Black Corporation: Joseon

Chapter 178

The employee highlighted the harsh reality.

What will the end be if you live like that? While others save money to buy houses, open stores, or purchase fields, what will you do with nothing to your name? Others are getting married, having children, and even seeing their grandchildren, but do you want to end up scratching yourself alone in a tiny room, clutching a bottle of cheap liquor, wallowing in misery? Now that youve been emancipated and become commoners, shouldnt you buy a house, get married, and start a family?

At the employees words, the slaves nodded their heads in a daze, as if they were under a spell.

And what do you think will happen if you just save up whatever wages you get? You wont be able to sleep properly at night or day for fear of thieves, right?

Thats true

As the slaves nodded in agreement, the bank employee raised his voice.

Thats why! Create an account at the bank! Make an account and deposit all the wages you earn from your work! Withdraw money only when you need it! Then your money will accumulate! As you know, the bank is run by the state! Theres no chance of your money being embezzled! Not only that, but you also get interest! If you deposit 1 nyang of silver, you get 12 won of interest in a year! How great is that? Go out and try digging up the land! Will 12 won just appear out of nowhere?

At the employees words, the slaves vigorously nodded their heads. Seeing them, the bank employee continued in a softer voice.

This is all because His Majesty the King and the government pity you. Think about it! Thanks to His Majestys grace, youve become commoners! Now that youre commoners, shouldnt you try to live a decent life?

That day, dozens of accounts were created at the Joseon bank located in Gijang County.

***

Similar incidents to what happened in Gijang County occurred all over Joseon.

After reviewing the reports organized by the Ministry of Taxation, Sejong looked around at his ministers with a pleased expression.

As the saying goes, Many a little makes a mickle. Gathering the funds of those who have been emancipated has indeed created a significant sum. Moreover, it has also made it easier to secure manpower for road construction.

Indeed, Your Majesty.

Not only that, but it has also become easier to replenish the workforce for the textile mills.

The ministers all bowed their heads and responded to Sejongs words.

Ironically, the first person to come up with this idea was not a merchant but Sejong himself.

While reviewing reports on the upcoming revisions to the tax and slave laws, Sejong suddenly had a thought.

It seems that the wealth received upon emancipation is not insubstantial, is it?

Prompted by this thought, Sejong immediately instructed the Ministry of Taxation to estimate the amount of wealth that would be generated through emancipation.

Another task

Despite their complaints, the officials of the Ministry of Taxation faithfully followed the command.

As they calculated the estimated amounts, the expressions on the faces of the Ministry officials grew increasingly grave.

This is quite a lot?

If all these assets are released at once, it could cause problems with inflation

With serious expressions, the officials of the Ministry prepared a report and submitted it to Kim Jeom.

Upon reading the report, Kim Jeoms expression turned grave.

This could lead to serious trouble if mishandled.

Kim Jeom immediately rushed to the State Council.

The Chief State Councillors, recognizing the severity of the situation, convened to discuss the matter.

If the slaves are emancipated all at once, there will definitely be problems. Not only inflation, but crime and housing issues could also escalate significantly.

Hmm Perhaps we should limit the number of people who can be emancipated each year?

That seems like a reasonable solution. It would also reduce the burden on the officials.

Having reached a consensus, the Chief State Councillor and fellow ministers submitted the proposal and their opinions to Sejong.

Kim Jeom felt an ominous sense of foreboding.

What is this uneasy feeling?

***

His ominous premonition proved accurate when Sejong, having received the report from the Chief State Councillor, erupted in anger.

Limit the number of emancipations? Do the ministers have any sense at all? Do they think landlords, desperate to reduce their tax burdens, will accept this decree? And what about those who have worked side by side, where some receive emancipation and others do not? Cant they foresee the resentment this will cause?

At Sejongs reprimand, the ministers hastily bowed their heads.

Your Majesty, we are deeply regretful!

Our considerations were indeed shallow! We beg for your forgiveness!

As the ministers and high officials bowed, Sejong continued, Human nature is such that receiving one favor leads to the desire for another. Therefore, instead of imposing limitations, we should devise a plan that is acceptable to all. Reflect upon this and present a new proposal!

The ministers had no choice but to bow repeatedly to Sejongs stern command.

***

Sejong didnt stop with just issuing orders to the ministers. He himself also delved deep into finding a solution.

Hmm There must be a better answer

While reviewing the policies he had initiated, including the reforms suggested by Hyang and his own banking policies, Sejong paused at the section on the Joseon bank.

Creating deposit and loan accounts for the common people at the bank?

After reading and re-reading this section several times, Sejong struck his knee with his hand in realization.

This is it!

The next day, Sejong shared his idea with the ministers.

Therefore, lets persuade as many of the emancipated slaves and serfs as possible to supply manpower to the road construction sites and textile mills. This will also benefit the guilds, so they should have no complaints.

The ministers all nodded in agreement to Sejongs insightful plan.

We are in awe of Your Majestys wisdom!

With no opposition from the ministers, Sejong continued, Furthermore, lets send officials from the bank to the places where emancipations are verified, and absorb as much of the wealth brought by the emancipated individuals into the bank as possible. Given the progress with the bank, arent we already planning to create deposit and loan accounts for the general populace?

That is correct.

Then lets start by creating accounts for those being emancipated! Seeing this, other citizens will follow suit and open their accounts at the bank as well. What do you think?

As the ministers mulled over Sejongs words, they began to nod their heads one by one.

Truly a brilliant idea!

If executed properly, the government could secure more funds, and we could also stabilize market prices!

The ministers unanimously supported Sejongs proposal.

Meanwhile, Hyang, upon hearing this news, widened his eyes in surprise, unable to hide his astonishment.

The King himself came up with this idea? Could it be that he too?

Hyang continued his thought with a what if expression but soon shook his head.

Better not get ahead of myself. Might end up getting stoned for it.

Although he acknowledged it as a good plan, Hyang felt something was lacking. Ultimately, Hyang decided to add a bit of MSG to the plan and sought out Sejong.

What brings you here?

Ive seen the plan you proposed regarding the emancipation of slaves. It was indeed an ingenious solution.

It was a bit of work.

Would it be too presumptuous of me to add a spoonful to this?

You?

Sejong paused for a moment at Hyangs words but soon nodded.

There hasnt been a time when your involvement has led things astray. Alright. You have my permission.

With Sejongs approval, Hyang immediately shared his idea.

If the emancipated individuals are to open accounts, why not have the guilds directly deposit the wages of their workers into these accounts?

Direct deposits?

Yes. The payments to the guilds from the Ministry of Taxation are already processed through the bank. If we instruct the guilds to compile a register of their workers names and account numbers, and based on this, directly deposit their wages into the workers accounts, it would eliminate the need to do the work twice and also minimize tax evasion to the greatest extent.

Mmm

After pondering Hyangs words, Sejong soon nodded in agreement.

Indeed! That would be the best approach!

Thus, the first instance of a workers salary being directly deposited into a bank account was established.

***

Hyangs MSG didnt stop there.

He continued his explanation in the presence of Sejong and the ministers.

Simply forcing people to create accounts could lead to resistance.

Thats true.

They might even feel like theyre being robbed.

Sejong and the ministers nodded in agreement with Hyangs observation. After clearing his throat, Hyang continued.

Thats why the officials at the bank need to persuade those who have been emancipated to open accounts.

Persuasion? That wont be easy.

Acknowledging Sejongs point, Hyang nodded.

Indeed. Thats why we must target their most significant concern.

Hyang borrowed advertising techniques from a 21st-century bank to craft persuasive rhetoric.

This was the very method used by the bank employee in Gijang County to captivate the emancipated slaves.

After witnessing Hyangs demonstration, Sejong and the ministers looked at him in astonishment. After a moment, the still-dazed ministers turned to Sejong.

Your Majesty, we too should open accounts.

I was thinking the same.

Convinced by the effectiveness of the approach, Sejong and the ministers readily accepted Hyangs suggestion.

With the method decided, officials responsible for the task at banks across the country were summoned to Hanyang.

In the Eastern Palace, Hyang once again demonstrated the art of persuasion to the assembled officials.

And that day, the bank employees opened accounts in their own names at the bank.

Regardless Its clear that the officials from the Ministry of Taxation and the employees of the bank have fulfilled their responsibilities well in this matter. Therefore, ensure that the promised rewards are distributed.

At Sejongs command, the ministers bowed their heads again.

We shall heed Your Majestys command!

Thus, Sejong acquired another worlds first title:

• The first to officially use an incentive system.

Of course, there had been systems in place to recognize and reward military achievements on the battlefield, but this was the first time an official reward system was used for regular administrative tasks outside of warfare.

***

Amidst these significant and minor upheavals, as the spring of the Gyeongsul year arrived, a nationwide road construction project began.

Rumors of a road paving project connecting the entire Joseon region attracted young people who had received emancipation and left rural areas, as well as those who could not find jobs in urban areas, to the construction sites.

But they werent the only ones. A considerable number of farmers from villages near the construction sites also visited.

The farmers were drawn to the construction sites because of the rice transplanting method.

As mentioned before, one of the significant advantages of the transplanting method was that it required less labor.

Apart from the times of planting and harvesting, the transplanting method did not require a large workforce.

Thus, farmers who found themselves idle for a month or two turned to the construction sites for side jobs, intending to make extra income.

It wasnt just the farmers. Small merchants and itinerant vendors, upon learning that those involved in the construction received regular monthly wages, gathered around the sites, leading to the formation of small markets.

As these developments overlapped, an increasing number of Joseons citizens began to engage in economic activities outside of agriculture.

***

If the large-scale emancipation was one factor driving the massive population movement in Joseon, another was the vast amount of farmland that became state-owned through the Giyu Rebellion.

-The government is looking for tenants to cultivate the confiscated lands. Priority is given to commoners who have established families.

-The rent for the state-owned farmland is set at 30%, the same as for royal granaries, and the tax rate imposed on tenant farmers follows the law.

Upon seeing the governments proclamation, tenant farmers were all abuzz.

30%? The rent for the land Im currently farming is 50%!

Is there any state-owned farmland nearby?

Does that matter? Even if its a thousand li away, we should go if we can get tenancy there!

Ultimately, many tenant farmers began to leave their current residences to seek tenancy on the state-owned farmland.

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