Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-09
Manager Folchi and the Old
Commission Dismissed.
A ROMAN SPECULAT OR,
The Chilian insurgents in Desperate Straits,
Without Money or Arms.
Parnen Defeated in the Carlow Election.
The Emperor to Submit His Guild
hall speech to Queen Vfcto-
ria for Approval
ST. Peters Pence.

RoNE, july S.-SOlne aOultlOni anu In
portant communications from the usual
and reliable sources IL regard to the crisis
in ST. Peters pence have just come to hand. 1t
has already been announced that the pope
has dismissed Manager E'olchi and the old
administration, and that he has appointed
in their places commission con-
sisting of Manager Apolloni, DR.. Rug
geries and Alose Mazell, 10 whom
he has given full powers. No one,
however, has been able to find out the exact
motive or the real secret of the affair which
has brought about this important change.
1t was known that Manager Folchi'S dis
misSal was decided upon on account of
losses sustained by St. Peters pence, and
because of imprudent Investments and
loans which had been made under
his administration, but that was all.
Manager F'olchi, last winter. supported
by Prince Buoncompagni and Baron Laz-
zaroEi resolved, IN order TO save the Banco
di Roma, in which the Vatican held 10000
out of 1900 shares, besides other securi-
ties, 10 establish first in Paris and London
and afterwards in Rome, Berlin and New
York a syndicate of Catholic banks with
the object of absorbing the financial Sc
curities of Rome, which were known to
have been III disastrous condition, and to
restore them to vitality, while at
the same time raising the value of the DE-
preciated securities. Above all. they
wanted to save the Banco di Roma, intend
ing (aS they eventually did TO entirely
reconstruct it. The Banco di Roma was
created with nominal capital of 10000, 900
lire 81. 2o0, 600 divided, as already stated,
into 1900 shares, but the real work
ing capital consisted of 30,00O,0O0 lire,
S6OO,000 Manager Folchi having taken on
account of the Vatican 10000 shares, the id
ministratiOn of st. Peters pence found it
self involved nominally to the extent of
50,O00.000 lire, although really only 10 the
extent of 25,000,000 lire. Manager E'olchi
mad moreover deposited i'll this bank the
sum of 5000, GOO lire. At that time financial
circles in Rome We're interested in
supporting the creation of these Cath
Ole banks, and they were desirous of
helping this financial movement in order to
pat tie deprecated securities on firmer
footing. Consequently Manager Folchi
proposed TO the commission of cardinals
then purely consultative body that the
Vatican should enter into the combination
to the extent of 100000 lire. He warmly
supported the project, urging that the Ro-
man securities of the Vatican and
the millions of lire invested
i'll the Barnco Di Roma could
not be saved in any other way. Cardinal Di
Ruggiro, however, strongly opposed the
proposition and protested against it with
such success that the commission finally
rallied 10 his support. However, as the
had no authority TO veto the plan, Manager
Foichi ignored them and carried out,
in conjunction with LaZzaroni and
Baron Buoncompagni, the financial
project which had been submitted to and
rejected by the commission. Manager
Folchi commenced by sending part of the
money to Paris, where the first of the pro-
l1nS,al haOl.S narpaI o T'raGi+ al
But, as the pope had not been informed of
this arbitrary speculation, and as the COM
mission was only informed of 1t when it
had taken place, Manager Folchi was
called TO order, was afterwards
dismissed, and the commission. hitherto
purely consultative, became deliberative
body. Three years have elapsed since
the effort was first made to found
Catholic bank in New York, and then the
archbishop of New York was compelled to
intervene and deny the responsibility of
the holy see. Last winter, lhowever,
another endeavor in this direction was
made, but the combination again did not
succeed. But this last time as Baron LaZ-
zaroni, rich banker. and Manager Folchi
with the supposed support of the
Eaticanl were promoters Of the old
idea, it was believed that sue
cess was assured. Now, however
the fall of Manager Foichi has put every
thing in peril The pope it should be
added has never entered into and never
will enter into combination of this sort
The money Manager Folchi sent to
Paris was withdrawn when his spec
ulatiOn became known. As Manager
Folchi had placed Peters pence money, or
part of it, il Roman speculations which had
al first brought in good returns, and which
only lately decreased in value, the actual
losses have not been great, and, in fact, at
first profit Of about million and
a half lire was made. Summed up
briefly the situation is about as follows:
" hen Manager t'olchi took up the admin
of the Vatican's finances he had
under his control about %, 0GO, 900 lire. He
left after eight years administration about
81 OOO,ooo lire, of which, however, 6,O00, 600
lire are still in danger, as it consists of
loans made to Roman princes and of Il large
number of deprecated securities. At
the same time Manager Folchi has paid
over each year TO the pope the sum of 12e,-
600 lire to cover the extraordinary expenses
of the Vatican. Consequently Manager
tolchfs adverSaries can only re-
proach him with making i'm
prudent investments and with mis-
of the affairs of the Catholic
banks. The reaction, consequently, is al
ready beginning 10 be noticed in
his favor, and many Roman groups
are beginning to think that Mana
ger Folchi's rivals acted too violently.
In any case the pope has been kept in igno-
rance of these speculations, and it is known
that he disapproves and has always disap-
proved of all kinds of Catholic banks