tried to bind them instead; that same Song Hoejang had then met a gruesome end at the hands of the Dang Family and lost everything.
“So Hwieon Comprehensive Finance… belonged to the Young Master all along…” one moneylender muttered.
At last they had discovered the true owner of the comprehensive finance company they had been so desperate to identify.
“What are you talking about? The owner is a man named Jeong Pansu. I am merely in a cooperative relationship with him.”
Hwiyeom feigned ignorance without hesitation. No matter how obvious the circumstances, there was a difference between admitting something himself and not doing so.
The moneylenders seemed not to care about that distinction and simply nodded.
“From now on, our master is the Young Master.”
“A loyalty oath after the situation has already been decided… what an unappealing sort of loyalty.”
“What can we say even if we have mouths? If you wish it, we will gladly serve in white mourning clothes.”
“Well, if that is your resolve, fine. I will watch you carefully over time. Elder Jin Cheong, make good use of these men.”
“Thank you, Young Master. I will not disappoint you.”
Completely subdued, Jin Cheong bowed his head deeply. In exchange for his loyalty, he had truly been given the leadership of the twenty-two moneylenders—the head seat of the entire Jeonjanggye. Among them were even elders who had once controlled more assets than Jin Cheong himself as masters of major money houses.
Yet Hwiyeom had simply transferred the names on the debts they owed Gong Duchan and become the new creditor. Then he had entrusted the collection rights to Jin Cheong. In other words, it was no exaggeration to say that Jin Cheong now held the power of life and death over them.
A bone-chilling thrill of pleasure and achievement coiled through Jin Cheong’s mind.
The Young Master truly showed me what he promised!
He had half-doubted it, yet in only a few days Hwiyeom had completely wiped out the Yeowangchae operations and brought every money house beneath them under control. And he had tossed all of it to Jin Cheong as if it meant nothing to him.
Jin Cheong made a firm resolution.
The Young Master is truly a benefactor sent to the Dang Family! If I simply follow his words, I can become the master of the greatest money house in Sichuan—no, in the entire Central Plains!
Somehow, with Hwiyeom, even that dreamlike possibility felt within reach.
Having brought every elder of the Jeonjanggye into Hwieon Comprehensive Finance, the financial power Hwiyeom could now wield had become enormous. The capital once controlled by Gong Duchan—master of Chahwa Bank, one of Sichuan’s three great money houses—combined with Hwiyeom’s own resources created a financial force without precedent in the history of the Sichuan Dang Family, all concentrated in Hwiyeom’s hands alone.
And Dang Un-sang had no desire whatsoever to wield that capital himself.
“I will be honest. I am a martial artist. I prefer training martial arts to reading ledgers. And realistically, you are far more gifted at commerce than I am, are you not? A gentleman acknowledges his shortcomings and accepts them. Placing the right person in the right position is a virtue of those who govern. I trust you will handle it well.”
In short: Money problems give me a headache, so you take care of it. Hwiyeom bowed his head at Dang Un-sang’s words.
“I will certainly repay this heavy trust.”
Afterward he went to visit the Provincial Commissioner.
Facing the Provincial Commissioner over tea, Hwiyeom finished the customary greetings and laid out his thoughts. After hearing the full story, the Commissioner tilted his head.
“So you need my help with the money-lending business? If you are asking me to shut down other money houses, even I cannot help you with that.”
“Haha, nothing so drastic. Please grant permission for me to station the soldiers you lent me last time as security guards at the Hwieon Comprehensive Finance I am establishing.”
“Soldiers? That would not be difficult, but what do you and I gain by doing so?”
“The mere fact that the government has dispatched soldiers will fundamentally prevent the dregs of the unorthodox and black paths from trying any late, foolish schemes. It will serve as a kind of protective talisman.”
“Hmm. And what about me?”
“You will gain nothing from simply dispatching Qingyuan soldiers, but in the future I can help create Great-Uncle’s achievements through Hwieon Comprehensive Finance.”
The Provincial Commissioner leaned forward.
“Explain in detail.”
Hwiyeom began his explanation with complete confidence.
“First is the revitalization of the economy. As you already know, Hwieon Comprehensive Finance, unlike existing money houses, will extend loans widely to the common people, and its interest rates will be extremely low. This will stimulate the economy.”
With the Provincial Commissioner’s official recognition, Hwieon Comprehensive Finance would provide Seongdo’s citizens with cheap loans and savings services at reasonable rates. Viewed in isolation, such a policy looked like a structure that would only produce losses and could never sustain itself. Yet that very financial policy would enrich the pockets of Seongdo’s people—the same principle by which spending increases during periods of quantitative easing. When the volume of money circulating in the market grows, consumption becomes lively, which in turn activates the markets.
On top of that, Hwieon Comprehensive Construction would provide a great many jobs. Beyond the state-run ironworks already contracted with the Provincial Commissioner, Hwieon Comprehensive Construction would inevitably take on everything from government offices throughout Seongdo to private projects—water and sewage works, new construction, and repairs. And Hwieon Comprehensive Construction was already employing large numbers of day laborers. The Dang Family would keep a tight grip on the critical technologies, of course, but even setting that aside, the number of menial jobs would explode. Those new jobs would generate income that had never existed before. Money flowing into people’s pockets would lead to consumption.
What would people spend on? A household that had eaten one hop of rice a day yesterday would not suddenly eat two hops simply because their monthly wages had doubled. Increases in the quantity and quality of daily necessities are limited. So where would the rest of the money go? In boom times, people naturally increase dining out and the consumption of luxury goods. They would order food from Baekga-jaengsik or eat out, and they would buy cosmetics and ointments from Hwieon Comprehensive Trading Company. Women who had used third-grade beauty cream would take the plunge and buy second-grade—or even first-grade—beauty cream. Officers would buy premium Hogol-go instead of the cheap stuff and apply it.
Money would flow from Hwieon Comprehensive Finance and Comprehensive Construction into people’s pockets, then be recovered again through the Trading Company, circulating in a loop. By treating the three companies as a single group and sharing profits, a structure would form in which local losses still produced overall group profit.
“In this process, Seongdo will become a far better city to live in. And all the credit will remain as the achievement of Great-Uncle, who supported the founding of Hwieon Comprehensive Finance and built the State-run Ironworks, launching a great provincial enterprise for Sichuan.”
“That is an excellent plan indeed!”
Excited, the Provincial Commissioner slapped his knee. Matching his energy, Hwiyeom clapped his hands once and continued.
“Second is the fact that I have no greed for money.”
“Hmm? What do you mean by that?”
“As you know, I have already made a great deal of money through Hogol-go, beauty cream, and the like. Our family, thanks to Your Excellency’s grace, also shares in the profits from coal sales and Mugyeol-jeonggang, so we will lack nothing for managing the household going forward. The reason I am establishing Hwieon Comprehensive Finance is solely to make this land of Sichuan where I was born and raised more prosperous and abundant, and to be of even a little help to Your Excellency.”
“Speak more specifically.”
“Hwieon Comprehensive Finance will become a business that pursues public good over private interest. When famine comes, just as the nation opens its granaries to feed the people, we too will embrace the people in the same spirit. To be precise: when the nation’s economy falters, we will sharply lower interest rates on loans, delay interest payments, and if necessary even forgive principal.”
“What? Is that… truly so?”
“How much has your heart ached whenever famine struck Sichuan or disasters swept through? Yet every time, the money houses only squeezed the people harder to protect their own profits. Hwieon Comprehensive Finance is different. We will take the lead for the people and put into practice everything I have just described, making this land of Sichuan even more prosperous.”
What Hwiyeom was describing was, in effect, the role of a central bank like the Federal Reserve—adjusting interest rates to control the volume of cash in circulation, even without the authority to issue currency. One point, however, was absolutely clear: ownership of the company would never belong to the Provincial Commissioner or the government. It would remain Hwiyeom’s personal property.
Once it becomes the greatest money house in Sichuan, as long as I don’t throw money into the air, I will make money no matter what I do. And on top of that, an unbreakable collusion with the government forms? How could I possibly miss this chance!
Others spent their precious blood money as bribes just to create collusion with officials. He would make money while forming the closest possible relationship with the government.
Moreover, the more often they come to us begging during famines and poor harvests, the more they will depend on us—and that dependence will become the power of our Dang Family.
Like a state-owned enterprise riding government support, he would earn money as money while scoring political credit with the authorities whenever the nation struggled. Over time the power relationship with the government might even reverse—just as with modern America.
Of course Hwiyeom did not say any of this aloud. He simply smiled kindly and added with easy charm,
“If Hwieon Comprehensive Finance takes the lead in spreading Your Excellency’s will and contributing to Sichuan’s economy, who would dare point fingers or investigate simply because government troops are protecting it? On the contrary, voices praising Your Excellency for protecting Hwieon Comprehensive Finance and showing compassion to the people will only grow louder.”
“Hmm…”
“Furthermore, I intend to use the government troops you dispatch as security to round up every last Yeowangchae operation that still clings to Sichuan soil.”
The Qingyuan soldiers protecting Hwieon Comprehensive Finance would smash Yeowangchae. In the eyes of the people of Sichuan Province, the equation would be sealed: Hwieon Comprehensive Finance equals a just, trustworthy money house under the protection of official power.
It was a deal that discussed the Provincial Commissioner’s political achievements while in reality giving the Dang Family far more.
“Mmm…”
He was being persuaded. Seeing the Provincial Commissioner’s eyes grow distant as he imagined a far-off future, Hwiyeom pressed his advantage.
“Great-Uncle remains still and gains achievements. Our Dang Family receives Great-Uncle’s protection and grows its enterprises. What better mutual prosperity could there be?”
“….”
“Imagine it. The figure of Great-Uncle who transforms life in Seongdo—no, all of Sichuan—from the roots. On streets where filth once mixed and flowed, clear rivers and fountainheads of pure water will beautify the city everywhere. Dirt roads that turned to mud the moment it rained will be paved with concrete so that carts and people can travel without difficulty in rain or snow. We will build large-scale weirs for massive waterworks and achieve flood control; floods and droughts will vanish without a trace from Sichuan. Vicious private finance like the Yeowangchae that squeezed and tormented people will disappear, and only Hwieon Comprehensive Finance—like a righteous, officially sanctioned bank authorized by Great-Uncle—will become a sturdy umbrella for the people. People will grow wealthy, and from the wealthy disease will disappear. Sichuan will become a paradise. And it will be so because of no one’s decision but Great-Uncle’s. Together with our Sichuan Dang Family, it is possible.”
“….”
After a moment of deep thought, the Provincial Commissioner finally nodded.
“You truly are a treasure Heaven has bestowed upon the Dang Family. Yes… now even my eyes can see it. The beautiful future of Sichuan that you and I will create together.”
Hwiyeom smiled brightly.
“You will not regret it.”