CASH AND ECONOMIC CHANGE 971ignorant common people would not be able to distinguish between Korean and
Chinese cash. On the other hand, if Korean cash were abolished or withdrawn
from circulation and only Chinese cash were allowed in the marketplace, Korea
would be passing control of its own currency over to Ch'ing China. Kim had
not been able to find a single official who agreed with Pak Munsu's recom-
mendation, and YOngjo agreed almost immediately that it would be a major mis-
take to have two different types of cash circulating concurrently. x
Pak Munsu responded that other officials back in King Sukchong's reign had
recommended importing cash from China, but Yongjo was unimpressed by this
point. Pak then told YOngjo that he had one of three choices: to abolish cash
altogether, mint more of it, or import some from abroad. More cash was needed
because the cash shortage had made it impossible for families to support them-
selves. If eh'ing cash could not be imported, then at least brassware could be
replaced by porcelain and the metal used to mint more cash. Later in the day,
Sixth State Councilor Yun Yangnae also proposed minting iron cash to increase
the money supply, but the idea was dropped after Kim Chaero pointed out that
since iron was the favorite metal of the counterfeiters for debasing coins, gov-
ernment approval of the use of iron in coinage would only legalize all the debased
cash the counterfeiters had minted.Song Inmyong: Replacing Old Cash l,vith NewCouncilor of the Left Song Inmyong also agreed that there was no alternative
to minting more cash, but the government had to maintain control over the money
supply and not allow private individuals to mint or counterfeit cash. Faced with
the opposition either to import Ch'ing cash or adopt iron currency, Song sug-
gested that the government at least prevent any further contraction. Since the
rising value of cash had acted as an incentive for cash savings over consump-
tion, speculators were saving as much cash as possible in anticipation of an
even greater rise in the value of their money. To counteract this tendency he
proposed that new cash be minted right away and put into circulation with the
old cash for a period of three years, presumably to reduce the value of cash in
the market and deplete the expected profits of the rich speculators. Thereafter,
the government would place a ban on the old coins and prohibit the rich from
saving them, allowing only the new coins to circulate. Melting down all the old
coins after three years and converting them to new coins would force the rich
speculators to spend all their savings before it lost its value as legal tender,
thereby pumping more cash into the market and curtailing the need for imported
cash or copper.
YOngjo again declared his willingness to mint more cash even though he still
would have preferred to abolish it altogether, and he also agreed to Song's plan
to replace all current coins three years hence. Neither Yongjo nor any of his offi-
cials, however, proposed an expansion of copper mining or increased imports