Chapter 186: Currency War (2)
Upon hearing Emperor Xuande's imperial decree, the great ministers pressed the Grand Secretary of the Inner Cabinet.
"Your Excellency! Even if His Majesty the Emperor made the decision, you should have dissuaded him!"
"Grand Secretary! Putting paper currency back into circulation is by no means an easy task!"
Not only the scholars of the Inner Cabinet but also the ministers of various bureaus directed harsh words at the Grand Secretary. However, those same ministers and scholars fell silent at the Grand Secretary's words.
"Our people of Great Ming are using Joseon's banknotes. They trust those banknotes made by that tiny Joseon more than our Great Ming's paper currency. How shameful is this? How long will we continue to bring disgrace upon His Majesty the Emperor?"
"...."
At the Grand Secretary's question, the scholars and ministers fell silent.
The fact that the people trusted another country's money—and paper currency from a much smaller nation at that—more than Ming's own paper currency was indeed shameful.
The Grand Secretary continued in a stiff, rigid voice.
"Let us put aside Joseon's banknotes for now. Looking at the current situation, promissory notes issued by merchant guilds are more trusted than the paper currency issued by the court. Where else does such disloyalty exist? Therefore, this time we must succeed in circulating the paper currency no matter what."
At the Grand Secretary's words, the scholars and ministers let out long sighs.
"Well then. Though it is an extremely difficult task, let us try."
"We cannot bring any more shame to His Majesty."
* * *
Though they had spoken, the ministers had to resolve numerous difficult problems.
The first mountain to overcome was how to handle the paper currency already issued.
"If the people weren't using this paper currency at all, that would be one thing, but the fact that they're still using it is the problem."
"Even if we print new paper currency, if we don't solve this problem, it will only create a vicious cycle."
As the ministers and scholars agonized to find a clear solution, the Joseon envoys who had been preparing to return came into view.
"Joseon hasn't operated banknotes for the first time this time, right?"
"That's right! I heard Joseon also failed once greatly!"
"They said to learn from others' mistakes!"
The ministers and scholars who had been sharing various opinions immediately went to find the Grand Secretary.
"How about we call the relevant officials from Joseon?"
"Exactly. If we properly learn how they handled it, we can process things more quickly and accurately!"
The Grand Secretary, hearing the words of the scholars and ministers, nodded and rose from his seat.
"That seems correct. Then let us go together to report to His Majesty."
"Yes!"
When the Grand Secretary took the lead, the ministers and scholars followed behind. With the Grand Secretary at the front, the risk of the Emperor's reprimand had decreased.
* * *
"Your opinion is correct."
Emperor Xuande nodded after hearing the Grand Secretary's explanation. When the Emperor agreed, the Grand Secretary continued.
"Then, regarding the selection of the envoy to send to Joseon..."
"Why make it so complicated? Isn't there already someone with experience here?"
"Pardon?"
At Emperor Xuande's words, the Grand Secretary's face brightened as he searched his memory.
"Ah! That's right! The chief envoy of this mission was involved in that matter!"
"Indeed. Then call the Joseon envoy."
"Yes. I will obey the imperial command!"
A while later, the Vice Minister of the Ministry of Taxation, who had heard through a eunuch that Emperor Xuande was summoning him, arrived before Emperor Xuande.
"Your Majesty. Did you call for me?"
"I did. Last time, the envoy told me that he had participated in the process of creating and circulating currency in Joseon. Is this correct?"
"It is so, Your Majesty."
"Is that so? Then I shall ask. As I understand it, Joseon also attempted to circulate paper currency and coins before the current king ascended the throne, but failed. Yet this time they succeeded—what method did they use?"
At Emperor Xuande's question, the Vice Minister answered immediately.
"Of course, that was the case. Therefore, to not fail this time, we accepted all taxes in currency."
"Just with that?"
'Danger!'
Sensing danger instinctively, the Vice Minister began desperately making excuses.
"There were a few more measures, but explaining them all would require much time. I will return and report to His Majesty the King..."
However, before the Vice Minister could finish speaking, Emperor Xuande raised his hand to stop him.
"Enough, my time is also precious. Therefore, I ask that the envoy remain here and cooperate. I will send an envoy to the King of Joseon."
At Emperor Xuande's command, the Vice Minister had no choice but to bow his head.
"I obey the command."
* * *
Returning to the Huidong Pavilion, the residence where the Joseon envoy was staying, the Vice Minister of the Ministry of Taxation let out a long sigh.
"Overtime even after coming all the way here..."
Due to the suddenly assigned task, the Vice Minister, whose schedule had become completely messed up, spread out paper and began writing a report.
Though it had the appearance of a remedy after death, reporting the full circumstances to Sejong and obtaining permission was the proper procedure.
As he spread the paper and pondered how to write it, one memory suddenly came to the Vice Minister's mind.
It was what Kim Jeom had said to him before departure.
'There are many good tonic medicines in Beijing too, so take good care of your health and come back!'
Recalling Kim Jeom's words, the Vice Minister looked toward the east with eyes full of suspicion and muttered.
"Did Your Excellency perhaps predict this would happen?"
However, the Vice Minister soon shook his head vigorously.
"Nah, no way... if that were possible, he wouldn't be a minister but a fortune teller..."
At the same time, Kim Jeom, who was wrestling with documents, was scratching his ear vigorously.
"Who is badmouthing me so much..."
At Kim Jeom's muttered words, the subordinate officials nearby muttered inwardly.
'Are there only one or two?'
Whether he knew his subordinates' feelings or not, Kim Jeom grumbled while looking into the distance.
"It's been so long since the Vice Minister left, why isn't he back yet? Did he get a pretty concubine in Beijing?"
* * *
Sejong, having read the official document from Emperor Xuande delivered by the hastily sent envoy from Ming, looked back at his ministers.
"Since things have come to this, we must tell the Vice Minister of the Ministry of Taxation who went as envoy to endure for a while."
"That is correct, Your Majesty."
At Sejong's words, the ministers did not raise objections. While work here was piled high, it was better than offending the suzerain state and getting a headache.
Due to the importance of the matter, Hyang, who had participated in the meeting, rather brightened and was pleased.
"This is truly a good opportunity! Ming is our biggest counterpart, so through this opportunity, we can know Ming's interior more certainly!"
"Hm?"
Sejong, who expressed doubt at Hyang's words, soon organized his thoughts.
'Surely Xuande asked to borrow the Vice Minister temporarily because he needs our experience. If that happens, the Vice Minister will propose circulating currency using the method we used. If that happens... I see! We can accurately know Ming's fiscal scale and population! A good opportunity to know Ming's true state!'
Sejong, having realized Hyang's thoughts, smiled gently and looked at Hyang.
"You always have good ideas."
"I am undeserving of such praise!"
The ministers listening to the two men's conversation grumbled inwardly.
'Again, again! They started! Their own Zen dialogue!'
'Do they think knowing just between the two of them is everything? Is it?'
"What do you ministers think?"
"Pardon? Pardon?"
At Sejong's sudden question, when the ministers asked back with bewildered voices, Sejong's expression became stern.
'Eek! Think! Think!'
'No more tongue clicking sounds!'
While the ministers were desperately racking their brains, Maeng Sa-seong answered first.
"It is indeed a good opportunity. Through this, we can confirm Ming's scale with numbers—there is no greater blessing!"
At Maeng Sa-seong's answer, Sejong's expression relaxed.
Sejong continued in a much gentler voice.
"Indeed, it is so. Though Ming and our Joseon have a relationship as friendly neighbors, no one knows what will happen in the future. We must send a secret letter to the Vice Minister."
"A just decision, Your Majesty!"
At Sejong's decision, the ministers answered in one voice.
After the meeting ended that day, the ministers ran to Maeng Sa-seong and repeatedly expressed their gratitude.
* * *
While things were proceeding in Hanyang, the Vice Minister of the Ministry of Taxation had to engage in debates with Ming officials in Beijing.
"When new paper currency is issued, the previously issued paper currency must be recovered as much as possible. However, a period should be set for recovery to prevent unnecessary expenditure."
At the Vice Minister's words, the Ming officials nodded.
In the conference room where they were seated, not only court officials but also eunuchs and the Jinyiwei were present.
The Eastern Depot, the eunuch organization, constituted another government due to its scale and organization. Furthermore, the Jinyiwei was close to a political police directly under the Emperor.
Therefore, eunuchs belonging to the Eastern Depot and executives of the Jinyiwei also had to attend the meeting.
And Emperor Xuande, sitting in the highest seat, was presiding over the meeting.
At the Vice Minister's words, a eunuch from the Eastern Depot raised an objection.
"However, the amount of paper currency issued since the Hongwu era is enormous. To recover this means exchanging it for actual silver or exchanging it for newly issued paper currency. If it were a small country like Joseon, perhaps..."
The eunuch's face, trailing off his words, was full of mockery.
At that face, the Vice Minister clenched his teeth to suppress the anger boiling up inside.
'This damned eunuch bastard!'
"Hoo~."
Sighing to calm his anger, the Vice Minister answered the raised objection.
"Of course, that would be so. However, if we ignore this just because the scale is large and circulate new currency, the new currency will also receive the same treatment. Therefore, we must recover as much as possible."
At the Vice Minister's words, the same eunuch raised another problem.
"But the quantity is so enormous..."
At the eunuch's words, the Vice Minister pointed out reality.
"At what value is that paper currency being recognized? When trading at merchant guilds in Shandong, even 14% of the face value was considered generous. Surely you didn't think of exchanging it at full face value?"
"That is not the case, but..."
At the Vice Minister's point, the eunuch trailed off. However, not only Emperor Xuande but also the other officials and Jinyiwei executives did not look kindly upon him.
This was because various rumors had been continuously flowing out since the Eastern Depot established itself as an official institution.
Eventually, Emperor Xuande stepped forward and reached a conclusion.
"The exchange for old paper currency will be made at current market rates. And we will set a period for exchange, and after that, the validity of old paper currency will not be recognized."
"We obey Your Majesty's command!"
At Emperor Xuande's decision, everyone gathered in the conference room bowed their heads and answered.
It was a very radical decision, but everyone agreed that there was no other answer.
* * *
With the decision on the handling of old and new currency exchange getting over one hurdle, the meeting moved to the next agenda item.
"Currency issuance must be done by an independent institution. The place of issuance must also be only one location. Otherwise, it will be difficult to control the issuance amount, and we will not be free from the problem of counterfeiting."
At the Vice Minister's words, an official from Ming's Ministry of Revenue pointed out a problem.
"Our Ming's territory is vast, so circulation would be difficult that way. Our Ming is not a small country like Joseon."
The continued use of the word 'small country' scratched at his nerves, but the Vice Minister explained the reason with superhuman patience.
"Even so, if you print from multiple locations, issuance amount control becomes impossible. Do you want the newly issued paper currency to suffer the same fate as the old paper currency?"
"That is not the case, but..."
"You must send pre-printed paper currency to distant places first to prepare, then start exchange all at once. If you establish multiple currency printing locations because that is inconvenient, problems will arise in controlling and supervising the issuance amount. In severe cases, if a location far from Beijing deliberately prints and distributes large quantities, how would you handle that?"
At the Vice Minister's point, the Ming officials fell silent.
This was because one of the reasons the paper currency that had become a problem had turned into scraps of paper was exactly that.
Eventually, Emperor Xuande had to make a decision once again.
"The place for issuing new currency shall be placed here in the Forbidden City!"