“Father, have you been looking for ?”
“Yes. I called you because I have a task to entrust to you.”
“For , Father?”
Upon hearing Sejong’s words, Hyang beca extrely tense. Although he had dealt with many of Sejong’s tasks, Sejong had never passed on a task like this before.
“There are many matters that need attention. Could you start by organizing them?”
This was how Sejong usually delegated tasks to Hyang.
‘But he ntioned a task without any direct orders?’
Hyang’s tension reached its peak at Sejong’s unusual words.
‘This is going to be a challenging task!’
“Please command , Father. I will do my utmost best.”
Upon hearing Hyang’s response, Sejong slowly began his explanation.
“When I first started the reforms, I anticipated it would take 10 years. And now, we are entering the second half of that period.”
“Yes, Father.”
“Many things have happened in the past five years. Thanks to the support of the court officials and the people, the reforms have been progressing smoothly.”
“It’s all thanks to your wisdom, Father.”
“Thank you for saying so. But, Crown Prince, your contributions are not small either.”
“I am deeply honored by your words, Father.”
In the midst of their warm conversation, Sejong slowly steered towards the main topic.
“However, we are now entering the second phase of the reforms. But there are problems arising.”
Sejong explained to Hyang the dilemma they faced: whether to prioritize administrative structure reform or the circulation of currency.
“…thus, the officials prefer to prioritize currency circulation. However, many regions still have more power in the hands of local landlords and influential figures than in the governnt’s.”
Hyang nodded in agreent with Sejong’s observation.
“That is true.”
In the 21st century, incidents like the ‘Island Slave Scandal’ showed that even the most basic human rights were being violated continuously.
Cris often centered around exploiting people with intellectual disabilities or undocunted immigrants, with local influential figures and colluding authorities at the core.
“My aim in initiating these reforms was to ensure as many people of Joseon could live peacefully. Therefore, Crown Prince, I am entrusting you with this task. If we reform the administrative structure without ensuring proper currency circulation, it will lead to excessive use of resources. And if we implent currency circulation first without administrative reforms, it will only create opportunities for local landlords to exploit the situation.”
Hyang vigorously nodded in agreent, understanding Sejong’s concerns were not just worries but real potential issues.
“That is true. What would you have do, Father?”
“Find a way to weaken the power of the local landlords. Whether it’s through goods or a system.”
Sejong’s command made Hyang pause for a mont. After so thought, Hyang asked Sejong a question.
“Do you seek coexistence with the local landlord powers, Father, or their elimination?”
“They are also the people of Joseon, so coexistence should be the priority. However, if they wish to play kings, they must be dealt with decisively.”
Understanding Sejong’s intent, Hyang nodded.
“I will keep your intentions in mind, Father, and develop the best strategy possible.”
“I trust in you.”
“By when should I complete this task?”
“If it’s difficult by the start of spring, then I would like to see it by the spring equinox at the latest.”
“I will rember that, Father.”
“I have great expectations for your wisdom and talent.”
Sejong’s final words were t with a deep bow from Hyang.
“I will devote myself completely.”
The historian recording this father-son conversation added:
– Thus, Sejong instructed the Crown Prince to devise a strategy concerning the landlords.
The historian then reflects:
The history of landlords goes back to the Three Kingdoms era. Over ti, many families have risen and fallen, so even being completely eradicated. However, a significant number of these families still hold their positions, indicating the depth of their power and influence.
While so landlords are indeed exemplary, many are not, posing a challenge to the reforms that Sejong is implenting.
As the interests of the landlords and the reforms clash, a solution is urgently needed.
* * *
“Really, this is the utmost difficulty. Haah~.”
After receiving Sejong’s command, Hyang stepped outside and let out a long sigh.
“This is really sothing…”
Overwheld by the sudden difficult task, Hyang took off his official hat, Ikseongwan, and scratched his head before putting it back on and clenching his fist.
‘After all, history has changed. Better to handle it myself than leave it in soone else’s hands… I’ll finish it on my own terms!’
With a firm resolve, Hyang turned and walked away.
“Your Highness, where are you going?”
“To the Archive!”
* * *
Upon arriving at the Archive, Hyang began to thoroughly search through the records of the Ministries of Taxation and, Law and Enforcent..
“Your Highness, what are you looking for?”
Asked by the official in charge of the archives, Hyang stated his purpose.
“I’m looking for records on ‘long-term interest’, ‘self-sale’, and ‘land tax’.”
Hearing Hyang’s request, the official let out an involuntary groan.
“Oh dear…”
“Why? Are there no records?”
“It’s not that…”
The official, hesitating at first, then decided to speak up.
“Your Highness, please follow .”
The official led Hyang to a section of the Archive.
“These shelves contain records of lawsuits related to ‘long-term interest’ issues, petitions complaining about excessive interest on ‘long-term interest’, and responses to those lawsuits and petitions.”
Looking at the shelves, which seed to be twice as large as those in Hyang’s research institute and filled with docunts, Hyang’s face turned pale.
“So many?”
“These are records from the reign of King Taejo onwards. And…”
The official guided Hyang to the shelves where the records he sought were kept.
As Hyang saw the massive shelves packed with docunts for each category, he was speechless. Staring blankly at the shelves, he soon regained his composure and turned to the official.
“You’ve done well. Go back to your duties.”
“Do you not need my assistance?”
“No, thank you.”
“Very well. Call if you need anything.”
After sending the official back, Hyang let out a long sigh.
“Phew~, no wonder I felt it was too quiet lately…”
After checking the shelves again, Hyang rummaged in his sleeve and took out a small writing case.
“Anyway, it’s a task I’ve been given, and one that must be done. I’ll have to do it thoroughly.”
From that mont on, Hyang beca one with the Archive.
* * *
“Hmm… as expected, the biggest source of inco for the local landlords is not land rent, but rather long-term interest…”
At one side of the Archive, Hyang was deep in thought, surrounded by a plethora of books and papers sprawled across a massive desk, arriving at a preliminary conclusion.
“The real issue was the repaynt of grain loans…”
After reviewing nurous docunts related to grain repaynt, Hyang sighed deeply.
“Only 30 years in, and we’re already facing a crisis…”
* * *
The origin of the grain repaynt system traced back to the Land Tax Law, established during the reign of King Gogukcheon of Goguryeo. This law evolved into the ‘righteous granary’ system in Goryeo and continued to be used in Joseon.
The grain loan system of Goryeo, over ti, beca corrupted as the powerful gentry rged lands, leading to the collapse of independent farming communities.
Joseon, which replaced Goryeo, put considerable effort into realigning the grain loan system. They focused on securing and increasing Military Grain Reserves to stabilize public sentint and prepare for threats from border areas.
Following the downfall of the Goryeo nobility and through consistent land reforms, by the 13th year of King Taejong’s reign (1413), the national granaries, including military ones, had amassed up to 3.57 million seom (a unit of volu).
However, the stockpiled grain and the system soon started to falter.
From the late reign of Taejong to two years into Sejong’s reforms, almost every year was marked by droughts and floods, leading to continuous poor harvests.
The continuous bad harvests emptied the national granaries and marked the beginning of a tragedy for small independent farrs.
Local landlords, who had passed the civil service examination, began to re-rge lands using their tax exemptions and other privileges. Those who lost their lands to the landlords and beca tenant farrs lost their eligibility for grain loans and had to rely on high-interest loans instead.
As the number of independent farrs decreased, the recovery of grain loans beca increasingly difficult.
This vicious cycle, where one problem fed into another, led to the decline of independent farming communities, culminating in the current situation.
After reviewing the gathered information, Hyang reached a conclusion.
“If things continue as they are, independent farrs will face ruin. The stagnation in agricultural production and economic growth until the Imjin War after Sejong’s reign was probably because of this.”
Having understood the situation, Hyang, with arms crossed, stared at a blank piece of paper on the desk.
After a long mont of contemplation, Hyang finally spoke.
“The solution is a bank. Only through a bank can we break the link between tenant farrs and landlords, and thus weaken the landlords’ power.”
Hyang wrote the word ‘bank’ on the paper, then crossed it out and wrote a new term.
“For the current era, a ‘national bank’ would be more appropriate…”
* * *
Having organized his thoughts, Hyang prepared a policy to accompany the establishnt of the national bank and sought an audience with Sejong.
“You’ve returned in just 20 days.”
“I apologize for taking so long. My limited wisdom is to bla for the delay.”
“I’m not chiding you. It’s impressive that you found a solution in just 20 days.”
“I am deeply grateful.”
Acknowledging Sejong’s praise with a bow, Hyang looked at him.
“May I present my findings?”
With Sejong’s nod of approval, Hyang moved to the center of the Geunjeongjeon Hall. Standing before the gathered officials with King Sejong at his back, Hyang lightly bowed and began to speak.
“For the past few days, I have been conducting research under Father’s command. The topic of the research was ‘Strategies to counter local landlords obstructing the progress of currency circulation and administrative reforms.'”
The ministers swallowed hard upon hearing the topic, well aware that landlords were the primary obstacles to the reforms.
After a brief pause, Hyang ordered the attendant.
“Unroll the diagram.”
“Yes, Your Highness.”
As the attendants set up the scroll, Hyang began to explain, turning the pages of the diagram.
“The current issue with local landlords in the provinces is that, unlike the noble families of the previous dynasty, they are mostly scholars. Of course, many of the forr noble families have rebranded themselves as scholars, but the majority are those who studied Confucianism and passed the civil service exams, then used various privileges as ans of amassing wealth.”
The ministers nodded in agreent with Hyang’s explanation.
Hyang continued his analysis.
“The problem with these scholarly landlords is, firstly, they are causing the decline of independent farrs by rging lands. As you all know, through the reforms, the number of people relying on comrce and industry as their main livelihood is increasing. However, most people still depend on agriculture.”
Sejong and the ministers all nodded in acknowledgnt of this reality.
“But, as previously ntioned, the current situation in Joseon is such that the number of tenant farrs is increasing as independent farrs decline. Looking at the current land tax rate in our Joseon, it’s set at 5 pun (a unit of currency) per gyeol (a unit of land area) according to public law.”
As Hyang ntioned the tax, Kim Jeom, the head of the Ministry of Taxation, began to listen more intently.
“Independent farrs, as long as they don’t slack off, can pay their taxes, support their families, and even accumulate so wealth. However, tenant farrs can’t do the sa. Why? Because half of what they earn goes straight to land rent. And then, for various reasons, they have to keep paying the landlords.”
Hyang continued, making eye contact with the ministers, and then took a brief pause before raising his index and middle finger.
“Here arises the second problem. These tenant farrs, having fallen into such a state, are unable to utilize grain loans properly and must resort to high-interest loans from landlords, further entangling them with the landlords.”
After outlining the problems resulting from the landlords’ land consolidation and the ensuing issues for independent farrs, Hyang moved towards a conclusion.
“If these problems accumulate, eventually, the power of the landlords will surpass that of the monarchy, just like the noble families of the previous dynasty.”
“And the solution?”
Prompted by Sejong’s question, Hyang turned to the last page of the diagram.
“The establishnt of a ‘national bank’. We would use the gold and silver we’ve accumulated, as well as the grain from military granaries and righteous granaries, to break the financial chains binding tenant farrs to the landlords.”
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