Draft:Unsan Gold Mine

In July 1887, King Gojong asked his advisor how he could attract the attention of the U.S. government and reduce China's interference in Korea. Allen, the advisor, immediately responded by suggesting the concession of the Unsan gold mine in Pyongan Province to an American company, known for its abundant gold reserves. This advice came after an American businessman, Townsend, had already completed the exploration of the mine. Two months later, in September 1887, Allen was appointed as a Second Rank Chancellor (Jeong 2-pum Chamchan). Following this, numerous American survey teams visited Korea to explore gold mining opportunities. In 1888, while in the U.S., Allen sent engineer Pierce to conduct a thorough investigation of the Unsan mine, followed by the arrival of five more engineers in 1889. Allen, as the Second Rank Chancellor, collected and reported detailed information about Korean mines, utilizing the Joseon government's budget.

In 1895, Allen, under the patronage of Queen Min, secured the right to mine Unsan gold. He later sold the rights to an American businessman named Morse, who passed them on to American investors. By 1897, Hunt established the Oriental Consolidated Mining Company (OCMC) and began full-scale mining operations. Hunt also purchased a quarter of the Korean royal family’s shares in the mine for $100,000 and continued mining through extended contracts. Through these operations, the U.S. reaped significant financial benefits, further securing its influence in Korea. However, while the U.S. focused on economic interests, it adhered to a policy of political non-intervention, which resulted in an imbalance of political power on the Korean peninsula.

Queen Min played a pivotal role in protecting U.S. interests, while Allen, in turn, helped safeguard King Gojong’s position through his relationship with the Queen. However, the U.S.’s profit-driven approach led to political imbalances in the region. The gold extracted from the Unsan mine also contributed to President William McKinley’s establishment of the Gold Standard in 1900, solidifying its role in the U.S. economy.

While the U.S. earned substantial profits from the Unsan gold mine, the economic losses suffered by the Korean Empire were significant. The U.S.'s economic dominance in the region came at a high cost to Korea’s financial sovereignty.