The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1892-08-27
SENSATION AT THE VATICAN
Cardinal Ruggiero, Financial Prefect, In

ra. Disgrace.
! ROME. Aug. 25.-Great excitement
has been caused by the dismissal OF
cardinal Ruggiero. prefect of the
financial affairs of the propaganda,
and who has been looked upon by
many as the probable successor of
Pope Leo MIL 1t is said that the
popc himself ordered Ruggiero's dis
| missal, being convinced us n result Of
inquiry that Ruggiero and not Mgr
Folchi was the really guilty party in
| connection with the msinyestncnts,
TO use mild term for which Mgr.
! Folchi was dismissed from the papal
service about one year ago The
dismissal of Folchi was brought
about, it is snid, by Cardinal
Ruggiero. Folchi was vice-chnmb ber-
lain to the pope, and had control OF
the pnpal funds 1t was alleged that in
the winter of 1s9o-9l Mgr. Folchi, sup
ported by Prince Buoncompagni and
Baron Lazzaroni, resolved. in order to
| save the Bunco di Roma, In which the
vatican held 10000 out of $4,000
shares, besides other securities, to es.
tablish first in Paris and London, and
nfterward in Rome, Berlin and New
York, Il syndicate of Catholic banks,
with the object of obsorbing the tinun-
cial societies of Rome TINT were lsno~a
to be in disastrous condition and to
restore them to vitality, while at tho
same time raising the value of the de-
preciated securities Above all, they
wanted to save the Banco di Roma, in
tending, as they evidently did, entirely
to reconstruct it.
The Banco di Roma was created
with nominal capital of &, 900, 900 lire
Isl, 200, ,ooo), divided, Us already stated,
into l2, 00G shares But the real worle-
ing capital consisted of 3.OOO,O0O lire
$4,000 AS Mgr Foichi had taken
no account of the vatican 10000
shares, the administration of Peters
pence found itself involved neminally
TO the extent OF 5000, 900 lirc. although
really to the extent of g 100000. Mgr.
Folchi had moreover, deposited in the
bank tho sum OF 1000, 600 lire At that
time financial circles in Rome were in
terested in supporting the creation of,
these Catholic banks, and they were
desirous of helping this financial
movement in order to put the de-
prcciated securities on a
firmer footing Consequently Mgr.
Folchi proposed to the commits
sion ofcardinals (thcn purely CONSUL
alive body that the vatican should
enter into the combination to the ex-
tent OF 5000, 600 lire. He warmly sup
ported the project. urging that thS
Roman securities of the vatican and
the millions of lire invested in the
Banco di Roma could not be saved in
my other way. Cardinal Ruggiero, it
was claimed, strongly opposed tho
proposition, and protested against it
with such success that the commission
soon rallied to his support However,
rs the commission were merely consul
ntive and had no authority to veto the
plan, Mgr. Folchi ignored them,
and carried out, in conjunction
with LaZzaroni and Prince Buon-
compagni, the financial project
which hud been submitted to
and rejected by the commission. Man
ager Folchi commenced by sen ling n
part of the money to Paris, where tile
first OF the proposed banks, named LIE
Credit, was founded. AS the pope had
not been informed of this arbitrary
speculation, and as the commission
was only informed of it when it had
taken place, Mgr Fochi was af-
terward dismissed, and the commission,
heretofore purely consultative, becnme
deliberativc body. Such was the
story made public at the time of Fol-
chis dismissal Later Investigations,
however, which have been quietly go
ing on, appear to have cxonerated
Folchi and implicated Ruggiero. There
is great excitement in church circles,
and it is generally believed that tre-
nendous scandal isawaiting disclosure.