Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-07-09
Plan TO Save the Banco di Roma aud
the yaiican's shares
In II.
PROPOSED SYNDICATE or oArH'
oLic BAnkB.
FINANCIAL TROUBLE
wbicn surroa.d az. Holiness the
Pope.

Pope.
RomE, July SAN unusually i'm.
poftant communication from nm un-
usual hut reliable source. In regard 10
the crisis la the -. Peters Pence fund,
has lust come 10 hand. IL has already
been announced that the Pope dis.
missed Monsiegneur Folchi aud the
old administration, appointing Ia their
place commission consisting OF
Monsiegneurs AppOloni, Duggicrc
aud Alolsc Masclla, 10 whom were
given full powers.
No one, however, has yet been able
10 find out the exact motive, the real
sccrct Of the affair which brought
about the important change. II was
known that Mousicgncur FOlchi'u dis.
miiipl was determined upon on nc.
count Of the losses sustained by Peters
Pence and because Of impatient Ia.
vcsimeu,s aud loans witch hal been
made under his administration, but
that was all. II l. now known that
| F0lchi last wlnter,suppottod by Prince
Buoncompagui mud Baron LaEzorni,
resolved, la order 10 save the
Banco IL Roma, In which the Vatican
held 10, 900 out Of u, 900 shares, hesidvs
other securities, ~ establish, flr.t Ia
! Paris and London and afterwards In
Rome, Berlin and New York, n ryndl-
cate Of Catholic banks, with the object
N ah.ofblng the financial societies VI
Rome, which were known TO be- IN a
disastrous condition, and 10 restore
them to vitality, while at the samu
time raising the value Of the depruciat-
I'd securities.
Above all they wanted 10 save the
Banco 10 Roma, Intending, a. they
eventually did, 10 entirely reconstruct
IL. This Bauco ~ Roma was created
with nominal capital Of 5000, 900 lire
(sl, 200, 000l, but the real working mp.
ital was only halt thnt amount. Mgr.
/ Folchi having taken on account Ave
slxths u all the shares, the adminlstfa-
/ ton NJ 1t. Peters Pence found itself
/ involved really 10 the extent Of $500.
OnJ lire. or s1l1,011. Fdlchi bad,
moreover, deposited In the bank 2, oD,-
Ol0 lire. At that time Roman flnan-
/ cisl circles were Interested Ia support.
Ing the creation of Catholic tanks In
order 10 put the deprecated securities
ON a firmrr footing.
Folchi Therefore proposed that the
| Vatican enter tho combination 10 the
eNtcnt Of 5000, O1O lire, urging that the
1 llAllNANAlN ANNNhHN'A WV tfNNAN w ANNNNN
could not be saved In any other way.
Cardinal III iugglcfo opposed the
project and n commission Of cardinals
finally supported him, hut NJ the com.
mission was merely consultative Folchi
| with l.azkOrni aud BuOncomlagni,
carried out his project. Folchi com.
monccd by sending part Of ILLS money
10 Paris, where the int Of tho proposed
hanks WIS founded; but IA the Pope had
no, been Informed " this arbitrary
spcculntiun Eolchi was called 10 order,
afterwards dismissed and the commis.
sion OF cardinals, hitherto purely con.
sultatiyc, became delihefatlug body.
Three yearr have elapsed since the ~.
fort was lint made TO found n Catholic
homu la Nov Sork,and then the arch.
bishop was compelled 10 Intervene aud
dtsrngagc the responsibilities Of ia,
Holy See.
Last winter, however, another on.
deayof Ia this direction was male. The
combination did not again succeed,
but ~ LaIzorni aud Folchi with the
supposed support Of tho Vatican
were tho promoters, Il was believed
that success was ASSURED. Now, now.
ever, the fall u Folchi has put every.
thing Ia peril. Tho Pope never has
aud never will enter into n combinn-
ton Of this sort. An Folchi had placed
Inrt Of Peters Pence money In
ltoman rpeculations, which nj nrst
brought good returns and only lately
decreased In value, tho actual los-es
are not great.
Briefly, the situation II about NJ FOL.
lows When Monselgnor F0lchl took
the administration Of the Natican's
finances, he had under his control
about twenty-five million lire Of which,
however, ak million are still In dan.
ger, as they consist o. loans made 10
Roman princes and II n large number
Of deprecated securities. At thosame
tim. folchi has paid over each year
10 the Pope the sum si21,O00 10 cover
the extraordinary expense OF thu Nati.
can, consequently his adversarlea can
only rcproach him with making i'm.
prudent investments and with the
Catholic bank niinlrs. Reaction con.
sequently IA already beginning To think
his rivals acted too Violently. In any
case, the Pope was kept la ignorance
Of these spcculations, and II Is
known that he dlsapproves aud always
has disapproyed all kinds OF Catholic
banks.