The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1892-08-24
A CHURCH SCANDAL.
The Dismissal of Cardinal Rug
giero Creates Excitement.
ORDERED BY THE POPE HIMSELF.

The Disgraced Cardinal. IL Now
Transpires, Was Guilty of the Mis-.
Investments of Vatican Funds for
Which Cardinal Folchi was Dis.
missed q Year Ago.
ROME, Aug. 25.-Great excitement
has been caused by the dismissal of Car.
dinal Ruggiero. project of financial af-
fairs of the propaganda, and who has
been looked upon by many as the proba-
BILE successor Of Pope Leo XIII. 1t Is
said that the pope himself order Rug
glero's dismissal, being convinced, as a
result of inquiry, that Ruggiero, and
not Monsgnor Folchi, was the really
guilty party in connection with the mis-
investments, to use q mild term, for
which Monsignor Folchi was dismissed
from the papal service about one year
ago.
The dismissal of Folchi was brought
about, 1t is said, by Cardinal Rupero.
1t was alleged that in the winter of
1690-91 Monsignor Folchi, who had
charge Of the papal finances, and was
supported by Prince Buoncompagni and
Baron Lazzaroni, resolved, in order to
Vatican held 10000 out of 1000 shares,
besides other securities, to establish
first in Paris and London, and after
ward in Rome, Berlin and New York,
syndicate of Catholic banks, with the
object of absorbing the financial socie-
ties of Rome that were known to be in u
disastrous condition, and to restore them
to vitality. while at the same time rails
ing the value of the deprecated securi-
ties. Above all they wanted to save
the Banco di Roma, intending, as they
eventually did, entirely to reconstruct it.
The Eatican's Financial Interests.
The Banco di Roma was created with
a nominal capital of 6,000,0 900 lire (Sl,-
,000), divided, as already stated, into
10000 shares. But the real working
capital consisted of 100000 lire. AS
Monsignor Folchi had taken, on account
of the Vatican, 10000 shares, the ad-
ministration of Peters Pence found
itself involved nominally to the extent
of 5000, 600 lire, although really to the
extent of 2,500,000. Monsignor Folchi
had, moreover. deposited in this bank
the sum of 100000 lire.
AT that time financial circles in Rome
were interested in supporting the cre-
alton of these Catholic banks, and they
were desirous Of helping this financial
movement in order to put tine deprecated
securities ou irmer footing. Conse-
quently Monsignor Folchi proposed to
the commission of cardinals (then u
purely consultive body that the Vatican
should enter into the combine to the
extent of 5000, 900 lire. He warmly sup
ported the project, urging that the
Roman securities of theVatican and the
millions of lire invested in the Banco di
Roma could not be saved i'll any other
way.
Cardinal Ruggiero's Attitude.
Cardinal Di Ruggiero, it was claimed,
strongly opposed the proposition, and
protested against it with such success
that the commission soon rallied to his
support. However, as the commission
was merely consultiye, and had no au-
thority to veto the plan, Monsignor
Folchi ignored them and carried out, in
conjunction with Lazzaroni and Prince
Buoncompagni, the financial project
which had been submitted to and re-
jeeted by the commission. Monsignor
Folchi commenced by sending part of
the money to Paris, where the first of
the proposed banks, named LIE Credit,
was founded. But as the pope had not
been informed of this arbitrary specula-
tion, and as the commission was only
informed of it when it had taken place.
Monsignor Folchi was afterward dis
missed and the commission, hitherto
purely consultative, became q delibera-
tive body.
Such was the story made public at the
time of Folchi's dismissal. Later in
yestigations, however, which have been
quietly going on, appear to have ex-
onerated Folchi and implicated Rng-
giero.. There is great excitement in
church circles, and it is generally be-
lieved that tremendous scandal is
awaiting disclosure.