Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1892-09-03
SENSATION ar THE VATICAN
cardinal Ruggiero, Financial Project, in
Disgrage,

-sHTulIiti huEkhttof
Disgrace.
RouR. Aup 25.-Great excitement
has been caused by tho dismissal OF
Cardinal Ruggiero, project OF the
financial affairs of the propaganda,
and who has been looked upon by
many as the probable successor OF
Pope Leo XIII. Is is said that tho
pope himself ordered Ruggiero's dis.
missal. being convinced as q result OF
inquiry hal Ruggiero and not Mgr.
Folchi was the really guilty party In
connection with the disbursements,
TO use n mild term, for which Mgr.
Folchi was dismissed from the pnpal
service about n year ago. The
dismissal of Eolchi was brought
about, It is said, by CARDINAL
Ruggiero. Folchi was vice-chatnbe r-
lain to the pope, and had control OF
the papal funds. 1t was alleged that in
the winter of 1so0-9l Mgr. Folchi, sup
ported by Prince Buoncompagnt and
baron Lazzaroni, resolved, in order to
save the Banco di Roma, in which the
vatican held 10000 out of $4,000
shares, besides other securities, to es-
tah!ish first in Paris and London, and
afterward in Rome, Berlin and New
York, n syndicate OF Catholic banks,
with the object of absorbing the fnan-
cial societies OF Rome that were known
10 be in q disastrous condition and to
restore them to vitality, while at tho
same time raising the value Of the de-
preciated see rites. Above oil, they
wanted TO save the Banco iii Roma, in
tending, as they evidently did, entirely
TO reconstruct IL.
The Banco di Roma was created
with a nominal capital OF O 200, 900 liro
81, 200, 000(, divided, as already stated
into IL, 900 shares. But the real work.
ing capital consisted of 5000. 900 lire
1900, 600. AS Mgr. FoIchi had taken,
no account of the vatican 10, OO0
shares, tho administration of Peter's
pence found itself involved n~asnihally
TO the extent OF s, 200, 900 lire, although.
really TO the extent OF 2, 500, 900. Mgr.
Folchi had moreover. deposited in tho
bank the sum of 3, 1000, 900 lire. At that
time financial circles in Rome were in
tcrested in supporting the creation OF
these Catholic banks, and they were
DESTROYS of helping this financial,
movement in order to put the de-
preciated securities on a
iirmer footing Consequently Mgr.
Folchi proposed 10 the commits
sion of cardinals then Il purely consul
ative BODY hat the vatican should
enter into the combination to the ex-
tent OF 5000, 600 lire. lie warmly sup
ported the project, urging that the
Roman securities of the vatican and
the millions of lire invested in the
Banco di Roma could not DO saved In
any other way. Cardinal Ruggiero, it
was claimed, strongly opposed the,
proposition, and protested against IL
with such success that the commission
soon rallied TO his support However.
rs the commission were merely consul
ative 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 had been submitted To-
ager Folchi commenced by sen ling a.
part of the money TO Paris. where the
first of the proposed banks, named LIE
Credit, vas founded. As the pope had
not been informed OF this arbitrary
speculation, and as the commission
was only informed of IL when it had
taken place, Mgr. Folchi was af-.
tcrward dismissed, and the commission,
heretofore purely consultative, became
a deliberative body. Such was the
story made public at the time of Fol-
chi's dismissal Later Investigations.
however, which have been quietly GO
ing on, appear to have eXonerated
Folchi and implicated Ruggiero. There
is great excitement In church circles,
and it is generally believed that a tre-
mendous scandal Is awaiting disclosure.