Black Corporation: Joseon [EN]: Chapter 186

186. Currency War (2)

Having heard Emperor Xuanzong’s decree, the ministers swarmed the Chief Secretary of the Cabinet.

“My lord! Even if His Majesty has made a decision, you should have dissuaded him!”

“Chief Secretary! Reintroducing paper money is fraught with peril!”

Not only the scholars of the Cabinet but also ministers from various departments voiced their strong objections to the Chief Secretary. However, he silenced them with a sharp retort.

“Our people of the Great Ming are using Joseon’s currency. They trust the paper money made by that small Joseon more than our Great Ming’s own. How humiliating is that? How long will you continue to bring dishonor to His Majesty?”

“…”

At the Chief Secretary’s pointed question, the scholars and ministers fell silent.

It was indeed embarrassing that the populace trusted the currency of another country, especially the paper money of a much smaller nation like Joseon, more than the Ming Empire’s own.

The Chief Secretary continued in a stern voice.

“Let’s just say Joseon’s paper money is what it is. Looking at the current situation, bills issued by merchants are more trusted than the paper money issued by the court. Where is the loyalty in that? Therefore, we must succeed in circulating paper money this time, no matter what it takes.”

At the Chief Secretary’s uncompromising words, the scholars and ministers sighed deeply.

“Hoo~. It is a difficult task, but we must try.”

“We can’t bring any more shame to His Majesty.”

* * *

Although they expressed their resolve, the ministers faced a mountain of difficult problems to solve.

The first major obstacle was the disposal of the previously issued, now largely worthless, paper money.

“The core issue is that people are still using this old paper money, not that they’ve completely abandoned it.”

“Even if we print new paper money, if we don’t resolve this legacy issue, it will only create a vicious cycle of distrust.”

As the ministers and scholars pondered a clear solution, the Joseon envoys, who were preparing to return home, caught their attention.

“Joseon’s experience with paper money wasn’t entirely smooth, was it?”

“That’s right! I heard that Joseon also suffered a major failure once before!”

“Let’s learn from their mistakes!”

The ministers and scholars, energized by this idea, immediately sought out the Chief Secretary of the Cabinet.

“How about summoning officials from Joseon to advise us?”

“Exactly! If we understand how they dealt with their past failures, we can handle things more quickly and accurately!”

The Chief Secretary of the Cabinet nodded in agreement and rose from his seat.

“That seems wise. Then, let’s inform His Majesty together.”

“Yes!”

With the Chief Secretary leading the way, the ministers and scholars followed. They knew the risk of incurring the Emperor’s displeasure was lessened when the Chief Secretary took the initiative.

* * *

“Your opinions are sound.”

Emperor Xuanzong nodded after listening to the Chief Secretary’s explanation. With the Emperor’s approval secured, the Chief Secretary continued.

“Then, regarding the selection of envoys to be sent to Joseon…”

“Why make it so complicated? Isn’t there already an experienced person right here?”

“Yes?”

The Chief Secretary, briefly searching his memory at Emperor Xuanzong’s words, suddenly brightened.

“Ah! That’s right! The chief envoy of the delegation that came this time was said to have been involved in that very matter!”

“Precisely. So, summon the Joseon envoy.”

“Yes. I obey the imperial order!”

Shortly after, the Vice Minister of the Ministry of Revenue, having been informed by a eunuch that Emperor Xuanzong was seeking him, arrived before the Emperor.

“Your Majesty. Did you summon me?”

“That’s right. Last time, the envoy mentioned that Joseon had participated in the process of creating and circulating currency. Is that correct?”

“That is correct, Your Majesty.”

“Really? Then I will ask directly. As far as I know, Joseon also attempted to create and circulate paper money and coins before the current king [Sejong the Great] ascended the throne, but failed. But this time, you succeeded, so what method did you employ?”

The Vice Minister of the Ministry of Revenue answered Emperor Xuanzong’s question without hesitation.

“Of course, that was indeed the case. So, this time, in order to avoid failure, we mandated that all taxes be paid in currency.”

“Just with that?”

‘Danger!’

The Vice Minister of the Ministry of Revenue, instinctively sensing the Emperor’s skepticism, began to desperately elaborate.

“There were a few more measures, of course, but it would take a considerable amount of time to explain them all in detail. I will return and prepare a full report for His Majesty…”

However, before the Vice Minister of the Ministry of Revenue could finish speaking, Emperor Xuanzong raised his hand to stop him.

“Stop. My time is also precious. Therefore, I want the envoy to remain here and cooperate with our efforts. I will send a separate envoy to the King of Joseon to inform him of this arrangement.”

At Emperor Xuanzong’s firm command, the Vice Minister of the Ministry of Revenue had no choice but to bow his head in submission.

“I obey your command, Your Majesty.”

* * *

The Vice Minister of the Ministry of Revenue, upon returning to Hoedonggwan [the lodging place for Joseon delegations in Beijing], sighed deeply.

“Is it overtime even after traveling all this way…?”

The Vice Minister of the Ministry of Revenue, whose carefully planned schedule had been completely disrupted by this unexpected assignment, spread out paper and began to draft a report.

It was a case of ‘prescribing medicine after death’ [a Korean idiom for acting too late], but it was still necessary to report the whole situation to Sejong and obtain his approval.

As the Vice Minister of the Ministry of Revenue was preparing to write, a particular memory suddenly surfaced.

It was what Kim Jeom [the Minister of Taxation] had said to him before his departure.

‘There are many good tonics in Beijing, so take good care of your body and come back!’

The Vice Minister of the Ministry of Revenue, reflecting on Kim Jeom’s words, glanced eastward with a suspicious glint in his eyes and muttered.

“Did the Minister perhaps anticipate that this would happen?”

However, the Vice Minister of the Ministry of Revenue quickly shook his head, dismissing the thought.

“No way…. If that were possible, he would have been a fortune teller, not a minister…”

At the same time, back in Hanseong [the capital of Joseon], Kim Jeom, who was buried under a mountain of documents, scratched his ears.

“Who is cursing me so vehemently…?”

Kim Jeom’s subordinates muttered inwardly at his mumbling.

‘Would it be just one or two?’

Whether he was aware of his subordinates’ thoughts or not, Kim Jeom grumbled while gazing into the distance.

“How long has it been since the Vice Minister of the Ministry of Revenue left, and he’s still not back? Did he find a pretty concubine in Beijing or something?”

* * *

Sejong, having read the official letter from Emperor Xuanzong delivered by the urgently dispatched Ming envoy, looked back at his ministers.

“Since things have progressed to this point, we should instruct the Vice Minister of the Ministry of Revenue, who is already there as an envoy, to work diligently for the time being.”

“That is correct, Your Majesty.”

The ministers did not object to Sejong’s suggestion. Although they were already burdened with a heavy workload, it was far better than displeasing the Emperor of the suzerain state and inviting further complications.

Hyang [a close advisor to Sejong], who had been included in the meeting due to the matter’s importance, was particularly enthusiastic.

“It’s a truly excellent opportunity! The Ming Empire is our biggest rival, so we can use this chance to learn more about the inner workings of the Ming Empire!”

“Huh?”

Sejong, initially puzzled by Hyang’s words, quickly grasped his meaning.

‘Clearly, Emperor Xuanzong stated that he needed our experience and would borrow the Vice Minister of the Ministry of Revenue for a while. If that happens, the Vice Minister of the Ministry of Revenue will inevitably advocate for circulating currency in the same way we do. If that happens…. I see! We can definitely glean valuable information such as the financial scale and population of the Ming Empire! It’s a golden opportunity to uncover the truth about Ming!’

Sejong, realizing Hyang’s strategic thinking, smiled and looked at him approvingly.

“You always have such insightful ideas.”

“I am deeply grateful for your praise, Your Majesty!”

The ministers who were listening to the exchange between the two groaned inwardly.

‘Again, again! It’s starting! Another Zen-like dialogue between the two of them!’

‘Is it alright if only the two of them understand? Really!’

“What do you all think?”

“Yes? Yes?”

As the ministers stammered in bewildered response to Sejong’s sudden question, Sejong’s expression turned stern.

‘Think! Think, you fools!’

‘No more clicking your tongues in disapproval!’

While the ministers were desperately racking their brains for an answer, Maeng Sa-seong [a high-ranking official] spoke up first.

“It is indeed a valuable opportunity. Through this, we can confirm the size and scope of the Ming Empire in concrete numerical terms, so there could be no better news!”

Sejong’s expression relaxed at Maeng Sa-seong’s astute response.

Sejong continued in a much gentler tone.

“Indeed, that is so. Ming and our Joseon maintain a friendly relationship, but no one can predict what the future holds. We should send a secret letter to the Vice Minister of the Ministry of Revenue, outlining our objectives.”

“That is the right decision, Your Majesty!”

The ministers answered in unison, relieved by Sejong’s clear direction.

After the meeting that day, the ministers flocked to Maeng Sa-seong and repeatedly thanked him for saving them from the Emperor’s displeasure.

* * *

While events were unfolding in this manner in Hanseong, the Vice Minister of the Ministry of Revenue was engaged in a heated verbal battle with Ming officials in Beijing.

“When new paper money is issued, the old paper money issued before that must be recovered as thoroughly as possible. However, a specific recovery period should be established to prevent unnecessary and prolonged expenses.”

The Ming officials nodded in agreement with the Vice Minister of the Ministry of Revenue’s point.

Not only court officials but also eunuchs and members of the Jinyiwei [the Embroidered Uniform Guard, a special secret police force] were present in the conference room.

The eunuch organization, Dongchang [the Eastern Depot, a powerful secret police agency staffed by eunuchs], had essentially become another government due to its vast size and influence. In addition, the Jinyiwei functioned as a political police force under the direct control of the Emperor.

Therefore, high-ranking eunuchs from Dongchang and leading figures from the Jinyiwei were required to attend the meeting.

And Emperor Xuanzong himself was presiding over the meeting from the head seat.

A eunuch belonging to Dongchang raised an objection to the Vice Minister of the Ministry of Revenue’s proposal.

“However, the amount of paper money issued since the Hongwu era [the reign of the first Ming Emperor] is enormous. Recovering all of it would mean exchanging it for real silver or exchanging it for newly issued paper money, but a small country like Joseon would hardly be able to accomplish such a feat…”

The eunuch’s face, as he spoke with veiled condescension, was full of thinly disguised ridicule.

The Vice Minister of the Ministry of Revenue gritted his teeth, struggling to suppress the anger that was rising within him at the eunuch’s insolence.

‘That eunuch bastard!’

“Hoo~.”

The Vice Minister of the Ministry of Revenue sighed, forcing himself to remain calm, and addressed the objection.

“Of course, that is a valid concern. However, if we simply ignore the outstanding amount of old currency and proceed to circulate the new currency, the new currency will inevitably suffer the same fate of devaluation and distrust. Therefore, we must recover as much of the old currency as possible.”

The same eunuch pressed the issue again.

“However, the amount is truly staggering…”

The Vice Minister of the Ministry of Revenue countered by pointing out the harsh reality.

“How much value is that old paper money currently recognized to have? When trading with merchants in Shandong province, only 14% of the face value was considered a generous offer. Surely, you are not suggesting that we exchange it at its original face value?”

“That’s not what I meant…”

The eunuch stammered, caught off guard by the Vice Minister of the Ministry of Revenue’s sharp retort. However, the gazes of Emperor Xuanzong, as well as those of the other officials and Jinyiwei executives, were clearly disapproving.

This was because numerous scandals and abuses of power had been associated with Dongchang since its establishment as an official institution.

In the end, Emperor Xuanzong intervened and brought the discussion to a conclusion.

“The exchange for old paper money will be conducted according to the current market price. And, we will set a specific period for the exchange, after which we will no longer recognize the validity of the old paper money.”

“I obey Your Majesty’s command!”

The people gathered in the conference room all bowed their heads and responded in unison to Emperor Xuanzong’s decisive ruling.

It was a radical decision, but everyone agreed that there was no other viable solution at this point.

* * *

With the method for exchanging the old and new currency decided and one major hurdle overcome, the meeting moved on to the next agenda item.

“The issuance of currency must be managed by an independent institution. Furthermore, the place of issuance must be limited to a single location. Otherwise, it will be difficult to control the amount of currency in circulation, and we will inevitably face the problem of forgery.”

A Ming official from the Ministry of Revenue raised an objection to the Vice Minister of the Ministry of Revenue’s suggestion.

“Our Ming’s territory is so vast that such a centralized system would make it difficult to circulate the currency effectively. Our Ming is not a small country like Joseon.”

The phrase ‘small country’ stung and grated on his nerves, but the Vice Minister of the Ministry of Revenue patiently explained his reasoning, summoning superhuman levels of self-control.

“Even so, if you allow printing in multiple locations, the amount of currency in circulation cannot be effectively controlled. Do you want the newly issued paper money to suffer the same fate as the old paper money?”

“That’s not what I want…”

“You must first send the pre-printed paper money to the distant provinces and prepare it for distribution, and then initiate the exchange simultaneously across the entire empire. If you prioritize convenience and establish multiple printing locations, there will inevitably be problems with the control and supervision of the amount of currency being issued. In severe cases, if a location far away from Beijing deliberately prints and distributes a large amount of unauthorized currency, how will you handle such a situation?”

The Ming officials fell silent, acknowledging the validity of the Vice Minister of the Ministry of Revenue’s concerns.

This was because one of the primary reasons why the old paper money had become worthless was precisely due to the uncontrolled printing and distribution in various regions.

In the end, Emperor Xuanzong was compelled to make another decisive ruling.

“The sole location for issuing the new currency will be within this Forbidden City!”