One balancing issue that could be addressed,
Currently, buying troops from King, by discount, adds virtual bells for increasing REF size.
And numbers are staggering!
First solider bought for 750 gold would add 750 liberty bells for REF increases!!!
And if you, like me in one game before I knew this, bought around 12 troops from king, thinking that being nice too king payed off, you'll effectively add 9000 (!!!) bells to king army.
What is worse, is that in case you don't produce any liberty bells, king will not increase REF but wait till you get your first statesmen and then add ALL those REF increases you accumulated from buying troops one by one for dozen of turns.
Currently, buying troops from king is just one big disadvantage. Penalties are way off. If this feature is in any way supposed to be balanced, then LB increase should either be removed (to award player for being nice to the king), or severely reduced (like to 10% of current value).