Chapter 126

Chapter 126

“Father, have you been looking for me?”

“Yes. I called you because I have a task to entrust to you.”

“For me, Father?”

Upon hearing Sejong’s words, Hyang became extremely 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 mentioned 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!’The original appearance of this chapter can be found at Ñøv€lß1n.

“Please command me, 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 government’s.”

Hyang nodded in agreement 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.

Crimes often centered around exploiting people with intellectual disabilities or undocumented 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 implement currency circulation first without administrative reforms, it will only create opportunities for local landlords to exploit the situation.”

Hyang vigorously nodded in agreement, understanding Sejong’s concerns were not just worries but real potential issues.

“That is true. What would you have me 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 moment. After some 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 remember that, Father.”

“I have great expectations for your wisdom and talent.”

Sejong’s final words were met 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 time, many families have risen and fallen, some even being completely eradicated. However, a significant number of these families still hold their positions, indicating the depth of their power and influence.

The grain loan system of Goryeo, over time, became corrupted as the powerful gentry merged 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 sentiment 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 volume).

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 farmers.

Local landlords, who had passed the civil service examination, began to re-merge lands using their tax exemptions and other privileges. Those who lost their lands to the landlords and became tenant farmers lost their eligibility for grain loans and had to rely on high-interest loans instead.

As the number of independent farmers decreased, the recovery of grain loans became 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 farmers 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 moment of contemplation, Hyang finally spoke.

“The solution is a bank. Only through a bank can we break the link between tenant farmers 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 establishment 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 blame 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 former 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 means of amassing wealth.”

The ministers nodded in agreement with Hyang’s explanation.

Hyang continued his analysis.

“The problem with these scholarly landlords is, firstly, they are causing the decline of independent farmers by merging lands. As you all know, through the reforms, the number of people relying on commerce and industry as their main livelihood is increasing. However, most people still depend on agriculture.”

Sejong and the ministers all nodded in acknowledgment of this reality.

“But, as previously mentioned, the current situation in Joseon is such that the number of tenant farmers is increasing as independent farmers 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 mentioned the tax, Kim Jeom, the head of the Ministry of Taxation, began to listen more intently.

“Independent farmers, as long as they don’t slack off, can pay their taxes, support their families, and even accumulate some wealth. However, tenant farmers can’t do the same. 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 farmers, 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 farmers, 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 establishment 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 farmers to the landlords.”