Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1892-08-27
SENSATION AT ROME.
Dismissal OF Cardinal RuggiorO For Crook
cd Financial Operations.

Dismissal OF Cardinal RuRgiorO For CroolIS
cd Financial Operations.
ROME, Aug. 24-Great excitement has
been caused by the dismissal of Cardinal
Ruggiero, project of finance Of the pro-
paganda who has been looked upon by
many as the probable successor of Pope
Leo Kill 1t Is said that the pope him
self ordered Ruggieros dismissal, being
convinced as result of inquiry that
Ruggiero and not Monsignor Folehi was
the really guilty party in connection
with the disbursements, to use 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 Ruggiero.
Folchi was vice chamberlain to the
pope and had control of the papar
funds It was alleged that in the vim
ter of 1s0O-0i Monsignor Folchi, who
was supported by Prince Buoncompagni
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 Lon
don and afterward in Rome, Berlin and
New York, syndicate of Catholic
banks, with tho object of absorbing the
financial societies of Rome that were
known to be in disastrous condition
and to restore them to vitality, while at
the same time raising the value of the
deprecated securities Above all they
wanted to save the Banco Di Roma, in
tending, as they eventually did, entirely
to reconstruct it. The Banco Di Roma
was created with nominal capital OF
100000 lire ($l,eOO.OOo), divided
as already stated into 10000
shares But the real working capital
consisted of 1900, 900 lire 5000, O00). AS
Mgr. Folchi has taken on account OF
the Vatican 10, 900 shares, the admins
tration of Peters Pence found itself in
volved nominally to the extent of e.
SOC, OOU. Mgr. Folchi had, however, de-
posted in the bank the sum of 10000
lire.
At that time the financial circles in
Rome were interested in supporting the
creation of these Catholic banks and
they were DESTROYS of helping this
financial movement in order TO put the
securities on q frmer foot
ing. Consequently Monsignor Folchi
to the commission OF cardinals
that the Vatican should enter into the
to the extent of 100000
lire He warmly supported the project,
claiming that the Roman securities of
the Vatican and tho millions of lire in
vested in the Banco Di Roma could not
be saved in any other way.
Cardinal Di Ruggiero, it is claimed,
was strongly opposed to the proposition
and protested against it with such sue
cess that the commission was merely
consultive and had not authority to veto
the plan. Monsignor Folchi ignored
them and carried out in conjunction
with Lazzaroni and Prince Buoncom-
pagni the financial project which had
been submitted TO be rejected by tho
Monsignor Folchi com
nenced by sending part of the money
10 Paris, where the first part OF the
banks named Le Credit was
funded.
As the pope had not been informed Of
his arbitrary speculation, and as the
was only informed Of it
when 1t had taken place, Folchi was
dismissed and the commission hitherto
purely consultative became delibera-
i've body.
Such was the story made public at
he time of Folchi's dismissal. Later
however. which have
been quietly going on, appear to have
Folchi and implicated Rug
riero. There is great excitement in
.hurch circles and it is generally be-
ieved that a tremendous scandal is
awaiting disclosure.