Abstract
This concluding chapter deals with the hopes and disappointments generated by the long pontificate of Pius IX (1846–1876) and the brief experiment of the Roman Republic of 1849, with Torlonia now in his maturity turning his gaze toward a unified Italy. This takes us to the extended process that led to the end of the Pope’s temporal power, the backdrop for Torlonia’s crucial decision to close the Bank in 1863, here analyzed in depth in its various aspects. The long and active life of Alessandro Torlonia gives us a way of looking both at the transformation of banking activity during the nineteenth century and at the principal events of the Risorgimento and the process of Italian unification, a major change in Europe’s geopolitical landscape; Torlonia was, in effect, the witness to a century.
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- 1.
The Times, in an article on 9 July 1846, described Pius IX as “an excellent man,” possessing qualities that Britain valued highly. On the new pope, see Aubert, Le pontificat de Pie IX; Martina, Pio IX.
- 2.
“Cantata in onore del sommo pontefice Pio IX,” with libretto by Giovanni Marchetti and music by Gioachino Rossini. See Bucarelli, “L’inedita cantata per Pio IX.”
- 3.
Di Gianfrancesco, “Un papa federalista.”
- 4.
On the neo-Guelph movement and the political programme put forward in Vincenzo Gioberti’s Del primato morale e civile degli italiani (1843), see Rumi, Gioberti; Beales and Biagini, The Risorgimento and the Unification of Italy, 60–63, 85–87.
- 5.
Tocqueville’s own account of his speech made to the Chamber of Deputies on the 29 January 1848, in Recollections, 18.
- 6.
Hobsbawm, The Age of Revolution; Hobsbawm, The Age of Capital; Banti and Ginsborg, Il Risorgimento.
- 7.
The Roman experiences of 1849 led to the approval of a progressive constitution, the first in the world to abolish the death penalty. On the Roman Republic see the recent works by Severini, La Repubblica romana del 1849; Monsagrati, Roma senza il Papa.
- 8.
Gusdorf, Auto–bio–graphie; Buescu and Duarte, Stories and Portraits of the Self; Piccone Stella, In prima persona: scrivere un diario.
- 9.
Chigi, Il tempo del Papa-Re, diary entries for April 1848.
- 10.
Gossett, “‘Edizioni distrutte’ and the Significance of Operatic Choruses during the Risorgimento”; Sorba, Teatri. L’Italia del melodramma nell’età del Risorgimento; Ascoli and von Henneberg, Making and Remaking Italy.
- 11.
The quotation (repeated by Perodi, Roma italiana, 1870–1895, 130) comes from Torlonia’s will, which contains advice to his heirs that is worth repeating: “I also suggest, in the difficult times that we have gone through and are going through, that you give your children a solid religious and civil education, so that they will be able to honour their country without ever confusing such sentiments with the excesses of liberalism” (quoted by Ponchon, L’incroyable saga des Torlonia, 266). Draft of Torlonia’s will in ACS, Archivio Torlonia, b. 104.
- 12.
ACS, Archivio Torlonia, b. 197.
- 13.
Torlonia, despite having been very critical of the Banca Romana, as discussed, did not withhold his support during the serious crisis of confidence in 1848. On 10 March, faced with the panic that triggered the assault on the Banca Romana’s counters, Torlonia organized a meeting, in his own palazzo, of entrepreneurs and traders in order to give it public support. Having set aside a hurried approach to its rescue, this group had to restrict itself to a public statement of faith in the bank’s strength. See the statement “Fiducia nella Banca Romana, sottoscritta da cinquantanove illustri banchieri e commercianti della città di Roma,” and the related documentation in ASV, Fondo Spada. Miscellanea, 1848, vol. IV.
- 14.
Sachs, L’Italie ses finances et son développement économique, 454–55.
- 15.
On this period see Caravale and Caracciolo, Lo Stato Pontificio da Martino V a Pio IX, chapter 8.
- 16.
In a letter dated 24 August 1849 Charles de Rothschild wrote to his brother James that “[i]t is a very natural thing that the Romans find no buyers at all in the current moment, when interest is not paid and when one knows how things are in Rome.” ANF, Archives Rothschild, Copies des affaires d’Italie, b. 132AQ819.
- 17.
As early as the 1840s James de Rothschild had asked for improvements in conditions for Jews in the Papal State, but had not made this the condition of a loan as he did in 1850. He presented a document in which he asked for Jews to be allowed to live outside the ghetto and attend schools, for the abolition of the prohibitions that prevented Jews from practising particular professions, and for equality with other subjects in taxation matters. Initially Antonelli firmly rejected these requests, but then promised some concessions on condition that these discussions were not made public, in order not to reveal that the Pope could be influenced on such delicate matters. The Rothschild document is reproduced in Fatica, Le relazioni diplomatiche fra lo Stato Pontificio e la Francia 1848–1860, vol. 2: 440–42. These events are also discussed by Martina, Pio IX, vol. 1 (1846–1850): 187–88, and by several chapters in the volume edited by Procaccia, Gli Ebrei a Roma tra Risorgimento ed emancipazione.
- 18.
The documentation is in ASR, Camerale II. Debito Pubblico, b. 14, fasc. 25.
- 19.
Felisini, “La banca di emissione nello Stato Pontificio.”
- 20.
“Statuto della Banca dello Stato Pontificio approvato da Sua Santità Papa Pio IX nell’udienza del 30 aprile 1851,” ASR, Ministero delle Finanze, b. 562.
- 21.
Raffaele De Cesare wrote that “the Banca had also taken on the responsibility to allocate part of its capital to coltivatori (growers), but by coltivatori it meant merchants or brokers of agricultural produce, allowing them the special advantage granted to coltivatori of repayment of the loan in a year. In order to survive, from its first day the Banca, short of business because the country had neither industries nor rich trade, undertook operations that might well not be settled; it was lavish with easy credit, especially when, a few years later, the government made its banknotes legal currency. It suffered enormous losses, skilfully covered by fictitious operations. However, leading the Banca was the Secretary of State’s brother, and as a result any doubts were easily dispelled. As was said: the Banca is all one with the government, it was not permissible to raise doubts as it was the state bank.” De Cesare, Roma e lo Stato del Papa, 58.
- 22.
Letter from Charles de Rothschild to his brother James, 4 November 1853, in ANF, Archives Rothschild, b. 132AQ53.
- 23.
Ventrone, L’amministrazione dello Stato pontificio dal 1814 al 1870, 178–80; the documentation is in ASR, Ministero delle Finanze, b. 651.
- 24.
The dispute between Torlonia and Ferrajoli was bitter and prolonged: in 1872 Ferrajoli’s children demanded from Alessandro Torlonia the money owing to their father, as a percentage of the profits of the two contracts. Ten years later, by mutual agreement, a committee of three arbitrators was appointed. Their adjudication was delivered in 1885, and determined a modest payment by Torlonia. It was only in 1888, after the Prince had died, that the matter was finally closed with the last payment (of about 10,000 lire) made by the Prince’s heirs. See: ACS, Archivio Torlonia, b. 197, fasc. 2/21; “Eccellentissimo collegio arbitrale composto dagli onorevoli signori comm. Niccola Tondi—comm. Giacomo Astengo—Comm. Giuseppe Piroli per la risoluzione delle sentenze compromesse al loro giudizio inappellabile con atto del 5 agosto 1882 da S.E. il signor principe D. Alessandro Torlonia e i signori marchesi Gaetano, Alessandro e Filippo fratelli Ferrajoli. Sommario sull’incidente sollevato nell’udienza arbitrale del giorno 26 marzo 1883” (Rome: Tip. Pallotta, 1883), in Biblioteca Apostolica Vaticana, R.G.Dir.Civ.III.692. The dispute with Ferrajoli was not the only one: in 1844 there had been a case between Torlonia and another of his closest associates, Domenico Benucci, over business in Naples. See “Corrispondenza e documenti esibiti dal Principe Torlonia nel Giudizio Arbitramentale col signor Domenico Benucci” and other documents in Biblioteca Apostolica Vaticana, Stamp.Rospigliosi.II.23 (int.1, 2, and 3).
- 25.
Liverani, Il papato, l’impero e il regno d’Italia, 63.
- 26.
Ministero del commercio e dei lavori pubblici, Ragguaglio di quanto è stato operato dal 1859 al 1863 nella sezione delle strade ferrate (Rome: Tipografia della Reverenda Camera Apostolica, 1864). In Biblioteca Apostolica Vaticana, R.G.Storia.II.253(2)
- 27.
“Elenco delle diocesi occupatesi delle soscrizioni del Prestito 18 aprile 1860,” in ASR, Camerale II. Debito pubblico, b. 15, fasc. 5.
- 28.
The Obolo (offering) originated in England in the eighth century as an annual contribution made by the sovereign and his people, becoming the Denarius Sancti Petri (Peter’s Pence) which quickly spread through Europe. Its use was scaled down during the Protestant Reformation, and it became a contribution made for specific causes. Its English origin may have been behind it being put forward again in the 1850s by The Tablet, a Catholic periodical in London. In 1860 the Opera per l’Obolo di San Pietro was established; for the first ten years this was managed independently, but was then incorporated into the general administration of the Holy See’s assets. It is currently the primary source of funding for the Vatican, producing 78 million US dollars in 2013 (the most recent figures available). On these matters, see Crocella, Augusta miseria: aspetti delle finanze pontificie; Felisini, “Il denaro di S. Pietro”; Pollard, Money and the Rise of the Modern Papacy.
- 29.
The letters are conserved in ACS, Archivio Torlonia, b. 266.
- 30.
See Traniello, “Cattolicesimo e società moderna”; Monsagrati, “Roma nel crepuscolo del potere temporale.”
- 31.
The pretext for d’Azeglio’s visit to Rome was provided by the King of Sardinia Victor Emmanuel II’s conferal of the Collare dell’Ordine Supremo della Santissima Annunziata on Prince Edward, son of Queen Victoria and heir apparent to the British throne, who was visiting Rome at the time. On 5 March 1859, the British prince wrote, “the Marquis d’Azeglio, the celebrated Sardinian Statesman and Soldier, came to invest me with the Order of the Annunciation, in the name of the King of Sardinia, who has done me the honour of conferring it on me” (quoted by Lee, King Edward VII, vol. 1: 68). On the figure of d’Azeglio, who in February 1855 had a heated exchange with Cardinal Antonelli on the press, see Gigante, La nazione necessaria. On the meeting between d’Azeglio and Torlonia, see Isastia, Roma nel 1859, 70–71.
- 32.
In all three regions the plebiscites had recorded an overwhelming majority of 98 per cent in favour of becoming part of the Kingdom of Italy; there was an abstention rate of 20 per cent in the Legations and Umbria, and 37 per cent in the Marche. See the Regio Decreto 18 March 1860 no. 4004, “Le province dell’Emilia fanno parte del Regno d’Italia”; Regio Decreto 17 December 1860 no. 4500, “Le province delle Marche fanno parte del Regno d’Italia”; Regio Decreto 17 December 1860 no. 4501, “Le province dell’Umbria fanno parte del Regno d’Italia.”
- 33.
Duke Michelangelo Caetani of Sermoneta was, in September 1870, president of the Giunta provvisoria di governo di Roma e della sua provincia. On Caetani, see Caetani, Enrichetta, Alcuni ricordi di Michelangelo Caetani duca di Sermoneta; Caetani, Michelangelo, Lettere di Michelangelo Caetani duca di Sermoneta.
- 34.
Bartoccini, Roma nell’Ottocento, vol. 2: 364–68.
- 35.
Gregorovius, Diari romani 1852–1874.
- 36.
Negro, Seconda Roma 1850–1870, 152–53. On these themes see Bartoccini, “L’aristocrazia romana nel tramonto del potere temporale”; Nenci, Aristocrazia romana tra ’800 e ’900: i Rospigliosi.
- 37.
“Cessazione del Banco Torlonia”, deed of 30 June 1863, in ACS, Archivio Torlonia, b. 265, fasc. 22.
- 38.
Flamini and Spada were linked to Torlonia by a typical relationship of patronage, which enabled their rise in society. Giuseppe Spada, in particular, was for years at the Prince’s side; as well as being a shrewd commentator on Roman affairs, he wrote the three-volume Storia della Rivoluzione di Roma e della Restaurazione dal 1 0 giugno 1846 al 15 luglio 1849. After 1870, his son Alessandro was a dynamic protagonist of Rome’s new political and financial world: a councillor in the first municipal administration after Italian unification, and from 1875 a board member of the Banca Generale di Roma, Spada took an active part in transactions in property and financial assets that concerned the capital in the 1870s and 1880s, showing that he knew how to benefit from both the teaching and the position he had been given by Torlonia.
- 39.
See Pianciani, Vincenzo Pianciani al figlio Luigi, vol. 4 (1849–56), 1802–03.
- 40.
It was only at the end of the decade that Alessandro Torlonia managed to make arrangements for the continuation of his household, having considered various solutions that included the marriage of his daughter Anna Maria to her poorly regarded relative Clemente Torlonia, Marino’s grandson. Owing to the involvement of Pope Pius IX himself, a marriage agreement was made with Giulio Borghese, the fourth child of Prince Marcantonio Borghese, who agreed to give up his own surname in order to take on the Torlonia name and the titles linked to this. The wedding took place in October 1872, but the bridegroom’s change of surname was opposed by various descendants of the two families and became the subject of a long dispute, which went as far as the Consiglio di Stato; the matter was only decided on 7 March 1875, with a decree by Victor Emmanuel II. The documents are preserved in ACS, Archivio Torlonia, bb. 150 and 197.
- 41.
In a note of 1864 the French diplomat Henry d’Ideville portrayed the sombre situation of the Torlonia family as follows: “I come from an encounter in the street with the sad cortege of Princess Torlonia taking the air. Nothing could be more distressing than the sight of those two great carriages of the richest princely household in Rome. In one, Princess Torlonia, with a female companion; in the second, her daughter with two maids. The Princess, sister to Prince Colonna, is still very beautiful, but her strange smile and her large crazed eyes demonstrate to all those passing that the poor woman no longer has her wits ... As for the child [Anna Maria], her sad and serious face shows well enough that the affection of a mother has always been lacking to her. Few people, catching sight of this child, so simply dressed, at the door of this old carriage, could have guessed that she was one of Europe’s richest heiresses.” D’Ideville, Journal d’un diplomate en Italie, 127–28. This theme was also mentioned by other writers of the period: in his reports the journalist Ugo Pesci discussed the illness of the Princess, who was reduced “to vegetating in an unconscious state until her death,” and the illness “of body and of mind” of her second daughter, Giacinta Carolina Giovanna. See Pesci, I primi anni di Roma capitale, 153. Princess Teresa’s illness was also mentioned by Ferdinand Gregorovius in his Diari romani 1852–1874, 214; a description of a perhaps excessively gloomy nature was provided by another foreign observer, Louis Delâtre, in his Ricordi di Roma, 139.
- 42.
In July 1862 Garibaldi undertook an expedition to Sicily, where he hoped to gather volunteers and support around the “democratic” cause of the completion of the Risorgimento process. In a passionate speech he called for the liberation of Rome and attacked Napoleon III, whose armies had been protecting the city since 1849. Garibaldi’s attempt was foiled by the Italian army at the Battle of Aspromonte (29 August), during which Garibaldi was wounded and then arrested. See Mack Smith, Garibaldi: A Great Life in Brief; Mack Smith, The Making of Italy, 1796–1866; Riall, Garibaldi: Invention of a Hero.
- 43.
The figures from the papal state budget are in ASR, Computisteria Generale della Reverenda Camera Apostolica. Bilanci, bb. 257–261 and 279. For a detailed reconstruction of the budgets from 1817 to 1868, see Felisini, Le finanze pontificie e i Rothschild.
- 44.
Between 1862 and 1868, not least because of the loss of the most productive provinces, there was a fall in exports, of up to about 2 million scudi per year, that was not balanced by reductions in imports: these stayed at a value of about 6 million scudi. For trends in the balance of trade, see Bonelli, Il commercio estero dello Stato Pontificio nel secolo XIX.
- 45.
“Rapporto sulla necessità di provvedere al pagamento degli interessi dei prestiti Rothschild, 1865.” In ASR, Camerale II. Debito pubblico, b. 14.
- 46.
The movements of the papal bonds have been reconstructed from work on the quotations reported in the official bulletin Le Moniteur Universel between 1860 and 1869.
- 47.
“Notes sur le finances pontificales considerées au point de vue des riforme intérieures du Gouvernement, ” compiled by Ambassador Gramont, 15 November 1862, in ADMAE, Mémoirs et Documents, vol. 119.
- 48.
The “September Convention” of 1864 was signed in Fontainebleau by the French Foreign Minister Drouyn de Lhuys and Italy’s diplomatic representatives Nigra and Pepoli. It envisaged the withdrawal, within two years, of the French forces that were garrisoned in Rome to safeguard the Pope, in exchange for a commitment by Italy not to invade the Papal State and to protect it in case of foreign attack, as well as to take on responsibility for part of the papal public debt. As a guarantee of Italian commitment, in an additional document that was initially kept secret, Napoleon III requested the transfer of the capital within six months from Turin to another city, identified as Florence, as a demonstration of the Italian government’s renunciation of the calls for Rome as Italy’s capital that had been made when the Italian Parliament first met in Turin on 27 March 1861. See Rogari, La convenzione di settembre (15 settembre 1864); Mori, La questione romana 1861–1865.
- 49.
Felisini, “Il Tesoro italiano ed il debito pubblico pontificio.”
- 50.
On 18 June 1866 the Roman scudo was replaced by the papal lira (a silver coin divided into 100 centesimi and equivalent to 0.186 scudi), which had the same value as the new lira of the Kingdom of Italy.
- 51.
The decision to impose the forced circulation of paper currency was taken in Italy in the spring of 1866, on the eve of the Third War of Independence; recognition was given to the circulation of banknotes issued by the Kingdom of Italy’s Banca Nazionale, in exchange for the bank granting the Treasury a loan of 250 million lire at the concessionary rate of 1.5 per cent (Regio decreto no. 2873 of 1 May 1866). See Allen, The Encyclopedia of Money, 89–90.
- 52.
Referring to himself in the third person, Torlonia wrote: “[h]e repeats to Your Holiness that although he has dealt with colossal financial ventures which, thanks be to God, have been successful, he has however not engaged in the requisite studies, nor has he concerned himself with readings and other material in such a way as to know how to quote authors or to recall critical periods for other states, in order to know what measures were adopted in similar cases.” Letter to Pius IX of 17 September 1866, ACS, Archivio Torlonia, b. 266.
- 53.
The article, with the title “The Rothschilds of Rome!”, appeared in the North Otago Times, vol. 8, issue 202 (30 April 1867), 3.
- 54.
Vidotto, “20 settembre 1870: la breccia di Porta Pia.” See also Cadorna, La liberazione di Roma nell’anno 1870 ed il plebiscito.
- 55.
On this theme see Traniello, I cattolici, il risorgimento e le nuove frontiere dell’identità nazionale; Formigoni, L’Italia dei cattolici; Giovagnoli, “La Chiesa in Italia fra nazione e Stato.”
- 56.
Marc Bloch’s reflections on this theme are particularly apposite: “As for homo religiosus, homo œconomicus, homo politicus, and all that rigmarole of Latinized men, the list of which we could string out indefinitely, there is grave danger of mistaking them for something else than they really are: phantoms which are convenient providing they do not become nuisances. The man of flesh and bone, reuniting them all simultaneously, is the only real being.” See Bloch, The Historian’s Craft, 125.
- 57.
In the “Buddenbrooks syndrome,” named after the well-known 1901 novel by Thomas Mann about a Lübeck family of merchants, there are marked differences across the generations managing a family business. The first generation of proprietors has a pioneering character, striving for money and creating a successful business. The second generation puts its energy into strengthening the firm and increasing its recognition and social prestige, while the third lacks dedication to the management of the family business or withdraws. This model has been analysed and subjected to a range of critical appraisals. See Rose, “Beyond Buddenbrooks: The Family Firm”; Jones and Rose, Family Capitalism; Allende, “Poor Thomas Buddenbrook! Family Business in Literature.”
- 58.
On these issues see Yun-Casalilla and O’Brien, The Rise of Fiscal States; Boccardo, Dizionario della economia politica e del commercio, vol. 4: various entries.
- 59.
While being conscious of the “drastic simplifications of reality” that historical reconstructions represent, due in particular to the limitations of sources, Carlo Cipolla emphasized that the tasks of the historian include the obligation “to convey the sense that the actual events related were vastly more complex and complicated than his account of them. In essence, the sense of history is an awareness of the tremendous complexity of human affairs.” See Cipolla, Between History and Economics, 60–61.
- 60.
Marcello De Cecco writes that “at the height of Romanticism, economic subjectivism, the belief that the destiny of the new nation was in their hands and that the brightest aspirations were just around the corner [...], ruled the hearts and minds of Italians.” De Cecco, “L’Italia grande potenza: la realtà del mito,” 4.
- 61.
Cassis, “L’imprenditore e il manager,” 46–50.
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Felisini, D. (2016). Torlonia, Witness to a Century. In: Alessandro Torlonia. Palgrave Studies in the History of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-41998-5_7
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