The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-20
'0t9l
From THREE SOURCES.

II will nc seen from the above state
menl that a handsome balance remains
in the Papal treasury as a result OF the
Holy Year. The income OF tue Pope
comes from three different sources
/ Peters Pence, which consists of the
contributions sent by the faithful in all
parts of the world This great source Of
revenue was devised by the late Cardinal
Manning Of London, after the Pope lost
the revenues which came to Tim when he
cnioyed temporal power. Now a special
collection is taken in every Catholic
Church annually for this purpose, the
amounts being brought TO Rome by eac;l
bishop at the time of his visit at llnlna
Millions are thus collected every year,
but. rs has been said, the amount this
past year was greater than i'll any pre-
vious year of Leo NIiIS reign.
> All donations and gifts presented to
the pope for personal use by the peO-
pie from all quarters OF the globe, to
Whom he grants private audience. me IN
come from this source is generally consld-
cred the private property OF the Pope, and
it greatly increases en- the occasion Oh
iubiiees and special anniversaries.
}. Interest accruing from previous in
vestments This is a large item and Is
principally the result OF wise investments
during the reign of the present Pope.
His immediate predecessor, PiOus IN, ac-
cumulated during the last lew years o.
his reign a sum OF about $5,UJ9Wc, which
he had invested in securities to provide
for a need that might arise in the reign
of some one or more Of ms successors.
The loss of the temporal power III 1870
with the consequent diminution OF Tie
revenues of the Holy See, the uncertain
tv of the amount of Peters Pence ana
the enormous expenses Of the Naucdh
council during which tae had to proVlQe
board and travelling expenses Tor heaE4y
every bishop in the world, led Plous i-A'
TO create this contingent fuld Iof the
possible future needs OF his successors.
WILDCAT SPECULATION
Unfortunately, however, the adninistra-
tion of all these millions was then cen
tered in the hands Of a single person
Monsignor Folchi. VINO flad carte blanche
as regards the selection Of the securities
and bonds in which they were TO be IN
vested The money was al hrSt wisely
invested in Silt-edSe securities. put seN-
eral Italian politicians and SPECTATORS
talked Monsieur Folchi into selling them
in order 10 place the sum realized into
fourtl-rate Italian enterprises. The result
was that in less than three months the
whole five million dollars disappeared IN
The financial crash which swallowed
Crispi and the Banca Romano
This made Leo NIII realize the neces-
sty Of giving the administration Oh lht
Papal funds into the hands Of several
hieslly-trusted members OF the Roman
Court, ana he therefore formed com
mission of cardinals, to which he entrusted
the administration Of all the possessions
of the Holy See. At the head OF this
comm ission he placed Cardinals Mocenni
and Rampolla, and, with their co-opera-
ton. ne started anew IN the work OF say
inc money and investing the surplus of
the Papal revenues in safe securities for
the benefit of his successors
The daily expenses OF ttle Holy See
amount. as shown by the statement above,
10 about 5000 per day. This includes the
personal expenses of the Pope, the sal
sries of the Cardinals residing in Curia,
the s1nnort of the Nuncias and tle lesa-