Black Corporation: Joseon [EN]: Chapter 632

632. Current Situation in Beijing (2)

That evening, Xiang returned to Gangnyeong Hall and, while reviewing the documents again, chuckled.

“If this is the state of Ming, the Ming Emperor must be wishing he could just give up his throne.”

Xiang’s joke was, in fact, not far from the truth.

In the deepest part of the Forbidden City, within the ancestral shrine where the spirit tablets of past emperors were enshrined, Emperor Jingtai’s sorrowful cries echoed morning and evening.

“What am I to do! Please, someone give me an answer!”

* * *

The biggest problem facing Ming was its dire financial situation.

To properly govern a country, sound finances were essential, requiring a well-balanced revenue and expenditure.

However, the recent war had torn a massive hole in Ming’s revenue streams.

The Grand Canal was disrupted, and much of the central region lay devastated, crippling even the industrial heartlands of the central and northern provinces.

Another major source of revenue, the Jiangnan granary region, was hampered by merchants hoarding grain, preventing the collection of proper tax revenue.

Taxes had become an unbearable burden for farmers who had been forced to sell their grain at rock-bottom prices.

Emperor Jingtai, agonizing over how to secure salaries for the soldiers on the northern front and provide them with clothing and food, presented his ministers with a desperate solution.

“What if we print a large amount of currency?”

As soon as Emperor Jingtai’s proposal was made, all the ministers, led by the Senior Grand Secretary, vehemently objected in unison.

“Absolutely not!”

“It cannot be done!”

“What is the reason!” Emperor Jingtai cried out, desperate for an answer.

The Senior Grand Secretary explained with a grave expression, “Your Majesty! Currency can only function as currency if it can be exchanged for physical goods of equal value to the amount printed on it. In the current state of the court, that is impossible! If we print more currency, transactions will be based not on the face value of the currency, but on its weight!”

“Ugh….”

Emperor Jingtai could only groan at the Senior Grand Secretary’s firm opposition.

* * *

The reason the Senior Grand Secretary and the ministers resisted so strongly was the memory of the chaos caused by the Jiaochao [paper currency] during the late Yuan Dynasty and the damage inflicted by the paper money system during the Yongle Emperor’s reign.

In the late Yuan Dynasty, the Jiaochao, recklessly issued to cover escalating war expenses and revenue shortfalls, plummeted in value, leading to rampant price instability.

To cope with ever-increasing prices, even more Jiaochao were printed, ultimately leading to the suspension of exchanges and economic disaster.

The high inflation caused by the over-issuance of Jiaochao became a major catalyst for the Yuan Dynasty’s collapse.

The paper money issued during the Yongle Emperor’s reign suffered a similar fate. The large quantities printed to finance the Yongle Emperor’s frequent expeditions wreaked havoc on Ming’s economy.

These precedents made Ming extremely cautious about operating its currency. However, currency operation was unavoidable. Ming’s vast territory presented significant challenges in collecting and managing taxes paid in kind [goods or services].

Therefore, as an alternative solution, they began reorganizing the Two Tax System, inherited from the Tang Dynasty, and promoted a plan to allow taxes to be paid in silver instead of goods.

It was at this time that news arrived that Joseon had successfully implemented a currency system.

Upon hearing this, Emperor Xuanzong actively decided to pursue currency operation.

Receiving silver was more convenient than receiving goods, but silver was also difficult to store and transport. Paper money, on the other hand, was easy to carry. While vulnerable to water and fire, any losses after its release into the public were considered a personal misfortune and not the state’s concern.

With Emperor Xuanzong’s strong support, manufacturing was actively fostered, and as currency circulated more freely, Ming’s economy experienced a period of revival.

This was the golden age of Ming, later dubbed the ‘Rule of Xuanzong’ by Chinese historians.

* * *

Even while actively operating currency, Ming officials never forgot the lessons of the Jiaochao and the principles taught by Joseon.

-To ensure the survival of paper money, proper exchange must be guaranteed.

To uphold this iron rule, Ming’s court diligently accumulated silver. They developed silver mines throughout the Central Plains and secured silver through trade with other countries.

Thanks to this accumulation of silver, the Ming currency’s stability was ensured.

However, the defeat in the war that erupted due to the poor judgment of Emperor Xuanzong, who had ushered in the golden age of the ‘Rule of Xuanzong’, cast a dark shadow over Ming currency.

It was issued in large quantities to finance war expenses, and a huge amount of silver was drained to pay the war reparations demanded by Joseon.

* * *

“Then what do you think is the right course of action?” Emperor Jingtai asked.

The Senior Grand Secretary answered immediately, “It may take a long time, but we have no choice but to follow the correct path.”

“The correct path?”

“We must increase mining operations in silver mines throughout the country and manage them rigorously to prevent unscrupulous individuals from stealing silver. We must also adhere to the principle of balancing expenditure with income and reduce wasteful spending.”

Emperor Jingtai immediately pointed out the problem with the Senior Grand Secretary’s answer.

“Adjusting expenditure to match revenue is a fine thing to say. However, given the current situation, it is difficult to keep that promise. The restoration of the Grand Canal is an immediate problem; won’t that be further delayed? The longer the canal’s restoration takes, the longer it will take for revenue to normalize, wouldn’t it?”

“We must reduce the country’s livelihood expenses.”

“We have already reduced them to the bare minimum. Do you know what my table looks like now? It resembles a farmer’s table. Do you think there is anything left to cut? All that remains is what is related to national defense, and you are aware of the situation in the north, correct?”

At Emperor Jingtai’s question, the Senior Grand Secretary swallowed hard and continued, “I pledge my life to inform Your Majesty.”

“I am listening carefully. Speak.”

“We must seek reconciliation with the north.”

“Reconciliation? Reconciliation!” Emperor Jingtai’s voice was filled with anger.

“Is the current situation in the north our fault? Isn’t it because those treacherous Oirat [Mongol tribe] bastards are aiming for our north that this situation has arisen! And you’re telling me to reconcile?! Do you not know how much we will lose if that happens!”

“I am aware. However, in the current situation, reconciliation is the only answer. What they want from us is not our territory, but the trade taxes we impose on their merchants and the restrictions on trade items. If we lower or abolish the trade taxes and open up trade to almost all items except gunpowder, they will immediately agree to reconciliation. If reconciliation is achieved in that way, we can reduce the excessively deployed troops in the north and reassign that manpower to the restoration efforts. And not just the restoration efforts, we can also deploy sufficient personnel to the silver mines and their transportation routes that I mentioned earlier.”

“Hmm….”

Seeing Emperor Jingtai enduring his anger and listening to his words, the Senior Grand Secretary spoke with greater emphasis.

“Our current situation in Ming is a crisis akin to a lamp flickering in the wind. To overcome this crisis and take revenge on Joseon, which dares to call itself an empire, we must endure not only hardship but also humiliation.”

When the story of the famous general Han Xin of the former Han Dynasty [who endured humiliation to achieve greatness] was mentioned, Emperor Jingtai sighed deeply.

“Hoo~. Must we suffer humiliation once again?”

“With my limited abilities, this is the only solution I could devise.”

At the Senior Grand Secretary’s answer, Emperor Jingtai looked back at the others. Seeing the ministers bowing their heads silently, Emperor Jingtai sighed deeply.

“Hoo~. Draw up a more detailed plan and report it.”

“I obey Your Majesty!”

Seeing Emperor Jingtai stepping back, the Minister of Revenue stepped forward.

“I pledge my life to inform Your Majesty.”

“I am listening carefully. Speak.”

“Looking at the current situation of the people, many are suffering due to unscrupulous merchants.”

At the Minister of Revenue’s words, Emperor Jingtai sighed again and answered, “I have read the memorials and I am aware. I heard that many are taking excessive profits in the middle. I wish I could execute them all right now, but regrettably, the situation does not allow it.”

The Minister of Revenue immediately seized the opportunity.

“If reconciliation with the north is achieved, we can solve this. We can mobilize some of the troops returning from the north to punish them. If we do so, we can both set an example and replenish the insufficient finances to some extent.”

“Huh?”

At the Minister of Revenue’s words, Emperor Jingtai straightened his posture and his eyes lit up. However, the Minister of Justice raised an objection.

“If we do it wrong, innocent people may be harmed due to false accusations!”

Even with the Minister of Justice’s opposition, the Minister of Revenue did not back down.

“Some collateral damage is tolerable in order to escape from this chaos. And merchants are the kind of people who will do anything to gain even a penny more profit. How many truly innocent people will there be? Just looking at the current situation, isn’t it a situation where rumors of bribing local officials and covering up their actions are openly circulating from Jiangnan to the Forbidden City here?”

“Aren’t there gangsters who call themselves martial artists and Jianghu [Wuxia world] people gathered around such merchants? If we do it wrong, a major bloodbath may ensue.”

“Humph!”

The Minister of Revenue, who lightly snorted at the Minister of Justice’s words, bowed his head to Emperor Jingtai and reported, “The righteous people who shouted ‘loyalty, righteousness, and chivalry’ during the past Japanese pirate attacks are nowhere to be found; now only gangsters remain. Leaving them unpunished insults the true righteous people, so we must punish them more firmly. Although their martial power is strong, they are merely 螳螂拒轍 (Tanglang ju che, like a mantis trying to stop a chariot with its arms) before guns and cannons!”

“Hmm….”

Emperor Jingtai made a nasal sound at the Minister of Revenue’s strong argument and fell into 고민 (Gomin, deep thought/worry). After pondering for a long time, Emperor Jingtai looked back at the Senior Grand Secretary.

“Incorporate the Minister of Revenue’s plan into the overall plan and then report it.”

“I obey Your Majesty.”

“Let’s stop here today. I want to rest.”

* * *

“Did I make a mistake?”

That night, the Senior Grand Secretary, having returned home, emptied his glass alone and muttered in agony.

“The Minister of Revenue’s plan is dangerous, but if it succeeds, it could be of great benefit. However, the problem is the chaos that will occur in the process. No….”

The Senior Grand Secretary paused, then sighed.

“The Emperor is the problem.”

Emperor Jingtai’s qualities were mediocre. If there were no issues with his personality, Zhu Qizhen [Emperor Yingzong] would have possessed qualities more suitable for an emperor.

It was because someone with such mediocre qualities had become the emperor that the Senior Grand Secretary was 고민 (Gomin, troubled).

If the Minister of Revenue’s plan was implemented, chaos would inevitably erupt. If it were Emperor Xuanzong, he would certainly suppress and overcome the chaos. However, with Emperor Jingtai, there was a considerable possibility that he would be swept away by the chaos and collapse.

“The 무림인 (Murim people, martial arts world) are also a problem. They don’t fear the national law….”

He claims they are powerless in front of guns and cannons, but the 무림인 (Murim people, martial arts world) are gangsters who do not fear the national law or death. If such gangsters gather their strength, there is a high possibility that the national system will be shaken.

“If there is a merchant who dreams of becoming 여불위 (Yeo Bul-wi, Lü Buwei) [a merchant who became a powerful politician] and colludes with gangsters….”

The Senior Grand Secretary, who mentioned the story of 여불위 (Yeo Bul-wi, Lü Buwei), who transformed Zichu, a hostage in 초 (Cho, one of the seven kingdoms during the Warring States period), into the ruler of 진 (Jin, one of the seven kingdoms during the Warring States period) from a mere merchant, shook his head as if he did not want to think about it anymore.

While the Senior Grand Secretary was 고민 (Gomin, troubled), an old servant came in and reported, “My lord, you have a guest.”

“A guest? At this hour? Who is it?”

“It is Wang Danju, the head of the Wangga Merchant Group.”

“Bring him in!”

* * *

The elderly merchant, guided in by the old servant, greeted the Senior Grand Secretary with a fist salute and said hello, “My lord, have you been well?”

“Just so-so. How about you?”

The Senior Grand Secretary, after exchanging light greetings with the head of the Wangga Merchant Group, one of the country’s prominent merchant groups, handed the head of the group a glass and asked, “What brings you here at this late hour?”

“There is a strange rumor circulating in 강남 (Gangnam, south of the Yangtze River), so I came to see you urgently.”

“A strange rumor?”

“There is a rumor that people claiming to be 주윤문 (Joo Yoon-moon, Zhu Yunwen, the Jianwen Emperor) and 주문규 (Joo Moon-gyu, Zhu Wen-gui, son of the Jianwen Emperor) are appearing.”

“What!”

Those claiming to be Emperor Jianwen and his son, who were believed to have been defeated by 영락제 (Youngnakjae, the Yongle Emperor) in the 정난 (Jeongnan) Rebellion [the Jingnan Campaign] and committed suicide long ago, had reappeared.