Black Corporation: Joseon [EN]: Chapter 126

Hello Night

126. National Joseon Bank (1)

“Did you call for me, Father?”

“Yes. I have a task for you.”

“For me?”

Yi Hyang tensed at Sejong’s words. He had handled a significant number of tasks that came to Sejong, but Sejong had never handed over work while speaking like this before.

“There are quite a few things to look into. Can you organize them first?”

This was the line Sejong usually used when passing work on to Yi Hyang.

‘But he said he has a task to entrust to me without further explanation?’

Yi Hyang’s tension reached its peak due to Sejong’s unusual words.

‘Difficulty level: highest!’

“Please give your command. I will do my best.”

At Yi Hyang’s reply, Sejong slowly began to speak.

“When this father first started the reforms, I expected it to take ten years. And this year marks the beginning of the second half.”

“Yes, Father.”

“There have been many events in the past five years. Among them, the court officials and the people followed well, so the reforms could proceed smoothly.”

“All thanks to your virtue, Father.”

“I am grateful that you say so. But, Crown Prince, your contribution is not small either.”

“I am deeply grateful for your words.”

A warm atmosphere continued as the father and son complimented each other, and Sejong slowly got to the main point.

“As I said before, we are entering the second half of the reforms from this year. However, a problem is arising.”

Sejong explained to Yi Hyang about the choice paralysis that occurred over whether administrative structure reform should come first, or currency circulation.

“…So the officials want to circulate the currency first. However, in many regions, the local magnates or landlords still have more power than the court.”

Yi Hyang nodded at Sejong’s point.

“That is true.”

Even in the 21st century, incidents like the ‘island slave case,’ where even the most basic human rights disappeared, continued to occur.

The local magnates were always at the center of crimes that victimized the intellectually disabled or illegal immigrants. And the public authorities who colluded with those magnates were a given.

“This father is pushing for reforms because I wanted as many Joseon people as possible to live in peace. So, Crown Prince, I will entrust this task to you. Even if we reform the administrative structure, if currency does not circulate properly, unnecessary manpower will be consumed. Even if we operate the currency first, if the reform of the administrative structure does not follow, it will only create a means for local tycoons to enrich themselves.”

Yi Hyang nodded vigorously at Sejong’s words. Sejong’s concerns were not just worries, but things that would actually happen.

“That is correct. Then what is it that I must do?”

“Find a way to weaken the power of the local tycoons. Goods are fine, systems are fine.”

At Sejong’s command, Yi Hyang did not answer immediately and closed his mouth. After organizing his thoughts for a moment, Yi Hyang asked Sejong a question.

“Does Your Majesty desire coexistence with the local tycoon forces? Or is it a purge?”

“They are also people of this Joseon, so coexistence would be the priority. But if they want to play king, I will resolutely cut them down.”

Yi Hyang nodded at Sejong’s answer.

“I will engrave Your Majesty’s intentions in my heart and do my best to come up with a plan.”

“I trust you.”

“By when should I finish it?”

“If it’s difficult by Ipchun [start of spring in the lunar calendar], I hope to receive it by Chunbun [vernal equinox] at the latest.”

“I will keep that in mind.”

“This father has great expectations for your talent.”

Yi Hyang bowed his head at Sejong’s last words.

“I will do my best.”

The historian who recorded the conversation between the father and son added the following words.

-Thus, the King ordered the Crown Prince to come up with a plan regarding the tycoons.

The historian discusses.

The history of the tycoons goes back to the ancient Samhan period [Three Kingdoms of Korea]. Over time, many families experienced ups and downs or were destroyed. However, there are still quite a few families who are holding their ground, so the depth of their power can be easily imagined.

Looking at the current tycoons, there are certainly those who are models for all, but there are even more who are not.

Since the reforms promoted by the King and the interests of the tycoons conflict (相沖, do not get along and clash), a solution is needed.

* * *

“This is really the highest difficulty. Haa~.”

Yi Hyang, who came out after receiving Sejong’s order, let out a long sigh.

“This is just…….”

Yi Hyang, who had suddenly taken on a difficult task, took off his Ikseongwan [crown for the Crown Prince] and scratched his head, then straightened his Ikseongwan and clenched his fist.

‘Since history has already been changed, I’ll end it on my own rather than leaving it to someone else!’

With a firm determination, Yi Hyang turned his steps.

“Your Highness, where are you going?”

“To the Archives!”

* * *

Arriving at the Archives, Yi Hyang began to thoroughly search through the records of the Ministry of Taxation and the Ministry of Justice.

“Your Highness, what are you looking for?”

At the question of the official who managed the records of the Archives, Yi Hyang stated his business.

“I am looking for records regarding usury (長利), self-sale (自賣), and land rent (地代).”

At Yi Hyang’s question, the official unknowingly let out a groan.

“Oh dear…….”

“Why are there no records?”

“That’s not it…….”

The official, who had been hesitant, thought for a moment and then immediately opened his mouth.

“Your Highness, please follow me.”

“I will.”

The official guided Yi Hyang to a bookshelf on one side of the Archives.

“These bookshelves contain lawsuits that have occurred due to usury issues, petitions that the interest on usury is too excessive, and the royal responses to those lawsuits and petitions.”

Looking at the records that filled the bookshelf, which was twice the size of the bookshelves in Yi Hyang’s laboratory, Yi Hyang turned pale and muttered.

“Quite, quite a lot?”

“These are records that have been passed down since the time of King Taejo. And…….”

The official guided Yi Hyang to the bookshelves where the records he wanted were kept.

Looking at the records that filled the large bookshelves for each item, Yi Hyang could not close his mouth. Yi Hyang, who was staring blankly at the bookshelves with his mouth open, soon came to his senses and turned to the official.

“You have worked hard. Go and do your work.”

“Should I not be of assistance?”

“It’s okay, thank you.”

“Yes, then. Please call me when you need me.”

Yi Hyang sent the official back to his seat and let out a long sigh.

“Hoo~, damn it… I knew I was too comfortable these days…….”

After checking the bookshelves once again, Yi Hyang rummaged through his sleeves and took out a small pencil case.

“Anyway, it’s a task I’ve been given, and it’s something I have to do, so I have to do it properly.”

From then on, Yi Hyang became a fixture in the Archives.

* * *

“Hmm… as expected, the biggest source of income for local tycoons was usury rather than land rent…….”

At a desk in one side of the Archives, among the books and papers that filled the huge desk, Yi Hyang was drawing his first conclusion.

“The problem was Hwan-gok (환곡) [government loan system]…….”

Yi Hyang, who had been examining the papers that had been narrowed down to the Hwan-gok related ones, let out a long sigh.

“Hoo~. A crisis situation in just 30 years…….”

* * *

The origin of Hwan-gok dates back to the Jindae Law created during the reign of King Gogukcheon of Goguryeo [ancient Korean kingdom].

This law entered Goryeo [previous Korean dynasty] and was transformed into the Uichang (義倉) system, which continued to be operated in Joseon as well.

The Hwan-gok system, which was operated during the Goryeo Dynasty, was ruined as the self-employed farmer group collapsed due to the land annexation (土地兼并) of the powerful families over time.

Joseon, which overthrew Goryeo and took its place, made many efforts to put the Hwan-gok system back on track.

They spurred the securing and increasing of Gunja-gok (軍資穀) [military provisions] to prepare for public sentiment and the dangers of the border.

As a result of steadily working through the process of overthrowing the powerful families of Goryeo and reforming the land, by the 13th year of King Taejong (1413), various national grains (國穀), including Gunja-gok, were stockpiled to about 3.57 million bags.

However, these stockpiled grains and the Hwan-gok system began to creak not long after.

This was because droughts and floods occurred almost every year from the end of King Taejong’s reign until two years after Sejong declared reforms, and bad harvests continued.

The nation’s coffers were emptied due to the continuing bad harvests, and the tragedy of small-scale self-employed farmers began.

And the local tycoons who passed the Sogwa exam [lower civil service exam] began to re-annex land using tax exemption benefits and other privileges. Those who were deprived of farmland by the tycoons and became tenant farmers lost their eligibility to receive Hwan-gok and had to use high-interest usury.

And as the number of self-employed farmers decreased, the recovery of Hwan-gok gradually became difficult.

As these things bit each other’s tails and created a vicious cycle, the self-employed farmer group began to collapse again, which is the current situation.

Yi Hyang, who was examining the summarized records, came to a conclusion.

“If we leave it as it is, the self-employed farmers will collapse. The reason why economic growth, including grain production, stagnated from Sejong to the Imjin War [Japanese invasion of Korea in 1592] must be because of this.”

Yi Hyang, who had finished grasping the situation, crossed his arms and stared at the empty paper on the desk.

Yi Hyang, who had been thinking while staring at the paper for a long time, finally opened his mouth.

“The conclusion is that only a bank is the answer. We must cut off the link between tenant farmers and tycoons through the bank, only then can we break the power of the tycoons.”

Yi Hyang wrote the word ‘bank’ on the paper and scratched it out, then wrote a new word.

“In this era, Jeon-Jang (錢莊) [private money lender] would be more appropriate…….”

* * *

Yi Hyang, who had organized his thoughts, organized the policies to be implemented along with the Jeon-Jang and visited Sejong.

“You came in 20 days.”

“I am sorry that it took so long. My talent was insufficient, so it took a long time.”

“I am not scolding you. I am saying that I am surprised that you found a solution in 20 days.”

“I am deeply grateful.”

Yi Hyang bowed his head and expressed his gratitude at Sejong’s praise, then looked at Sejong.

“May I speak?”

At Yi Hyang’s request, Sejong nodded.

“Fortunately, all the officials are gathered, so it is a very good opportunity. I permit it.”

As Sejong’s permission was given, Yi Hyang moved to the center of Geunjeongjeon [main hall of Gyeongbok Palace]. With Sejong sitting on the throne behind him, Yi Hyang looked at the officials, bowed lightly, and opened his mouth.

“I have been conducting research for the past few days under the orders of my father. The topic of the research is ‘measures to deal with the tycoons who are hindering the promotion of currency circulation and administrative system reform.’”

The officials swallowed hard at the topic Yi Hyang mentioned. This was because they also knew that the biggest obstacles to the reforms were the tycoons.

After taking a short breath, Yi Hyang ordered the eunuch who had followed him.

“Hang the Gwaedo (괘도, a type of map or chart).”

“Yes, Your Highness.”

As the eunuchs set up the Gwaedo, Yi Hyang proceeded with the explanation, turning over the paper of the Gwaedo.

“Unlike the powerful families of the previous dynasty, the current local tycoons are Sadaebu (士大夫, scholar-officials). Of course, there are many cases where the powerful families of the previous dynasty changed their names to Sadaebu, but most of them are those who studied Confucianism, passed the civil service examination, and then used various benefits as a means of enrichment.”

The officials nodded at Yi Hyang’s explanation.

Yi Hyang continued his explanation.

“The problem with these local Sadaebu is that, firstly, they are causing the self-employed farmers to collapse by carrying out land annexation. As you all know, the number of people who make a living by making commerce and industry their livelihood is increasing through reforms, but most people make agriculture their livelihood (恒產) [stable property].”

Sejong and the officials all nodded at Yi Hyang’s realistic point.

“However, as I pointed out earlier, the current situation in Joseon is that the number of tenant farmers is gradually increasing as the self-employed farmers collapse. Looking at the tax rate (稅率) of the current Jeonse (田稅, land tax) in our Joseon, it is stipulated in the public law to pay 5 Pun per Gyeol [unit of land area].”

As Yi Hyang mentioned taxes, Kim Jeom, the head of the relevant department, the Minister of Taxation, became increasingly nervous and listened carefully.

“If a self-employed farmer is not lazy, he is able to pay taxes and still live with his family and accumulate some wealth, but a tenant farmer is not. Why? Because 50% is taken away first as rent. And after that, they have to give it to the tycoons for various reasons.”

Yi Hyang, who had been making eye contact with the officials as he spoke, took a short breath and then spread his index and middle fingers.

“Here, the second problem arises. The second problem is that those who have fallen into tenant farmers in this way cannot properly use Hwan-gok, so they had to use usury from the tycoons, and this makes the tenant farmers more and more bound to the tycoons.”

Yi Hyang, who had listed the collapse of self-employed farmers due to the land annexation of the tycoons and the problems that arise as a result, began to summarize.

“If these problems accumulate, the power of the tycoons will eventually suppress the royal authority. Just like the powerful families of the previous dynasty.”

“So what is the solution?”

At Sejong’s question, Yi Hyang unfolded the last chapter of the Gwaedo.

“It is the establishment of Jeon-Jang (錢莊, Money House). By using the gold and silver that have been secured so far, as well as the grains of Gunja-gok and Uichang, we can break the financial shackles of the tycoons that bind the tenant farmers.”