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!’


    “Pleasemand me, Father. I will do my utmost best.”


    Upon hearing Hyang’s response, Sejong slowly began his exnation.


    “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 exined to Hyang the dilemma they faced: whether to prioritize administrative structure reform or the cirction of currency.


    “…thus, the officials prefer to prioritize currency cirction. However, many regions still have more power in the hands of localndlords 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 ‘Ind ve Scandal’ showed that even the most basic human rights were being vited 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 cirction, it will lead to excessive use of resources. And if we implement currency cirction first without administrative reforms, it will only create opportunities for localndlords 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 localndlords. Whether it’s through goods or a system.”


    Sejong’smand made Hyang pause for a moment. After some thought, Hyang asked Sejong a question.


    “Do you seek coexistence with the localndlord powers, Father, or their elimination?”


    “They are also the people of Joseon, so coexistence should be the priority. However, if they wish to y 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 Iplete this task?”


    “If it’s difficult by the start of spring, then I would like to see it by the spring equinox at thetest.”


    “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 myselfpletely.”


    The historian recording this father-son conversation added:


    <b><i>– Thus, Sejong instructed the Crown Prince to devise a strategy concerning thendlords.</i></b>


    The historian then reflects:


    The history ofndlords goes back to the Three Kingdoms era. Over time, many families have risen and fallen, some even beingpletely eradicated. However, a significant number of these families still hold their positions, indicating the depth of their power and influence.


    While somendlords are indeed exemry, many are not, posing a challenge to the reforms that Sejong is implementing.


    As the interests of thendlords and the reforms sh, a solution is urgently needed.


    * * *


    “Really, this is the utmost difficulty. Haah~.”


    After receiving Sejong’smand, Hyang stepped outside and let out a long sigh.


    “This is really something…”


    Overwhelmed 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 someone 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 Enforcement..


    “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 nd 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 me.”


    The official led Hyang to a section of the Archive.


    “These shelves contain records ofwsuits rted to ‘long-term interest’ issues, petitionsining about excessive interest on ‘long-term interest’, and responses to thosewsuits and petitions.”


    Looking at the shelves, which seemed to be twice asrge as those in Hyang’s research institute and filled with documents, 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 documents for each category, he was speechless. Staring nkly at the shelves, he soon regained hisposure 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 me if you need anything.”


    After sending the official back, Hyang let out a long sigh.


    “Phew~, no wonder I felt it was too quiettely…”


    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 moment on, Hyang became one with the Archive.


    * * *


    “Hmm… as expected, the biggest source of ie for the localndlords is notnd 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 repayment of grain loans…”


    After reviewing numerous documents rted to grain repayment, Hyang sighed deeply.


    “Only 30 years in, and we’re already facing a crisis…”


    * * *


    The origin of the grain repayment system traced back to the Land Tax Law, established during the reign of King Gogukcheon of Goguryeo. Thisw evolved into the ‘righteous granary’ system in Goryeo and continued to be used in Joseon.


    The grain loan system of Goryeo, over time, became corrupted as the powerful gentry mergednds, leading to the copse of independent farmingmunities.


    Joseon, which reced 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 consistentnd reforms, by the 13th year of King Taejong’s reign (1413), the national granaries, including military ones, had amassed up to 3.57 million <i>seom </i>(a unit of volume).


    However, the stockpiled grain and the system soon started to falter.


    From thete 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.


    Localndlords, who had passed the civil service examination, began to re-mergends using their tax exemptions and other privileges. Those who lost theirnds to thendlords 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 farmingmunities, 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 nk piece of paper on the desk.


    After a long moment of contemtion, Hyang finally spoke.


    “The solution is a bank. Only through a bank can we break the link between tenant farmers andndlords, and thus weaken thendlords’ 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 apany 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 me for the dy.”


    “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’smand. The topic of the research was ‘Strategies to counter localndlords obstructing the progress of currency cirction and administrative reforms.''”


    The ministers swallowed hard upon hearing the topic, well aware thatndlords 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 exin, turning the pages of the diagram.


    “The current issue with localndlords in the provinces is that, unlike the noble families of the previous dynasty, they are mostly schrs. Of course, many of the former noble families have rebranded themselves as schrs, 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 exnation.


    Hyang continued his analysis.


    “The problem with these schrlyndlords is, firstly, they are causing the decline of independent farmers by mergingnds. As you all know, through the reforms, the number of people relying onmerce 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 currentnd tax rate in our Joseon, it’s set at 5 pun (a unit of currency) per gyeol (a unit ofnd area) ording to publicw.”


    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 ck off, can pay their taxes, support their families, and even umte some wealth. However, tenant farmers can’t do the same. Why? Because half of what they earn goes straight tond rent. And then, for various reasons, they have to keep paying thendlords.”


    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 fromndlords, further entangling them with thendlords.”


    After outlining the problems resulting from thendlords’nd consolidation and the ensuing issues for independent farmers, Hyang moved towards a conclusion.


    “If these problems umte, eventually, the power of thendlords 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 thest page of the diagram.


    “The establishment of a <i>‘national bank’</i>. We would use the gold and silver we’ve umted, as well as the grain from military granaries and righteous granaries, to break the financial chains binding tenant farmers to thendlords.”