Chapter 185
If audio player doesn't work, press Stop then Play button again
Chapter 185
Your Majesty, it has come to our attention that our merchants are extensively using banknotes issued by Joseon.
As the Cabinet Secretary reported, Emperor Xuande stroked his beard.
Banknotes from Joseon? Wasnt there a diplomat here not long ago discussing issues of exchange and forgery? But what issue have our merchants caused now?
To Emperor Xuandes question, the Cabinet Secretary began his explanation.
A significant number of merchants are exchanging silver for Joseons one-nyang banknotes, seeking to acquire them.
Why is that?
Because the Joseon government guarantees the value, and its believed to be more reliable and convenient than carrying physical silver, our merchants prefer to exchange for Joseons banknotes.
And how much silver has been lost to this?
We have yet to determine the exact amount, but reports suggest its significant.
The report turned Emperor Xuandes expression grave.
The economy of the Ming Dynasty was heavily reliant on silver. The proportion of taxes collected in silver was gradually increasing, and market transactions were also predominantly conducted in silver.
The outflow of such a crucial resource could pose a serious problem.
With a grave look, Emperor Xuande instructed the Cabinet Secretary.
Verify the facts immediately and report back.
Yes, Your Majesty.
A month later, the Cabinet Secretary reported back to Emperor Xuande.
The exchange of silver is taking place at the Joseon trade office in Shandong, with last months transactions alone amounting to 1 million nyang.
1 million nyang Is that a serious amount?
At Emperor Xuandes question, the Cabinet Secretary pondered for a moment.
Considering the current scale of our Ming Dynasty, 1 million nyang isnt an unbearable burden. However, thinking ahead Should I declare it a serious matter? No, considering the substantial benefits the Emperor has gained through Joseon, especially from the Crown Prince of Joseon, speaking carelessly could endanger my own position.
Contemplating the best response, the Cabinet Secretary cautiously began to speak.
At present, the burden isnt significant. However, if the volume of transactions continues to increase at the current pace, it will eventually become a major problem.
Is that so? Then what should be done
Emperor Xuande frowned at the Cabinet Secretarys words.
While the Cabinet Secretary often preemptively worried, he was far from incompetent.
On the contrary, under the Cabinet Secretarys leadership, the Ming empires finances were becoming more robust.
But to pressure Joseon
Applying pressure on Joseon to reclaim silver through tribute or other means seemed the easiest route, but it was not favorable for him.
Joseon had been enriching his personal coffersnot the state treasury of Ming but the emperors own finances. Recklessly pressuring Joseon could lead to a foolish act akin to killing the cow to straighten its horn, where excessive measures lead to adverse outcomes.
As Emperor Xuande and his ministers mulled over their options, urgent news arrived from Shandong.Updated from novelb(i)n.c(o)m
A diplomat from Joseon has come?
After reading the message, Emperor Xuande turned to the Cabinet Secretary.
Is now the time for a diplomat to visit?
It is not.
Whats the matter then? Im curious about what issue has arisen this time.
As Emperor Xuandes curiosity peaked, the envoys sent by King Sejong arrived at the Forbidden City.
* * *
So What brings the envoys from Joseon here?
After the exchange of pleasantries adorned with all sorts of polite expressions and their corresponding replies, Emperor Xuande quickly got to the point.
At Emperor Xuandes inquiry, the head of the envoy, the official from the Minister of Taxation, immediately knelt and raised his voice.
Your Majesty! Please spare our small border country, Joseon!
Eh?
Taken aback by the unexpected plea, both Emperor Xuande and the Cabinet Secretary blinked in surprise.
After regaining his composure, Emperor Xuande, with a face full of questions, asked, To my knowledge, neither I nor my empire have caused harm to Joseon. What is this absurd claim?
Who wouldnt know of Your Majestys special consideration for Joseon? However, currently, an excessive amount of Mings silver is flowing into our Joseon! Our nation is small and struggles to bear this burden. We beseech Your Majesty to bestow your grace and control the flow of silver!
Given our current circumstances, Joseon is not in a position to confront Ming. For now, and for the foreseeable future, leave your pride and ego behind in Joseon! There will come a time when we can repay any debts.
Remembering this counsel, the Ministry of Taxation official calmed himself and interjected into the conversation.
I have one with me.
Is that so? Let me see it.
At Emperor Xuandes request, the Ministry of Taxation official took out a wallet from his sleeve.
With careful movements, he extracted a one-nyang banknote and handed it to the eunuch.
This is a banknote from Joseon.
Is it?
Though his tone was nonchalant, Emperor Xuande carefully received the banknote. He was aware that Joseons banknotes were stamped with a seal.
This is truly beautiful! This is not just a banknote; its closer to a work of art!
Upon seeing Joseons banknote for the first time, Emperor Xuande involuntarily exclaimed in admiration.
Blue and red lines framed the banknote, and within these borders lay a beautiful landscape painting. In one corner of the banknote, marked with one nyang, was King Sejongs seal, clearly imprinted.
The seal looks slightly different from the one on official documents?
At Emperor Xuandes inquiry, the Ministry of Taxation official promptly responded, This is a new seal created specifically for use on currency.
Is that so
After examining the Joseon banknote thoroughly, Emperor Xuande handed it to the Cabinet Secretary.
Take a look, Cabinet Secretary. It seems we wont have to worry about counterfeiting, at least.
As the Cabinet Secretary examined the banknote, he looked at the Ministry of Taxation official in astonishment.
Is this truly printed?
It is indeed printed.
Hearing the Ministry of Taxation officials confirmation, the Cabinet Secretary stared at the banknote in a daze, murmuring to himself unwittingly.
Ive heard that the printing technology from the East has always been superior
Regaining his composure, the Cabinet Secretary presented the banknote back to Emperor Xuande, saying, Your Majestys insight is correct. It seems we need not worry about the issue of counterfeiting.
Right? Let the envoy take it back.
After returning the banknote through the eunuch, Emperor Xuande murmured as he gazed into the distance, The one that got away is always the biggest Truly a pity.
Emperor Xuande was evidently regretting the missed opportunity regarding the technology.
Weve understood the solution to counterfeiting. But what about maintaining its value?
The first step is to issue currency only up to the value of the predetermined budget. This builds trust among the people, who will gradually accept an increased circulation, provided there is an equivalent amount of physical assets backing it. Furthermore, any additional issuance should only be in exchange for an equivalent amount of silver brought by those wishing to exchange, meticulously assessing the quality of the silver to accurately determine its value.
Thats the standard approach.
Pleased with the Ministry of Taxation officials succinct explanation, Emperor Xuande nodded and then looked towards the Cabinet Secretary.
Now I see why we failed.
Indeed, Your Majesty.
The Cabinet Secretary nodded in agreement with Emperor Xuandes observation.
To secure the budget for Emperor Yongles military campaigns and voyages of exploration, the Ming cabinet at the time had recklessly printed paper money.
This led to the devaluation of the paper currency.
The envoy may withdraw.
Following Emperor Xuandes command, the envoy bowed respectfully and withdrew.
After the envoy left with a three-fold cheer for the emperor, Emperor Xuande turned to the Cabinet Secretary.
If we prepare properly, we could manage it, couldnt we?
It is entirely feasible.
Right? The humiliation of our state-issued paper money being treated as inferior to a merchant guilds promissory notes must end. And
Pausing briefly, Emperor Xuande revealed his true thoughts.
It would be absurd if we couldnt succeed in something even that small nation has accomplished.
Indeed, Your Majesty.
Thus, the Ming empire embarked on another attempt to issue paper currency, marking the beginning of a challenging period for Ming craftsmen.
Please report us if you find any errors so we can fix it asap!
Chapter 185
Your Majesty, it has come to our attention that our merchants are extensively using banknotes issued by Joseon.
As the Cabinet Secretary reported, Emperor Xuande stroked his beard.
Banknotes from Joseon? Wasnt there a diplomat here not long ago discussing issues of exchange and forgery? But what issue have our merchants caused now?
To Emperor Xuandes question, the Cabinet Secretary began his explanation.
A significant number of merchants are exchanging silver for Joseons one-nyang banknotes, seeking to acquire them.
Why is that?
Because the Joseon government guarantees the value, and its believed to be more reliable and convenient than carrying physical silver, our merchants prefer to exchange for Joseons banknotes.
And how much silver has been lost to this?
We have yet to determine the exact amount, but reports suggest its significant.
The report turned Emperor Xuandes expression grave.
The economy of the Ming Dynasty was heavily reliant on silver. The proportion of taxes collected in silver was gradually increasing, and market transactions were also predominantly conducted in silver.
The outflow of such a crucial resource could pose a serious problem.
With a grave look, Emperor Xuande instructed the Cabinet Secretary.
Verify the facts immediately and report back.
Yes, Your Majesty.
A month later, the Cabinet Secretary reported back to Emperor Xuande.
The exchange of silver is taking place at the Joseon trade office in Shandong, with last months transactions alone amounting to 1 million nyang.
1 million nyang Is that a serious amount?
At Emperor Xuandes question, the Cabinet Secretary pondered for a moment.
Considering the current scale of our Ming Dynasty, 1 million nyang isnt an unbearable burden. However, thinking ahead Should I declare it a serious matter? No, considering the substantial benefits the Emperor has gained through Joseon, especially from the Crown Prince of Joseon, speaking carelessly could endanger my own position.
Contemplating the best response, the Cabinet Secretary cautiously began to speak.
At present, the burden isnt significant. However, if the volume of transactions continues to increase at the current pace, it will eventually become a major problem.
Is that so? Then what should be done
Emperor Xuande frowned at the Cabinet Secretarys words.
While the Cabinet Secretary often preemptively worried, he was far from incompetent.
On the contrary, under the Cabinet Secretarys leadership, the Ming empires finances were becoming more robust.
But to pressure Joseon
Applying pressure on Joseon to reclaim silver through tribute or other means seemed the easiest route, but it was not favorable for him.
Joseon had been enriching his personal coffersnot the state treasury of Ming but the emperors own finances. Recklessly pressuring Joseon could lead to a foolish act akin to killing the cow to straighten its horn, where excessive measures lead to adverse outcomes.
As Emperor Xuande and his ministers mulled over their options, urgent news arrived from Shandong.Updated from novelb(i)n.c(o)m
A diplomat from Joseon has come?
After reading the message, Emperor Xuande turned to the Cabinet Secretary.
Is now the time for a diplomat to visit?
It is not.
Whats the matter then? Im curious about what issue has arisen this time.
As Emperor Xuandes curiosity peaked, the envoys sent by King Sejong arrived at the Forbidden City.
* * *
So What brings the envoys from Joseon here?
After the exchange of pleasantries adorned with all sorts of polite expressions and their corresponding replies, Emperor Xuande quickly got to the point.
At Emperor Xuandes inquiry, the head of the envoy, the official from the Minister of Taxation, immediately knelt and raised his voice.
Your Majesty! Please spare our small border country, Joseon!
Eh?
Taken aback by the unexpected plea, both Emperor Xuande and the Cabinet Secretary blinked in surprise.
After regaining his composure, Emperor Xuande, with a face full of questions, asked, To my knowledge, neither I nor my empire have caused harm to Joseon. What is this absurd claim?
Who wouldnt know of Your Majestys special consideration for Joseon? However, currently, an excessive amount of Mings silver is flowing into our Joseon! Our nation is small and struggles to bear this burden. We beseech Your Majesty to bestow your grace and control the flow of silver!
Given our current circumstances, Joseon is not in a position to confront Ming. For now, and for the foreseeable future, leave your pride and ego behind in Joseon! There will come a time when we can repay any debts.
Remembering this counsel, the Ministry of Taxation official calmed himself and interjected into the conversation.
I have one with me.
Is that so? Let me see it.
At Emperor Xuandes request, the Ministry of Taxation official took out a wallet from his sleeve.
With careful movements, he extracted a one-nyang banknote and handed it to the eunuch.
This is a banknote from Joseon.
Is it?
Though his tone was nonchalant, Emperor Xuande carefully received the banknote. He was aware that Joseons banknotes were stamped with a seal.
This is truly beautiful! This is not just a banknote; its closer to a work of art!
Upon seeing Joseons banknote for the first time, Emperor Xuande involuntarily exclaimed in admiration.
Blue and red lines framed the banknote, and within these borders lay a beautiful landscape painting. In one corner of the banknote, marked with one nyang, was King Sejongs seal, clearly imprinted.
The seal looks slightly different from the one on official documents?
At Emperor Xuandes inquiry, the Ministry of Taxation official promptly responded, This is a new seal created specifically for use on currency.
Is that so
After examining the Joseon banknote thoroughly, Emperor Xuande handed it to the Cabinet Secretary.
Take a look, Cabinet Secretary. It seems we wont have to worry about counterfeiting, at least.
As the Cabinet Secretary examined the banknote, he looked at the Ministry of Taxation official in astonishment.
Is this truly printed?
It is indeed printed.
Hearing the Ministry of Taxation officials confirmation, the Cabinet Secretary stared at the banknote in a daze, murmuring to himself unwittingly.
Ive heard that the printing technology from the East has always been superior
Regaining his composure, the Cabinet Secretary presented the banknote back to Emperor Xuande, saying, Your Majestys insight is correct. It seems we need not worry about the issue of counterfeiting.
Right? Let the envoy take it back.
After returning the banknote through the eunuch, Emperor Xuande murmured as he gazed into the distance, The one that got away is always the biggest Truly a pity.
Emperor Xuande was evidently regretting the missed opportunity regarding the technology.
Weve understood the solution to counterfeiting. But what about maintaining its value?
The first step is to issue currency only up to the value of the predetermined budget. This builds trust among the people, who will gradually accept an increased circulation, provided there is an equivalent amount of physical assets backing it. Furthermore, any additional issuance should only be in exchange for an equivalent amount of silver brought by those wishing to exchange, meticulously assessing the quality of the silver to accurately determine its value.
Thats the standard approach.
Pleased with the Ministry of Taxation officials succinct explanation, Emperor Xuande nodded and then looked towards the Cabinet Secretary.
Now I see why we failed.
Indeed, Your Majesty.
The Cabinet Secretary nodded in agreement with Emperor Xuandes observation.
To secure the budget for Emperor Yongles military campaigns and voyages of exploration, the Ming cabinet at the time had recklessly printed paper money.
This led to the devaluation of the paper currency.
The envoy may withdraw.
Following Emperor Xuandes command, the envoy bowed respectfully and withdrew.
After the envoy left with a three-fold cheer for the emperor, Emperor Xuande turned to the Cabinet Secretary.
If we prepare properly, we could manage it, couldnt we?
It is entirely feasible.
Right? The humiliation of our state-issued paper money being treated as inferior to a merchant guilds promissory notes must end. And
Pausing briefly, Emperor Xuande revealed his true thoughts.
It would be absurd if we couldnt succeed in something even that small nation has accomplished.
Indeed, Your Majesty.
Thus, the Ming empire embarked on another attempt to issue paper currency, marking the beginning of a challenging period for Ming craftsmen.
Chapter 185Your Majesty, it has come to our attention that our merchants are extensively using banknotes issued by Joseon.As the Cabinet Secretary reported, Emperor Xuande stroked his beard.Banknotes from Joseon? Wasnt there a diplomat here not long ago discussing issues of exchange and forgery? But what issue have our merchants caused now?To Emperor Xuandes question, the Cabinet Secretary began his explanation.A significant number of merchants are exchanging silver for Joseons one-nyang banknotes, seeking to acquire them.Why is that?Because the Joseon government guarantees the value, and its believed to be more reliable and convenient than carrying physical silver, our merchants prefer to exchange for Joseons banknotes.And how much silver has been lost to this?We have yet to determine the exact amount, but reports suggest its significant.The report turned Emperor Xuandes expression grave.The economy of the Ming Dynasty was heavily reliant on silver. The proportion of taxes collected in silver was gradually increasing, and market transactions were also predominantly conducted in silver.The outflow of such a crucial resource could pose a serious problem.With a grave look, Emperor Xuande instructed the Cabinet Secretary.Verify the facts immediately and report back.Yes, Your Majesty.A month later, the Cabinet Secretary reported back to Emperor Xuande.The exchange of silver is taking place at the Joseon trade office in Shandong, with last months transactions alone amounting to 1 million nyang.1 million nyang Is that a serious amount?At Emperor Xuandes question, the Cabinet Secretary pondered for a moment.Considering the current scale of our Ming Dynasty, 1 million nyang isnt an unbearable burden. However, thinking ahead Should I declare it a serious matter? No, considering the substantial benefits the Emperor has gained through Joseon, especially from the Crown Prince of Joseon, speaking carelessly could endanger my own position.Contemplating the best response, the Cabinet Secretary cautiously began to speak.At present, the burden isnt significant. However, if the volume of transactions continues to increase at the current pace, it will eventually become a major problem.Is that so? Then what should be doneEmperor Xuande frowned at the Cabinet Secretarys words.While the Cabinet Secretary often preemptively worried, he was far from incompetent.On the contrary, under the Cabinet Secretarys leadership, the Ming empires finances were becoming more robust.But to pressure JoseonApplying pressure on Joseon to reclaim silver through tribute or other means seemed the easiest route, but it was not favorable for him.Joseon had been enriching his personal coffersnot the state treasury of Ming but the emperors own finances. Recklessly pressuring Joseon could lead to a foolish act akin to killing the cow to straighten its horn, where excessive measures lead to adverse outcomes.As Emperor Xuande and his ministers mulled over their options, urgent news arrived from Shandong.Updated from novelbin.comA diplomat from Joseon has come?After reading the message, Emperor Xuande turned to the Cabinet Secretary.Is now the time for a diplomat to visit?It is not.Whats the matter then? Im curious about what issue has arisen this time.As Emperor Xuandes curiosity peaked, the envoys sent by King Sejong arrived at the Forbidden City.* * *So What brings the envoys from Joseon here?After the exchange of pleasantries adorned with all sorts of polite expressions and their corresponding replies, Emperor Xuande quickly got to the point.At Emperor Xuandes inquiry, the head of the envoy, the official from the Minister of Taxation, immediately knelt and raised his voice.Your Majesty! Please spare our small border country, Joseon!Eh?Taken aback by the unexpected plea, both Emperor Xuande and the Cabinet Secretary blinked in surprise.After regaining his composure, Emperor Xuande, with a face full of questions, asked, To my knowledge, neither I nor my empire have caused harm to Joseon. What is this absurd claim?Who wouldnt know of Your Majestys special consideration for Joseon? However, currently, an excessive amount of Mings silver is flowing into our Joseon! Our nation is small and struggles to bear this burden. We beseech Your Majesty to bestow your grace and control the flow of silver!Given our current circumstances, Joseon is not in a position to confront Ming. For now, and for the foreseeable future, leave your pride and ego behind in Joseon! There will come a time when we can repay any debts.Remembering this counsel, the Ministry of Taxation official calmed himself and interjected into the conversation.I have one with me.Is that so? Let me see it.At Emperor Xuandes request, the Ministry of Taxation official took out a wallet from his sleeve.With careful movements, he extracted a one-nyang banknote and handed it to the eunuch.This is a banknote from Joseon.Is it?Though his tone was nonchalant, Emperor Xuande carefully received the banknote. He was aware that Joseons banknotes were stamped with a seal.This is truly beautiful! This is not just a banknote; its closer to a work of art!Upon seeing Joseons banknote for the first time, Emperor Xuande involuntarily exclaimed in admiration.Blue and red lines framed the banknote, and within these borders lay a beautiful landscape painting. In one corner of the banknote, marked with one nyang, was King Sejongs seal, clearly imprinted.The seal looks slightly different from the one on official documents?At Emperor Xuandes inquiry, the Ministry of Taxation official promptly responded, This is a new seal created specifically for use on currency.Is that soAfter examining the Joseon banknote thoroughly, Emperor Xuande handed it to the Cabinet Secretary.Take a look, Cabinet Secretary. It seems we wont have to worry about counterfeiting, at least.As the Cabinet Secretary examined the banknote, he looked at the Ministry of Taxation official in astonishment.Is this truly printed?It is indeed printed.Hearing the Ministry of Taxation officials confirmation, the Cabinet Secretary stared at the banknote in a daze, murmuring to himself unwittingly.Ive heard that the printing technology from the East has always been superiorRegaining his composure, the Cabinet Secretary presented the banknote back to Emperor Xuande, saying, Your Majestys insight is correct. It seems we need not worry about the issue of counterfeiting.Right? Let the envoy take it back.After returning the banknote through the eunuch, Emperor Xuande murmured as he gazed into the distance, The one that got away is always the biggest Truly a pity.Emperor Xuande was evidently regretting the missed opportunity regarding the technology.Weve understood the solution to counterfeiting. But what about maintaining its value?The first step is to issue currency only up to the value of the predetermined budget. This builds trust among the people, who will gradually accept an increased circulation, provided there is an equivalent amount of physical assets backing it. Furthermore, any additional issuance should only be in exchange for an equivalent amount of silver brought by those wishing to exchange, meticulously assessing the quality of the silver to accurately determine its value.Thats the standard approach.Pleased with the Ministry of Taxation officials succinct explanation, Emperor Xuande nodded and then looked towards the Cabinet Secretary.Now I see why we failed.Indeed, Your Majesty.The Cabinet Secretary nodded in agreement with Emperor Xuandes observation.To secure the budget for Emperor Yongles military campaigns and voyages of exploration, the Ming cabinet at the time had recklessly printed paper money.This led to the devaluation of the paper currency.The envoy may withdraw.Following Emperor Xuandes command, the envoy bowed respectfully and withdrew.After the envoy left with a three-fold cheer for the emperor, Emperor Xuande turned to the Cabinet Secretary.If we prepare properly, we could manage it, couldnt we?It is entirely feasible.Right? The humiliation of our state-issued paper money being treated as inferior to a merchant guilds promissory notes must end. AndPausing briefly, Emperor Xuande revealed his true thoughts.It would be absurd if we couldnt succeed in something even that small nation has accomplished.Indeed, Your Majesty.Thus, the Ming empire embarked on another attempt to issue paper currency, marking the beginning of a challenging period for Ming craftsmen.
