New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-30
ITALY.

THE GREAT COOPERATIVE "BANCA PoPOLARE"
OF MiIAN-A COMB MANUPACTORY-A CO.
OPERATIVE PRINTING oFFICE-GooD EFFECT
or A sTRIKE-THE TAILoRS OF MILAN.
MILAN, Oct. s. Cooperation among the work
ing classes of Milan is older than the movement in
Rochdale tho great Cooperative Typographical
Society i'm the Piazza del Carmine having been
founded in 1893. At Turin is another which began
it's career in 1880. Since the war OF 1888, the CO.
operative effort has been remarkably free from imped-
imonts its promoters being allowed the liberty of the
press ms we'll as that of holding meetings without
the censorship Of secret police in France. These
concessions have largely aided its development.
Each Of the three natural features of the system
of associative sefhelps well developed and IN full
operation at Mlan-co0perative manufacturingb bank
inc and stores. Through the kind aid of Prof Fran
eesco Vgano one of the brightest lights of the move
meut. have been introduced into the cooperative
bank called the BaHcd Popolare, and enlightened
unon its prosperous career AS it possesses the extra
feature of issuing popular notes. and is the largest
establishment Of the kind in Italy account of it
may be interesting Ii should be noted that there
are two strong factions OH popular banking headed
nv NM Lugo- Luzatti for the SChulze Delitsch sys-
tenn and Bodrin for the aristOcratic system of the
Bourgeoise. These two champions met once at
Como. and had memorable controversy IN presence
of largo audience, and each so stubboTnly ylndi'
Gated his doctrine, that from the forum it went to
the press and thence to the unbiased consideration
of the highest authority OF the realm 1t is not
Ettle Aattering TO the bold Luzatti, whose views
had already caused his exile from Venice Through
Austrian jealousy That his plan has been largely and
successfully adopted in no less than twenty-five cities
Tho Situdyiope fortnghtly balance sheet of this
popular bank shows business this year mp to Octo.
Der of 1000 800 francs. IL keeps guaranty deposit
Of G 45 francs constantly in its vaults. to redeem
Mt onv moment any amount of its 100000 francs OF
paper currency which IL issues and which Is noated
" for convenience sake as the Manese say an over
| the country and 10 can immediately ODtaln more
| than double the remaining 6S3,355 francs In case oil
| emergency. The old banks III America before the
| war never had the boldness to own that they were
| issuing more paper than they could redeem with
| gold, but Italian cooperation openly acknowiedges
H. The people attached To their BANK tha lhey
irnsh 10 It's aid or volunteer in its defense Again,
| fine bank openly acknowledges that large quantity
OF these little bills which represent from ten cents TO
| five francs in heirdenOnination never return lhey
vear ont get lost arc carried beyond the frontiers,
| &c The honesty of cooperation may be attacked on
| these points, but the working people are getting
| rich by il for what with the percentage OF gam
through the issuing system, the utilization OF IT'S sur
plus funds in loans the appropriations OF sall SUMS 10
members TO set themselves up in professions OF trades,
and the ever diminishing ratio OF working expenses
in comparison with the annually increasing business
of the bank they are realizing net proht Oh
| hard cash. beside supporting their own
of learning by an educational fund.- contrDuteu sen-
| annually and developing their own, llIelllgenngo
through the constant agitation aha IJ ~" ~;
| spires / am informed that there are seVeiI
! other cooperative banks in Italy, issuing notes
| The Bank of Milan has about 1900 members,
mostly workingmen, who actually contrlDute
| TO It's treasury only $4,000 francs through
their little subscriptions on shares Of one franc
monthly: yet by turning this eapal luulciOusy
several times year obtains from the public credit
of aout 600 francs and clears 10 per cent Tie
fact s the useful classes here have very encourag-
ing traffic as the constantly increasing membership
| shows NJ Giovanni SilyestIi, the director assured
mo that coipeTative banking is entirely subyersive
in principle Of the entire craft OF money hucksterS
ana monopolics from chartered State banks TO pawn
brokers' shops and in proof has furnished me balance
sheets of tbe latter which show that III point of bust
meas the Milan Banca POpOlare Of tho largest
and most respectable institutions in the Cisalpina
| dstricts although the property Of him whom AFRO
pant usnry has ever regarded with contempt. am
also assured that if it successful IL Is also perma-
nent being founded on fairneas and 1t belongs to
the working masses 80 il bends its energies to their
Individual good. Considering that 10 is only four
| Years old It's dashing career is looked upon with
dread by the advocates of the Boldrini and AlVlse
But this cooperative bank Is not only helping its
own members by mutual association but the school
system ALSO which is taking cooperative shape-aiter
the true Rocdale pattern. IL seems 70 have founded
no of ite but appropriatee certaln per