Black Corporation: Joseon - Chapter 171
Episode 171: Aftereffects and currency. (6)
Of course, there was a problem that 10% had to be deducted when exchanging for physical goods.
However, King Sejong, who received information that paper money was popular in the Ming Dynasty, acted quickly and sent an envoy to the emperor at the end of the year of Giyu.
After the establishment of the joint venture, the Ming emperor treated envoys from Joseon generously. Thanks to this, the newly dispatched envoys were able to inform the emperor right away.
“The governor came and went a while ago. What happened?”
“Yes, Your Majesty. “It is said to be the Emperor, but in fact…”
Through the meeting with the emperor, the envoys said, ‘We follow the laws of Joseon regarding Joseon’s currency.’ was able to obtain the imperial decree.
Of course, the emperor did not just allow it because he liked Joseon.
“Merchants are quick to calculate profits and never do anything that would result in a loss. “If we hear this royal decree, we will never hand over silver to Joseon.”
The assistant cabinet secretary bowed his head at the emperor’s words.
“This is truly a wise decision, Your Majesty.”
The reaction of the people of Ming Dynasty to the emperor’s imperial decree was silent. This was because it was not a problem as long as it was not changed to the real thing.
In the case of the Japanese state, it was more active than the Ming state.
* * *
At the time, only the Ming Dynasty had the technology to refine high-purity silver. However, when scent intervened, a variable arose.
“Well… what was it? Was it the Federal Reserve Act?”
In this way, Joseon was able to more easily produce silver of a purity comparable to that of Ming Dynasty. This was because the Yeon-eun method, which was proven through incense, was more productive than the intoxication method used by the Ming Dynasty at the time.
However, due to the importance of this technology, the Ming Dynasty and Joseon did not spread the Yeon-eun method and the Hoe-chwi method to the Japanese state.
Because of this, the purity of silver bars produced by the Japanese Empire was low. Therefore, when Joseon traded with Japan, it requested as much silver as possible from the Ming kingdom. Otherwise, why did Joseon calculate 3 taels of silver as 1 nyang and apply this to official records?
To give a simple example, in the case of the Tripitaka Koreana that Hyang sold to the Japanese in the past, the ‘500 crowns of silver (about 1.87 tons)’ left in the official records was the final price exchanged for Joseon silver, and the actual price paid by the Japanese was 1,500 crowns of silver. .
Because of this situation, Joseon’s ‘1-nyang silver’ note was the best means of trade and wealth for Japanese merchants.
It became a daily routine for Japanese merchants to load ships full of silver bars into Joseon and exchange them for banknotes.
In this way, Joseon’s banknotes were becoming the official trade currency of the three Northeast Asian countries.
* * *
It was not only the Japanese Empire that brought in silver and exchanged it for banknotes.
Merchants from the Ming Dynasty also brought silver to their superiors in Shandong and exchanged it for paper money.
The Joseon Dynasty’s superiors thoroughly inspected the purity of the silver brought by merchants and only accepted for exchange if it was genuine natural silver. The exchange was not done on the spot either. Only after the silver loaded on the ship arrived in Joseon and was confirmed, the newly minted banknotes from Joseon were taken by ship to Shandong and handed over to merchants.
Although it took time, the merchants of Ming Dynasty were satisfied.
“Joseon officials do not take bribes!”
“If you spend 10 nyang of silver, you will get exactly 10 bills!”
As these rumors accumulated, trust in Joseon banknotes gradually increased, and more and more Ming Dynasty merchants gathered in Shandong with silver.
The problem was that this happened in just a few months, from the fall of the year of Giyu to the spring of the year of Gyeongsul.
* * *
When a large amount of silver arrived from Ming, Kim Jeom immediately ran to King Sejong and reported the situation.
“A lot of silver is coming in from Ming.”
“Didn’t you report the same thing a while ago?”
In response to Sejong’s questions, Kim Jeom explained in more and more detail.
“The amount coming in was beyond expectations. Until last month, the price was 50,000 nyang, but this month, it is almost 1 million nyang.”
“1 million nyang!”
King Sejong was greatly surprised by Kim Jeom’s answer. Not only King Sejong but also the ministers were equally surprised.
According to a recent report from Hojo, the wealth moving throughout Joseon, converted into silver, was about 2 million nyang (Note 1). To put it
simply, half of the wealth moving throughout Joseon came from there.
“Is this a good thing? “Is this a bad thing?”
Sejong was rather worried about the unexpected situation. Jo Mal-saeng immediately responded to King Sejong’s reaction.
“It’s been said since ancient times that more is more, so isn’t that a good thing? “Isn’t it a blessing to receive so much wealth after only printing a few pieces of paper money?”
Kim Jeom immediately refuted Jo Mal-saeng’s words.
“There is an old saying that says too much is too little. And how many pieces of paper money? “Do you know that paper money is just printed?”
It was the bell that signaled the start of the war of words.
A fierce debate broke out over the topic, ‘Is the influx of large amounts of silver from Ming countries a good thing or a bad thing?’ The only difference from before was that they did not ask about the other parent’s well-being.
Instead, they now attack the other party by asking what rank he or she scored in the past.
In the end, King Sejong had to step forward again.
“stop! What a disgrace! Are you discussing solving the problem now, or are you just having a moment to brag about yourself?”
The ministers immediately bowed to King Sejong’s criticism.
“Here comes the Emperor!”
“Please forgive the gods for their disgrace!”
“Tsk!”
Sejong clicked his tongue with a disapproving expression and ordered the merchant ship.
“Go and tell the crown prince to come!”
“Yes, Your Highness!”
Meanwhile, the officer sitting on one side of Geunjeongjeon recorded all of this without exception.
– As the war of words between the ministers became more intense, the king stopped it and called the crown prince.
The officer says:
The ministers have been in public office for decades and are among the most educated in Joseon.
However, if there is even the slightest problem, the problem is that it is not easy to find an answer and you have to rely on the crown prince who has just become an adult.
I also want to live with a pile of bills. Low-ranking officials receive low salaries.
* * *
“This is bad news. “That is also a very big bad news.”
Hyang came running after receiving the call and immediately became serious as soon as he heard the explanation of the problem.
“Why?”
Hyang responded to Sejong’s question.
“Abama. “Which country produces the most silver right now, between our Joseon and the Ming Dynasty of Japan?”
“It is a famous country.”
“Then between the Ming Dynasty, Joseon Dynasty, and the Japanese Empire, where is the greatest need for silver?”
“Myeong…”
King Sejong, who was answering Hyang’s words, could not finish his sentence and his face became serious.
“This is the worst of all bad news!”
“you’re right.”
The ministers grumbled inwardly at the conversation between Hyang and Sejong.
‘It’s started again! A Zen question and answer just for the two of us!’
‘Is it okay if only they know?’
In the end, Heo Jo stepped forward as the representative.
“Your Highness, why is this bad news?”
“Tsk!”
Sejong clicked his tongue with a face full of dissatisfaction and looked back at the scent.
“Crown, please explain.”
“Yes Abama. Captain.”
“Yes sir.”
“Do you remember what I told you before? ‘No one likes others taking the treasures of their homes.’ “That’s what I mean.”
‘I still remember this story! ‘I wish I was smart!’
Heo Jo bowed his head while grumbling on the inside.
“ah! “I remember!”
“This is the same thing. “Will the Ming Kingdom be happy that the silver of the Ming Kingdom is flowing out?”
“That’s right.”
“Even if the emperor neglects to find fault, it will be a problem for us.”
“Why?”
“We, Joseon, do not have the capacity to handle it.”
Heojo raised a counterargument to those words.
“There are many things that were planned but postponed due to funding issues. But if funds come in like this, won’t we be able to carry out those projects and increase our Joseon’s digestive power?”
“Of course, you have a point. But the silver that is coming in now is ours, but it is not ours.”
“yes?”
Heo Jo looked like he didn’t understand. Hyang sighed as not only Heo Jo but all the ministers made similar expressions.
“Whoa~. Captain.”
“Yes sir.”
“What will you do if you are working and consuming silver like that, and hundreds of merchants come at once and hand out banknotes and ask you to exchange them for silver?”
“… Is that really going to happen?”
Hyang firmly answered Heo Jo’s question.
“No way, this is the way to catch people.”
‘That’s how the IMF caught people!’
* * *
In 1997, the capital market instability triggered by Southeast Asia hit Korea. As Korea’s capital market also showed unstable movements, damn Japan was the first to withdraw its funds, followed by other Western capitals, one after another, withdrawing their investment funds.
Thanks to this, Korea had to request support from the IMF.
With the support of the IMF, Koreans experienced the abyss. Healthy companies collapsed and the middle class collapsed.
The trauma of this IMF has since become imprinted in the DNA of Koreans, and they say, ‘We are not a developed country.’ He engraved this with gold and jade carvings and began to live.
This way of thinking of Koreans was the same even during the global pandemic of infectious diseases that occurred in 2020. Many countries – especially developed countries – praised the results because they showed better results than other countries, but quite a few people were more confused than pleased with the situation.
‘Koreans look down on themselves too much!’ The word went around, but Koreans who heard such words were suspicious.
“What are these plans?”
In the eyes of Koreans who were filled with suspicion, Japan’s continued hatred of Korea was rather natural.
* * *
After controlling his breathing for a moment, Hyang continued speaking.
“Rice and grains can be grown and harvested again the following year. The same goes for cotton cloth or linen. Wood also takes time, but can be harvested again by growing saplings. But gold and silver are different. It’s not infinite. It is something that has an end. “If we look at the current situation, Ming Dynasty is producing the most silver, but that silver won’t last forever, right?”
“That’s right.”
Heo Jo and the ministers nodded at Hyang’s words.
“It would be quick and easy to proceed with the work by releasing the silver that is currently pouring in. However, this only grows the outer shell. If the shell is large and the inside is empty, it is just chaff that cannot be eaten. “Now we are in a situation where we need to grow by balancing both the outside and the inside.”
The ministers all nodded at Hyang’s words.
After a moment of silence, Sejong opened his mouth.
“Maybe we should send an envoy?”
Hyang nodded to Sejong’s question.
“yes. It is best now to suggest that Ming countries create and distribute Ming country banknotes. “If you make a mistake, a military dispute with the Ming Dynasty could arise.”
‘It’s a bit unfortunate that it is giving up its position as a reserve currency. But Joseon is still too small.’
“I guess so.”
When Sejong nodded at Hyang’s words, Jo Mal-saeng intervened.
“Then should the same method be taken with the silver coming from Wai?”
Hyang shook his head at those words.
“no. “The silver coming from Japan is small and of low purity, so it has to be processed once more by our hands, so it’s okay to just leave it as is.”
“But there may be opposition from Japan as well.”
“Isn’t there an ocean between Japan and our Joseon? And our Joseon navy is guarding that sea.”
“Ah…”
At Hyang’s words, Jo Mal-saeng nodded his head sharply. Hyang grumbled inwardly at that sight.
‘Should I send that nobleman to the road recorder?’
In the end, the composition of the envoys to be urgently sent to Ming was decided.
* * *
“… So, I need you to take charge of the affairs of the envoy to the Ming. “Don’t you know the most about paper money?”
Hojo Champan expressed his dissatisfaction with Kim Jeom’s words.
“Don’t you know more about paper money than me? “You’re still busy, why are you quitting?”
Kim Jeom calmly answered the judge’s words.
“Shouldn’t I stay here and take command of what’s happening? And should I go to Beijing at this age?”
At Kim Jeom’s words, Champan grumbled inwardly.
‘What a sight! It’s too much for us to grow old together!’
“The crown prince will give a special lecture as soon as the envoy group is formed, so prepare well.”
“… yes.”
“If you go to Beijing, there are a lot of things that are good for your body. Find them and take a look.”
“Paddeuk!”
* * *
Note 1) This is a fictitious figure based on the writer’s imagination, based on the revenue list written in episode 168.