The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-09-28
ITALYs NANcIAL WOES.
A Wave of Disaster Sweeping Over
the Peninsula.

misery, and even disgrace to mark its
destructive course. The reputation OF
being the cleveresJ fnanciers Of the world,
which the Italians formerly enjoyed, and
which led the citize IS # London 70 give the
, name of Lombard street to the great
3 thoroughfare which all their chief bank
ing Institutions were located seems 70 be a
thing of the past. Genoa and Milan no
longer rank a the princi al monetary
markets Of the continent, and Venice las
) lost her claim TO the co dmercial suprem-
, acy of the Mediterranean.
ltaly's credit abroad is prac icaly dead.
81 ce the rupture of the treaty Of com
! mer with France her banks are no longer
} able t. ob,ain any money on loan at Paris
and Lyons, while at Vie ma, Berlin, A u
sterdam a ID London the laran ees de-
manded are so impossible and the rate of
terest so ext1rtlonaJe as pracJlc ally to
close these markets against her. Debarred
from Obtaining fOreiga assistance,
thrown aitOge her upon their own re-
sources, the great ba king establishments
of Italy are & wing way on every sid.
Only last week the Marchese Spinola, the
weli-k iown banker at Ge ioa, whose finan-
cial standing was regarded as being as firm
as that of the Bank of England, toJK to
flight, leaving not only his own ba k, but
as the anch estaolls Iment of tn, Banca
NlziOnale, with the nanageme t of W ich
ne mad b-en i4tsusted for many yea past
in state Of ruin and deficit Tue or
nous amount for which he has failed is
almost without parallel on the continent
few days previously the iberine
bank and the Banca DE compt,
both of Turin, which until then had
Ueen considered the sou dest a id most c)l-
sentative banking institutions in Northern
| ally, suddenly closed their doors. The
Bank of Naples, which holds quantity of
? t,As - D..
| is likewise in shaky conditio and 10
prime minister and sig. Gioitti, the minis
ter OF the treasu Y, are now engaged in
discussing the best means of helping it to
tide Over the crisis. Meanwhile
the Eternal Ci,y has been brought
to the verge Of bankruptcy by the
reckless extravaganza of its municipality;
and one OF the last speeches which Sig.
| Crispi delivered before he chamber adj
| jour ed for its summer vacation CO tanned
an imprisoned and eloque It appeal to par
| lament TO rescue the former metropolis
| of the world from the disgrace of public
/ declaration of insolvency. OF the numer-
Gus other Italian cities which have long
81 ce suspended all payment of interest o
their mu icipal loans it is Unnecessary to
/ speak here.
/ Even the vatican has not ESCAPED from
| the effects of the financial crisis which pre-
walls. Mgr. Saccheri, the chief sec retary Of
| the Holy Congregation of the Index and one
| of the most fluential p eates of the D. =
tiff's encourage, having become involved
Il unsuccessful speculate ms, and bel
unable to meet his gagements has bee
| forced to seek refuge from mis- creditor by
| fight. If popular report is to be believed,
he WIS as unfortunate in the management
| of the finances of his Office as in that his
| own private resources. Az any rate, a
| discreet silence is observed whenever
his name is me ito ed at the vatican,
and no ettem)t has been made by
the latter to effect any compromise with
| bis creditors. A other prelate who at tae
present moment is in fina lcal diificultie, is
Cardinal Parocchi, the apostJ bic vicar Of the
| pc II, and dig litary whose officS ranks
| only second in impOrta zee to tat OF the
holy father him elf. Some years ago, at the
time of the grea1 ''boomh ia real estate in
this city, the cardil in question purchased
an extensive tract of land in the ne
1esraccio suburb for the purp ,se of
erecting thereon a church, dedicated
10 8. Lucdus, his patron SAINT. dis
| object In buying SO large a piece of
| grou ID was to parcel up all the land not
actually occupied by the foun iati ms of the
sacred edlfice into small building lots, and
TO take advantage of the prospective co.,
| tlnued rise in the price of real estate to
| dispose OF them at considerable profit
he amount Of the latter, ne estimated,
| would be su dcently e eat to enable him
| not only to detray the entire cot OF the
construction of the chu ca, ut also t. in
crease is bank account to a figure betting
a prince Of the church.
Unfortu ely for the cardinal, his calcu-
lations we doomed to ditap ointment
stead OF the continued rise in the price of
real estate which he had anticipated, there
| was a heavy fail. The "boom" died away
| as quickly as IL hal grown, AMI to-day town
| lots have become such a d -ug in the IN lrket
at Rome that the banks will no longer ac-
cept mortgages the con as security
for loans. His eminence's speclla-
ton in real estate has, therefore.
resulted in u dismal failure. Not only
is he unable to find the necessary funds
| FIR the completion Of his church, but he is
hopeleSsly in debt to the building con
tractors, who are clsmoring for payment
aad who have already begun leg i proceed
ings against him. In his distress the car
| dual appealed to Leo XIII for assistance.
rhe holy father, however, declined to com
ply with his request, staff & that, in the
| first place, times we're too bad and money
| too scarce; and, secondly, that ne iected
TO me beers of the sacred college becoming
involved In peculative transactions, either
in honds o. real estate
Cardinal Parocch is the most diminutive
in stature of all the princes of the church.
his pri 3cipai hopes and prospects of sue
ceeding TO the triple crown are based on the
fact that be is the special nominee of the
order of the Jesuits, which is now powerful
active. lie is, moreover, persona
| grdtissinld at Vienni and at PARIS, but is
intensely disliked at the quirinal. Indeed.
so strong is the feeling against him in
Italia governme 1t circles tnat at the re-
quest Of the king he was removed by the
pope from his TO mer post OF archbishop of
B \ gna. The office which he no,yt holds.
that of apost lie vicar, is the most
disagreeable and unpopular one in the
poat,ffs gift 1t is practically impossible
to fulfill the duties thereof without making
enemies on every side, and until now it has
always been regarded as post whic /.
while of lofty eminence, debar. Ell its holder
from becoming ''papable"-tha5 j., sin the
running for the tiara" Leo XIII. is be.
heved to have had is in view VINE he ap-
pointed him, for he is we'll aware that if
Cardinal Parocchi ever becomes Dope all
hopes Of reco cIliation between the yati-
can and the qulrInal will be at an end.
Cardinal Par cchi is determined and un-
compromising champion of tue rest ration
of temporal pc er to the papacy, and is
imoued win all the aggressive spirit of the
order of the Jes ITS.
While, on the one hand Leo XIII. is
refusing to afford any financial assista 1ce
to his ap stole vicar on the grou ID that
times are 20 had he is on tho n. har ha,a