Mansaecheon(만세전) is a meaningful work in the history of Korean modern novel on the whole, so it holds a key position in explicating the feature of Yearn Sang-Sub's novel. 'This paper aims to personal critique of Mansaecheon, so this doesn't deal with the meaning of literary history or Mansaecheon's position holding in Yeom Sang-Sub's novel whole. There are no writers who deny an achievement Mansaecheon in the field of modern novel. An opposing opinion, however, exists in analyzing and valuating semantic structure of Mansaechean. Those are as following. The one opinion is what the work reflects reality of contemporary colonial Chosun, and the other opinion is what it rests on the basis of modem universality by a systematic strategy. The alternative valuation whether Mansaecheon is a novel to rest on the basis of modern university or a novel which describes special contexts of colonial Chosun, has an important meaning. 'This is because this valuation(analysis) is very related to draw the topographical map of Korean modem novel history. 'This paper intended to reexamine this valuation through a close analysis of semantic structure of Mansaecheon. Considering the response to reality of literature, the semantic structure of the establishment of extreme 'personal morals' of Mansaecheon, will be criticized one way or other. Mansaecheon doesn't show living moral coordinates of "What will I do?" concretely, though everyone doesn't participate in struggle for national liberation in extreme reality of the colonial period. If the supposition that literature is, however, "to catch dynamic relation of various segments to make living pattern and secret rhythm of living resulted from it", is available, Mansaecheon can be one of the best masterpieces during the colonial period. Mansaecheon is valuated by a novel to practice the serious modem novelistic demand of eventual description based on concreteness of experience, by taking over an abstract motto and a sound argument of literature in 'the period of modem enlightenment getting over a cultural heroism represented by Lee Gwang-Su, Kim Dong-In and an outward appearance of modem civilization, and analyzing segmental dynamics crossing daily life. Protagonist's 'the observation of an onlooker' can be a limit(demerit) of Mansaecheon, but it can be also the reason that we find out and catch social totality by complicated relations of various social segments to infiltrate into one personal life. The novel which intends to acquire social totality through protagonist's 'practical involvement' differently from Mansaecheon, in KAPF after this, comes to achieve the greatest fruit in Lee Ky-Young's Gcwhyang(고향). The valuation that Gowhyang, protagonist's 'practical involvement', that is, which considers 'a campaign for enlightenment' as motive of narrative construction, has better results that Mansaecheon, is excessively illiberal. Though both literature and policy pursuit new possibility jumping over real condition, both can not be identified by simple reflection. Literature, or policy which it pursuits, is not to serve an establishment of new collective representation or political system. It aims to express political codes inscribed out of human secret destinity and unconsciousness which cannot be restored to a certain theory or an ideal construction. The magnificient achievement of Mansaecheon in the field of modem novel is to originate from carrying out these intrinsic demand of literature.