Chapter 186
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Chapter 186
Upon hearing the imperial decree from Emperor Xuande, the ministers pestered the Prime Minister for answers.
Esteemed Minister! Even if His Majesty has made a decision, you should have dissuaded him!
Prime Minister! Reintroducing the old currency is by no means an easy task!
Not only the scholars in the cabinet but also the ministers from various departments scolded the Prime Minister. However, they were silenced by the Prime 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 shameful is this? Until when shall we bring dishonor to His Majesty?
***
The scholars and ministers remained silent in response to the Prime Ministers question.
It was indeed a shameful matter that the people trusted the money of another country, especially one significantly smaller, more than their own Ming currency.
The Prime 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 merchant 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 time.
Hearing the Prime 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 shame to His Majesty.
***
Though they agreed in words, the ministers faced numerous challenges to overcome.
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 time 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 Prime Minister.Updated from novelb(i)n.c(o)m
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 Prime Minister nodded and rose from his seat.
It seems you are right. Lets propose this to His Majesty together.
Yes!
With the Prime Minister leading, the ministers and scholars followed. The presence of the Prime Minister reduced the risk of receiving an imperial rebuke.
***
Your opinions are valid.
After hearing the Prime Ministers explanation, Emperor Xuande nodded in agreement. With the Emperors consent, the Prime Minister continued.
Then, regarding the selection of the envoy to send to Joseon
Why complicate things? Arent the experienced ones already here?
Excuse me?
Recalling Emperor Xuandes words, the Prime Ministers face lit up with realization.
Ah! Yes! The chief envoy of the delegation that came this time was involved in that matter!
Exactly. So, call the Joseon envoy.
Yes, Your Majesty!
Shortly after, the Vice-Minister of Taxation, having been informed by the eunuch that Emperor Xuande was summoning him, arrived before the Emperor.
Your Majesty, did you summon me?
Yes. You mentioned to me last time 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 time it was successful. What methods were used?
The Vice-Minister of Taxation promptly responded to Emperor Xuandes inquiry.
Indeed, that was the case. Therefore, to avoid failure this time, we accepted taxes exclusively in our currency.
Just that?
Indeed, it is an excellent opportunity. By doing so, we can numerically 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 meeting concluded, the ministers rushed to Maeng Sa-seong to repeatedly express their gratitude.
***
Meanwhile, 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 timeframe for this collection to prevent unnecessary expenses.
The Ming officials nodded in agreement to the Vice-Minister of Taxations words.
The meeting 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 government. Furthermore, the Imperial Guard was akin to a political police directly under the emperor.
Thus, members of the Eastern Depot and high-ranking officials of the Imperial Guard also needed to attend the meeting.
Emperor Xuande, seated at the highest position, presided over the meeting.
A eunuch from the Eastern Depot[[The Eastern Depot was established as a separate department 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 calmed 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 same way. Therefore, it is imperative to collect as much of it as possible.
At his words, the same eunuch raised another issue.
But given the massive volume 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 timeframe 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 meeting 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 meeting 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 becomes 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 statement.
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 volume. Do you want the new currency to suffer the same 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 volume. 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 become 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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Chapter 186
Upon hearing the imperial decree from Emperor Xuande, the ministers pestered the Prime Minister for answers.
Esteemed Minister! Even if His Majesty has made a decision, you should have dissuaded him!
Prime Minister! Reintroducing the old currency is by no means an easy task!
Not only the scholars in the cabinet but also the ministers from various departments scolded the Prime Minister. However, they were silenced by the Prime 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 shameful is this? Until when shall we bring dishonor to His Majesty?
***
The scholars and ministers remained silent in response to the Prime Ministers question.
It was indeed a shameful matter that the people trusted the money of another country, especially one significantly smaller, more than their own Ming currency.
The Prime 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 merchant 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 time.
Hearing the Prime 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 shame to His Majesty.
***
Though they agreed in words, the ministers faced numerous challenges to overcome.
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 time 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 Prime Minister.Updated from novelb(i)n.c(o)m
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 Prime Minister nodded and rose from his seat.
It seems you are right. Lets propose this to His Majesty together.
Yes!
With the Prime Minister leading, the ministers and scholars followed. The presence of the Prime Minister reduced the risk of receiving an imperial rebuke.
***
Your opinions are valid.
After hearing the Prime Ministers explanation, Emperor Xuande nodded in agreement. With the Emperors consent, the Prime Minister continued.
Then, regarding the selection of the envoy to send to Joseon
Why complicate things? Arent the experienced ones already here?
Excuse me?
Recalling Emperor Xuandes words, the Prime Ministers face lit up with realization.
Ah! Yes! The chief envoy of the delegation that came this time was involved in that matter!
Exactly. So, call the Joseon envoy.
Yes, Your Majesty!
Shortly after, the Vice-Minister of Taxation, having been informed by the eunuch that Emperor Xuande was summoning him, arrived before the Emperor.
Your Majesty, did you summon me?
Yes. You mentioned to me last time 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 time it was successful. What methods were used?
The Vice-Minister of Taxation promptly responded to Emperor Xuandes inquiry.
Indeed, that was the case. Therefore, to avoid failure this time, we accepted taxes exclusively in our currency.
Just that?
Indeed, it is an excellent opportunity. By doing so, we can numerically 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 meeting concluded, the ministers rushed to Maeng Sa-seong to repeatedly express their gratitude.
***
Meanwhile, 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 timeframe for this collection to prevent unnecessary expenses.
The Ming officials nodded in agreement to the Vice-Minister of Taxations words.
The meeting 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 government. Furthermore, the Imperial Guard was akin to a political police directly under the emperor.
Thus, members of the Eastern Depot and high-ranking officials of the Imperial Guard also needed to attend the meeting.
Emperor Xuande, seated at the highest position, presided over the meeting.
A eunuch from the Eastern Depot[[The Eastern Depot was established as a separate department 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 calmed 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 same way. Therefore, it is imperative to collect as much of it as possible.
At his words, the same eunuch raised another issue.
But given the massive volume 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 timeframe 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 meeting 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 meeting 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 becomes 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 statement.
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 volume. Do you want the new currency to suffer the same 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 volume. 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 become 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!
Chapter 186Upon hearing the imperial decree from Emperor Xuande, the ministers pestered the Prime Minister for answers.Esteemed Minister! Even if His Majesty has made a decision, you should have dissuaded him!Prime Minister! Reintroducing the old currency is by no means an easy task!Not only the scholars in the cabinet but also the ministers from various departments scolded the Prime Minister. However, they were silenced by the Prime 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 shameful is this? Until when shall we bring dishonor to His Majesty?***The scholars and ministers remained silent in response to the Prime Ministers question.It was indeed a shameful matter that the people trusted the money of another country, especially one significantly smaller, more than their own Ming currency.The Prime 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 merchant 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 time.Hearing the Prime 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 shame to His Majesty.***Though they agreed in words, the ministers faced numerous challenges to overcome.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 time 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 Prime Minister.Updated from novelbin.comHow 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 Prime Minister nodded and rose from his seat.It seems you are right. Lets propose this to His Majesty together.Yes!With the Prime Minister leading, the ministers and scholars followed. The presence of the Prime Minister reduced the risk of receiving an imperial rebuke.***Your opinions are valid.After hearing the Prime Ministers explanation, Emperor Xuande nodded in agreement. With the Emperors consent, the Prime Minister continued.Then, regarding the selection of the envoy to send to JoseonWhy complicate things? Arent the experienced ones already here?Excuse me?Recalling Emperor Xuandes words, the Prime Ministers face lit up with realization.Ah! Yes! The chief envoy of the delegation that came this time was involved in that matter!Exactly. So, call the Joseon envoy.Yes, Your Majesty!Shortly after, the Vice-Minister of Taxation, having been informed by the eunuch that Emperor Xuande was summoning him, arrived before the Emperor.Your Majesty, did you summon me?Yes. You mentioned to me last time 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 time it was successful. What methods were used?The Vice-Minister of Taxation promptly responded to Emperor Xuandes inquiry.Indeed, that was the case. Therefore, to avoid failure this time, we accepted taxes exclusively in our currency.Just that?Indeed, it is an excellent opportunity. By doing so, we can numerically 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 meeting concluded, the ministers rushed to Maeng Sa-seong to repeatedly express their gratitude.***Meanwhile, 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 timeframe for this collection to prevent unnecessary expenses.The Ming officials nodded in agreement to the Vice-Minister of Taxations words.The meeting 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 government. Furthermore, the Imperial Guard was akin to a political police directly under the emperor.Thus, members of the Eastern Depot and high-ranking officials of the Imperial Guard also needed to attend the meeting.Emperor Xuande, seated at the highest position, presided over the meeting.A eunuch from the Eastern DepotThe Eastern Depot was established as a separate department 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 JoseonThe 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 calmed 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 same way. Therefore, it is imperative to collect as much of it as possible.At his words, the same eunuch raised another issue.But given the massive volume of itThe 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, butThe 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 timeframe 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 meeting 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 meeting 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 becomes 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 statement.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 volume. Do you want the new currency to suffer the same fate as the old ones?Thats not what we want, butWe 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 volume. 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 become 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!
