The age-herald., 1901-03-17
BY ANTONIO FABRIANo.

nal Manning of London, alter the Pope lost the revenues which cNne to him when he enjoyed temporal power. Now a special collection Is taken in every Catholic church annually for this pur- pose, the amounts being brought to Rome by each bishop at the time of his visit ad limina. Millions are thus collected every year, but, as has been said, the amount this past year was greater than in any previous year of Leo KITS reign.
 2. All donations and gifts presented to the Pope for personal use by the people from all quarters of the globe to whom he grants private audience. The income from this source is generally considered the private property of the Pope and it greatly increases on the occasion of ju- bilees and special anniversaries
 3, Interest accruing from previous in- vestments. This Is large item and Is principally nesHesult of wise investments during the reign of the present Pope. His immediate predecessor Plus TX, ac- cumulated during the last few years of his reign sum of about $5,0OO,0O0 which he had invested in securities to provide for a need that might arise in the reign of some one or more of his successors. The loss of the temporal power in 1870, with the consequent diminution of the revenues of the Holy See, the uncertain -ty of the amount of Peter's Pence and the enormous expenses of the Vatican council, during which he had to provide board and travelling expenses Tor nearly every bishop in the world, led Plus TX to create this contingent fund for the possible future needs of his successors.
 Unfortunately, however, the admins tration of all these millions was then centered In the hands of a single person, Monsignor Folchi, who had carte blanche as regards the selection of the securities md in, uybt n ha in- vested The money was at first wisely invested in gilt-edge securities, but sey- era1 Italian politicians and spectators talked Monsignor Folchi into selling them In order to place the sum realied into fourth-rate Italian enterprises. The result was that in less than three months the whole five million dollars disappear ed in the financial crash which swallowed Crspi and the Banca Romana
 Commission of Cardinals.
 This made Leo XIII realize the necessi- ty of giving the administration of the Papal funds into the hands of several highly trusted members of the Roman court, and he therefore formed com mission of Cardinals to which he entrust- ed the administration of all the posses sions of the Holy See. At the head of this commission he placed Cardinals Mo- cenni and Rampolla and, with their CO., operation, he started anew in the work of saving money and investing the sur plus of the Papal revenues in safe se- curities for the benefit of his successors.
 The daily expenses of the Holy See amount, as shown by the statement above, to about 5000 per day. This includ- es the personal expenses of the Pope, the salaries of the Cardinals residing in Curia, the support of the Nuncios and the legations abroad the running expenses OF 4l1 Ioffa nd hn nha tributed every year by the Pope in Rome and throughout Italy. One Million dollars a year does not seem a very large ex- pense account for a man with an in- come of over four millions.
 The money that remains of the Papal revenues. after paying the expenses of the Holy See, are regularly invested in foreign bonds and securities. Once or twice year Monsignor Mery del Val the Pope's confidential agent, or some high ly trusted prelate like Monsignor Stonor, but never an Italian, by the way, is sent to London with the available funds and they are deposited in the Bank of Eng land in the name of the Pope. The of ficials of the Bank advise the Pope as to the safest and best securities in which to invest the money and it is usually placed in English and American bonds. Some time ago 1t was proposed to form an American committee, with Cardinal Gib- bons at the head, to receive money to be invested in the name of the Pope. and to place 1t in American securities accord ing the best judgment of its members, but for some reason the plan. although it had the approval of the Pope. was never carried out.
 It Is stated on the highest authority that since 1883 Leo XIII has been able to invest some years as high as $3,0Oo,0 900 and that the annual amount so placed run much less than $1, ,000, ,0000. Mosts of the money rests in British bonds and securities and the income from them all ready reaches very high figure Owing to the fluctuations of the financial mar ket, American industrial securities, all though they pay large dividends, are avoided by those who have the placing of the Pope's money, but large amount of the invested funds is in American government bonds which are in the pos session of Cardinal Mocenni.
 Disappointment to Populace.
 Leo XIII has been somewhat of a dis appointment to the Roman populace. They look upon him as avaricious and penurious. because they were used to the open -handedness and generosity of Plus TX, when he still possessed the Papal