970 FINANCIAL REFORM AND THE ECONOMY
declined somewhat in 1749, rose above previous levels in 1785 and approached
300,000 yang per annum at the end of the eighteenth century (i.e., from 8.2 mil-
lion to 30 million coins, or from 8,200 to 30,000 strings).
TABLE I I
NATIONAL REVENUES AND DISBURSEMENTS, 1700-1807
Year Revenues Disbursements (in yang)
1700 84,260 81,85^0
1723 115,026 106,675
1727 118,300^12 7,000
173 I N.A 198 ,79 0
1749 16 9,79^0 N.A.
1785 21 9,83^0 N.A.
1792 N.A 274,89^0(^1807 306) ,9 (^86 32) 3,33 8
SOURCE: Won Yuhan, "Choson hugi hwap'ye yut'ong e taehan ilgoch'al" [A study of currency
circulation in late Choson], Han 'guksa yi'jn 'gu 7 (March 1972): 1 34, based on the Man 'gi yoram:
Chaeyongp'yon [Handbook of government affairs] (Keijo: Chosen sotokufu chiisiiin, 1938), Hojo
illyon kyongbi [Annual accounts of the Ministry of Taxationl.
The increase in the cash revenues undoubtedly reflected an increase in the
money supply, but it did not mean that the money supply necessarily kept pace
with the demand for cash because apparently the circulation of cash was spread-
ing to different areas of the country and the supply of commodities for sale
increasing. Further study would be necessary to estimate the money supply at
the time, but according to a statement made by one official in 1742, YOngjo appar-
ently did not approve continuous minting of cash on an annual basis and only
approved minting 300,000 yang of cash (three million coins or 3,000 strings)
in 173 I, a sum that was apparently not reflected in table I I of government rev-
enues and expenditures until 1785. Thus, in 1742, a decade after YOngjo had
authorized this amount, Pak Munsu complained that the value of cash had risen
again, but this time he suggested that the cash shortage be overcome by import-
ing Chinese cash from Ch' ing China and ordering that brass ware be melted down
for minting.^6
Pak Munsu: Import Cash from Ch'ing China
The cyclical pattern in the rise and fall in the quantity and value of money had
created another crisis, but few officials favored importing Chinese currency. Two
months later, Chief State Councilor Kim Chaero objected to it because it would
be tantamount to legalizing smuggling, presumably because the government had
established a noncash buffer zone along the Yalu River to prevent the import of
Chinese cash.^7 Even if it could be done, it would lead to trouble because the