The Savannah morning news., 1901-01-20

Total ...........s.. .Sl, UJ5,VVV
II will be seen from the above state
ment that handsome balance remains In
the Papal treasury as result OF the
income of the holy Year. 1t will be seen
that the income of the Pope comes from
three different sources:
First. Peters Pence, which consists of
the contributions sent bv the faithful In
all parts of the world. This great source
of revenue was devised by the late Car
diral Manning of London. after the Pope
lost the revenues which came to him when
he enjoved temporal power. Now. spe-
cial collection is taken in every Catho-
lie church annually for this purpose. 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
year was greater than in any previous
year of Leo kits reign.
Second. All donations and gifts pre-
scented 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 cen
sidered the private property of the Pope
and 1t greatly increases on the occasion
of jubilees and special anniversaries.
Third. Interest accruing from previous
investments. This is a large item. ami
Is principally the result of wise invest
ments during the reign of the present
Pope. His immediate predecessor. Plus
TX, accumulated during the last few
years of his reign sum Of about 5000,
900, which he had invested In securities to
provide for a need that might arise In
the reign of some one or more Of his sue
cesSors. The loss of the temporal power
In 1870 with the consequent diminution OF
the revenues of the Holy See. the uncer-
- -fYD -k-
the enormous expenses OF the Vatican
Council. during which he had to provide
board and travelling expenses for nearly
every Bishop in the world. led Plus IN TO
create this contingent fund for the posi-
BILE future needs Of his successors.
Unfortunately however. the administra-
tion of a these millions was then CENTER
ed in the hands OF a single person. Mon
signor Folchi who had carte blanche as
regards the selection Of the securities and
bonds In which they were to be invested
The money was at first wisely invested
in gilt-edged securities, but several Ital-
ian politicians and spectators talked
Monsignor Folchi into selling them in Or
der TO place the sum fsai lied into fourth
rate Italian enterprises. The result was
that in less than three months the whole
IS COX, 600 disappeared in the financial crash
which swallowed Crispi and >the Banca
Romano.
This made Leo XIII. realize the neces-
sity of giving the administration Of the
Papal funds into the hands of several
highly trusted members of the Roman
court, and he therefore formed a COM
mission Of cardinals to which he entrust-
ed the administration of all the possess
sions Of the Holy See. At the head OF this
commission he placed Cardinals Mocennl
and Rampolla and, with their co-opera-
tion he started anew In the work of saw
ing money and investing the surplus Of
the Papal revenues I'm safe securities 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 includes the
personal expenses OF the Pope. the sala-
res Of the Cardinals residing IN Curia.
the support of the Nuncos and the ega-
tons abroad the running expenses OF the
Vatican and the charities distributed
every year by the Pope In Rome ana