The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-07-09
MGR. FOLCHT'S FALL.
Finaneier Of the Holy See Dis
missed by the Pope.
soUAsDERED ST. PETER'spENcE
Collapse Of Bold Schemes to Buf,d Tn
the Temporal Power Of the
Roman Church

RoxE. July S-AdditionaI important
communications from unusual bus rellahIs
sources II regard 20 the crisis IN the 81.
Peters pence fnad matter have Just come
20 hand. II has already been announced
that the pope dismissed MoaseigRear Fol-
chic, OF the old administration. appointing
N his place commission consisting OF
Mgrs- Appoline, Diruggie-e and Aloise
Masselis. 20 whom Eere given full powers
NO one, however. has yet been able 70 ind
ont exactly the motive znd real secret Of
the affair which brought about this in
Portant change Il vas known that
Mgr. Fclchie's dismissal had been decided
upon On account Of losses sustained
OF the 81 Peters pence fund, and because
o. inprude1t investments and leans which
have been made under his administration,
but that Vas all Il Is NOV known that
Folchie, last winter, supported BY Prince
Buoncompagni ard Baron Lzzzarcnl. re
solved In order TO save the B2nco
di Roma, N which the Vatican
held 1000 ont OF 1900 shares,
besides other securities. TO establish first
IN Paris and London and afterwards N
Rome, Berlin and Ner York, syndicate
Of Catholic hanks, with the object OF ab-
sorbing the financial securities Of Rome,
which we're known to BE IN a disss-
trous condition. and restore them 10
validity, while 2s the same time
raising the value Of the deprecated securi-
ties. Above al they wanted 70 saEe the
Baneo CT Roma. intending las they event
ually did 20 entirely recoasi rIct il. Thus
the Banco d Roma vas created with q
nominal capital Of s.0po, DO Tires 81. 3o1-
ooD). but the real working capital was only
half Of that amount Moaseigneur Folchi
having taken On account 1lve-sixths Of al
the shares, the administration Of -. Peters
pence found itself involved really 10 the
extent Of :. so 90 lires. or s5Sta.0eo Folchi
had moreover, deposited IN the hank
3.0oa.l 600 lres- Al that tine Rome fsaan-
cizl circles we're interested IN supporting
the creation OF Catholic banks II order 10
put deprecated securities on q IrTnsr foot
ing. Folchi therefore proposed that the
Vatican enter combination TO the extent
Of 10000 lires, urging thai the mill
ions invested in the Banco di Roma
could not be saved IN any other way. Car
dinal d. R1gge-irro opposed the project,
and the commission OF cardinals finally
supported him; but as the commission
was merely consultative, F0lchi ignored
them and. IN conjunction with LazZaroni
and Baron CsmpAgni, carried out MS pro-
jet Folchi commenced by sending part
Of the money 10 Paris. where the Erst OF
the proposed banks xss founded: bat IS
the pope had not been Informed Of this AZ
bitrary speculation. Folchi was called 20
order. afterwards dismissed and the COM
mission Of cardinals. hitherto purely con-
sultative, became celebrating body.
Three years have elapsed since the effort
was first made 10 found : Catholic hank in
New York. and then the archbishop o.
New York was compelled 10 intervene and
disengage the responsibilities Of the holy
see. Last winter. however. another en-
deavor in this direction was made The
combination again did not succeed, buf
Iazzsroni and Folchi. with the supposed
support OF the Vatican, were the pro-
mofe-s II was believed that success vas
assured. Now. however. the fall OF Folchi
has put everything n peril The pope has
never and never viii enter into the COM
hine. this IS sure As Folchi had placed 3
part OF the II. Peters pence money IN
Roman speculatioas. which al first brought
good returns. and only lately decreased IN
value. the actual losses are not great
Briefly. the situation Is Is follows: When
Manager Folchi took the administration
of the Vatican finances. he had under his
control about =. 600 900 Hires, and left,
after eight years Of administration, about
81. 011. 90 ires, OF which. however, {, oso 900
are still u danger, embraced II loans 20
Roman princes, and consisting OF large
number OF deprecated securities. At the
same tine be has paid over each year 10
the pope the sum 81 SD. 600, 10 cover the
extraordinary expenses OF the Vatican.
Consequently his advers2-ies can only r.
p-osch him with making inp-1dent in
yestments, and with the Catholic hanks
affairs. 4 reaction Is consequently already
beginning IN his favor. and many Roman
groups are beginning 70 think his rivals
acted too violently. II any case, the pope
has been kept in ignorance Of these spec1-
lasions, and II IS known he disapproves
and always disspp-oyed Of az kinds Of
Catholic banks.
STORMS STILL RAGING.