Abstract
This chapter analyzes the development of the Torlonia Bank’s activities and results in the central decades of the nineteenth century (1830–1850). The joint management of Roman loans brought a significant increase in profits, while the reputation Torlonia had acquired strengthened his political influence with the papal government, giving him the opportunity for other lucrative operations. Building on these important assets, he developed strategies of diversification and internationalization in order to overcome the constraints of the Roman financial market, here explored in depth. Torlonia extended the Bank’s network of partners at a European level and enjoyed business relationships with leading members of the Haute Banque. Moreover, he became one of the most active Italian investors in the booming infrastructure initiatives in Europe. The chapter concludes with a delineation of his banking model.
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Notes
- 1.
“Convenzione per fornire tratte a 90 giorni su Parigi per l’ammortizzazione dei prestiti esteri,” 1831, renewed in 1835 and 1839, in ACS, Archivio Torlonia, b. 265.
- 2.
The contracts of 1832 and relevant correspondence are in ACS, Archivio Torlonia, b. 266.
- 3.
Schisani, “The Rothschild House of Naples (1821–1863).”
- 4.
Ministero del Tesoro, Istituzioni finanziarie, contabili e di controllo dello Stato Pontificio dalle origini al 1870.
- 5.
Procacci, Le relazioni diplomatiche tra lo Stato Pontificio e la Francia 1830–1848, vol. 2: 226–28.
- 6.
In 1833 Rothschild had proposed to Muhammad Ali, the ruler of Egypt at war with the Ottoman Sultan, to buy the 5 per cent bonds of the new Egyptian issue at 50 per cent of their nominal value, imposing additional costs of a 5 per cent commission; see Ferguson, The World’s Banker, 415–16.
- 7.
For analysis and data on these topics, see Homer and Sylla, A History of Interest Rates.
- 8.
Gille, La banque en France au XIX e siècle, 112–18.
- 9.
On Saint-Simon see Leopold, “Saint-Simon”; on the economic vision of his followers, and in particular on the role of the bank, see Jacoud, Political Economy and Industrialism.
- 10.
Körner, “Protestant Banking”; Cabanel and Encrevé, Dictionnaire biographique des protestants français.
- 11.
Letter from Corrado Haller, representative of the Rothschild brothers, to Torlonia & C., 16 January 1836, in ACS, Archivio Torlonia, b. 265.
- 12.
This is the portrayal given by his contemporaries, reproduced by Anka Muhlstein in her Baron James: The Rise of the French Rothschilds, 95–99.
- 13.
The banker committed himself to funding restoration work in the Basilica in order to compensate the Lateran Chapter for granting him the chapel: see “Promemoria circa l’erezione del monumento sepolcrale Torlonia,” in ASV, Segreteria di Stato 1834–35, b. 603, rubrica 282/65; “Cappella gentilizia Torlonia in S. Giovanni in Laterano,” doc. 6 February 1836, Biblioteca Nazionale Centrale di Roma (henceforth BNC), Fondo Ceccarius. Regesto dell’Archivio Torlonia.
- 14.
The act of 10 January 1835 set a new legal ratio between the values of gold and silver (15.73 units of refined silver to one unit of refined gold) and set rates of exchange with the foreign currencies circulating within the Papal State; it adopted the decimal system for scudi and bajocchi, while all the old coins ceased to be legal tender and could be exchanged at the Papal Mints in Bologna and Rome at the value of their precious metal content; production of the abundant gold coinage (at a value of more than 1 million scudi) was made possible by the supply of gold bars by French shareholders for the establishment of the Banca Romana, in exchange for the privilege of issuing banknotes. Chirografo della Santità di N.S. Papa Gregorio XVI, Sul sistema monetario, sulla coniazione delle nuove monete e sulla tariffa generale delle monete che hanno corso legale nello Stato Pontificio, esibito per gli atti dell’Argenti Notaro e Segretario della R. C. A. 10 gennaio 1835. See also Felisini, Le finanze pontificie e i Rothschild, 1830–1870, 92–95; Pinchera, Monete e Zecche nello Stato Pontificio dalla Restaurazione al 1870; Fratianni and Spinelli, Storia monetaria d’Italia.
- 15.
“Osservazioni sulli cambiamenti da farsi nel Sistema Monetario dello Stato Pontificio,,” 8 November 1834, ASR, Ministero delle Finanze, b. 580.
- 16.
Listings on the Rome Stock Exchange published in the Diario di Roma, 1835–1840.
- 17.
On the inter-relationships between money and power, see Parsons, “An Outline of the Social System.”
- 18.
Letter from the Treasurer General to the Secretary of State, 7 May 1836, in ASR, Computisteria Generale R.C.A. Personale, b. 34.
- 19.
On this issue see Tomz, Reputation and International Cooperation, Chapter 6.
- 20.
Letter from James de Rothschild to the Treasurer General of 20 September 1836, in ASR, Computisteria generale R.C.A. Personale, b. 34.
- 21.
The spread of cholera was linked to the development of commercial trade, both maritime and overland, and as a result particularly affected some cities: there were fresh outbreaks in London, for example, in 1832, 1841, 1854 and 1866, and in 1832 there were serious consequences in other port cities such as Liverpool. See Kotar and Gessler, Cholera: A Worldwide History; Tognotti, Il mostro asiatico. Storia del colera in Italia. On cholera in Rome, see Cadet, Cenni per la storia medica del colera contagioso di Roma nell’anno 1837.
- 22.
Agreement of 2 September 1837, in ANF, Archives Rothschild, b. 132AQ51. See The Times, 5 September 1837, p. 3.
- 23.
Letter from Torlonia to James de Rothschild, 4 September 1837, in ANF, Archives Rothschild, b. 132AQ51.
- 24.
This sentence appears in Daphné, the historical novel by the French dramatist Alfred de Vigny, written in 1837 and quoted by Léon Poliakov, The History of Anti-Semitism, vol. 3: 361. This work by de Vigny, dedicated to the Emperor Julian (361–363), is an example of the use of history to highlight current events which was typical of the romantic authors; it contains scenes from nineteenth-century Paris juxtaposed with scenes from the past, in order to illustrate the power of signs and symbols. See Majewski, Paradigm and Parody, 48–49.
- 25.
See David Bidussa’s “Introduzione” to the new Italian edition of Poliakov’s History of Anti-Semitism. On the use of Judaism to conceptualize evil and to delineate features that were considered negative in different epochs, see Nirenberg, Anti-Judaism: The Western Tradition.
- 26.
Torlonia was able to combine both these elements when he made a very generous contribution to the rebuilding of the basilica of St. Paul, devastated by a fire in 1823; in 1840, he responded to the appeal launched by Gregory XVI with a large offering of 20,000 scudi. The building site for the reconstruction of this basilica was one of the largest in nineteenth-century Rome under the Papal State, at one point involving as many as 1,000 workers, not including the architects, technicians, artists and other specialist staff. It required huge financial resources: state allocations were supplemented by donations from the faithful, called for first by Leo XII and then by Gregory XVI, with the urgent appeal launched in 1840. It was not just the Catholic community that responded: over and above the 400,000 scudi collected, there were many donations of precious materials, including blocks of malachite from Tsar Nicholas II and alabaster columns sent by the Viceroy of Egypt. See Pietrangeli, San Paolo fuori le Mura, 67–72.
- 27.
Because his Bavarian subjects had not responded favourably to the project, the King asked Salomon von Rothschild to underwrite 75 per cent of the company’s capital stock, to be placed within a year on European markets using the family’s network. This affair had mixed fortunes: the 4 per cent dividends promised by the King were not paid out regularly, and the estimated costs of building the 170 kilometres of canal were overrun by more than 70 per cent. The returns from management of the canal in the second half of the 1840s were also to prove disappointing. In addition, the repeated interventions of the Bavarian government unsettled the bonds’ listings. See Kiehling, “Efficiency of Early German Stock Markets,” 122–23.
- 28.
Bouvier, Les Rothschild, 134–37.
- 29.
Letter from James de Rothschild sent from Rome to the Maison in Paris, 16 February 1839, in ANF, Archives Rothschild, b. 132AQ51.
- 30.
The correspondence and the formal agreements, dated from 15 to 23 February 1839, are in ACS, Archivio Torlonia, b. 265.
- 31.
Letter from Alessandro to James de Rothschild, 16 February 1839, in ACS, Archivio Torlonia, b. 265.
- 32.
Letter from Alessandro to James de Rothschild, 16 February 1839, in ACS, Archivio Torlonia, b. 265.
- 33.
Landes, “Vieille Banque et Banque Nouvelle,” 205.
- 34.
In 1815 the Congress of Vienna had conceded an annuity from various properties in the Marche region, in the Papal State, to Eugène de Beauharnais, Viceroy of Italy during the Napoleonic period and later Duke of Leuchtenberg. This was the subject of a lengthy diplomatic dispute, at the end of which Cardinal Consalvi extracted an undertaking that the award would be replaced by a contract of emphyteusis (long-term lease) between the Papal State and de Beauharnais and his heirs. In 1844 the Duchy of Leuchtenberg indicated its willingness to modify the contract, and the Roman government organized a complex operation to redeem the Beni dell’Appannaggio (the assets supporting the annuity). This provided for the incorporation of the properties into the papal estates, and their subsequent sale as lots. The documentation is in ASR, Camerale II. Miscellanea Appannaggio Beauharnais b. 5 and 6, and Archivio Cardinale Antonelli, b. 264. See Fratesi, Il Principe e il Papa.
- 35.
On Giacomo Antonelli (1806–1876) see Coppa, Cardinal Giacomo Antonelli and Papal Politics in European Affairs; Aubert, “Antonelli, Giacomo.” The French writer Edmond About, who held anti-clerical views, devoted several pages of his 1861 book Rome Contemporaine to a description of Antonelli’s humble origins, shamelessly acquired wealth and taste for intrigue. In another book, About outlined Antonelli’s ambitious personality in ironic tones: “[h]is tastes are simple; a scarlet silk robe, unlimited power, an enormous fortune, a European reputation, and all the pleasures within man’s reach—this trifle satisfies the simple tastes of the Cardinal Minister.” The Roman Question, 106.
- 36.
This was the estimate given by Monsignor Carlo Luigi Morichini in his report Sullo stato delle finanze pontificie e de’ modi di migliorarle (Rome: Ministero delle Finanze, 1847), in ASR.
- 37.
Muzzarelli, Il denaro e la salvezza; Todeschini, Ricchezza francescana.
- 38.
Morichini, Degli istituti di pubblica carità e d’istruzione primaria, 171–74.
- 39.
There were about 12,000 workers in the wool mills at the beginning of the nineteenth century, 3,000 in 1821, and 1,200 in 1870. See Parisi, “Tentativi di innovazione dell’industria laniera nella Roma dell’Ottocento.”
- 40.
Ponti, Il Banco di Santo Spirito e la sua funzione economica in Roma papale (1605–1870), 189.
- 41.
De Rosa, Storia delle casse di risparmio; Moss and Russell, An Invaluable Treasure: A History of the TSB; Christen-Lécuyer, Histoire sociale et culturelle des Caisses d’epargne en France 1818–1881.
- 42.
D’Amelia, “‘A lungo provati dalla fatica’,” 80–81.
- 43.
Sulla istituzione delle casse di risparmio nello Stato Pontificio e sul progresso delle medesime a tutto il 31 dicembre 1857. Relazione rassegnata alla Santità di N.S. Papa Pio IX da Mgr. Andrea Pila, Ministro dell’Interno il 20 aprile 1859 (Rome: Tipografia RCA, 1859). Available in the Biblioteca dell’Archivio di Stato di Roma and a small number of other libraries.
- 44.
Maifreda, “Banche e società civile (1861–1914),” 29.
- 45.
Veca, “Morichini, Carlo Luigi.”
- 46.
Cassa di Risparmio di Roma, Monografia storico-statistica.
- 47.
Morichini, Degli istituti di carità per la sussistenza e l’educazione dei poveri e dei prigionieri in Roma, 322–23; D’Errico, Una gestione bancaria ottocentesca, 44–53.
- 48.
In 1840 the Banco Torlonia became guarantor with the Cassa di Risparmio di Roma for the huge loan granted to Domenico Orsini, with repayment within 60 days and annual interest at 5 per cent. The documentation is in ACS, Archivio Torlonia, b. 266.
- 49.
The list of shareholders is in Cassa di Risparmio di Roma, Monografia storico statistica.
- 50.
D’Errico, Una gestione bancaria ottocentesca, 72–75.
- 51.
Manuscript by Alessandro Torlonia, October 1840, in ACS, Archivio Torlonia, b. 266.
- 52.
Graziani, “La Banca Romana (1834–1870).”
- 53.
Schwartz, “Banking School, Currency School, Free Banking School”; Kindleberger, Manias, Panics and Crashes, 55–59; Wray, Understanding Modern Money; Tymoigne and Wray, “Money: An Alternative Story.”
- 54.
On the debate in the Papal State, see Felisini, “La banca di emissione nello Stato Pontificio.” For a comparison with the experience of other Italian states before unification, see Conte, La Banca Nazionale. On the wider issues see Realfonzo and Ricci, “The Italian Debate on Free Banking”; Figuera, “Pluralità vs. unicità. Il dibattito sul problema dell’emissione monetaria.”
- 55.
Smith, “Of money.”
- 56.
Lamoreaux, “Information Problems and Banks’ Specialization in Short-Term Commercial Lending.”
- 57.
Schumpeter, Business Cycles, 107–23.
- 58.
Report on the Banca Romana of 28 August 1834 in ADMAE, Mémoires et documents. Rome, vol. 102, n. 68. The corso forzoso (forced circulation) was the suspension of convertibility between paper money and its equivalent in precious metals.
- 59.
Letter from James de Rothschild to the representative of the Maison in Rome, Corrado Haller, undated, in ANF, Archives Rothschild, b. 132AQ51.
- 60.
Article on the Allgemeine Zeitung of 11 April 1835, in ASR, Camerale II. Banca Romana, b. 1.
- 61.
ACS, Archivio Torlonia, b. 265, fasc. 14.
- 62.
Reed, Investment in Railways in Britain, 1820–1844; Leclercq, “L’État, les entreprises ferroviaires et leurs profits en France (1830–1860)”; Felisini, “Ferrovie e finanza.”
- 63.
Walter Bagehot used the expression “blind capital” to describe enthusiastic but unwary investors whose capital was devoured by speculation and bubbles. Bagehot, “Edward Gibbon,” 128.
- 64.
Felisini, “Railway Investments in Italy during the Nineteenth Century.”
- 65.
Bouvier, Les Rothschild, 123.
- 66.
From a letter of May 1845 from Enfantin to his silk merchant friend Arlès-Dufour of Lyons, quoted by Bouvier, Les Rothschild, 126.
- 67.
ASR, Archivio Torlonia, b. 265, fasc. 12.
- 68.
The Manifattura tabacchi (Tobacco factory) of Rome doubled its takings from the sale of cigars within a decade: these went from 25 per cent of its total receipts in the 1830s to 50 per cent in the 1840s. See Capalbo, L’economia del vizio.
- 69.
Lanci, Dell’Amministrazione Cointeressata de’ Sali e Tabacchi, 5–6.
- 70.
The libbra mercantile of the Papal State was equivalent to 339.1 grams.
- 71.
The son of a domestic servant in the Torlonia household, Ferrajoli was able to study thanks to the Prince’s interest. He then entered the Bank, where he showed ability and initiative, so much so that he was given tasks of increasing responsibility. See Bartoloni, “Ferraioli, Giuseppe.”
- 72.
Report on industrial enterprises in ACS, Archivio Torlonia, b. 197, fasc.3.
- 73.
“Contratti di fabbricazione e trasporto e di Regia cointeressata della vendita dei tabacchi stipulati il dì 19 agosto 1833 e 10 febbraio 1835,” in ACS, Archivio Torlonia, b. 265, fasc. 16.
- 74.
On Dupont and Neapolitan entrepreneurs of the mid-nineteenth century, see Davis, Merchants, Monopolists and Contractors.
- 75.
Up until the end of the nineteenth century in many Italian cities there was a trade in snow and ice, which was collected in mountain areas, kept in purpose-built storage pits, and then sold in the cities. Particular facilities were needed, and it was valuable enough for it to become the subject of a monopoly. It was in particular used by hospitals and pharmacies, but also for food consumption by wealthier families.
- 76.
ACS, Archivio Torlonia, b. 265, fasc. 17.
- 77.
Giuntini, Soltanto per denaro. La vita gli affari la ricchezza di Emanuele Fenzi, 99–100.
- 78.
ACS, Archivio Torlonia, b. 265, fasc. 14.
- 79.
Travaglini, “Lo Stato Pontificio e l’industria,” 81. According to the quantitative data provided by various contemporary observers there were 518 production units of varying size in Rome in 1803, 450 in 1826, 394 in 1840, and 300 in 1857.
- 80.
The documentation is in ASR, Camerlengato, parte II, titolo III, b. 75.
- 81.
ACS, Archivio Torlonia, b. 265, f. 129.
- 82.
In 1830 new customs tariffs were approved whose essential aim was protection of domestic production, including the wool industry. To these were added incentives: in 1835 awards for quantity production were introduced, aiming to increase production in order to meet the growing domestic demand and limit the use of imports. See Bonelli, Il commercio estero dello Stato Pontificio nel secolo XIX; Toscano, “L’avvio di una politica industriale a Roma tra XVIII e XIX secolo,” 220–21.
- 83.
Coppi, Discorso agrario, 13–17.
- 84.
Repetti, Dizionario geografico fisico storico della Toscana, vol. 5: 252–68.
- 85.
The documentation is in ASR, Camerale III. Comuni, b. 976.
- 86.
Berardi, Il carbone in Romagna.
- 87.
Malanima, Le energie degli italiani; Bardini, Senza carbone nell’età del vapore.
- 88.
Gabriele, L’industria armatoriale nei territori dello Stato Pontificio, 54–55; Girard, “Transport,” 266–67.
- 89.
An announcement about the company’s foundation appeared in Notizie del giorno, no. 10, 10 March 1836; the documentation is in ASR, Camerlengato, parte II, titolo IX, b. 691.
- 90.
Pescosolido, Terra e nobiltà, 95–99.
- 91.
Correspondence between Alessandro Torlonia and Cavalier Giuseppe Gozzani, letters of 24 and 27 February 1836, in Biblioteca Nazionale Centrale di Roma, Autografi Torlonia, fasc. A 23/17.
- 92.
ACS, Archivio Torlonia, b. 265.
- 93.
De Marinis, “Cialdi, Alessandro.”
- 94.
Giuntini, “Inland Navigation in Italy in the Nineteenth Century”; D’Errico and Palazzo, “Il Tevere ‘navigato’ e ‘navigabile’.”
- 95.
Plessis, The History of Banks in France, 187.
- 96.
Plessis, “The Banque de France and the Emergence of a National Financial Market”; Conti, Le dimensioni nazionali della finanza, 114–15.
- 97.
Bouvier, Les Rothschild, 7.
- 98.
Landes, “Vieille Banque et Banque Nouvelle.”
- 99.
Cameron, France and the Economic Development of Europe, 435–57; on the action taken by Cavour and Piedmont see Duggan, The Force of Destiny.
- 100.
On the role that financial innovation can play in promoting economic growth, see Sylla, Tilly and Tortella, “Introduction: Comparative Historical Perspectives”; Van der Wee, “European Banking in the Middle Ages and Early Modern Times,” 175–220.
- 101.
Fanfani and Conti, “Banca e credito nel Risorgimento nazionale,” 21–22; Masi, “L’influenza del debito pubblico sulla costituzione dei sistemi finanziari: il caso italiano.”
- 102.
Cassis and Pohle Fraser, “Introduction,” xvi.
- 103.
Carnevali, “Between Markets and Networks: Regional Banks in Italy.”
- 104.
These features were characteristic of private banking of the time throughout the Italian peninsula. See Conti and Schisani, “I banchieri italiani e la Haute Banque,” 134–37.
- 105.
Kobrak, “The Concept of Reputation in Business History.” On the debate regarding the definition of corporate reputation, see Olegario and McKenna, “Introduction: Corporate Reputation in Historical Perspective.”
- 106.
Cassis, City Bankers, 1890–1914, 31; Pak, “Reputation and Social Ties.” Bruce Mann has highlighted how in the United States in the early nineteenth century credit mechanisms were based on connections between status, honour and moral dignity; see Mann, Republic of Debtors, 7–19.
- 107.
On the enduring importance of reputation, including within more recent financial systems, see Garruccio, “Informazione e reputazione”; Lapavitsas, “Information and Trust as Social Aspects of Credit”; Pohle Fraser, “Personal and Impersonal Exchange. The Role of Reputation in Banking.”
- 108.
Confalonieri, Banca e industria in Italia (1894–1906), vol. 1: 271. On the role of private bankers in Italy after unification, see Segreto, Private Bankers and Italian Industrialisation; Polsi, Alle origini del capitalismo italiano; Cafaro, “Alle origini del sistema bancario lombardo.”
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Felisini, D. (2016). A Banker of European Stature. In: Alessandro Torlonia. Palgrave Studies in the History of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-41998-5_5
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