Título: Luigi Luzzatti
Seção: Banca Romana scandal
Background: Luzzatti was born of Jewish parents in Venice on 11 March 1841. After completing his studies in law at the University of Padua, he attracted the attention of the Austrian police by his lectures on political economy, and was obliged to emigrate after starting a mutual aid society among gondoliers. In 1863 he obtained a professorship at the Milan Technical Institute; in 1867 he was appointed professor of constitutional law at Padua, whence he was transferred to the University of Rome. Gifted with eloquence and energy, he popularized the economic ideas of Franz Hermann Schulze-Delitzsch in Italy, worked for the establishment of a commercial college at Venice, and contributed to the spread of people's banks on a basis of limited liability throughout the country.

Conteúdo: Appointed minister of the treasury in the first Di Rudini cabinet of 1891, he imprudently abolished the system of frequent clearings of banknotes between the state banks, a measure which facilitated the duplication of part of the paper currency and hastened the bank crisis of 1893 and the resulting Banca Romana scandal. A Parliamentary Commission that investigated the bank scandal concluded that former Prime Minister Francesco Crispi, Prime Minister Giovanni Giolitti, and Luzzatti, had been aware of the conditions of the Banca Romana but had held back that information.  In 1896 he entered the second Di Rudini cabinet as minister of the treasury, and by timely legislation helped to save the bank of Naples from failure. Following the revolt and suppression of the Fasci Siciliani (1891-1894), Luzzatti introduced two measures of social legislation in 1898. The industrial workmen's compensation scheme from 1883 was made obligatory with the employer bearing all costs; and a voluntary fund for contributory disability and old age pensions was created.  After his fall from office in June 1898, his principal achievement was the negotiation of the Franco-Italian commercial treaty, though, as deputy, journalist and professor, he continued to take an active part in all political and economic manifestations. He was again minister of the treasury from November 1903 to March 1905 in Giolitti's second administration, and for the third time from February to May 1906, under Sonnino's premiershi

user: What role did Luzzatti play in the Banca Romana scandal?

assistant: Appointed minister of the treasury in the first Di Rudini cabinet of 1891, he imprudently abolished the system of frequent clearings of banknotes between the state banks,

user: What was he accused of in the scandal?

assistant: a measure which facilitated the duplication of part of the paper currency and hastened the bank crisis of 1893 and the resulting Banca Romana scandal.

user: What were the consequences of the scandal for him?

assistant: Luzzatti, had been aware of the conditions of the Banca Romana but had held back that information.

user: Are there any other interesting aspects about this article?

assistant: In 1896 he entered the second Di Rudini cabinet as minister of the treasury, and by timely legislation helped to save the bank of Naples from failure.

user: Was he popular with the voters because of the scandal?

assistant: CANNOTANSWER

user: Was he rewarded for his role in saving the bank?

assistant: After his fall from office in June 1898,

user: What happened to him in the wake of the scandal?

assistant: He was again minister of the treasury from November 1903 to March 1905 in Giolitti's second administration, and for the third time from February to May 1906, under Sonnino's premiership.

user: How did he do as treasury minister at that time?

assistant: he achieved the conversion of the Italian 5% debt (reduced to 4% by the tax) to 3 3/4 % to be eventually lowered to 3 1/2 %,