Upon hearing the imperial decree from Emperor Xuande, the ministers pestered the Pri Minister for answers.
Esteed Minister! Even if His Majesty has made a decision, you should have dissuaded him!
Pri Minister! Reintroducing the old currency is by no ans an easy task!
Not only the scholars in the cabinet but also the ministers from various departnts scolded the Pri Minister. However, they were silenced by the Pri Ministers words.
Our people of the Great Ming are using the banknotes of Joseon. To think that they trust the banknotes made by that small Joseon more than our own Ming currency. How shaful is this? Until when shall we bring dishonor to His Majesty?
***
The scholars and ministers remained silent in response to the Pri Ministers question.
It was indeed a shaful matter that the people trusted the money of another country, especially one significantly smaller, more than their own Ming currency.
The Pri Minister continued in a stern voice.
Lets say the banknotes of Joseon are one thing. Looking at the current situation, its apparent that the bills issued by the rchant guilds are trusted more than the official currency issued by our court. Where else can such disloyalty be found? Therefore, no matter what, we must succeed in circulating our currency this ti.
Hearing the Pri Ministers words, the scholars and ministers let out long sighs.
Sigh Although it is an exceedingly difficult task, lets attempt it.
We cannot bring more sha to His Majesty.
***
Though they agreed in words, the ministers faced nurous challenges to overco.
The first hurdle was deciding how to deal with the previously issued currencies.
If the people were not using this currency at all, it might be a different story, but the problem is that its still in use.
Even if we print new currency, failing to solve this issue will only perpetuate the vicious cycle.
As the ministers and scholars pondered over a clear solution, their eyes caught the Joseon envoys who were slowly starting to prepare for their return.
Wasnt this not the first ti Joseon used paper money?
Indeed! I heard that Joseon also faced a significant failure once!
We should learn from their experience!
The ministers and scholars, after exchanging opinions hurriedly, went straight to the Pri Minister.
How about we summon the officials from Joseon?
Yes, if we understand how they managed, we can handle things more swiftly and accurately!
Hearing the words of the scholars and ministers, the Pri Minister nodded and rose from his seat.
It seems you are right. Lets propose this to His Majesty together.
Yes!
With the Pri Minister leading, the ministers and scholars followed. The presence of the Pri Minister reduced the risk of receiving an imperial rebuke.
***
Your opinions are valid.
After hearing the Pri Ministers explanation, Emperor Xuande nodded in agreent. With the Emperors consent, the Pri Minister continued.
Then, regarding the selection of the envoy to send to Joseon
Why complicate things? Arent the experienced ones already here?
Excuse ?
Recalling Emperor Xuandes words, the Pri Ministers face lit up with realization.
Ah! Yes! The chief envoy of the delegation that ca this ti was involved in that matter!
Exactly. So, call the Joseon envoy.
Yes, Your Majesty!
Shortly after, the Vice-Minister of Taxation, having been inford by the eunuch that Emperor Xuande was summoning him, arrived before the Emperor.
Your Majesty, did you summon ?
Yes. You ntioned to last ti that Joseon had participated in the process of creating and circulating currency. Is that correct?
That is correct, Your Majesty.
Is that so? Then, I shall ask. As far as I know, before the current king of Joseon ascended the throne, there was an attempt to circulate paper money and coins, which failed. But this ti it was successful. What thods were used?
The Vice-Minister of Taxation promptly responded to Emperor Xuandes inquiry.
Indeed, that was the case. Therefore, to avoid failure this ti, we accepted taxes exclusively in our currency.
Just that?
Danger!
Sensing imminent peril instinctively, the Minister of Taxation scrambled to justify further.
There were several other asures, but explaining them all would require much ti. Upon my return, I shall report in detail to His Majesty
However, before he could finish, Emperor Xuande raised his hand to stop him.
Enough, my ti is precious. Thus, the envoy shall stay here and cooperate with us. I will send an envoy to the King of Joseon.
With no other option, the Vice-Minister of Taxation had to bow in acknowledgnt of the Emperors command.
I shall obey Your Majestys command.
***
Returning to Huitong Hall, the lodging for the Joseon delegation, the Minister let out a long sigh.
Am I still working overti even here
Burdened with an unexpected task that disrupted his schedule, the Vice-Minister began drafting a report.
Although it felt like locking the stable after the horse had bolted, he had to inform King Sejong of the entire situation and seek approval, as that was the protocol.
As he spread out the paper, pondering how to phrase his report, a mory suddenly flashed through his mind.
Before departing, Kim Jeom had said to him,
There are many fine tonics in Beijing; make sure to take good care of yourself!
Reflecting on Kim Jeoms words, the Vice-Minister gazed eastward with a speculative look and murmured,
Could His Excellency have anticipated such an event back then?
But soon, he shook his head in dismissal.
No way, if that were possible, he wouldnt be a minister but rather a fortune-teller instead
anwhile, Kim Jeom, grappling with paperwork, suddenly rubbed his ears vigorously.
Whos speaking ill of so fervently
Muttering to himself, the subordinates around Kim Jeom inwardly remarked,
Would it just be one or two?
Unaware of his subordinates thoughts, Kim Jeom grumbled while staring into the distance,
How long has the Vice-Minister of Taxation been gone? Did he find a pretty concubine in Beijing?
***
Upon reading the official letter from Emperor Xuande delivered by the envoy who had hurriedly arrived from Ming, King Sejong turned to his ministers.
With the situation having turned out this way, we must tell the Vice-Minister of Taxation, who went as an envoy, to endure for a while longer.
That would be wise.
None of the ministers objected to King Sejongs words. Although they were swamped with work here as well, it was better than aggravating Ming and dealing with the headache of their displeasure.
Hyang, who had attended the eting due to the importance of the matter, actually welcod the news with enthusiasm.
This is indeed a great opportunity! Ming is our largest counterpart, so this chance to learn more about the internals of Ming more definitively is invaluable!
Really?
Initially puzzled by Hyangs comnt, King Sejong quickly gathered his thoughts.
Certainly, Emperor Xuande must need our experience, hence hes borrowing the Vice-Minister of Taxation for a while. In that case, he will likely suggest circulating currency in the manner we did. If that happens I see! This could be a chance to firmly grasp information such as Mings financial scale and population! A good opportunity to learn the truths and falsehoods of Ming!
Realizing Hyangs thought process, King Sejong smiled warmly at him.
You always have good ideas.
Your praise is too generous!
Listening to their conversation, the other ministers grumbled internally.
Here they go again! The exclusive dialogue between the two!
Do they think if they understand each other, thats enough? Is it really?
What do the rest of you think?
Uh? What?
Caught off guard by King Sejongs sudden question, the ministers responded in a bewildered tone, causing King Sejongs expression to turn stern.
Yikes! Think! Must think!
No more sighing, thats forbidden now!
As the ministers desperately racked their brains, Maeng Sa-seong was the first to respond.
Indeed, it is an excellent opportunity. By doing so, we can nurically ascertain the scale of Ming, which could not be a better opportunity!
Maeng Sa-seongs response eased King Sejongs expression.
With a now milder voice, King Sejong replied,
Indeed, that is so. While Ming and our Joseon are on friendly terms, no one knows what the future holds. We must send a secret letter to the Vice-Minister of Taxation.
A wise decision indeed!
The ministers unanimously agreed with King Sejongs decision.
After the eting concluded, the ministers rushed to Maeng Sa-seong to repeatedly express their gratitude.
***
anwhile, in Hanyang, as these events were unfolding, the Vice-Minister of Taxation in Beijing found himself in heated discussions with Ming officials.
When the new currency is issued, the previously issued notes must be collected as much as possible. However, we should set a tifra for this collection to prevent unnecessary expenses.
The Ming officials nodded in agreent to the Vice-Minister of Taxations words.
The eting room was filled not only with court officials but also eunuchs and the Imperial Guard.
The organization of the eunuchs, known as the Eastern Depot, was so large and structured that it constituted another governnt. Furthermore, the Imperial Guard was akin to a political police directly under the emperor.
Thus, mbers of the Eastern Depot and high-ranking officials of the Imperial Guard also needed to attend the eting.
Emperor Xuande, seated at the highest position, presided over the eting.
A eunuch from the Eastern Depot[[The Eastern Depot was established as a separate departnt with espionage being a primary function as well as also observing and eradicating political threats.]] raised an objection to the Vice-Ministers suggestion.
However, the amount of currency issued since the Hongwu era is enormous. To collect it implies that it must be exchanged for physical silver or the newly issued notes. While this might be feasible for a small country like Joseon
The eunuchs face, dripping with sarcasm as he trailed off, was filled with mockery.
The Vice-Minister of Taxation clenched his teeth to suppress the rising anger within him.
This damned eunuch!
With a sigh, he cald his anger and responded to the objection raised.
Of course, that may be the case. However, ignoring the scale of the old currency and introducing a new one will only lead to the new currency being treated the sa way. Therefore, it is imperative to collect as much of it as possible.
At his words, the sa eunuch raised another issue.
But given the massive volu of it
The Vice-Minister then pointed out the reality in response to the eunuchs words.
What is the current value of these banknotes? In transactions at the Shandong trading posts, they barely fetch fourteen percent of their face value. Surely, you werent considering exchanging them at their full nominal value?
Well, no, but
The eunuch faltered under the Vice-Ministers scrutiny. However, not only Emperor Xuande but also the other officials and Imperial Guard officers gazes were far from friendly.
Ever since the Eastern Depot had been officially established, various scandals had been leaking out.
Finally, Emperor Xuande stepped in to conclude the matter.
The exchange of the old banknotes will be based on the current market rates. A tifra will be set for this exchange, after which the old banknotes will no longer be recognized as legal tender.
We shall comply with Your Majestys command!
At Emperor Xuandes decision, everyone in the eting room bowed and responded in unison.
It was a drastic decision, but there was a consensus that there was no other solution at this point.
***
With the matter of exchanging old for new currency settled, the eting moved on to the next agenda item.
The issuance of currency should be managed by an independent agency and produced in only one location. Otherwise, controlling the issuance becos difficult, and it opens the door to counterfeiting issues.
A Ministry of Revenue official from Ming raised a concern in response to the Vice-Minister of Taxations statent.
Our Ming territory is vast, making distribution challenging if done from a single location. Ming is not a small country like Joseon.
Despite the repeated jabs at Joseons size, the Vice-Minister of Taxation maintained his composure and patiently explained his reasoning.
If currency is printed in multiple locations, its impossible to control the issuance volu. Do you want the new currency to suffer the sa fate as the old ones?
Thats not what we want, but
We need to distribute the pre-printed new currency starting from the furthest locations first, and then begin the exchange simultaneously. If we create multiple printing locations for the sake of convenience, it leads to issues in controlling and monitoring the issuance volu. What if a location, far from Beijing, decides to print and distribute large quantities on purpose? How would we manage that?
The Vice-Ministers points left the Ming officials speechless.
One of the reasons the current currency had beco worthless was exactly that.
Once again, Emperor Xuande had to make a decisive call.
The place where the new banknotes issued will be printed right here within the Forbidden City!
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