Chapter 33
Joseon’s jibu sangso began with the righteous army leader Jo Heon.
He was the "pioneer" famed for his hatred of the Japanese, Nam-myeong Jo Sik's prized disciple, and the nightmare of the Japanese pirates—the first to predict the Imjin War.
Jo Sik himself was already a rather extreme man, but Jo Heon went even further.
But from here on out, the origin of Joseon’s jibu sangso is me.
"Your Majesty’s desire to mint currency and greatly benefit the people is truly noble. That heart could even be compared with Yao and Shun."
Both Sejong and Yi Bang-won began currency policy with extremely good intentions. The result was hell, but their reasons were entirely well-meaning.
Yi Bang-won, who well remembered the Goryeo and Yuan of the previous era, believed that using 'currency' would allow Joseon to prosper like the Yuan.
In fact, when Sangpyeong Tongbo later spread widely throughout Joseon, it greatly helped commerce develop. And considering that after Zhang Juzheng implemented a system of collecting all poll taxes in silver in Ming China, the Ming economy grew rapidly...
The results Yi Bang-won and Sejong had expected from issuing currency were not wrong.
The problem was that they knew the results, but not the proper way to implement them.
"However, a task begun for the sake of the people must not become something that drives the people into suffering. Therefore, this humble servant is prepared to risk his life to offer remonstrance."
Medieval Europe was like that, and Joseon was no different; there really was nothing entertaining about it. In a world without TV, newspapers, or radio, oddly enough, executing criminals became a major spectacle for the common people.
In such a world, if someone submitted a memorial—especially a young official famed for his talent—and said that if they wouldn’t listen, they should cut off his head... of course it would draw attention, and people would have no choice but to gather.
Even if they couldn’t understand what the memorial was about, it was still an amusing and unusual spectacle.
As I expected, countless officials, yangban, and commoners swarmed around me as I submitted my jibu sangso.
"Your Majesty has ordered that exchange offices be set up in every county nationwide, and that if people bring rice or cotton cloth, they will be exchanged for coins. When jeohwa was implemented last time, it was only exchanged in Hanyang and Gaeseong, so it was extremely difficult for people across the country to get their hands on jeohwa. This time, you have made it easy to obtain coins in every county across the country, which is very good."
When jeohwa had been implemented before, it could only be exchanged in Gaeseong and Hanyang. The people living around Hanyang and Gaeseong could bring rice, cotton cloth, and the like to exchange for jeohwa...
Just as fewer than 2 percent of medieval Europeans ever visited a place more than 80 kilometers from their hometown in their entire lives, the majority of Joseon people never once left the county where they were born.
So how could someone living in Jeolla Province possibly travel all the way to Hanyang to exchange jeohwa? Obviously impossible. But if you need something right away, you still have to trade for it, and before long you end up resorting to 'barter.'
But peasants caught bartering were punished extremely harshly.
Since this ignored reality entirely, you could say it was no different from Yi Bang-won killing the people outright.
Still, thanks to my proving that stimulating commerce was good for the people, they had announced exchange offices would be established in every district... So compared with the original history, things had at least improved somewhat. Sangpyeong Tongbo had much the same exchange problems anyway.
"Furthermore, Your Majesty said that one mun of coin, by weight one nyang, would be worth one doe of rice. But right now in Joseon, three nyang of copper are traded for one doe of rice. How do you expect the people to take that?"
This was the biggest reason Joseon Tongbo failed.
If one nyang of copper is exchanged as a commodity, it only buys one-third of a doe of rice, but if that same one nyang of copper is turned into coins, its value triples.
Most of the people may be illiterate and unable to read even the Thousand Character Classic, but they are not so stupid that they can't tell it makes no sense for copper to triple in value just because it changes shape and becomes a coin.
So in the market, three copper coins were traded for one doe of rice... yet Sejong still insisted that one coin be worth one doe of rice. In the middle of that, innocent commoners were being hounded like rats.
The result was, well, so disastrous that the Joseon Annals record, "The moment coins appeared, it was already foreseeable that the economy would be ruined by them."
"Even if you set the coin’s value to match the actual weight of the copper used, how on earth could you secure enough copper to use as currency in Joseon? To exchange one seom of rice for copper, you need two geun of copper. Yet the market taxes I collected in Jinhae-hyeon alone came to 1,000 seom of white rice, and if you properly totaled the value of the goods traded, it was well over 10,000 seom. Even if you calculate only the transactions in a tiny county like Jinhae-hyeon, you would already need well over 20,000 geun of copper. Have you any idea how much copper would be needed for coin circulation across all eight provinces of Joseon? Is it possible to secure that much copper?"
The copper used by the Bureau of Military Implements to cast artillery in preparation for war was probably around 10,000 geun. And 20,000 geun? That's an amount Joseon’s current scale simply can't handle.
But if this were on a national scale, it would need at least several million geun of copper. There was no way that could be possible.
It would be more realistic for a man with no dating experience to find an F-cup beauty (a virgin), a born-single girl who only has eyes for him and can even support herself.
Because that isn’t completely impossible, statistically speaking.
"Moreover, if you’re going to use coins as currency, the people will only believe in their usefulness if taxes are also collected in coins instead of rice. Yet the decree you are issuing this time says taxes cannot be paid in currency."
People living in modern society do not deny the value of currency. If you take a piece of paper marked 10,000 won to the government, they recognize it as having paid the 10,000 won in taxes you owe.
That is why everyone trusts currency. Because even taxes owed to the government are collected in it.
But in Joseon, taxes were not collected in currency, so such money was obviously doomed to fail. If the country itself doesn't recognize currency's value, how could the people believe in it?
"The country regards its currency as no better than a mere lump of copper, so how can the people regard that lump of copper as money? Please, think this over carefully!"
I kept shouting like that. When I got thirsty, I told Dolsoe to bring me water and drank it. When my throat started to feel strained, I stopped shouting for a moment and bowed toward the king's side. Then I went right back to it.
**
Naturally, Kim Daebung’s jibu sangso reached Yi Bang-won’s ears.
When Yi Bang-won heard the news, he was extremely annoyed with Kim Daebung. Sejong was no different.
If currency were widely implemented, it would be extremely beneficial to the people, so why couldn't the Kim Daebung he cherished understand their great purpose? It was truly infuriating and disappointing.
After a long time, Yi Bang-won, who had come to the royal court meeting, let out a sigh first.
"How regrettable, truly regrettable. The king and I sought to mint coins and greatly benefit the people... so why would a wise man like Kim Daebung oppose us because he can see only what is right in front of him and not what lies ahead? What a truly regrettable thing."
The other ministers, including Hwang Hui, did not dare answer.
Because Yi Bang-won, who looked as though he would do anything to force the currency policy through, was wearing a black dragon robe and holding an iron mace.
'If you rebel, you die. You will definitely die.'
However, Ryu Jeong-hyeon, who cared more about getting Kim Daebung out of the way, saw things differently.
Now that he has fallen out of favor with Yi Bang-won, this is the perfect chance.
"Retired King, as I see it, Hall of Worthies compiler Kim Daebung has achieved far too much at too young an age. As the saying goes, those who pass the civil service exams while still young tend to grow arrogant and rarely meet a peaceful end... Kim Daebung has become too arrogant, and now he insists his own beliefs are unquestionably right and presents them as 'loyal remonstrance.'"
Those words nailed exactly what needed to be said without offending Yi Bang-won at all.
Yi Bang-won had no intention of killing Kim Daebung. He just wanted to scare him.
Where in Joseon could you find such a capable, loyal retainer devoted entirely to Joseon?
He was clearly destined to become a great statesman, far superior to Hwang Hui, Maeng Sa-seong, Jo Mal-saeng, or Heo Jo.
After he himself, never knowing when he might die, was gone, Kim Daebung was the best talent to support the still-young king.
"A child is praised when he does well and whipped when he does wrong, gradually becoming a proper man. Retired King, I believe now is the time for you to take up the switch for Kim Daebung."
"A switch."
Yi Bang-won nodded.
"...... That does seem right. Kim Daebung can't be perfect, after all. He can't know everything."
"Yes, that is so."
At that point, Hwang Hui stepped in to object.
"Retired King, if you examine what Kim Daebung said, it is not without merit. Please listen to him and thoroughly review his words, even if he is risking his life to offer them. After that, even if you still decide to implement the currency, it will not be a bad thing. If there is anyone in the court who understands currency and commerce best right now, who would it be?"
"It would be Kim Daebung."
"The fact that he is risking his life to offer loyal remonstrance even while knowing it is an order from the Retired King and His Majesty is surely because there is something worth reconsidering. So please listen carefully to his opinion, and have him work in the Bureau of Coinage or the Office of Market Supervision so he can inspect whether there may be any problems with the currency to be issued."
"That also makes sense. However, I will seriously consider this, too, since he has openly gone against my order like that."
A smile spread across Ryu Jeong-hyeon’s lips. You just had to do it like this, one by one.
Slowly but steadily, if they kept bending Kim Daebung’s convictions and policies in this way, Joseon would remain a country for yangban scholar-officials alone forever.
"Since we've received the memorial, we should go answer it, shouldn't we, Your Majesty?"
"Yes, that is correct."
When he finished speaking, Yi Bang-won swept out of Geunjeongjeon, his black dragon robe billowing.
Sejong and the civil and military officials followed behind him.
Yi Bang-won issued a royal instruction to Kim Daebung, who was making his jibu sangso at Gwanghwamun.
"...If you repent even now, I will only impose a light punishment and forgive you, and I will make great use of you."
Kim Daebung answered.
"This humble servant cannot do that."