Joseon Needs a Coup - Chapter 403



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#Part 2 Episode 13. The protagonist of an unwanted play (2)

“If we send our troops to Russia and China, saying that we are rebuilding the country, and we lose South Manchuria, then something irreversible will happen. You know what South Manchuria means to our people, don’t you, father-in-law?”

“I know, I know. It is the pride of the empire, and the blood of the last war.”

Just like in real Korea, the Korean Empire here also developed a very defensive form of national identity. It was only 10 years ago that, while resisting a large-scale invasion, the entire country, except for some parts of the northeast, was under the enemy’s military boots, and in the process, the place that was obtained through sacrifices of tens, perhaps even millions, was South Manchuria.

Even now, if you go into the provinces, there are countless villages where the ancestral rites day is the same day and time. They were all massacred by the Japanese army’s bayonets, either due to the invasion or to suppress the second front, and the generation that experienced the war at that time has now become the established generation of society. For such a Korean Empire, participating in the war without the security of South Manchuria would have been a choice that would be no exaggeration to say was almost like suicide for the system.

“Besides, there’s no guarantee that we won’t experience a second or third secondary battle on that distant Eastern Front, where millions of people are being killed in battles.”

“However, His Majesty the Emperor declared that he would participate in the war in exchange for securing not only South Manchuria but also all of the territories of the Russian Far East Governor-General.”

The reason why public opinion on war is so strong now is precisely related to this. Most of the people of this country knew it. South Manchuria is a very unstable region, and it is a land where countless loyal soldiers are shedding blood under the evil tricks of Jangjakrim’s bandits and the Japanese.

That is why the general public opinion was that this place could not be given up, and no one could even bring up the idea of ​​making even the slightest concession in South Manchuria, no matter who it was. If that happened, the cabinet and the Privy Council would have to be prepared to be overturned.

Sensing this mood, the emperor easily took advantage of it. Using the press and the Imperial Household, he cleverly presented the public with the next step of securing South Manchuria beyond guaranteeing its security. He promised to receive the entire territory from Harbin to Lushun-Dalian, linked to the Eastern Manchurian Railway controlled by the Russian Far East Governor-General, as compensation for their participation in the war.

“That is a matter that has not been agreed upon at all. Common sense tells us that Russia will not easily hand over that area.”

I shook my head and said, Russia had no intention of handing it over. I had guessed to some extent the secret intention of Russia when they made the Treaty of Portsmouth, which was to keep South Manchuria within their sphere of influence, not as our territory.

They judged that the huge pie called South Manchuria would be difficult for the Korean Empire to digest, so they left it to us only until they regained their strength and dreamed of becoming giants once again. And once they had fully regained their strength, they would set out on a journey to reclaim the major regions of South Manchuria one by one, like retrieving items from a pawn shop.

… Of course, most of the time, items left in pawnshops do not return to their original owners, but at least the Russian Empire had such ulterior motives, so we had to be even more wary of their intentions.

“But we took control of South Manchuria thanks to Russia, so isn’t it morally right to keep your mouth shut like this?”

“South Manchuria is not a gift that they gave us. It is merely a deposit that they left with us for a while to be reclaimed someday. If I had to find a similar example, I would say that it is like temporarily entrusting the land to a trustworthy person.”

In this way, the interests of each country in Manchuria were complicated and entangled. Considering these issues, the issue of participating in the war was by no means an easy decision.

The common opinion of the cabinet and the Marshal’s Office was that neutrality could not be abandoned unless there was a definitive guarantee of security for South Manchuria.

“But before that, my lord, the Ministry of Finance has already reported that prices are rising due to the war. If we fail to properly address this issue and expand our business along with dispatching troops, the price increases that occur during the war will suffocate Korea from the very beginning.”

“… If that happens, is it a prediction that our domestic market, with its declining purchasing power, will become necrotic and that everything will eventually collapse?”

“It is a scary thing, but the Ministry of Finance and the Ministry of Agriculture, Commerce, and Industry are seriously considering this as a possibility and are preparing countermeasures appropriate to the situation. What does it mean to concentrate mined gold in the central bank and reduce the money supply while abandoning expansionary fiscal policy unlike before?”

As soon as this analysis came out, the experienced Eo Yun-jung began implementing a policy of controlling gold exports and suppressing the money supply through the central bank and mint that the cabinet could control starting in 1915. This was due to concerns that if too much money circulated due to the special circumstances of the war, inflation, which had occurred during the reign of Heungseon Daewongun, could explode.

Of course, inflation is not all bad, and it is said that it has some advantages in terms of fiscal soundness for countries with weak monetary systems and poor government finances, but it is difficult to expect that for us now. Instead, all that remains is the warning that it will lead to murderous price increases.

“First of all, this war will eventually come to an end. If it does, will the demands created by this unprecedented war continue after the war? The empires that have sustained themselves by exploiting their colonies and mercilessly mobilizing their own workers for the past century will either collapse, or inevitably reduce their armies and adopt a system of extreme financial conservation to prevent such a future.”

If that were to happen, both the Korean Empire and the Japanese Empire, which were newly industrialized countries in East Asia that were still on the weak side, would suffer. It was clear that the reduction in demand would occur simultaneously with the war. With the war over, the military that had been consuming enormous amounts of money and materials would be reduced, and it was obvious that the demand for materials they used would decrease.

Naturally, the supplies that were supplied would be turned into domestic production to sustain domestic industries… and countries with an economic structure like ours that focuses on exports would suffer a fatal blow and would experience economic instability and enormous chaos. There was absolutely no reason for us to go through this trouble because of the issue of dispatching troops.

“If we had a strong weight class, industrial base, and solid domestic market like the great powers of the past, I would have been in favor of sending troops. If so, we would be able to expect great benefits even if we had to bear the losses that would occur. However, this is not the case for Korea now. The losses we would expect from participating in the war are much greater than the benefits.”

The Ministry of Agriculture, Commerce, and Industry and the Ministry of Finance had already predicted that a serious problem would occur within five years due to the general increase in prices caused by the war. Oil, which was beginning to be widely used throughout society and especially as an essential item for urban residents to live at night, was the first to become a victim of the war.

“We all know that companies are struggling right now due to the rising price of oil. But this is only the beginning, and gradually, the prices of more essential goods will skyrocket or, in extreme cases, they may not be available even if you pay for them.”

“Like that damn indigo blue? That thing the Deokguk guys had a monopoly on.”

In general, the oil handled by Moss-Townshend used to sail from New York to Korea, passing through the Mediterranean Sea, the Suez Canal, and finally arriving at Jemulpo, Korea. The problem was that as the war began to intensify, shipping in the Mediterranean became difficult, and merchant ships returned to the Cape of Good Hope, so the shipping cost tripled, and insurance companies raised their insurance premiums, saying that it was a dangerous voyage, so the price of oil soared by nearly five times compared to before the war.

And the Ministry of Finance’s investigation office had already predicted the next victim. Since the price of oil had risen, the price of tin cans to hold oil would also skyrocket. This was only natural, since steel was essential to the European countries that were in the midst of a war.

“It will have a big impact on everything that is closest to our lives, starting with oil. When the war is about to end, we will be struggling with extremely high prices. Going to war is not a good idea. It is more important to gradually increase the domestic market, remain neutral, expand industry, and strengthen our foundation.”

It was not for nothing that the cabinet tried to maintain neutrality. The politicians of that time were more aware of events that would occur 10 years from now than expected, and were preparing countermeasures for them. If they were to send troops to Russia without preparation, it would be clear that a huge amount of money and supplies would be poured into the expeditionary force without any time to expand the domestic market and industrial base.

“We need to talk about the end and aftermath of the war, not the middle of it. If we think about that, it would be a wiser choice to set aside time rather than deploy troops.”

“But you are only a bureaucrat, and the perspective of businessmen like us is different. If exports are activated and large amounts of funds are brought in, the problems you mentioned can be solved.”

“… Even though the lives of the Korean people have improved compared to before, they are not wealthy enough to pay for the rapidly rising prices of manufactured goods, Master. The domestic market is not simply dependent on industrial capacity and the mass production system of materials. Ultimately… it is related to the economic power of the people who can purchase those goods.”

I said this while holding a cup of coffee that the waiter had just brought me. When I looked back, I saw that it wasn’t the warm coffee I usually drink, but an iced Americano with ice cubes floating in it.

“Oh, I remember drinking it during the war, Master. It was a very enjoyable time, as it was the height of winter. The world has become a better place.”

“Iced coffee has become quite popular thanks to you. The parents of children about to take the military academy or the judges’ exams are having a hard time getting it. They say that since great generals like you drank it, their children will gain the same strength if they drink it. Thanks to that, there is an indescribable shortage of ice as exam period approaches. If Hongik, which is in the distribution business, is saying something like this, don’t you know what I mean?”

Of course, Italian ambassadors in Korea and other Italians who came to Korea for business or tourism were horrified when they saw this. They were so angry that they criticized it as dirty water that ruined the flavor of the coffee.

“It’s an interesting phenomenon.”

Well, I thought that was how the social trend was going, and picked up the cold cup. Then I brought it to the tip of my nose. As expected, the fragrant coffee scent calmed my tense mind, and this time, a gentle expression that was not intentional but natural appeared on my face.

It was like the sweet scent I savored when I held my beloved Loha, or the kind that formed when I held my young daughter in my arms. Taking a sip, I felt something cold run down my throat, and as I put the glass down, I felt good, and continued with what I had said earlier.

“Anyway, back to the topic, I don’t feel like our country is ready for the aftermath of this war.”

“So you’re saying you won’t bend in the end?”

“It is presumptuous of me to say so. And when this war is over, the world as we know it will no longer exist.”

Then I took a sip of coffee. As expected, Russian tea with strawberry jam is not bad, but Koreans are supposed to drink a cup of coffee like this after a meal.

“There is no reason to walk a path with an end in sight. Korea must continue on for eternity, no matter what anyone says, and the path we and our descendants must walk must be a path with an endless end. Walking a dead end… I don’t want to choose that.”

“Let’s say it’s a difference in perspective between officials and merchants.”

Even in my words, it seemed that the father-in-law was not upset, but rather seemed satisfied with something. Perhaps he was frustrated with this situation himself, or perhaps he had been forced to do something by the Ministry of the Interior and the Imperial Household Department, even though he did not want it.

Meanwhile, the adjutant who had been eating a long meal far away approached me cautiously. Although he maintained his usual expressionless expression, the tone of his subsequent speech sounded quite urgent.