Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-08-25
ssNsATIon AT ROME.
Dismissal of Cardinal Rnggiero For Cro'
cd Financial Operations.

Cd Financial Operations.
| ROME, Aug. a. Great excitement has
been caused by the dismissal of Cardinal
Rugglero prefect OF finance Of the pro-
paganda who has been looked upon BY
many as the probable successor Of Pope
Leo KILL II is said that the pope him
selfordered Ruggiero's dismissal, being
convinced as result OF inquiry that
Ruggiero and not Monsiyuor Folchi was
the really guilty party in connection
with the misinyestments, 10 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 IL is said, by Cardinal .Ruggiero.
Folchi was vice chamberlain to the
pope and had control OF the papal
funds, II was alleged that in the win
ter Of 1s90-91 Monsignor Folchi, who
was supported by Prince Buoncompagni
and Baron Lazzaroni. resolved, in order
TO savo 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 the object of absorbing the
financial societies OF Rome that were
known to be in a 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 a nominal capital Of
5000, 600 lire Isl ,O00, ,0O0), divided
as already stated into 10000
shares But the real working capital
consisted Of Z, 900, 600 lire 5000, 0O0), As
Mgr Folchi has taken on account Of
the Vatican 1000 shares, the admins
tration Of Peters Pence found itself in
volyed nominally to the extent Of e.,
10000 Mgr, Folchi had, however de-
posted Ia tho bank the sum Of 5000, 600
lire.
AT that time the financial circles in
Rome were interested Ia supporting the
creation Of these Catholic banks and
they were desirous OF helping this
financial movement in order to put the
deprecated securities on a iirmer foot
ing. Consequently Monsignor Folchi
proposed TO the commission OF cardinals
that the Vatican should enter into the
combination to the extent Of 8,000,0 600
Ire. lie warmly supported the project,
claiming that. the Roman securities of
the Vatican and the 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 IL with such sue
cess that the commission was merely
consultive and had not authority to veto
the plan, Monsigner Folchi ignored
them aud carried out in conjunction
with Lazzaroni and Prince Buoncom-
pagni the financial project which had
been submitted 10 be rejected by the
commission. Monsignor Folchi com
menced by sending a part Of the money
10 PARTS, where the first part Of the
proposed banks namod Le Credit WAC
funded.
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 Foichi was
dismissed and the commission hitherto
purely consultative became "a deIibera-
tive body,
Such was the story made public at
the time Of Folchi's dismissal Later
investiga however, which have
Tt d ~,
exonerated Folchi aud implicated Rug
giero. There is great excitement IN
church circles and it is generally be-
lieved that tremendous scandal is
awaiting disclosure.