King of Commerce, Yeonsan-gun ch.13
Yongsan Rock Festival
Yun Eun-ro, once the chief pharmacist, was now a man without a job.
However, like all noblemen of this era, or indeed any aristocrat worldwide, being without office did not mean being without occupation.
Nobles typically managed their wealth through landholdings or by lending money to merchants at high interest rates. Thus, they were never truly idle.
(This was the logic behind the unpaid bureaucratic service system across the globe at the time, akin to what was called "noblesse oblige.")
The Pyeongan Yun family, having flourished since the founding of the Joseon Dynasty as meritocratic nobility based in Hanyang (Seoul), was no different. They were heavily involved in financial dealings, hence their engagement in bangnap.
Now, Yun Eun-ro's primary concern was managing the affairs tied to the merchants under their patronage.
"So, according to what you said, they'll start selling Ji-pye again soon?"
"Yes, brother. This time, the government will release a significant amount of Ji-pye. I saw the printing press made by His Majesty, and it's so intricate that it can produce thousands of books in a day."
Though Yun Eun-ro had been dismissed, his brother Yun Tang-ro still had connections in the court and informed him about the latest developments in the Ji-pye policy.
"It's hard to believe. Even with movable type, is that really feasible?"
"I saw it with my own eyes, brother."
"Well, assuming what you say is true, Ji-pye's value will soon depreciate."
"Indeed. Although I've instructed Na Eun-dong to stockpile rice, it will be difficult to buy goods with expensive Ji-pye in the future."
"No, you still don't understand the art of lending at high interest."
"Do you have a clever plan, brother?"
"When the government starts selling Ji-pye again, we will use the rice we've accumulated to buy as much Ji-pye as possible.
Currently, the government has loaned Ji-pye to the people in Gyeonggi, Hwanghae, and Chungcheong provinces.
When they need to repay their debts next year, they will urgently require Ji-pye.
That’s when we step in, lending Ji-pye at high interest rates."
Yun Tang-ro was impressed by his brother's cunning plan. His brother might not excel in scholarly or bureaucratic work, but he had a talent for scheming.
The Yun brothers should be grateful they were apprehended by the Royal Investigators before this conversation leaked out. If the king had overheard their plot, he would have literally torn them apart without hesitation.
When the king returned, the court was in complete chaos.
They were already uneasy about his undercover excursion, but when the Royal Guards returned with the message, "His Majesty has captured heinous criminals; send the royal troops and the Royal Investigators," they were utterly shocked.
Curious officials, even those not summoned, rushed to see what had happened. Indeed, the king had apprehended a group of men at Yongsan Port, and they found him twirling a pyungon (a type of weapon), leading some to mistakenly think he had captured the men himself.
After astonishing the officials, the king nonchalantly declared,
"These are heinous criminals. The Royal Investigators shall interrogate them."
As the interrogation proceeded, it became clear that the captives were indeed guilty. They were involved in Yun Eun-ro’s bangnap activities, scandals that had plagued the court throughout King Seongjong's reign and were recently exposed again.
Moreover, the Royal Guards and the Royal Command provided startling testimony.
The captives had claimed that "the king can't touch Yun Eun-ro because even the king fears the queen dowager," which indicated potential conflicts with the queen dowager and possible repercussions for Yun Eun-ro.
The ball was now in the king’s court.
Kyung-sik wasn’t looking to escalate this into a political purge. He simply wanted to punish the severe crimes that disrupted the market economy.
However, he soon discovered that Joseon had no laws specifically against hoarding and speculative trading. There’s a reason why Heo Saeng doesn’t get arrested in the classic novel Heosaengjeon after hoarding and selling at high prices.
Sure, he could pass a new law to punish hoarding and speculative traders. The principle of non-retroactivity of law was a concept from the future. It was initially established to prevent kings from making laws arbitrarily to punish their enemies.
But Joseon was a society where blood ties and social class mattered more than the law.
No matter what legal pretext he used, the people would perceive it as "the king is punishing his in-laws."
Bearing the political burden of this was not something he wanted to do directly.
"To distribute the political burden and ensure policy corrections, I need to..."
Kyung-sik quietly pondered his strategy. If the officials knew him well, they would have been trembling.
Indeed, the officials were worried.
"The king is moving against the queen dowager’s family!"
"…What gives him such confidence?"
"What else? It must be related to his Ji-pye policies!"
In Joseon's political structure, in-laws could either be a loyal support base for the king, mere scapegoats, or power-grabbing factions depending on how they were managed.
Typically, they were a force that other officials sought to keep in check.
Kings like Taejong, who believed that "the country should be entirely governed by a competent king like me," would aggressively suppress them. However, during Sejo's reign, families like the Pyeongan Yun clan grew in power, leading to factional politics.
Since ascending the throne, the king had already ousted the censorate within a few months and had shown his capability by replenishing the national treasury with his miraculous Ji-pye policy. He often cited Taejong when discussing monetary policies.
Observing the king's actions, officials surmised that he had the potential to become a tyrant, though he seemed genuinely concerned for his subjects.
The officials concluded that the king aspired to be the next Taejong!… was their collective judgment.
In fact, given Kyung-sik's actions, it would be bold to call this a misunderstanding.
Gathering the officials in the council room, they unanimously urged, "Punish Yun Eun-ro and Yun Tang-ro severely!"
They began revealing the crimes of the Yun brothers that had been overlooked during King Seongjong's reign due to royal protection.
Stealing concubines, servants disrespecting government officials, usurping commoners’ properties, and even indulging in debauchery during national mourning—everything came out.
The testimonies of the Royal Guards and Command confirmed that these men had claimed the king couldn’t touch Yun Eun-ro because of the queen dowager.
Even though Joseon’s view often held masters accountable for their servants' actions, the king’s capture of these men suggested severe consequences.
Failing to act against Yun Eun-ro would be more absurd.
Standing with the Yun brothers now meant risking one’s life. Officials valued their safety more than defending the notorious Yun brothers.
From the outset, they were notorious pests with no redeeming qualities, continually embroiled in scandals.
In fact, their flaunting of their status as in-laws was the root of the problem.
Now that they thought about it, they never liked the Yun brothers from the beginning.
Even officials who had been placed in positions due to the Yun brothers' influence began receiving accusations, marking them as corrupt.
With the court atmosphere leaning towards condemnation, Kyung-sik reviewed their cases and wondered, "…How did these guys survive this long?"
Given their bangnap activities, forgiveness was never on the table. But the most infuriating revelations among the deluge of accusations against Yun Eun-ro were his exploitative acts.
Exploiters like him deserved to die. This sentiment was justified even by the life of Taejo's great-grandfather, Yi An-sa (*1).
With most of the officials aligning against the Yun brothers, the consensus was forming around the sentence of sasa (bestowal of death) for them.
Their crimes included all the accumulated accusations from the officials, continuing their bangnap despite claiming innocence, and the newly added crime of speculative trading.
And there was an unspoken reason—the king's personal disdain for exploiters.
Even Park Pyeong-gun Yun Pil-sang, who stayed home quietly, was dismissed. He had his own reasons to stay quiet and out of sight, partly due to his relation to the Yun brothers and evidence of his own speculative dealings (*2).
The Pyeongan Yun family was swept out of the court.
The houses and accumulated wealth of the merchants under Yun Eun-ro’s patronage at Yongsan were confiscated.
Their houses were dismantled and used as construction materials for future projects.
This was carried out by conscripting the starving people of Gyeonggi into temporary military service for labor, a practice Kyung-sik initially questioned but now saw as necessary given the situation (*3).
Although military reform was still pending, feeding the people remained a priority, following existing practices.
The Ji-pye policy had successfully stockpiled rice, so there was no concern about feeding the labor force.
Opening Yun Eun-ro's warehouses revealed vast amounts of rice, ensuring no shortage for the foreseeable future.
The Joseon army discovered that opening corrupt officials’ coffers was far more fruitful than the legendary golden eggs.
This was the real trickle-down effect.
The beneficiaries extended beyond the soldiers.
"Yi Ui, Jo Hyeong, and Yi Ja-gyeon have greatly contributed by exposing the crimes of Yun Eun-ro and Yun Tang-ro. Reward them with promotions."
Officials noticed that those being rewarded were all former censors.
Before the king disbanded the censorate, one of their persistent complaints was that the Yun brothers were a menace and should be removed.
Now, the king had acted on their complaints, even commending the (former) censors for their previous counsel.
'Does he intend to shift the responsibility for ousting the in-laws onto the censors?'
Only the more perceptive and resilient former censors remained in the court.
The former censors, trying to sidestep their role, argued they were merely fulfilling their duty to offer honest counsel.
Their protest was ineffective. The king showered them with additional rewards (from Yun’s confiscated goods).
Given they were the ones who originally reported the Yun brothers, they couldn’t easily escape responsibility.
Despite their rewards, the former censors felt uneasy.
The Ministry of Taxation was alarmed by the devastation at Yongsan port.
Currently, Joseon was not yet at the stage where the sajuin dominated the entire distribution of all tribute goods.
However, since the founding of Joseon, tribute payments had never run smoothly according to the standard procedures outlined in the legal codes. Even in the late Goryeo period, the system had been dysfunctional.
The sajuin played a crucial role in the tribute payment process, and now the king had personally crushed them.
Given the king's keen interest in financial matters since his coronation, the ministry was perplexed by his actions.
While other officials dismissed the merchants as mere profiteers, the Ministry of Taxation grappled with the implications of their destruction.
Since the king's ascension, the Ministry of Taxation had been under constant pressure.
Now, Deputy Minister Yi Geuk-gyu reported to the king, filling in for the overworked Minister Hong Gwi-dal, who had effectively fled the scene.
"Though Yun Eun-ro and Yun Tang-ro's crimes are severe, confiscating the homes at Yongsan will likely disturb the populace."
"The homes at Yongsan? Ah, you mean 'those'?"
The king's tone hinted at his disdain for the sajuin, but Yi Geuk-gyu remained steadfast.
In the original history, he was known for his principled stance during the debate over deposing Queen Yun and during the Muosahwa (1498) purge, and he demonstrated his mettle here as well.
"Although the sajuin are profiteers, river merchants rely on them to sell goods, and city markets depend on these merchants for supplies from outside regions.
Even if we dismantle the sajuin, their profits will merely shift to the local officials, not reducing the burdens of tribute.
Last year's famine led to reduced tribute collections, and if Yongsan's merchants disperse, the offices will struggle to procure the necessary supplies. Please consider this."
‘Hmm? This man has a grasp of reality.’
Yi Geuk-gyu had valid concerns about the public's reaction.
The sajuin’s operations were primarily centered in Hanyang (Seoul).
River traders sold goods to the sajuin, small retailers and peddlers went to the ports like Yongsan to buy from the sajuin, and they, in turn, sold these goods to Seoul’s consumers.
This was the basic supply chain for consumer goods in Hanyang (*4).
By physically eliminating the sajuin, the king had disrupted this supply chain. The sentiment in Hanyang’s markets was volatile.
While the king could easily dismiss them with his authority, the aftermath was left to the officials to manage.
"Minister Yi, you must be aware of my efforts to aid the people of Gyeonggi and enhance the treasury."
That much was clear to Yi Geuk-gyu. What seemed an unrealistic goal initially had shown some tangible results, leading him to have expectations of the king's potential.
But now, seeing the king wreck the system, he was even more puzzled and concerned.
"I have considered a strategy to address the sajuin and the issue of bangnap, aiming to improve our finances. Listen carefully..."
Yi Geuk-gyu, given his hopes for the king, listened intently.
Contrary to the officials’ fear of a political purge, the actual number of executions was limited.
Aside from the Yun brothers, the primary victims were those who directly threatened the king, such as Nae-eun-dong and several other merchants and their servants. Despite Kyung-sik’s promise of leniency for cooperation, it was never a realistic possibility.
The servants, especially those closely tied to the Yun family, were publicly humiliated and beheaded in Seoul and the riverside villages.
The Yongsan port wasn't the only place with sajuin; they were also present in other ports like Seogang and Mapo.
However, as Yi Geuk-gyu feared, targeting all of them would disrupt Seoul’s stability. After the initial crackdown, no further enforcement actions were taken against the ports.
To survive, the remaining sajuin had to quickly adapt and interpret the situation.
Their "Survival Skills for Commoners in Joseon" reached new heights, unlocking the skill: "Interpreting the Intentions of High Officials Without Direct Orders."
Seeing the public executions and realizing they were not meant to strictly regulate sajuin, they inferred the need to adapt.
The villagers threw stones and jeered at the condemned men, distancing themselves from the sajuin they had once dealt with daily.
The Yongsan Rock Festival ended with the execution of Yun Eun-ro and his cronies, celebrated with enthusiastic participation from the villagers.
Returning to their daily lives, the villagers who had frequented the ports resumed their transactions under the watchful eye of the remaining officials.
The merchants who juggled roles as sajuin and government clerks focused solely on their official duties.
Merchants who had previously collaborated with the sajuin avoided engaging with the remaining traders or seeking deals.
Jin Byeol-gam, who had come to deliver tribute for the first time, observed how the sajuin and officials, once infamous for their petty rejections, now accepted his goods without unnecessary delays.
Merchants who had profited alongside the sajuin did not solicit outside traders for business deals.
The execution of the Yun family members brought a semblance of order and discipline to the nation.
Footnotes:
*1: Taejo Yi Seong-gye’s great-grandfather, Yi An-sa, lived in Jeonju and was infatuated with a local entertainer. However, a minor official took her away, leading to a conflict. This incident caused Yi An-sa to flee to Hamgyeong Province in the northeast, where his descendants established themselves as powerful military leaders. Eventually, his great-grandson Yi Seong-gye rose to prominence, founding the Joseon Dynasty. Although Yi An-sa couldn't personally avenge his honor, his great-grandson’s overthrow of the Goryeo kingdom might be seen as fulfilling that vengeance.
*2: In Chapter 4, The Grand Censorate Revolt, the censors accused Yun Pil-sang of hoarding grain for profit. This was drawn from the Annals of the Joseon Dynasty, during the first year of King Yeonsangun’s reign. Historically, Yun Pil-sang was implicated in the Gapja Sawa (1504) purge, but in this story, he is ousted dishonorably due to the protagonist's focus on stabilizing market prices.
*3: In Chapter 3, A Different Perspective, Kyung-sik is surprised to learn that soldiers are often conscripted for labor duties. This practice had become so entrenched that by the fourth year of King Seongjong’s reign, a memorial was submitted stating, "The infantry are all mobilized for construction work, leaving none to defend the capital. They are merely laborers in name." By the 24th year of Seongjong’s reign, it was said that "the infantry do not carry weapons and are thus excluded from the military count," reflecting the severe degradation of military service into forced labor. In 1492, during Seongjong's reign, 20,000 troops were mobilized, but only managed to kill nine Jurchen raiders, highlighting the army’s decline. While Kyung-sik recognizes this problem, immediate reforms are postponed due to pressing issues.
*4: The dominance of sajuin in port commerce during the early Joseon period evolved into the more specialized traders like dogo, gaekju, and yeokak (inn merchants) seen in later periods, as described in textbooks. As mentioned in the footnotes for Chapter 11, The Rogues of Yongsan, these sajuin later became gongin (licensed traders) under the Daedong Law. In early Joseon, the sajuin played a critical role in distributing tribute goods. The text notes that they didn’t yet monopolize all commerce, as by the late 16th century, they controlled nearly all specialized goods. The protagonist's reforms will shift their development in a new direction by incorporating port commerce into formal governance.
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