On the dais, Dipresy was seated, Nekker stood holding the agenda, and the tallest, most distinguished chair was empty.

Below the dais, the conference attendees whispered amongst themselves, speculating on the reason for His Majesty the King’s absence. Some even jeered at Nekker because of the gold mines.

Dipresy and Nekker knew that His Majesty the King was once again accompanying the Queen to see the Rare Beast sent by Istani.

The Red-robed Prime Minister also suspected that Charles XVI was likely just looking for an excuse not to take the stage. He would probably go to a side hall, hide somewhere to observe the situation at the Noble Conference, and then make his appearance at what he (the King) believed to be the crucial moment.

"This conference is convened today because the Kingdom’s long-standing problems have become deep-seated and difficult to cure. Fortunately, His Majesty the King is enlightened and beloved by the people. Fortunately, you, my lords, are loyal to His Majesty and to this land promised by God. May we work together with one heart to fulfill the duties bestowed upon us by God and His Majesty, that the Kingdom may prosper for all eternity."

The opening speech was much the same as the one from a hundred years ago. Although few present had heard it before, they couldn’t help but yawn.

Nekker finally got to the point. "The Kingdom’s crisis is, simply put, a matter of finance and taxation. The Kingdom’s expenditures are ever-increasing, while its revenues continue to decline. Since I took office, the Lord Chancellor and I have struggled to maintain the situation."

"But to resolve this crisis completely, our only option is to gather you, my lords, to pool our wisdom and contribute to the nation. The Lord Chancellor and I now present a joint proposal. We ask you all to vote on each item."

Dipresy stood up. His first proposal was simple and direct: abolish all tax-exempt privileges within the Kingdom!

The conference erupted in an uproar. This proposal wasn’t even rationally debated; it was simply rejected outright amidst a torrent of curses.

Dipresy calmly accepted this result. He then presented his real proposal: the Kingdom would abolish the salt tax and gate tax, levy a unified transaction tax and stamp tax, reinstate the service tax on the Nobility, Priests, and Mages, and introduce a new war tax.

The Nobility were still displeased. "The continent is at peace! On what grounds can you levy a war tax!"

Dipresy explained, "Whether a war tax is levied is not determined by whether we are at peace. On the contrary, whether we can maintain peace is determined by whether the Kingdom can maintain a standing army."

"Don’t we have the Holy Knights? If they can’t protect the Kingdom, then what is the Church collecting tithing from the peasants for!"

A Bishop in the audience could not listen any longer. Seeing that the questioner was one of the Sword Nobles, he retorted, "The Holy Knights have their own duties. Of course we will step forward in the Kingdom’s time of need to defend this God-blessed land, but you cannot rely on us completely. The number of Holy Knights is ultimately limited, and the Kingdom is vast. How can it rely solely on the power of the Church? Have you forgotten the glory of your ancestors galloping across battlefields? Is your sword merely for decoration?"

The secret ballot began. Representatives of the Priests and assistants of the Mages tallied the votes together under the supervision of court representatives and the Chief Justice. With the aid of supernatural powers, the count was completed quickly. It was a tie between ’oppose’ and ’support’!

The stunning coincidence made the discussion even more intense.

Dipresy understood that equal taxation could not be achieved overnight. The current division at least meant that some people supported him. He suggested they temporarily shelve his proposal and hold another vote at the end. The attendees readily agreed, not because they actually wanted to vote again, but because the more time passed, the more opportunity they would have to collude.

Minister of Finance Nekker—the man who had "crashed" the paper currency and should have been showing weakness—did not emphasize Dipresy’s new tax plan. Instead, he demanded the abolition of various rights held by the Nobility present. This included revoking their privilege to possess mountains and forests, returning one-third of the common lands in the countryside that had been encroached upon by Lords, and abolishing the Lords’ permanent right of administration over serfs’ property.

The permanent right of administration over serfs’ property referred to a feudal Lord’s right to dispose of a serf’s assets, especially the right to strip a serf’s children of their inheritance and claim it for himself.

An angry noble stood up. "At this rate, you might as well just abolish serfdom altogether!" Curiously, the one who said this was not one of the Sword Nobles with vast lands, but one of the newly ascended Robed Nobility.

These men had struggled to obtain their noble status, only to find the Royal Family wanted to abolish their privileges, and they became incandescent with rage.

"Yes, that is precisely what we intend to do. A hundred years ago, the covenant made between your ancestors and the ancestors of His Majesty the King already stated that all people of the Holy Kingdom are children of God, governed by the King as his representative. Every person has an equal right and responsibility in birth, death, and taxation."

"Therefore, if all subjects are to bear the duty of taxation equally, they must first be granted equal rights. We cannot strip them of their personhood and freedom, letting them produce for you as slaves without paying taxes."

Dipresy added with a smile, "But I must make a correction. Many of you lords present have not shouldered your proper tax obligations."

A Cultivator representative from the audience stood up to speak. "Your Grace, the Archbishop, you must surely remember that the Church and the Nobility have already spent vast sums to buy out our present and future land tax and the one-in-twenty tax... Furthermore, the Church has already made an agreement with His Majesty to pay off one-twentieth of the Royal Family’s debt annually."

This statement won the approval of the attendees, and the mood shifted as if to chastise the Prime Minister for taking money and then reneging on the deal.

Nekker was very pleased to see Dipresy facing opposition. ’Based on my observations,’ he thought, ’the Nobility are all against the Prime Minister. The Bishops are split fifty-fifty. The Archbishop’s supporters must be the Priest representatives.’

’As for the Mages... the two Masters with voting rights have been stone-faced and haven’t shown their hand. But a tie vote means these Mages must have all voted in favor of the tax increase!’

"Please allow me to present the next proposal." Nekker was anxious to use the conference to solve the current financial collapse and had no time to ponder the Mages’ intentions. "It is regrettable that due to the Mining Company scandal, I have seen our currency also take a hit. I will now propose a new plan."

The new plan was similar to Dipresy’s in terms of taxation, also focusing on increasing revenue by raising the transaction tax and stamp tax. However, its main point was to reorganize the tax farming bureau, establish a collection agency directly under the King, and have this agency issue new Paper Currency based on the tax base.

The new Gold Lang would be exchanged for the old currency at a two-for-three rate, and the Royal Family’s debts would be re-evaluated. This move would write off two-thirds of the Royal Family’s liabilities.

Factoring in the current devaluation, Nekker could only rely on the gold he had absorbed to pay off the Royal Family’s debts ahead of schedule and shift the currency’s credit guarantee from gold to tax revenue.

"I disagree!" Some among the Robed Nobility were tax farmers, and this action would cut off their source of wealth. To everyone else, however, it seemed acceptable. The fact was, due to the market’s collapse, the Paper Currency was in freefall. At least Nekker had presented a way to stabilize the currency, stop the losses, and avoid having their class bear the entirety of the Royal Family’s debt.

But as for how much to tax, how to implement it, and how this "direct tax agency" would be formed, everyone sitting in the great hall had their own calculations.

A voice Nekker had not expected to hear spoke up. It was Master Kano. His voice, enhanced by Magic, easily cut through the din of discussion. "If a tax bureau directly under the Royal Family guarantees and issues the New Coins, what happens if a situation like today’s occurs again?"

"Master Mage, today’s situation was caused entirely by an unexpected scandal that destroyed market confidence. It was not the fault of the currency issuer... As long as we take reasonable measures to end the panic, everything will be fine..."

Kano ignored the Minister of Finance’s sophistry. "To avoid the threat to private property caused by the over-issuance of currency, I propose that the currency-issuing institution must be made independent. It must go a step further than even the High Court of Arbitration and be subject to broad supervision from all sectors!"

He was putting forth the "terrible idea" Rorschach had given him. 𝐟𝚛𝕖𝚎𝕨𝗲𝐛𝚗𝐨𝐯𝐞𝕝.𝐜𝗼𝗺

This proposal from a Mage of the Tower of Stars made everyone’s eyes light up. They had all had enough of the Royal Family’s reckless spending. They gave the Great Mage a thunderous round of applause and launched into a fervent discussion.

Only Nekker’s expression grew darker and darker.