There Is No Sejong In My Joseon [EN]: Chapter 329

330. Pax Joseon (2)

Even people of this era understand the principles behind implementing a silver standard.

The problem is their tendency to abandon those principles to secure currency arbitrage whenever it suits them.

I frowned, wondering if this was just another variation of that argument.

“In the past, when we issued paper money, didn’t we exchange it for rice and oseungpo cloth [a type of cotton fabric] to ensure the people’s trust and encourage its use?”

It was Minister of Taxation, Lee Ji-gang, who spoke.

We needed to get the facts straight.

It failed because the guarantee of payment at face value wasn’t properly enforced, but there was no point in dwelling on past failures.

‘Surely, they’re not suggesting we return to rice convertibility, are they?’

Rice value fluctuates with every famine, making it unreliable as a currency.

Of course, that would be better than nothing, but it would definitely be a step backward from mining the Ouchi silver mine as we are now.

However, the Joseon officials in the Ministry of Taxation were figures who had steadily grown within the rapidly changing historical context.

Therefore, Lee Ji-gang’s words didn’t simply mean returning to paper money backed by rice and oseungpo cloth.

“We have Biaak, don’t we? Biaak is as valuable as gold and silver, but we can control its production as we have done so far.

Also, its value won’t change drastically depending on the harvest like rice.”

Biaak, or rather, the manufacturing method to create Biaak itself, is like a magic wand.

Biaak is the most valuable luxury item of this era.

No, it’s hard to even call it a luxury item. It’s practically a necessity for the upper class.

‘Something we can create, whose value isn’t cheap, and that everyone in the world seeks.’

If the market situation changes rapidly and Biaak doesn’t sell, and the stock piles up, the value of the currency linked to Biaak will be shattered in that instant, but I don’t think that will happen, at least as long as we monopolize the nitroglycerin manufacturing method.

I’m worried that Biaak might leak out, but wouldn’t it be better than this situation where currency disappears as soon as we pile up silver?

‘It would be a severe headache if nitroglycerin were invented elsewhere.’

In fact, I’ve even set up an elaborate deception to prevent that.

I heard that there are constant attempts to import Joseon ginseng and independently figure out the Biaak manufacturing method.

‘It’s just a waste of expensive ginseng.’

There are countless people who have been caught trying to sneak into Joseon to obtain wild ginseng because experimenting with red ginseng didn’t work.

Even if they knew the entire manufacturing method, it wouldn’t be easy for other countries to catch up, as they would have to build the infrastructure from scratch.

In conclusion, I think we can probably milk it for hundreds of years.

After that, well, we can find another way.

“Is there a method?”

“Yes, Your Majesty. If someone with a Joseon banknote comes, I plan to exchange it for Biaak equivalent to silver. Biaak has an expiration date, so the exchange office must pay attention to constant storage…”

“Why make it so complicated?”

I spoke up.

“From now on, all Biaak can only be traded with our money.”

You bring money, and we exchange it for Biaak?

Then we can just tell them to buy Biaak with that money.

However, only at the price we set.

We have come to wield absolutely stable currency power.

I don’t know how much benefit there will be in this era.

I remember that the United States used it very effectively in modern times.

===

Since Emperor Taizu Zhu Yuanzhang issued an edict forbidding foreign trade and maritime traffic.

With a few exceptions, the Ming Dynasty’s maritime ban was strictly observed.

One of those exceptions was the tributary trade [official trade missions from vassal states].

“The capital is always bustling, but there seem to be especially many people these past few days. What’s going on?”

“Hey! How can a merchant not know that envoys from Joseon are coming?”

“The leading merchants from Anhui, Shanxi, and Zhejiang are all flocking here. They’re trying to sweep up Joseon goods.”

“Not just Huizhou merchants, Shanxi merchants, and Zhejiang merchants. Merchants from Jiangsu, Shandong, and Yue also flock to the capital around this time.”

A scramble is taking place to obtain Biaak, or at least Joseon red ginseng and various novel foreign goods.

As a result, every time a tributary envoy arrives three times a year, a large market is set up behind the Huotongguan [a gate in the Great Wall].

The merchants who follow the delegation unload their goods behind the Huotongguan and shout out auctions, so the price is whatever you call it.

Even then, they can’t get enough, so the merchants have no choice but to want to expand trade with Joseon more than anyone else.

Even though three tributary missions a year is unusually frequent for a tributary state, it is not enough to meet the demand of the Chinese who are thirsty for trade with Joseon.

Who would that be enough for?

In this situation, when Liaodong became the Joseon king’s possession, many people saw it as an opportunity rather than being saddened that they had virtually given away land.

“A Joseon ship is coming!”

“Hey! A Joseon ship? That’s a ‘Liaodong ship.'”

“Ah, my mistake. A ship from the Prince of Shen’s mansion, right?”

Since the court issued a maritime ban, all private voyages and overseas trade are strictly prohibited.

However, this is only a transaction between Liaodong and Shandong, not foreign trade.

Moreover, they are not going to sea themselves, but only sending goods on ships operated by the Prince of Shen’s mansion with special privileges, so there is no possibility of problems.

I wouldn’t be surprised if the court officials had this reason in mind when they gave Liaodong to the Joseon king as a fiefdom.

If Yang Shiqi, who had no choice but to choose a one-country, two-systems approach, had heard this, he would have clutched the back of his neck.

“My lord, have you arrived? What are you doing? Load the rice quickly!”

“Well, the payment will be made in our money as always. Is that okay?”

“Of course. But where are you planning to take those people?”

The ‘Liaodong ship’ is not only looking for rice.

There have always been wanderers in this abundant Central Plains without a livelihood, and it was impossible for the court to thoroughly prevent them from moving from city to city in search of a living.

So what difference does it make if they go to Liaodong this time?

“I heard that there is a lot of labor construction going on in Liaodong, so Prince Shen must be looking for a lot of people.”

“Aren’t there any heretics mixed in among them?”

They are referring to the White Lotus followers who stirred up Shandong until recently.

“There will be those who joined the cult without knowing it.

But they are going to Liaodong to do day labor because they are starving, so would they cause any major problems?”

“I was just asking. Originally, when the country is in chaos, rebellions and cults spring up like wildfire. They couldn’t do the same in Liaodong, could they?”

Even if there are those who deeply believe in the White Lotus that much, it doesn’t matter.

The spiritual leader, Buddha Mother Tang Sai’er, is in Majapahit, tens of thousands of miles away.

It’s easy to trick those fanatics and sell them to the Jowa Kingdom.

“The payment will all be made in our money, right?”

“Is there any doubt? Haha.”

No matter what they buy or sell with Ming, Joseon money is naturally used in the process.

No one thought it was strange.

===

The Taining Guard, which led the Uriangkhai during the King Zhao’s subjugation, completely seized control of the Three Guards.

The Taan Guard, which had been working under Emperor Yongle, couldn’t stand up in front of them, and the same was true of the Bokyeo Guard.

The Taining Guard effectively manages this Daening [a region near the border of Joseon, Ming, and Mongolia].

Located between Joseon, Ming, and the grasslands, it was also very good for opening a market.

It would be even better if the balance of that market was tilted towards this side.

“Do you think we’re fools? What can we do with that Ming Dynasty paper money?”

The Ming Dynasty also tried hard to circulate paper money, the Da Ming Baochao.

However, inflation had already emerged during the reign of Zhu Yuanzhang, and trust collapsed, leading to a tragic demise.

Currently, the value of Baochao is only one-hundredth of its face value.

If it were the days when Emperor Yongle was beating everyone up, he could have forced them to take Baochao and buy horses, but now such bullying was impossible.

“I, this is not Da Ming Baochao! It’s Joseon money!”

“Joseon money?”

As he examined it, it was clear that it was Joseon money, with strange letters and numbers written along with Chinese characters.

“What, why didn’t you say so earlier?”

The Mongol who had been holding the knife spat and said.

The merchant wanted to refute what nonsense he was talking about after misunderstanding, but he remained silent, fearing the knife still in his hand.

“Joseon money is also used in Daening, right?”

The merchant asked in a pointed tone, but the warrior nodded nonchalantly.

“We also hold markets in the east. If we push Baochao on you, would you accept it?

But Joseon merchants gladly accept Joseon money, so we have no reason not to use it.”

Transactions with Joseon were always close to barter.

They would sell horses or sable skins and receive rice or necessities in return.

However, Joseon currency was gradually being used even in the trade zones of the grasslands.

Because it was overwhelmingly easier to store and trade.

Of course, there were people who didn’t like this,

“We’re giving away precious cattle for useless scraps of paper, it’s a waste.”

Zhu Chi kicked the grumbling guy hard.

“You idiot. Would silver fill your stomach if you ate it?”

How dare they spout such nonsense without knowing who they were siding with?

Zhu Chi lamented his subordinates’ disastrous economic sense.

‘It’s a shame that we couldn’t restore the Great Capital and raise our status.’

Since they missed an opportunity, they must build up their strength and wait for the opportunity to come again someday.

Joseon’s proposal to connect trade routes beyond Mongolia to the Western Regions was therefore attractive.

“You need Joseon money to buy Biaak. You need Joseon money to buy weapons.

If you guys were in this position, you would have spent your whole lives trading a few horses for Ming tea!”

Zhu Chi’s judgment was correct.

The Silk Road ordered by King Yi Je of Joseon was expanding day by day, backed by the explosive demand for its goods.

As much as the Taining Guard, which mediated this, benefited, Joseon’s shadow was also growing, but that was not very important at this point.

===

Even in modern times, economic hegemony is ultimately heavily influenced by political and military hegemony.

They opened up the Age of Exploration, but there’s no need to say more about the pre-modern era.

So when Zheng He’s fleet showed signs of withdrawing, I dragged even Ryukyu into expanding our naval power, and I was finally witnessing the results.

“I followed Admiral Zheng He of Ming for a long time, but even he did not command such a vast fleet. Congratulations, Your Majesty.”

I forcibly straightened the corners of my mouth, which kept rising at Yoo Jeong-hyeon’s words.

And I affirmed in a solemn voice.

“Hmm.”

Thanks to the Joseon artisans who had been wanted in Ming and smuggled in during the King Zhao’s subjugation, they were quite helpful.

Cheonghaejin had accumulated quite a bit of Joseon technology, but the more technicians, the better.

Anyway, the Ming Dynasty has become its own shut-in.

It’s a win-win situation because we’re letting the unemployed nobles use their majors.

“When you’re in Byeokrando, you’d be mistaken for thinking that all the people in the country have jumped into shipbuilding.”

That’s what actually happened in Ryukyu. After Buksan was cleared, they virtually turned Ryukyu’s entire force into the navy.

It seems that their fleet, which will match us, is also nearing completion.

Now that all preparations are complete, it was time to take the seas of the world.

Pax Joseon (2) End

ⓒ Pitkong