He Became King Sejong’s Lifelong Prime Minister - Chapter 33

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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Currency and Jibusangso (4)

Joseon’s jibusangso began with the righteous army leader Jo Heon.

The top disciple of Nammyeong Jo Sik, famous for despising the Japanese, and a ‘pioneer’ who was the first to prophesy the Japanese invasions of Korea, truly becoming the nightmare of Japanese pirates.

Jo Sik himself was quite a radical person, but Jo Heon was someone who went even further.

But from now on, I am the origin of Joseon’s jibusangso.

“His Majesty’s heart in creating currency to widely benefit the Common People is truly sacred. That heart can indeed be compared to Yao and Shun.”

Both King Sejong and Lee Bang-won started with very good intentions when implementing currency. The results were hellish, but the reasons for implementation were filled with nothing but good intentions.

Lee Bang-won, who remembered Former Goryeo and the Yuan Dynasty well, thought that using ‘currency’ would allow prosperity like the Yuan Dynasty.

In fact, when Sangpyeong Tongbo spread widely throughout Joseon, it truly helped greatly in commercial development. And considering that the Ming Dynasty’s economy rapidly grew after Zhang Juzheng implemented the system of collecting all poll taxes in silver…

The results that Lee Bang-won and King Sejong expected when issuing currency were not wrong.

The problem was that they only knew the results but didn’t know the correct implementation methods.

“However, work that began for the Common People must not become work that drives the Common People into suffering. Therefore, I wish to risk my life and offer this remonstrance.”

Medieval Europe was like this, and Joseon was the same – there really wasn’t much to see and enjoy. In a world without TV, newspapers, or radio, executing criminals peculiarly became a major spectacle among the Common People.

In such a world, when someone submits a petition, especially when a young Government Officials rumored to be capable submits a petition asking to have his neck cut if his request won’t be granted… naturally it draws attention and people can’t help but flock to see.

Even if they can’t understand what the petition content is about, it’s still an interesting and curious spectacle to watch.

As I expected, countless Government Officials, nobles, and Common People came flocking around me as I submitted my jibusangso.

“His Majesty has said he will establish Currency Exchange Offices in all counties nationwide, so that when people bring Rice and Cotton Cloth, he will exchange them for Copper Coins. When Paper Currency was implemented before, Paper Currency could only be exchanged in Hanyang and Gaeseong, making it very difficult for Common People nationwide to obtain Paper Currency. But this time, he has made it so Copper Coins can be easily obtained in all counties nationwide, which is very good.”

When Paper Currency was previously implemented, exchanges only happened in Gaeseong and Hanyang. Common People living around Hanyang and Gaeseong could bring things like Rice and Cotton Cloth to exchange for Paper Currency, but…

Just as less than 2% of medieval Europeans ever traveled more than 80km from their hometown in their lifetime, the majority of Joseon people also never venture outside the county where they were born.

So how could someone living in Jeolla Province possibly go all the way to Hanyang to exchange Paper Currency? It was naturally impossible. But since there were immediate needs requiring transactions, they had to trade, and thus ended up doing ‘bartering’.

But Common People caught bartering received very severe punishment.

Since this didn’t consider realistic circumstances at all, it was no different from Lee Bang-won killing the Common People.

At least thanks to my proving that activating commerce would benefit the Common People, the decision was made to create Currency Exchange Offices in counties nationwide… so it’s still better than the original history. The exchange situation for Joseon Tongbo wasn’t much different either.

“Furthermore, His Majesty declared that one copper coin (weighing one nyang) should equal one doe of rice. But currently in Joseon, three nyang of copper is being traded for one doe of rice. What would the Common People think of this?”

This is the biggest reason why Joseon Tongbo failed.

If you exchange one nyang of copper as raw material, you only get one-third doe of rice, but if you make coins with one nyang of copper, the value jumps threefold.

While most Common People are illiterate and can’t even read the Thousand Character Classic, they’re not so ignorant as to not understand that it makes no sense for copper to have three times the value just by changing shape into coins.

So in the Market, three Copper Coins were traded for one doe of rice… but King Sejong still insisted on one coin for one doe of rice. The innocent Common People were caught like rats in between.

The result was so disastrous that the Annals of the Joseon Dynasty recorded: ‘It was immediately foreseen when the coins appeared that they would ruin the economy.’

“Even if we set the coin’s value similar to the actual weight of copper used, how could we secure enough copper for currency use in Joseon? To exchange one seom of rice for copper requires two geun of copper. Just the market taxes I collected in Jinhae County alone amounted to 1,000 seom of white rice, and when calculating the value of all traded goods, it exceeded 10,000 seom of white rice. Just calculating the transactions in the small County of Jinhae County requires over 20,000 geun of copper – have you estimated how much copper would be needed for coin circulation throughout the Eight Provinces of Joseon? Would securing that much copper be possible?”

The copper used by Gungi-si for making cannons in preparation for war would be about 10,000 geun. But 20,000 geun? That’s an amount Joseon’s current capacity cannot handle.

But if this becomes nationwide, at least several million geun worth of copper would be needed. This is impossible.

It would be more realistic for a man with no dating experience to find an F-cup beautiful girl (virgin) who’s also perpetually single, looks only at him, and even takes care of his livelihood.

At least that’s not completely impossible probability-wise.

“Moreover, to use coins as currency, taxes must also be accepted in coins instead of rice for the Common People to believe in the currency’s usefulness. In the currency regulations you’re promulgating this time, you’ve forbidden paying taxes with currency.”

People living in modern society don’t deny the value of currency. If you bring a piece of paper marked “10,000 won” to the government, they acknowledge it as payment of 10,000 won in taxes you owe.

That’s why everyone trusts currency. Because the government accepts currency for tax payments.

But since Joseon didn’t accept taxes in currency, such currency was naturally bound to fail. How could the Common People trust it when even the country doesn’t recognize the currency’s value?

“If the country treats currency as less than mere copper scraps, how can the Common People regard those copper scraps as currency! Please have mercy and understand!”

I shouted like that. When my throat got dry, I had Dolsoe fetch water for me to drink. When my voice seemed about to give out, I briefly stopped shouting and bowed toward where His Majesty was. Continuously.

**

Kim Dae-bung’s submission of the lying petition naturally reached Lee Bang-won’s ears.

When Lee Bang-won heard this news, he found Kim Dae-bung extremely presumptuous. King Sejong felt the same way.

If currency were widely implemented, it would be extremely beneficial to the Common People, so why couldn’t Kim Dae-bung, whom he cherished, understand their great intentions? It was truly presumptuous and regrettable.

Lee Bang-won, attending a Pyeonjeon Hall meeting (morning court) for the first time in a while, sighed first.

“How truly regrettable this is. So regrettable, when I and His Majesty sought to create copper coins to benefit the Common People widely… How could someone as wise as Kim Dae-bung only see what’s before his eyes, unable to see far ahead, and come forward in opposition? This is truly a regrettable matter.”

Hwang Hee and the other ministers dared not answer.

Because Lee Bang-won, who seemed ready to do anything for the implementation of currency, was wearing a ‘black Gonryongpo’ and holding an ‘Iron Mace’.

‘Resist and you die. You will surely die.’

However, Ryu Jeong-hyeon, for whom removing Kim Dae-bung was important, thought differently.

Now that he had fallen out of favor with Lee Bang-won was the perfect opportunity.

“Retired King, upon reflection, I believe Jiphyeonjeon Editor Kim Dae-bung has achieved too much at too young an age. As the saying goes, ‘Those who pass the civil examinations in youth tend to become arrogant and meet unfortunate ends’… Kim Dae-bung has become too arrogant, believing his convictions are absolutely correct and presenting them as ‘loyal counsel’.”

It was a statement that didn’t go against Lee Bang-won’s mood at all while properly addressing what he wanted to hear.

Lee Bang-won had no intention of killing Kim Dae-bung. He only wanted to intimidate him.

Where else could he find such a capable minister, such a loyal minister, such a minister devoted solely to Joseon?

It was clear he would become a far greater and more excellent prime minister than those like Hwang Hee, Maeng Sa-seong, Jo Mal-saeng, and Heo Jo.

After he himself disappeared, not knowing when death might come, Kim Dae-bung would be the best royal advisor to assist the still-young king.

“A child receives praise from parents when doing well, and receives the Birch Rod when doing wrong, gradually becoming complete as a person. I believe now is the time for Retired King to raise the Birch Rod for Kim Dae-bung’s sake.”

“The Birch Rod.”

Lee Bang-won nodded his head.

“… That seems right. Kim Dae-bung cannot be perfect either. He cannot know everything.”

“Yes, that is so.”

Then Hwang Hee stepped forward with a rebuttal.

“Retired King, if we examine what Kim Dae-bung said, it is not without merit. Please listen to his words, offered at the risk of his life, and thoroughly review them. It would not be wrong to implement currency after that. If there is anyone in the Royal Court who best understands currency and commerce right now, who would that be?”

“It would be Kim Dae-bung.”

“The fact that he risks his life to offer loyal counsel despite knowing the commands of Retired King and His Majesty means there must be aspects that warrant reconsideration. So please listen to his opinion, and have him work at the Currency Supervision Office or Gyeongsi-seo to inspect whether there might be problematic aspects to the currency to be issued.”

“That also makes sense. However, to so openly defy my command like that, I must seriously consider this as well.”

A smile formed on Ryu Jeong-hyeon’s lips. This was how it should be done, one by one.

Even if slowly, by steadily breaking down Kim Dae-bung’s convictions and Kim Dae-bung’s policies in this manner, Joseon would remain forever a country only for the yangban scholar-officials.

“Since I’ve received the petition, I must go give an answer. Isn’t that right, Your Majesty?”

“Yes, that is correct.”

Having finished speaking, Lee Bang-won swept his black gonryongpo and left Geunjeongjeon Hall.

King Sejong and the civil and military officials followed behind him.

Lee Bang-won issued a royal decree to Kim Dae-bung, who was presenting his petition at Gwanghwamun.

“… If you repent even now, I will impose only a light punishment and forgive you, and I will value you very highly.”

Kim Dae-bung answered.

“This humble subject cannot do so.”

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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