The blacksmith can hoard a sizable portion of the monetary base only if:
1. He is in a good market position; competition will quickly move to erode his advantage and he will spend profits to become more competitive, thus this situation is temporary
2. He has a monopoly from the town sheriff, a "patent" on blacksmithing, "intelectual property" on the design of horse shoes, owns the only iron mine etc.

Everybody that works hard and it's good as what they do should at least for a while have the right to be in situation 1. So the source of the apparent trouble is most likely no 2.  - a natural or artificial monopoly. There's no way to fix social injustice through monetary means. Even if you start the printing press, the owner of all iron or all land will still be extract inflationary money of everybody else, and use them to buy very stable assets in return.

So the question is, what do you want the blacksmith to own: papers and bits (money) or everything else ? Fudging with the money supply will not achieve social justice.

I say run the printing press just at the right rate to keep the rich man's stash stable. He'll accumulate allot of money, and we will be able to afford to buy things without being crowded out in the market. When he thinks about spending them and crashes the market therefore his own wealth, we'll move to some other fiat currency.