New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-22
ITALTS FINANCIAL WOES.
ROME IN DANGER OF j}ANKRUPTCY--HARD
TIMES AT THE VATICAN.
frpoM Az OCCASIONAL CORRESPONDENT OF TINE TRIBUYEi

frpoM An OCCASIONAL CORRESPONDENT OF THE TRIBUNEi
Rome, Sept Q.
A wave of financial disaster is now sweeping
over the Peninsula, leaving ruin, misery, and even
disgrace to mark its destructive course. The
reputation of being the cIoverest financiers of
thc world. which the Italians formerly enjoyed,
and which led the citizens Of London TO give
the name of Lombard Street to the great thorough
fare on which all their chief banking institutions
were located, seems to be thing Of the past
Genoa and Milan 10 longer rank as the principal
monetary markets OF the Continent, and Venice
has lost her claim to the commercial supremacy
of the Mediterranean.
Italy's credit abroad is practically dead. Since
the rupture of the treaty of commerce with
France her banks are no longer able TO obtain
any money on loan at Paris and Lyons, while
at Vienna, Berlin, Amsterdam and London the
guarantees demanded are so impossible and the
rate of interest so extortionate as practically
10 close these markets against her. Declared
from obtaining foreign assistance, and thrown
altogether upon their own resources the great
banking establishments of Italy are giving way
on every side.
Only last week the Narchese Spnola, the
well-nown banker at Genoa, whose financial
standing was regarded being rs firm as that
of the Bank of England took to flight, leaving
establishment of the Banca Nazionale with the
management of which he had been entrusted for
many years past in a state of ruin and deficit
The enormous amount for which he has failed
is almost without parallel on the Continent.
A few days previously the Tiberine Bank and
the Banca d Escomptc, both of Turin, which
until then had been considered the sOundest
and most conservative banking institutions In
Northern Italy, suddenly closed their doors The
Bank Of Naples, which holds quantity of the
paper of the Turin Banca d'Escompte, is likewise
in very shally condition, and the Prime Minister
and Signor Giott, the Minister of the Treasury,
are now engaged in discussing the best means
Of helping il to tide over the crisis. Meanwhile
the Eternal City has been brought to the verge
Of bankruptcy by the rockies, extravaganza OF
its municipality: and one Of the last speeches
which Senor Crisp delivered before the Chamber
adjourned for its summer vacation contained
un impaSsoned and eloquent appeal II Parlla-
mcnt 10 rescue the former metropolis of the world
from the disgrace of public declaration of
insolvency. or the numerous other Italian cities
which have long since suspended all payment of
interest on their municipal loans il is unneces-
Sry to speak here.
Even the Vatican has not entirely
escaped from the effects of the financial crisis which
prevails Monsgnor Saccheri, the Chief Secretary
of the Holy Congregation of the Index and one
of the most influential prelates OF the POntiff's
encourage having become involved IN unsuccessful
speculations and being unable to meet his en-
engrmcntS has been forced to seek refuge from
his creditors by flight If popular report is to be
believed. he was as unfortunate in the management
Of the finances Of his Office as in that of his own
private resources. AT any rate, discreet silence
is observed whenever his name is mentioned at the
Vatican, and no attempt has been made by the
latter to effect any compromise with his creditors
| Another prelate who at the present moment Is In
financial difficulties is Cardinal Parocchi, the
Apostolic Vicar of the Pontif and dignitary
whose office ranks only second in importance to
that Of the Holy Father himself. Some years
ago. at the time of the great BOOM in real
estate IN this cIty the Cardinal in question pur-
! chased an extensive tract of land in the new
| TcSracciO suburb for the purpose OF erecting
| thereon church dedicated to ST. LuciduS, his
! patron saint. Ills object in buying so large
| piece of ground was to parcel up all the land not
actually occupied by the foundations Of the sacred
cdifce into small building lots and take advan-
! tage Of the prospective continued rise in the price
Of real estate to dispose of them at a considerable
proGt The amount of the latter, he estimated,
would be sufficiently great TO enable him not only
10 defrav the entire cost of the construction of the
church. bat also 10 increase his bank account to Il
| figure betting "A Prince of the Church. UnfOr-
tunatcly for the Cardinal, his calculations were
doomed 20 disappointment. Instead of the continued
rise in the price of real estate which he had antic
patad. there was a heavy fall. The " boom died
away as quickly as it had grown, and to-day town
lots have become such drug in the market at
Rome that the banks will no longer accept mort
cages thereon as security for loans. His Emincnces
.pcrution in rCa! estate has therefore resulted IN
| "a dismal failure. Not only Is he unable 10 End
| fine necessary funds for the completion OF his
church. but he is h0pe.cs,ly in debt to The build
| inc contractors. who are clamOriug for payment.
and who have already begun legal proceedings
| AGAINST him. In his distress the Cardinal appealed
10 Ipo NH for assistance. The Holy Father how
ever. declined 10 comply with his request, stating
/ that. in the first pace, times were 700 bau ana
money too scarce: and, secondly, that he objected
/ to members of the Sacred College becoming IN
vclvcd iu speculative transactions, either IN bonds
ar i'm real estate Cardinal Parocchi is the most d-
mlltve in stature of all the Princes OF the Church.
| His principal hopes and prospects OF succeeding
| 10 the triple crown are based ON the lhct tnat
| he il the special nominee Of the Order OF the
| JcsuitS which is now powerful and active. lie
! /, moreover persona grati~sima at Vienna and at
| Paris but is intensely dislillcd at the Quirinal.
! Indeed, 80 strong is the feeling against him in
Italian Government circles that at the request OF
! thr King he removed by the Pope from his
! former post OF Archbishop Of Bologna. The office
/ which he now holds. That OF ApOs'o Vicar IS
I the most disa grecable and unpopular one IN the
Pontin's gift. 1t is practically impossible 10
| fulfil the duties thereof without making enemies
on every side. and until now it he's always been
REGARDED a. post which, while of lofty emincnce,
debarrpd It's holder from becoming PAYABLE .
| that is " i'm the running for the tiara. Leo NH
| i, believed 10 have had this i'm view when he APP
nointed him. for h is well aware that if Cardinal
| Parocch ever becomes Pope all hopes Of 2 re-
Cancellation between the Vatican and the Qulrnal
will be at an End. Cardinal Parocchi Is de-
termined and uncompromisng champion Of the
restoration Of temporal power TO the Papacy, and
is imburd with all the aggressive spirit of the
Order OF the Jc>uits
While on the one hand. LEO NH is refu. ing
10 afford any financial assistance 10 his Apostolic
Vicar on the ground that times bad, he is
ON the other hand, furnishing the backing and
the capital for the new Anglo-Roman Bank, W hicl
Inn, lust been founded Ivy his favorite nephew,