Black Corporation: Joseon - Chapter 185
Episode 185: Currency war. (1)
“Your Majesty. “It is said that our merchants are using banknotes made in Joseon in large quantities these days.”
Emperor Seondeok stroked his beard upon hearing the cabinet assistant’s report.
“Joseon’s banknotes? Not long ago, envoys came and went about exchange and counterfeiting issues, right? But what problem did our merchants cause?”
In response to Emperor Seondeok’s question, the Cabinet Secretary began to explain.
“Quite a number of merchants are giving silver to Joseon to obtain 1-nyang silver banknotes made by Joseon.”
“why?”
“We exchange them for Joseon banknotes because they are reliable because the Joseon government guarantees payment, and it is more convenient than carrying physical silver.”
“So how much did you get away with?”
“The exact quantity has not yet been determined, but it has been reported to be a considerable quantity.”
Emperor Seondeok looked serious upon hearing the report from the Cabinet Secretary.
The economy of the Ming Dynasty revolved around silver. The proportion of taxes paid in silver was increasing, and transactions in the market were also being paid for with silver.
However, if such important silver were to escape, it could become a serious problem.
Emperor Seondeok, who was worried with a serious look on his face, gave an order to the assistant cabinet secretary.
“Check the exact facts immediately and report it.”
“Yes, Your Majesty.”
A month later, the assistant cabinet secretary reported to Emperor Seondeok.
“The exchange of silver is taking place at the Joseon Trading Company located in Shandong, and the amount exchanged last month was 1 million nyang.”
“1 million nyang… is this serious?”
The cabinet secretary thought for a moment about Emperor Seondeok’s question.
‘If you look at the size of our famous country now, 1 million nyang is not a big burden. But if you think about the future… Should I just say it’s serious? No, His Majesty has gained a great deal of benefit from Joseon, especially through Joseon’s crown prince, but if I make a mistake, my head could be taken away.’
The Cabinet Secretary, who was contemplating what the best answer would be, cautiously opened his mouth.
“I don’t feel much pressure right now. However, if the volume of transactions increases at the current rate, it will be a big problem in the future.”
“Is that so? Then what should we do…”
Emperor Seondeok frowned at the words of the Assistant Cabinet Secretary.
There were many times when that assistant cabinet secretary was worried in advance, but he was by no means incompetent.
Rather, Ming’s finances were becoming more solid through that assistant cabinet secretary and the cabinet he commanded.
‘But then we put pressure on Joseon…’
The easiest way was to put pressure on Joseon and retrieve the silver through tribute or other methods, but this was not good for him.
Joseon was an entity that enriched its own pockets – not the finances of the Ming Dynasty, but the emperor’s own finances. Pressuring Joseon carelessly had a high probability of being a foolish act of killing a cow by going too far and creating a bad result.
While Emperor Xuande and his cabinet were worried, urgent news came from Shandong.
“An envoy from Joseon came?”
After reading the contents of the general, Emperor Seondeok looked back at the cabinet secretary.
“Is now the time for the Reaper to come?”
“no.”
“What’s going on? “I wonder what the problem is this time.”
While Emperor Seondeok was wondering, envoys sent by King Sejong arrived at the Forbidden City.
* * *
“So… for what reason did Joseon send envoys?”
After a series of greetings and responses embellished with all kinds of flowery language, the Seondeokje ceremony got straight to the point.
In response to Emperor Seondeok’s question, Champan Hojo, who was in charge of the affairs of the envoys, immediately knelt down and raised his voice.
“your majesty! Please save Joseon, a small country on the border!”
“huh?”
Emperor Seondeok and his cabinet secretary just blinked at the unexpected remark.
After a while, Emperor Seondeok came to his senses and asked with a face full of doubts.
“As far as I know, I know that you and your empire have not harmed Joseon. What kind of strange words are these?”
“Who doesn’t know that His Majesty is watching our Joseon with special care? But now so much silver is coming into our Joseon Dynasty! “Our Joseon is a small country by nature, so it is difficult to endure this, so please give us royal grace!”
In response to the appeal of the Hojo judge, Emperor Seondeok looked at his cabinet secretary.
“It looks like that silver is also a problem in Joseon.”
“It seems so.”
When the assistant cabinet member nodded, Emperor Seondeok looked back at Minister Hojo and opened his mouth.
“Jim also knew that a large amount of silver from our famous country was flowing into Joseon and was looking for a solution. However, this is a legitimate transaction of merchants and cannot be arbitrarily involved. Does Joseon have a plan for this?”
At the last question, the cabinet assistant looked at Emperor Seondeok with slightly surprised eyes.
They realized that if Joseon did not come with an appropriate answer, they intended to use this as an excuse to put pressure on Joseon.
However, I thought that Emperor Seondeok had really brought the answer and not just for pressure.
‘If I were the crown prince of Joseon that I know, he wouldn’t have stayed still. It’s clear.’
In response to Emperor Seondeok’s question, Hojo Champan slightly changed his tone.
“How can a small country meddle in the affairs of a large country?”
“But this is not only a problem for your empire, but also a problem for your Joseon. Therefore, Joseon must have thought of an answer to some extent. So tell me. “It’s Hwangmyeong.”
At Emperor Seondeok’s command, Hojo Champan hesitated for a moment and then opened his mouth.
“We, Joseon, believe that the best solution is to create and circulate a currency for the People’s Republic of Korea.”
“Create currency? Hmm….”
Hearing the words of the Hojo governor, Emperor Seondeok looked back at his cabinet secretary.
The Cabinet Secretary also had a perplexed expression similar to that of Emperor Seondeok.
Knowing well that the Yuan Dynasty made and distributed paper money, the Ming Dynasty also tried to make and distribute paper money. However, the distribution of paper money was suffering from failure.
The biggest reason was the decline in the credibility of the land deposits due to inflation and forgery caused by Emperor Yongle’s frequent expeditions.
In the end, a cabinet secretary intervened on behalf of Emperor Seondeok.
“Joseon’s envoy, please listen. Our Ming Dynasty also tried to distribute coins, but things did not go well. But are you asking us to issue paper money again?”
Minister Hojo responded to the words of the Assistant Cabinet Secretary.
“How can our Joseon not know? However, I think there is a clear answer when looking at the banknotes of Joseon, the merchants of a famous country.”
Emperor Seondeok and the cabinet secretary nodded at the words of Vice Minister Hojo at the same time. Just looking at the merchants looking for Joseon paper money, it is clear that the existence of paper money itself was not the problem.
“Hmm….”
Emperor Seondeok, who was quietly looking at the envoys, asked a question to Champan Hojo.
“Was Joseon’s envoy sent by the crown prince?”
“yes? No! “I have received a command from the King.”
Emperor Seondeok chuckled at Hojo Champan’s answer.
“I have heard that the King of Joseon is an outstanding person. However, I also heard that the King of Joseon was close to being a scholar. The answer the envoy gave just now is the answer of the merchant. In the palace of Tanggeum Joseon, the only person who can think about business affairs is the crown prince. “Is what Jim said wrong?”
“Let the gods receive their commands…”
As Hojo Champan continued to deny, Emperor Seondeok concluded with a smile.
“okay. Let me know that way. Yes, Joseon told us to rebuild Jijeon. However, the order to re-circulate the already failed paper money means that they have a plan to solve the problem. Something?”
To Emperor Seondeok’s question, Hojo Champan immediately answered.
“It’s trust.”
“trust?”
“The belief that if 1 nyang of silver is stamped on a coin, it is actually worth 1 nyang of silver. “I believe there is no such thing as counterfeiting.”
Emperor Seondeok muttered in a slightly disappointed voice at Hojochapan’s answer.
“It is a straightforward theory, but…”
‘This is a straightforward theory that everyone knows. There is no way the crown prince does not know this.’
I was disappointed because I was a Seondeokje who knew about incense. But Hojochampan answered calmly.
“There is no other way to settle a currency than to keep these two things for the best.”
“Why are you so confident?”
“This is because God was also involved in issuing banknotes.”
Emperor Seondeok, who was looking at the envoys, looked back at the cabinet assistant in response to the response of the Hojo governor.
“Come to think of it… I guess the fact that merchants are looking for it even though it’s the same coin means that they trust it. However, Jim has never seen a Joseon paper. Do you have the Cabinet Secretariat?”
In response to Emperor Seondeok’s question, the assistant cabinet secretary immediately knelt down.
Hearing rumors about Joseon’s military power, he was curious, but the Cabinet Secretary deliberately did not go looking for him.
It was a matter of pride.
‘How can such a thing as a small country’s territory!’
“I don’t even have a god. Please forgive me for my disloyalty. your majesty.”
When the assistant cabinet secretary asked for forgiveness, Emperor Seondeok lightly waved his hand.
“What kind of disloyalty is that?… Stand up.”
“Hwang Eun is devastated!”
Meanwhile, Hojo Champan gritted his teeth as he saw the scene unfolding before his eyes.
This was because Hojo Champan could speak Chinese to some extent and was able to understand what was being discussed.
‘That’s it! That kind of thing! How much effort went into making it and distributing it properly! If you haven’t seen it, wouldn’t it be okay if you asked me? How much you look down on our Joseon!’
Hojojampan suppressed his anger inwardly. It was because of the instructions given by the head before departure.
‘Under the current circumstances, our Joseon Dynasty is inadequate to deal with the Ming. Leave your liver and gallbladder behind in Joseon, not only this time, but for the time being! ‘The day will come when I will definitely pay you back!’
Hojo Champan, who had suppressed his anger by remembering Hyang’s request, joined the conversation.
“I have conviction.”
“is it? “Give it to me somewhere.”
At Emperor Seondeok’s words, Hojo Champan took out his wallet from his sleeve.
Hojo Champan carefully took out a bill with 1 nyang of silver stamped on it and handed it to the eunuch.
“Here comes a banknote from Joseon.”
“is it?”
Although his tone was harsh, Emperor Seondeok took the banknote quite carefully. This was because he also knew that Joseon’s banknotes had the royal seal stamped on them.
“How beautiful! “This is more like a work of art than a banknote!”
Emperor Seondeok, who saw Joseon’s banknotes for the first time, let out an exclamation without realizing it.
Blue and red lines wrapped around the outside of the bill, and inside was a beautiful landscape painting. King Sejong’s royal seal was clearly stamped on one corner of the bill stamped with ‘1 nyang of silver’.
“The shape of the royal seal is a little different from the one stamped on the national seal, isn’t it?”
Hojo Champan immediately answered Emperor Seondeok’s question.
“This is a newly created sword made with the intention of using it as currency.”
“I see…”
Emperor Seondeok carefully inspected the Joseon banknotes and presented them to the assistant cabinet secretary.
“Please also look at the Cabinet Report. “At least we don’t have to worry about counterfeiting.”
The assistant cabinet secretary, who had been examining banknotes while listening to Emperor Seondeok’s words, looked at Champan Hojo with startled eyes.
“Are you sure this is what was printed?”
“What I printed is correct.”
The assistant cabinet secretary, who was looking blankly at the banknotes while listening to Vice President Hojo’s answer, muttered without realizing it.
“I heard from the beginning that Haedong’s printing skills were excellent…”
The Cabinet Secretary soon came to his senses and raised a bill to Emperor Seondeok and said.
“Your Majesty’s words are correct. “I don’t think we need to worry about counterfeiting issues.”
“yes? “Take the messenger back.”
Emperor Seondeok, who returned the banknotes through the eunuch, looked into the distance and muttered.
“The meat that was missed was bigger… It’s definitely a waste.”
It was Seondeokje who regained his appetite due to his disappointment with the scent.
“I know the answer to the counterfeiting problem. So how do we protect our values?”
“The first thing is to create and distribute currency of the same value as the set budget. Through this, if the people have faith, the circulation will gradually increase, but they must also have the same amount of goods in kind. Additionally, if additional issuance is desired, only the amount of silver brought by the person wishing to exchange will be exchanged. “When conducting such an exchange, the quality of the silver must be thoroughly considered and its value must be accurately determined.”
“That’s standard.”
Emperor Seondeok nodded his head at the brief and clear explanation of Minister Hojo and then looked back at his cabinet secretary.
“I see why we failed.”
“That’s right.”
The Cabinet Secretary nodded to Emperor Seondeok’s words.
In order to secure the budget for the conquests and expeditions carried out by the Yongle Emperor, the Ming government at the time printed coins at random.
And this led to a decline in the value of land deposits.
“The messenger can leave.”
The envoys politely bowed to Emperor Seondeok’s command.
After the three cheers for the emperor and the Joseon envoys withdrew, Emperor Seondeok looked at his cabinet secretary.
“Wouldn’t it be worth it if we prepared properly?”
“It is quite possible.”
“yes? The humiliation of government-issued bills being treated worse than bills issued by a single top government must now end. And…”
Seondeokje paused for a moment and revealed his true thoughts.
“Wouldn’t it be absurd if we couldn’t do something that even a small country has succeeded in doing?”
“That’s right.”
In this way, the Ming Dynasty once again attempted to issue banknotes. And a period of hardship for the Ming Dynasty craftsmen began.