Black Corporation: Joseon [EN]: Chapter 1102

1102. Overture to Disaster (9)

While Hyang, Wan, and Woo were conversing in Suganggung Palace, the Prime Minister, Deputy Prime Ministers, and heads and vice-ministers of each department were gathered in the Prime Minister’s conference room, sharing their opinions.

“…Then, let’s proceed with the previous agenda as per the submitted reports, and now let’s discuss the matter of ‘public participation in equity’.”

“Very well.”

The ministers, responding briefly to the Prime Minister’s proposal, subtly shifted their postures, eased their tension, and mentally prepared themselves.

‘Verbal and logical battles are the highlight of administrative work!’

This was the common sentiment among the imperial officials.

-Considering what happened in Geunjeongjeon [the main hall of Gyeongbok Palace, often used for important ceremonies], the Emperor seems inclined towards acceptance. But blindly following that would negate the value of rising to the position of a Senior Official!

-If we were to simply follow the Emperor’s wishes and commands, what was the point of all the hardships endured to become a Senior Official!

-Sometimes, even at the risk of our lives, we must say, ‘That is not right!’ That is the most important duty of a subject, and the ultimate pleasure a subject can enjoy.

Thanks to this value system passed down through generations, officials, regardless of their rank, engaged in verbal and logical battles whenever an opportunity arose.

* * *

The verbal battle among the Empire’s highest-ranking officials took a full five days, as ordered by Woo, before a concrete plan began to emerge.

“…Then, let’s compile these points and present them to His Imperial Majesty.”

Everyone who participated in the meeting nodded in agreement with the Prime Minister’s decision. Starting with the Prime Minister, those gathered in the conference room looked utterly exhausted. They spent their days discussing state affairs with the Emperor or handling their assigned tasks, and then gathered during breaks or at night to continue the meeting.

This was something they would never have done if such verbal battles were not ingrained as the highlight and pleasure of their duties. In any case, the plan, finalized through the consensus of the ministers, was sent to Woo.

“Let’s see… Hmm…”

Woo, examining the plan handed over by the Prime Minister, his eyes gleaming with interest.

“No upper limit, but a lower limit?”

“That is correct, Your Majesty.”

“Seems innovative.”

The plan drafted by the ministers can be summarized as follows:

-In principle, the citizens of the Empire can purchase shares in the ‘Suez Canal’ project.

-However, since this is a decision made by the citizens themselves, they cannot demand compensation from the state even if they incur losses.

-Since a ‘minimum’ estimated amount is required for the construction of the Suez Canal, it is certain that additional shares will be sold. This will reduce the proportion of future profit distribution.

-The person in charge of sales must clearly explain this to the purchaser and record it in writing.

-Those who wish to purchase shares must meet the following criteria:

a) Those who have paid more than 10 gold coins in income tax to the Empire in the last 5 years.

b) Those whose monthly income falls within the top 20% of the Empire’s statistics.

-Those who meet the above criteria can purchase shares. However, they cannot purchase more than 60% of their annual income.

-However, if one year has passed since the initial purchase, and the state is still selling shares, they can purchase again.

(Omitted)

“Hmm…”

Woo, having read up to this point, his eyes shone.

‘Instead of taking everything at once, they’re planning to take it moderately and gradually? Doesn’t seem bad. And the country won’t be criticized for it…’

Woo, who was making a somewhat positive assessment, soon discovered a problem.

‘But if we set such a lower limit, the dissatisfaction of those who don’t meet it will increase, right? It’s certain that there will be complaints that the rich are just eating among themselves. Is there a solution to this?’

With that question in mind, Woo turned the page of the plan and lightly clapped his knee.

“Indeed!”

From the next page onwards, there were measures for those who did not meet the previously set criteria.

-The measures for those who do not meet the aforementioned criteria are as follows:

-Create a product called ‘Suez Canal Collective Investment’ in the Imperial Venture Investment Fund.

-Those who do not meet the aforementioned criteria can participate by creating an account in this product and depositing money.

-However, like those who have met the aforementioned criteria, they also have the following purchase restrictions:

a) The maximum amount that can be deposited into the product varies depending on the income tax paid in the last 5 years.

b) The differential range is divided into a total of 5 levels, from a maximum of 50% to a minimum of 25%, divided into five.

c) The product account is limited to one account per person.

d) Those who participate in the collective investment must also be clearly aware that the investment decision and its consequences are their responsibility.

(Omitted)

Woo, having carefully read the plan, soon made a decision.

“It seems reasonable to me. Prime Minister, please review this once more and implement it in all of the Empire’s war zones and treasuries. This plan shows your hard work. You have truly worked hard.”

At Woo’s praise, the Prime Minister and ministers bowed their heads in unison and replied.

“Your benevolence is boundless!”

Afterward, Hyang and Wan reviewed a copy of the plan and discussed it.

“But, isn’t the clause ‘The investment decision and its consequences are the responsibility of the individual’ a clause that has been in place since the investment fund was created? Wouldn’t emphasizing it again unnecessarily raise suspicion?”

Hyang immediately responded to Wan’s point.

“Still, those who are going to buy will buy, and those who are going to complain will complain. So, even if it becomes redundant, it is best to continue emphasizing it. And even if it doesn’t sell well, would there be a problem? Wasn’t the initial plan to solve it with the national treasury?”

“That’s true. By the way…”

Wan, pausing for a moment, whispered to Hyang.

“Are you just going to let this opportunity pass by?”

“Surely not…”

With that answer, the father and son exchanged strange smiles. And everyone who was listening to their conversation nearby simultaneously thought of something similar.

‘Did those two make such a decision? Then that means it’s profitable!’

‘How much money was collected in the war zone…’

* * *

In the end, the Empire opened the ‘Suez Canal Construction’ investment to the public. The people of the Empire, who learned about the contents through the gazette [official government publication] or the bulletin boards installed in the war zones and treasuries, began to rack their brains fiercely. Throughout the Empire, taverns, pubs, and restaurants were filled with the sounds of heated debates over this issue.

“If we do well, it’s an opportunity to earn unexpected income!”

“Didn’t you see the first phrase written? The investment is yours, so the result is yours! If you mess up, you’ll be broke!”

“Hey! Have you ever seen something the country does go wrong? And that phrase is what we hear so much when we sign a contract with the treasury, what’s so new about it?”

“Still, we should avoid risky moves!”

“The treasury’s name has ‘venture’ in it, and you’re telling me to avoid risky moves?”

“If I had money to put in there, I’d put it in the war zone. The interest I get from the war zone is pretty good, why be greedy?”

Such verbal battles also took place within families. In particular, such verbal battles were more intense in upper-class families, as the wives often had considerable wealth as well. Woo, having been informed of this situation, lightly smacked his lips and complained to Hyang.

“It’s a relief that the petitions asking for permission to divorce haven’t increased.”

* * *

Hyang could only smile bitterly at Woo’s complaint. The Empire’s movements gradually influenced the surrounding countries like ripples.

“Oh, such a method!”

Seeing the Empire’s movements, Ming [China under the Ming Dynasty] and Japan quickly implemented similar policies. The thoughts of the rulers of both countries were very similar.

-The Suez investment is like ‘putting money in to make money’. It will take some time, but the more you invest, the more you get back.

-However, it is too burdensome to invest by depleting the national treasury.

-Then, the method used by the Empire is the best.

And the wealthy of the two countries readily opened their wallets. It wasn’t just Ming and Japan. Dai Viet [historical name for Vietnam], Siam [historical name for Thailand], and the small and large Tofuguks [vassal states] of India also began to explore the possibility of investing in the Suez Canal. France, Portugal, Italy, and England were quick to respond to these movements.

On the other hand, the Habsburg Holy Roman Empire and Spain showed a surprisingly indifferent attitude. This was because their access to the Asian region had been blocked due to their defeat in the power struggles.

-The true value of the Suez Canal lies in the route to India and Asia.

-But we have been pushed out of the competition in India and Asia. In other words, the benefits we get through the canal are very small.

With this background, the Holy Roman Empire and Spain showed an indifferent attitude, while placing more emphasis on the development of Africa and Gloria [likely referring to colonial territories]. France, Portugal, Italy, and England, seeing the movements of the Empire, Ming, Japan, and other Asian countries, quickly began to respond.

In the stock markets of Paris, London, Lisbon, and Florence, ‘Suez Bonds’ began to be released, and wealthy aristocrats and capitalists, as well as those with enough to live comfortably, gathered to purchase bonds.

“It’s like a battlefield…”

The guards in charge of security at the bond exchanges and banks shook their heads and muttered as they watched the bond purchase competition taking place inside. Most of the guards were soldiers or mercenaries who had already experienced several wars. In their eyes, the scene created by those competing to purchase bonds inside was the battlefield itself.

The only difference was that they were fighting with gold and silver instead of guns and cannons.

And this became the reason why the term ‘economic warfare’ first appeared.

* * *

Amidst this fierce capital war, economic war, the rulers of France began to plan a very dangerous gamble.

In a meeting attended by both Charles VIII and Louis XII, who had been confirmed as his successor, one of the officials was finishing his explanation with a very excited expression.

“…Therefore, if we proceed with this plan, we can gain profits from Suez and also acquire priority rights to the Persian region. That is all.”

“……..”

Although the explanation was over, Charles VIII and Louis XII remained silent. After a long silence, it was Charles VIII who opened his mouth.

“…It’s a gamble. No, it’s a bet.”

Louis XII nodded at Charles VIII’s assessment.

The plan jointly submitted by the military and the Ministry of Finance can be summarized as follows:

-Secure the funds needed for the Suez Canal investment from the private sector as much as possible, and minimize national expenditures.

-Strengthen military support for the Ottomans with the finances secured in that way.

-War between the Ottomans and the Dai Iran State [Safavid Empire] is almost inevitable. In this situation, secure more rights than Italy and Portugal by strengthening military support.

-If a war breaks out between the Ottomans and the Dai Iran State, actively intervene in it and secure the Persian region.

As Charles VIII said, it was a plan that was close to a gamble.