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헌종 후반~철종 초반 정국과정치 세력의 동향-成齋 趙秉鉉 賜死 사건을 중심으로-
김정자 조선시대사학회 2021 朝鮮時代史學報 Vol.- No.96
1841년(헌종 7) 헌종의 친정이 시작되었다. 안동 김문과 풍양 조문 두 외척 세력의 대립으로 헌종은 왕권을 강화하기 보다는 회복하는 일을 우선시했다. 1847년(헌종 13)에 순원왕후는 후사가 없자 후궁을 뽑아 후손을 넓히라는 ‘광저사’ 교서를 내렸다. 이승헌은 중궁전의 진찰과 치료가 먼저라는 주장으로 상소하며, 당시 정국을 주도하고 있던 풍양 조문 조인영과 조병현을 논척했다. 또한 소론계 정언 윤행복과 대사헌 이목연이 조병현 논척 상소를 올렸다. 이목연은 조병현이 선대왕인 익종 때부터 권세를 함부로 휘두르고 다녔다고 했다. 이에 헌종은 순원왕후를 무함한 이승헌과 익종을 무함한 이목연을 다스리면서 그 배후 세력에 대한 조사를 하지 않고, 조병현과 함께 유배 보내는 처분을 내려 마무리 지으며, 후궁 간택을 관철시켰다. 1년 후, 소론계 대사간 서상교가 상소하여 김명순의 아들 김흥근이 권세를 함부로 휘두르고 다닌다고 논척했다. 1년 전과는 정반대의 상황이 펼쳐지게 되었고, 헌종은 김흥근을 광양현으로 유배 보내는 처분을 내렸다. 그런데 남인계 유의정이 상소하여서 김흥근을 구원하자, 헌종은 1년 전에 유배 보냈던 이승헌과 이목연을 불러 올려서 친국과 추국을 시행했다. 헌종은 정조 연간의 정국운용 방식처럼 안동 김문과 풍양 조문 두 외척 뿐 만이 아닌 노․소론계, 남인계, 종친계 내의 反안동 김문 세력과 反풍양 조문 세력 모두를 調停했다. 1849년(헌종 15) 헌종이 승하하고 순원왕후의 두 번째 수렴청정이 시행되었다. 철종이 즉위한 후 순원왕후와 안동 김문 세력은 철종을 순조의 후사로 삼고, 헌종의 측근 세력이자 반안동 김문 세력에 대한 징토를 행했다. 조병현은 귀양 가 있다가 사사되었고, 관련자들은 유배 보내졌다. 순원왕후가 철렴하자, 철종은 尹致英 등을 방면하도록 명하였고, 조병현은 신원되었다. 순원왕후의 첫 번째 수렴청정 기간이었던 1840년(헌종 6)에 김홍근이 ‘제 2차 윤상도 사건’을 재론한 징토의 방식처럼 두 번째 수렴청정 기간이었던 철종 초에도 같은 징토의 방식이 재현되었다. 선왕 때 용서했던 사안에 대해 새로운 왕이 즉위하여 징토하는 방식이었으나 철종의 자의가 아닌 1840년(헌종 6)처럼 순원왕후와 안동 김문 세력에 의해 징토가 진행되었다. 헌종 사후, 김조순의 아들 김좌근 중심의 안동 김문 외척 세력이 곧바로 철종을 세워 헌종이 아닌 순조의 대통을 잇게 함으로써 헌종의 존재를 무력화하고 헌종 후반 헌종이 추구한 왕권 회복 시도를 무산시킨다는 정치적 의미를 지닌 것으로 볼 수 있다. 동시에 조병현의 사사는 왕대비의 배후인 풍양 조문 외척 세력을 정계에서 배제 축출함으로써 안동 김문 외척 세도를 재확립하는 상징적인 사건이라고 할 수 있다. 그럼에도 불구하고 순원왕후의 수렴청정이 끝나고 철종이 친정한 이후, 철종은 조병현과 그 연관 세력을 신원하고 사면하면서 국면을 전환하고 왕권 회복을 시도하게 된다. King Heonjong assumed full control of the government in his reign’s 7th year. At the time the in-law houses-the Andong Kim house and Pung’yang Jo house-were engaged in bitter political quarrels, so King Heonjong had to first reestablish his own leadership before even trying to reinforce it. In 1847, 13th year of Heonjong’s reign, Queen Sun’weon issued a ‘Gwangjeosa’ order and began searching for candidates to become royal concubines, as Heonjong at the time was yet to have a son and heir. Hearing the news, an official named Yi Seung-heon criticized Heonjong’s closest aid Jo In-yeong (of the Pung’yang Jo house), arguing that at the moment the health and treatment of King Heonjong’s own wife should be the government’s top priority. Royal relatives affiliated with the Noron and Soron factions also submitted critical appeals attacking the Pung’yang Jo house. Yi Mog-yeon, who held the post of Daesaheon and was affiliated with the Soron faction, argued that Jo Byeong-hyeon, son of Jo Deug-yeong of the Pung’yang Jo house had been engaged in abuse of power since the previous king’s reign(that of Ikjong). King Heonjong disciplined Yi Seung-heon for disrespecting Queen Sun’weon and Yi Mog-yeon for dishonoring Ikjong, but he did not go any further by trying to punish people behind them, and only exiled the two Yi as well as Jo Byeong-hyeon, and proceeded with naming a royal concubine. Then, a year later, Seo Sang-gyo, who held the position of Daesagan and was affiliated with the Soron faction, submitted an appeal arguing Kim Myeong-sun’s son Kim Hong-geun (of the Andong Kim house) had been abusing power and misbehaving. Echoing how things went a year earlier, this time the appeal was followed by other appeals criticizing the Andong Kim house, and King Heonjong exiled Kim Hong-guen to the Gwang’yang-hyeon area. Then, Yu Eui-jeong, affiliated with the Namin party, submitted an appeal defending Kim Hong-geun. King Heonjong responded by recalling Yi Seung- heon and Yi Mog-yeon to the capital and interrogating them himself. By doing so, resembling how the late King Jeongjo regulated political factions during his reign, King Heonjong displayed a measure of not only controlling the in- law houses (Andong Kim and Pung’yang Jo houses) but putting all the political factions including Noron, Soron and Namin factions in check as well. When King Heonjong died in 1849 in his reign’s 15th year, Queen Sun’weon assumed control over the government for the second time. When Cheoljong was enthroned, Queen Sun’weon and the Andong Kim house officially declared that Cheoljong was the direct heir to the late King Sunjo, and exiled all the pro-Heonjong figures as well as the anti-Kim factions in the government. Jo Byeong-hyeon was summarily executed in his exile, and others were newly put away. Only after Sun’weon relieved herself from the position of a governmental overseer King Cheoljong pardoned everyone and reinstated Jo Byeong-hyeon’s honor. This political persecution that took place in the early days of King Cheoljong’s reign was a blatant rehash of the ‘2nd Yun Sang-do incident,’ which had earlier taken place by Kim Hong-geun in the 6th year of King Heonjong’s reign, during Queen Sun’weon’s first term as an overseer. Yet this time, unlike how it went in Heonjong’s 6th year, King Cheoljong was completely sidelined by Queen Sun’weon and the Andong Kim house. After King Heonjong died, the in-law factions, led by Kim Jo-sun’s son Kim Jwa-geun of the Andong Kim house, enthroned Cheoljong, and declared that he would be the heir of not Heonjong but Sunjo. It was a political ploy to nullify the legacy of Heonjong as well as his late efforts to reinforce the authority of the king. Putting Jo Byeong-hyeon to death was a symbolic act of defeating Queen Jo[趙大妃] and by doing so neutralizing the Pung’yang Jo house, in order to pave the way for an era that would be ruled by the Andong Kim ho...
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金貞子 湖南大學校 1987 호남대학교 학술논문집 Vol.8 No.1
A call option allows the owner to purchase a given stock at a specified exercise price at a specifred exercise date from the call option writer. A put allows the owner to sell a given stock at a specifred exercise date to the put seller. European options may be exercised only at the exerise date while American options may be exercised anytime on or before the exercise date. The key to valuing options is to recognize that they can combined with the underlying stock to create a rsikless, perfectly hedged position. Because of this, options are valued in the context of the riskless, perfectly hedged position. Because of this, options are valued in the context of the riskless hedge. Black and Scholes were the first to recognize this point and use it to develop a gencral option pricing model. While the optiong pricing model is mathematically comples, it explicitly identifies those factors which determine an option's value, and it is actively used by market professionals to identify over or undervalued options. The five factors which determine call options are: 1. Current Stock Price. The higher the stock's price, the larger the call premium. 2. Exercise Price. The higher the exercise price, the smaller the call premium. 3. Expiration Date. The longer the period to expiration, the lager the call premium. 4. Variance of Stock's Returns. The larger the variance of the stock's returns, the larger the call premium. 5. Rist-Free Fate. The larger the risk free rate, the larger the call premium. The option pricing model can be extended to securities other than puts and calls. For example, it is helpful in valuing warrants, rights, and convertible securities. However, it shouldn't be indiscriminately used on thses securities if the company is paying large dividends or exercise would have a major effect onthe value of the underlying stock.
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