Chapter 187: Currency War. (3)
The selection of the location for issuing new paper currency had been completed, but an even greater difficulty awaited them afterward.
That was the question of 'who would have the authority to manage it?'
In principle, all authority resided with Emperor Xuande. However, the reality was that those who received delegated authority from Emperor Xuande would be the ones issuing the paper currency.
And it was precisely at this point that the three major political forces of the Ming collided head-on.
The bureaucratic faction centered on the Grand Secretary, the eunuchs, and the Jinyiwei all claimed that they should manage and supervise the issuance of paper currency.
"Officials in charge of state affairs should be granted the authority!"
"We eunuchs who are closest to His Majesty should take charge! Please grant the authority to the Eastern Depot!"
"Please entrust this heavy responsibility to the Jinyiwei, His Majesty's most powerful sword!"
The war of words that began thus burned fiercely.
None of the three institutions could back down. They could not hand over the opportunity to grasp the money pipeline of the massive Ming Empire to another organization.
The very moment another organization seized that authority, they would find themselves in a position of having to watch their every move.
'I must prevent those bastards from getting that authority by any means necessary!'
Because such thoughts were so strong, those engaged in the verbal battle forgot before whom they were currently speaking.
"If eunuchs had any conscience, they shouldn't volunteer to take on this task! Don't you go around saying that unless you bribe your superiors, no matter how thick your loyalty or how diligent you are, you'll be shoveling shit for the rest of your life?"
"Are you lot clean then? Do you think the people calling the Provincial Administration Commissioners 'Gold-Embracing Officials' are just one or two?"
"People like us, upright martial artists, should take charge of this work!"
"Shut up, you thieves!"
"Thieves? You fellows who paint your faces with powder despite being men, pissing yourselves in fear!"
The war of words between the officials, eunuchs, and Jinyiwei commanders was crossing the line.
As the situation reached this point, the Grand Secretary, the various Ministers, the Head Eunuch who was the leader of the eunuchs, and the Commander of the Jinyiwei tried to stop it with pale, frightened faces.
But it was too late.
CRASH!
"Enough!"
Emperor Xuande, who had been watching the war of words from his seat, grabbed a porcelain vase from the table beside him and threw it at those arguing, shouting.
Those who came to their senses at Emperor Xuande's shout broke into cold sweat and immediately prostrated themselves on the floor.
"Is there no one outside!"
"Yes, Your Majesty!"
At Emperor Xuande's command, Jinyiwei soldiers and eunuchs waiting outside rushed in.
Emperor Xuande, his face twisted with rage, ordered the soldiers and eunuchs who had entered.
"Take away all those prostrating there except for the Grand Secretary, the Ministers, the Head Eunuch, and the Commander, and imprison them! I will personally call them to account for their crimes!"
"Yes, Your Majesty!"
The Jinyiwei soldiers and eunuchs began grabbing the arms of those pointed out and dragging them outside.
"Your Majesty! Mercy!"
"Please show mercy!"
Those who sensed that their lives were over screamed for mercy at the top of their lungs, but Emperor Xuande's anger did not subside.
"You wretches! Do you truly not know your crimes! What kind of place is this! Before me, who is present here! And to show such disgraceful behavior where a subject of a foreign nation is present! And you still hope to live! Someone! Imprison them immediately! I have already clearly memorized their faces, so anyone who tries to use tricks will be punished equally! Drag them out at once!"
"Your Majesty!"
"Your Majesty!"
Those who had caused the commotion were dragged out calling out to Emperor Xuande with sorrowful voices.
The conference room after the commotion had passed was literally frozen solid.
Those who remained, including the Grand Secretary, were all shedding cold sweat with pale faces, sticking closely to the ground.
However, the most embarrassed ones were the Vice Minister of Taxation and the interpreter.
When the Ming subjects suddenly prostrated themselves, the two who had prostrated along with them were sweating profusely, muttering internally.
'Why here? Why me?'
'Ah! I want to go home!'
"Subjects of Joseon, rise."
"We receive the Imperial command."
At Emperor Xuande's command, the Vice Minister of Taxation and the interpreter carefully rose.
"You may rise as well."
"We are overwhelmed by the Imperial grace."
When the subjects who rose at Emperor Xuande's command sat back in their seats, Emperor Xuande warned them.
"If such disgraceful behavior occurs again before my eyes, I will hold not only the perpetrators but also you responsible."
"We will keep this in mind!"
After hearing the answers of the terrified subjects, Emperor Xuande asked the Vice Minister of Taxation.
"Who manages the issuance and management of currency in Joseon?"
"Legally it falls under the Ministry of Taxation, but we have created and operate an institution called the Mint Bureau as a semi-independent organization."
"Semi-independent?"
"Yes. Determining the monthly issuance amount is under the jurisdiction of the Ministry of Taxation, but the Mint Bureau manages all printing supervision. However, the management of the Imperial Seal used when printing paper currency is handled by the Office of Eunuchs, and the inspection of issued currency and disposal of defective copies are conducted with officials from the Office of Special Advisors and the Office of the Inspector General present. The subsequent process is..."
"Complicated."
Emperor Xuande frowned slightly and murmured at the Vice Minister of Taxation's lengthy explanation.
* * *
As Emperor Xuande evaluated, the process of issuing paper currency in Joseon was very complex. To be precise, it wasn't a problem with the printing process, but rather the processes occurring before and after it that were complex.
Taking out the Imperial Seal used for paper currency from the safe was the job of officials from the Mint Bureau under the Ministry of Taxation.
However, after printing was finished, collecting the Imperial Seal, confirming its condition and count, and placing it back in the safe was the job of the Office of Eunuchs.
Defects occurring during the printing process were unavoidable.
After the final printing process was completed, paper currency confirmed as defective during the inspection process before cutting was stamped with 'Not for Circulation' in red, and the corresponding issuance number was recorded.
After the cutting of the currency was finished, the currency designated as not for circulation was separately sorted and incinerated as is.
Officials from the Office of Special Advisors and the Office of the Inspector General intervened in this disposal process.
Only after confirming that the already recorded issuance numbers were verified and properly incinerated under the observation of officials from the Office of Special Advisors and the Office of the Inspector General was the first process completed.
And the officials from the Office of the Inspector General and the Office of Special Advisors who participated in this observation process were randomly selected and assigned every morning.
This was a device to prevent any possible irregularities.
The paper currency that had completed issuance preparation through that process were all counted again, and a report was sent up to King Sejong.
Then, the exchange bureaus throughout Joseon and the Joseon merchant offices in Shandong that received the paper currency issued this way inspected them immediately upon receipt and sent reports to Hanseong.
Comparing the numbers in these reports with the reports submitted at the time of issuance to confirm proper delivery was the second process.
Simply put, if 100 sheets were issued, the total of the numbers written in the reports sent by those who received the delivery also had to be 100.
* * *
At Emperor Xuande's evaluation, the Vice Minister of Taxation nodded.
"Your Majesty's words are correct. It is complex, troublesome, and labor-intensive work. However, there was a royal decree that if the credibility of paper currency can be maintained through this method, it must be accepted."
"Is that so?"
Emperor Xuande answered briefly to the Vice Minister of Taxation's words and fell into thought.
For a long time afterward, Emperor Xuande remained silent.
Emperor Xuande, who had been pondering with a serious face, nodded and slowly opened his mouth.
"That's right. That is correct. Maintaining trust requires only the proper path and standard methods as the correct answer. The King of Joseon is truly wise. Then how do you handle the circulation of currency?"
In response to Emperor Xuande's question, the Vice Minister of Taxation explained about the national exchange bureaus.
Emperor Xuande was not a foolish person either, so he understood immediately and greatly admired.
"Truly meticulous and ingenious! Indeed! I understand why Joseon succeeded this time!"
Emperor Xuande, who did not stop his admiration, issued orders to the Grand Secretary and the Head Eunuch.
"Create policies suitable for us by referencing Joseon's policies!"
"We receive the command!"
After hearing the answers from the Grand Secretary and others, Emperor Xuande gave them a very strong warning.
"However, keep in mind that anyone who makes excuses about needing to disperse authority or says such things will have to surrender their life at that very moment!"
"Gasp! We will engrave this in our bones!"
Watching the Grand Secretary and Head Eunuch being terrified, Emperor Xuande continued.
"The deadline is... Subject of Joseon, hear me. I have something to ask."
"Please ask."
"How long did Joseon's preparation process take before circulating this currency?"
"It took 5 years for budget preparation and 1 year for issuance and circulation preparation."
"Indeed. The most important thing is the budget. I order you officials. Reference the path Joseon has taken and complete our own plan within three months. That plan must accurately specify the time for securing the budget. Subject of Joseon, it will be somewhat difficult, but cooperate until the plan is created."
The Vice Minister of Taxation, who heard Emperor Xuande's command, made a tearful face but had no choice but to accept the order.
Ming envoys had already gone to Joseon, and he had some sense of what answer would come from Joseon.
'Anyway, Ming is Joseon's largest trading partner, so let's take this opportunity to learn in detail.'
"I receive the command."
Seeing the Vice Minister of Taxation's face full of tears, Emperor Xuande ordered the Head Eunuch.
"Head Eunuch, give medicinal ingredients to nourish the body to the subject of Joseon. It is natural that one's body and mind would weaken from being in a foreign land for a long time without being able to return home. Find and give the best medicinal ingredients from my storehouse."
"We receive the Imperial command."
The Vice Minister of Taxation, who heard Emperor Xuande and the Head Eunuch's answer, knelt and shouted long live.
"We are overwhelmed by the Imperial grace! Long live! Long live! Long, long live!"
'Medicinal tonics here too!'
Though he shouted long live with his mouth, the Vice Minister of Taxation was weeping tears of blood inside.
* * *
By Emperor Xuande's command, the ministers and eunuchs began to establish plans for currency operation.
Of course, at the same time, they also began creating the currency design.
"Did Joseon not create high-denomination notes?"
At the Ming minister's question, the Vice Minister of Taxation answered with a slight smile.
"Joseon is a small country..."
In Joseon too, initially, the issuance of high-denomination notes was planned, but the plan had to be scrapped due to Hyang's strong opposition.
"With Joseon's current scale, there is no need for high-denomination notes! If made, they will only be the culprit for raising prices!"
Hyang explained the reason for his opposition in detail.
King Sejong and the ministers, who judged Hyang's explanation to be reasonable, scrapped the release of high-denomination notes.
"Indeed. Joseon is a small country."
'Oh my? Saying that to my face? This bastard who should be locked up with the record keepers until he dies!'
The Vice Minister of Taxation's insides boiled at the words mocking Joseon as a small country, but he had to grit his teeth and endure his anger.
Time continued to pass, and finally, Ming's new paper currency design was completed and submitted to Emperor Xuande.
"Hmm... Not bad."
Emperor Xuande, who saw the new paper currency design, soon ordered a eunuch.
"Summon all great and small officials."
"We receive the command!"
By Emperor Xuande's order, all subjects working in the Forbidden City gathered in one place.
"His Majesty the Emperor arrives!"
At the eunuch's shout, the subjects simultaneously bowed at the waist and paid their respects.
"The design for the new paper currency has been completed. Look at this and state your opinions."
As the existence that had already been rumored appeared, the subjects' eyes sparkled.
When the design had made one round among the subjects, Emperor Xuande spoke.
"In my judgment, it seems acceptable. What do you think?"
At Emperor Xuande's question, the subjects answered in loud voices.
"It is good!"
"It is paper currency where the Empire's dignity lives!"
"Is that so?"
As favorable answers popped up here and there, a smile began to form on Emperor Xuande's face.
Just then, a sorrowful voice popped out.
"I object! This is inauspicious!"
"Who is it? Who objected?"
At Emperor Xuande's question, an old man emerged from among the ministers.
"Who are you?"
"I am Yuan Taiso, an instructor at the Directorate of Education."
At the old man's status, Emperor Xuande's face became serious.
The Directorate of Education was an educational institution operated by the Ming court. If he was an instructor who was part of the faculty there, his scholarship could not be ignored.
"I see... Instructor Yuan, why do you object?"
At Emperor Xuande's question, Yuan Taiso explained the reason.
"Looking at the new paper currency design, there is a wish-fulfilling jewel in the upper center of the currency, and two dragons face each other with the jewel between them, with their bodies surrounding the four sides of the currency."
"That is correct."
When Emperor Xuande nodded, Yuan Taiso, after catching his breath for a moment, continued his explanation.
"Since ancient times, a dragon becomes a complete dragon only when it has a wish-fulfilling jewel. However, the new paper currency has two dragons facing each other over a single jewel, which means that the Ming Empire will see disputes over imperial authority! Such an inauspicious design must never be used!"
"Hmm?"
At Yuan Taiso's words, Emperor Xuande examined the currency design again.