New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-09
THE FETER's PENCE TROUBLE.
WHY THE POPE DISMISSED MGR. FOLCIH-A
sCHEME FOR CATHOLIC RANKS.

SCHEME FOR CATHOLIC BANKS.
Rome, July s-Some additional and important com
munications from an unusual and trustworthy source
in regard to the crisis in st. Peters Pence have just
come to hand. 1t has ancady been announced that
the Pope has dismissed Mgr. Fochi and The Old admin
istration appointing in their place a commission con
sisting OF Mgls. ApOOni, Di Ruggiero and Aloise
Masea, to whom he has given full powers 1t was
known that Mgr. Folchi's dismissal decided upon
on accot OF the losses sustained by ST. Peters Pence
and because Of the impruden investments and loans
made under his administration; but that was all.
II has now become known that last winter Mgr
Folcli, supported by Prince Buoncompagn and Baron
Lazzaroni, resolved in order to save the Banco di
Roma in which the Vatican held 10000 out of 10000
shares besides other securities, TO establish first in
Paris and Lcndon, and alterward in Rome, Berlin and
New-YOrk syndicate Of Catholic banks, with the
object of absorbing the financial societies OF Rome
which we're known to be in a bad condition, thus in
creasng the value Of the deprecated securities. The
Banco di Roma was created with a nominal capital Of
0OOO 900 lire (S1 POO, ,OOO), divided, already stated,
into 10000 shares. But the real working capital con
sisted of 100000 lire. Mgr. Fochi having taken en-
account of the Vatican 10000 shares the admlnstra-
ton Of St. Peters Pence found itself involved nom
nally to the extent Of 100000 lire although really
only t. the extent Of 1900 00O Agr. Folchi haG
moreover deposited in this bank the OF G,00Q0OO
lire.
At that time financial circles In Rome were inter-
esed in Supporting the creation Of these Catholic
banks and they were desTous OF helping this financial
movement in order TO put the deprecated securities Or
frmer footing. Consequently Mgr. Folchi proposed
to the Commission OF Cardinals dhen purely consulta-
tive body that The Vatican h nd enter INTO the com
binaion to the extent OF 100000 lire. Cardinal D
RuggielO, however, strongly opposed the proposition,
and the Commission finally rallied to his support How
ever as the Commission Lad no authority 70 veto the
plan, Mgr. F0!cil ignored them and carried ont, in
conjunction with Lazzaron and Prince iu Hcompagni,
his fnaicial project. Mgr. FOchi began operations by
sending a part OF the money to Paris, where h" fist
Of the proposed banks, named lie Credit wa' founded
But as tie Pope had not been Informed Of this arbl
trary speculation and As the Commission was informed
of it only after it had taken place. Mgr Foichi was
called to order and aftcrwad dismissed ard the Com
MISSION hitherto purely consultative. became delib
erative body.
summed mp briefly the situation is about as follows
When Mgr Folchi took over the administration Of the
Vatican finances lie had under his control about p OJO
coo Ire, lie left aft ei,t Yeas am nit aton about
n OO0O 900 lire ol which, however the sam # GOO 1000
lire still i'm danger, II consists of loans MhIc 70
Roman princes ana Ol a large number ~ deprecated
securities At the same time, he ha- paid over cacA
wear to the Pope the OF Tl2OOOO u cover the
extraordinary g penSCS OF the Vatican. Cons:qGhtlt'
Mgr FOlchl,5 aGVCISaric, can Only Np-ach inn WIN
making imprudent investments and with The aN2lr O
hc Catholic banks. reaction consequently l already
beginning to be noticed in his favor