Promissory note default of repayment of Chinese Chosang-gug loan and response Joseon and China

Joseon government repaid 46,800 nyang of Chinese Chosang-gug loan at the end of 1889. Among them, 46,000 nyang were Chinese merchant Yujeungsangho’s promissory notes that was received as red ginseng trade money last year. However, Yujeungsangho dishonored the promissory notes on the promised date. China government received 13,000 nyang from Yujeungsangho’s property, but was unable to receive 33,000 nyang. On April 2, 1890, China officially requested Joseon government to accept Yujeungsangho’s debt of 230,000 nyang of silver based on his claim. However, the Joseon government was passive in collecting his debt, and did not collect the debt until 1892. In May 1892, Chinese government returned the 33,000nyang promissory notes to the Joseon government and demanded that the Chosang-gug loan be paid in cash. Joseon government accepted this, demanded that Yujeungsangho’s promissory notes be exchanged for cash and paid to the Joseon government. This case proceeded very complicatedly, because interlinked the repayment of Chosang-gug loans and the red ginseng trade which had both public and private characteristics, and was linked Yujeungsangho’s promissory notes and Joseon people’s debt. In the end, this case was left unsolved.