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The Pope’s Banker

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Alessandro Torlonia

Part of the book series: Palgrave Studies in the History of Finance ((PSHF))

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Abstract

This chapter deals with the history of the Papal State, its fiscal policies, and the role played by Torlonia in the 1830s when uprisings in the northern provinces (1831) had dire consequences for the State budget. The papal government needed rescue its finances and Alessandro Torlonia, newly head of the family Bank, masterfully seized his great opportunity: he became the Pope's banker. In partnership with James de Rothschild, Torlonia introduced innovative elements to the management of public debt within an administration used to more traditional financial mechanisms. The first Rothschild–Torlonia loan was one of the most controversial operations of the period, both because of the financial conditions imposed and because Rothschild was a Jewish banker. This chapter focuses on the crucial problems within Papal State finances, which also affected papal relationships with the Great Powers in a century that saw the demise of the Pope’s temporal power.

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Notes

  1. 1.

    Laven and Riall, Napoleon’s legacy.

  2. 2.

    “Memorandum delle Potenze al Governo Romano del 10 maggio 1831.” In Gualterio, Gli ultimi rivolgimenti italiani, vol. 1, Documenti, doc. XXIX, 92–94.

  3. 3.

    Ciasca, L’origine del programma per l’Opinione Nazionale Italiana del 1847–48, 29–45. On the revolts of 1831 as an important phase of the Italian Risorgimento, see Duggan, The Force of Destiny, Chapter 6.

  4. 4.

    The British point of view was well expressed in the unsigned article “Austria and the Italian Liberals,” The Monthly Chronicle, vol. 3 (January–June 1839): 153–66. See also Matsumoto-Best, Britain and the Papacy in the Age of Revolution, 11–18. On the Rome conference, the Memorandum and the Seymour mission, see Morelli, La politica estera di Tommaso Bernetti, 36–93.

  5. 5.

    Romani, “Policy Issues and Patriotism in Italian Economic Thought,” 251.

  6. 6.

    “Rapporto della Computisteria Generale della Reverenda Camera Apostolica al Bilancio dell’Amministrazione Finanziera dello Stato Pontificio per il 1831,” in ASR, Computisteria Generale R. C. A. Bilanci dal 1816 al 1870, b. 231.

  7. 7.

    “Relazione del Tesoriere Generale al bilancio dell’anno 1831,” in ASR, Computisteria Generale R. C. A. Bilanci dal 1816 al 1870, b. 231.

  8. 8.

    See Felisini, Le finanze pontificie e i Rothschild.

  9. 9.

    The documentation is in ASR, Camerale II. Debito pubblico, b. 14.

  10. 10.

    Motuproprio (public decree) of 6 July 1816, in ASR, Camerale I. Chirografi pontifici dal 1815 al 1817, coll. C.

  11. 11.

    Morichini, Sullo stato delle finanze pontificie e de’ modi per migliorarle.

  12. 12.

    “Progetto di regolamento sulla emissione di certificati di credito per sc. 500.000 autorizzati dal motu-proprio dell’11 giugno 1831, sul pagamento della rendita relativa e sull’estinzione del capitale”, in ASR, Camerale II. Debito pubblico, b. 14.

  13. 13.

    “Fogli relativi ai mezzi più opportuni per l’esecuzione di quanto si è proposto, per riunire la somma necessaria nelle attuali circostanze”; in ASR, Camerale II. Debito pubblico, b. 13.

  14. 14.

    ACS, Archivio Torlonia, b. 265.

  15. 15.

    ASR, Chirografi pontifici dal 1827 al 1831, Coll. C, n. 286.

  16. 16.

    ASR, Chirografi pontifici dal 1827 al 1831, Coll. C, n. 287.

  17. 17.

    Pescosolido, Terra e nobiltà, 115–17, 269.

  18. 18.

    Letter from Torlonia to the Secretary of State, 12 February 1832, in ASV, Segreteria di Stato, 1832, rubrica 165.

  19. 19.

    Bossi, “Note storiche sulle finanze dello Stato Pontificio”; Ministero del Tesoro, Istituzioni finanziarie, contabili e di controllo dello Stato Pontificio, 179–83.

  20. 20.

    ASR, Computisteria Generale R.C.A. Bilanci dal 1816 al 1870, bb. 227–230.

  21. 21.

    The documents are in ASR, Camerale II. Debito pubblico, b. 14, and ASV, Segreteria di Stato. Esteri, 1831, b. 25.

  22. 22.

    Letters from the Secretary of State to Alessandro Torlonia dated 10 October and 26 October 1831, ASV, Segreteria di Stato. Esteri, 1831, b. 25. The undated mandate from the Secretary of State to Torlonia can be found in the Archives Nationales de France (henceforth ANF), Archives Rothschild, Emprunts romains, b. 132AQ51.

  23. 23.

    Cassis, Capitals of Capital; Lévy-Leboyer, “La balance des paiements et l’exportations des capitaux français”; Flandreau, The Glitter of Gold.

  24. 24.

    Bagehot, Lombard Street.

  25. 25.

    Cameron, France and the Economic Development of Europe; Sherman, “Governmental Policy Toward Joint-Stock Business Organizations.”

  26. 26.

    The Rohen plan provided for a loan of 3 million scudi, at nominal value, at 70 per cent, against an issue of securities bearing 5 per cent annual interest, to be redeemed after 30 years, with fees of 2.5 per cent. The documents are in ASR, Camerale II. Debito pubblico, b. 14, fasc. 2.

  27. 27.

    Gille, Les investissements français en Italie, 16–27. See also Schisani, “How to Make a Potentially Defaulting Country Credible.” The documentation is in ANF, Archives Rothschild, Emprunts napolitains, bb. 132AQ54–132AQ55.

  28. 28.

    Quoted in Corti, The Rise of the House of Rothschild, 297.

  29. 29.

    On the composition of the “Haute Banque” see Stoskopf, “Qu’est-ce que la haute banque parisienne au XIXe siècle?”

  30. 30.

    Bouvier, Les Rothschild; Ferguson, The Rise of the Rothschilds.

  31. 31.

    Gille, Histoire de la Maison Rothschild, vol. 1; Ferguson, The World’s Banker. There is a vast bibliography on the Rothschilds, which includes serious research but also journalism and pamphlets; this is not the place for a full account, and references have therefore been restricted to the authoritative works used and quoted in this volume.

  32. 32.

    Correspondence between James de Rothschild and his brother Charles, 28 October and 3 November 1831, in ANF, Archives Rothschild, Maison de Naples, b. 132AQ13.

  33. 33.

    Copies of the contract are preserved both in ASR, Camerale II. Debito pubblico, b. 14, fasc. 3, and in ANF, Archives Rothschild, Emprunts romains, b. 132AQ51.

  34. 34.

    “Contrat passé entre M. Torlonia & C. de Rome et M. de Rothschild Frères de Paris pour se charger en compte à demi de l’Emprunt du Gouvernement Pontifical de 3,000,000 Piastres Romaines,” in ACS, Archivio Torlonia, b. 265.

  35. 35.

    “Le Pape et les Rothschild,” Figaro, 2 December 1831.

  36. 36.

    Belli, Tutti i sonetti romaneschi, vol. I, sonnet number 319, “La sala de Monzignor Tesoriere,” and number 320, “Er prestito de l’abbreo Roncilli.”

  37. 37.

    “Analisi dell’Imprestito divisa: 1) In danni evitabili, 2) In oggetti da rettificarsi di dritto del Governo di Roma, 3) In danni inevitabili, 4) In soverchiarie,” ASR, Tesorierato generale (1814–1847). Debito Pubblico, b. 580.

  38. 38.

    “Osservazioni e risposte sul primo prestito Rothschild,” in ASR, Tesorierato generale (1814–1847). Debito Pubblico, b. 580.

  39. 39.

    Letter from Macchi to Treasurer General Mattei, 20 November 1831, in ASR, Direzione generale del debito pubblico. Prestito Rothschild, b. 2854.

  40. 40.

    These were the words of the papal nuncio Antonio Garibaldi in a letter to the Secretary of State dated 6 June 1832, reproduced in Procacci, Le relazioni diplomatiche tra lo Stato Pontificio e la Francia, vol. 2, 123–24. On the loan, there are significant comments in the unsigned document “Osservazioni e risposte sul secondo prestito Rothschild” in ASR, Tesorierato Generale (1814–1847), Debito pubblico, b. 580.

  41. 41.

    On the attacks in the press, see the reports by the papal nuncio in Paris, Monsignor Garibaldi, to the Secretary of State in the early months of 1832, in ASV, Nunziatura di Parigi, reg. 30. Two pieces containing accusations towards Torlonia are (1) an anonymous piece in Italian, published in Paris in the form of a letter, dated 1 February 1832, in ASR, Camerale II. Debito pubblico, b. 14, fasc. 2; (2) a piece in wide circulation in Rome in the winter of 1831–32, collected during an enquiry conducted by the Secretary of State, in ASV, Segreteria di Stato. Esteri, b. 25.

  42. 42.

    “Risposta ad uno scritto pubblicatosi qui in Parigi in forma di lettera colla data del 1 febrajo 1832 sull’imprestito concluso dal sig. d. Alessandro Torlonia coi signori Rothschild fratelli per conto del Governo Pontificio”, n.p., 1832, and other written pieces in ASR, Camerale II. Debito pubblico, b. 14.

  43. 43.

    This was related by Stendhal in a report to the French Minister for Foreign Affairs of 23 October 1834, in the Archives Diplomatiques du Ministère des Affaires Etrangères (henceforth ADMAE), Mémoires et documents. Rome, b. 102, doc. 68. On Stendhal and the papal economy, see Felisini, “Stendhal e il Tesoro del Papa.”

  44. 44.

    Letter from Stendhal to General Sebastiani, 10 December 1831, in Stendhal, Correspondance, vol. 2.

  45. 45.

    Homer and Sylla, A History of Interest Rates.

  46. 46.

    Cobban, A History of Modern France, 71–131. On the loyalties felt towards the branche ainée (senior branch) of the dynasty, see Verucci, “Francois-René Chateaubriand storico della Rivoluzione.” See also Goujon, Monarchies postrévolutionnaires. On the placements with French savers, see Michalet, Les placements des épargnants français; Daumard, Les fortunes françaises au XIX e siècle.

  47. 47.

    On this, see the correspondence between Cardinal Macchi, president of the Congregazione di revisione dei conti, and Treasurer General Mattei of November 1831, in ASR, Direzione generale del debito pubblico. Prestiti Rothschild, b. 2854.

  48. 48.

    “Classificazione dei creditori delle rendite” in ASR, Direzione generale del debito pubblico. Prestiti Rothschild, b. 2854.

  49. 49.

    Papal encyclical “Mirari vos,” Rome, 1832, issued by Pope Gregory XVI, available online at http://www.totustuustools.net/magistero/g16mirar.htm.

  50. 50.

    Prodi, The Papal Prince; Menozzi, “Tra riforma e restaurazione,” 801–06.

  51. 51.

    Chadwick, A History of the Popes, 50; Boutry, Souverain et pontife.

  52. 52.

    An analysis of the papal elites prompts recognition of the important role of the identity and value systems of the ruling classes, contributing further support to formulations such as the “theory of inefficient government policies and institutions” put forward by Daron Acemoglu and James Robinson in their paper “Economic Backwardness in Political Perspective.”

  53. 53.

    Chadwick, A History of the Popes 1830–1914, 57. On the role allotted to railways in nineteenth-century Europe, see Gerschenkron, Europe in the Russian Mirror.

  54. 54.

    Monsagrati, “Lambruschini, Luigi.”

  55. 55.

    Vannini’s report, dated 25 September 1832, is in ASV, Segreteria di Stato. Esteri, b. 25.

  56. 56.

    Felisini, Le finanze pontificie e i Rothschild.

  57. 57.

    Cardoso and Lains, Paying for the Liberal State.

  58. 58.

    The “arma politica” was a military body consisting of hand-picked soldiers, charged with the maintenance of public order in its political sense and a constant, preventative and repressive surveillance within the territory of the Papal State.

  59. 59.

    Faini, Annez and Taylor, “Defense Spending, Economic Structure and Growth.”

  60. 60.

    Mark Dincecco, Giovanni Federico and Andrea Vindigni have counted ten instances of internal conflict (including conspiracies, riots and insurrections), the second highest number in Italy after the Kingdom of the Two Sicilies, although their figure underestimates the degree of unrest. See their article “Warfare, Taxation, and Political Change: Evidence from the Italian Risorgimento.”

  61. 61.

    Much of the statistical data presented in various issues of the Archivio Economico dell’Unificazione Italiana has been gathered in Romani, Storia economica d’Italia nel secolo 19.

  62. 62.

    See Bossenga, “Estates, Orders, and Corps”; Forrest, “Poverty”; Woolf, “The poor and how to relieve them”; D’Amelia, “A lungo provati dalla fatica.”

  63. 63.

    Bowring, Report on the Statistics of Tuscany, Lucca, the Pontifical and the Lombardo-Venetian States.

  64. 64.

    Morichini, Degli istituti di pubblica carità e di istruzione primaria.

  65. 65.

    J. Boissevain, Friends of Friends, Oxford, 1974; Eisenstadt and Roniger, Patrons, Clients and Friends.

  66. 66.

    Farini wrote his substantial three-volume work, Lo Stato romano dall’anno 1815 all’anno 1850, published in 1853, using documents he himself had collected, and others sent to him by protagonists of the Risorgimento such as Terenzio Mamiani and Antonio Rosmini. The third volume was dedicated to Gladstone, who had the whole work translated by an unidentified “Lady” of the University of Oxford (The Roman State from 1815 to 1850, 4 volumes). Farini maintained a correspondence in the second half of the 1850s with Gladstone and Lord John Russell, in which he upheld the cause of Cavour’s liberalism.

  67. 67.

    Casanova, Le mediazioni del privilegio, 259.

  68. 68.

    Piola Caselli, “La diffusione dei Luoghi di Monte”; Reinhard, “Finanza pontificia e Stato della Chiesa”; Lodolini, “Le finanze pontificie e i ‘Monti’.”

  69. 69.

    Pezzolo, “Government Debts and Trust”; Partner, “The Papacy and the Papal States.”

  70. 70.

    Sabatini, “La storiografia più recente sulla finanza italiana dell’età moderna,” 112.

  71. 71.

    Hicks, The Finance of British Government, 284–87.

  72. 72.

    Minghetti, Discorsi Parlamentari, vol. I, 78 (speech of 14 February 1863).

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  1. University of Rome Tor Vergata, Rome, Italy

    Daniela Felisini

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Felisini, D. (2016). The Pope’s Banker. In: Alessandro Torlonia. Palgrave Studies in the History of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-41998-5_4

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  • DOI: https://doi.org/10.1007/978-3-319-41998-5_4

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