351:: a deficiency of cash, cooked accounts, a note circulation of 135 million lire instead of the 75 million lire permitted by law, a great quantity of bad debts due to speculation in building, and 40 million lire in a duplicated series of notes that had been printed in Britain but not issued owing to the honesty of minor officials of the bank. Politicians had received money to finance their election expenses and to run or bribe newspapers. The next day, Tanlongo, the bank's director Cesare Lazzaroni, and several subordinates were arrested, but they were acquitted by the Court on 15 July 1894. Tanlongo accused Giolitti of receiving money through the Director General of the Treasury Carlo Cantoni, Agriculture Minister Pietro Lacava, and Grimaldi.
462:
602:, from the 1893 parliamentary inquiry. Giolitti regained much of his prestige after the political debate in December 1895 when the Chamber declined to indict Giolitti, who had asked to be brought for the Senate. The scandal was now hurriedly buried after nearly three years. Most of the shortcomings had been political negligence rather than criminal but the uproar about bribes and cover-ups had discredited political and banking institutions and the reputation of politicians. The prestige of both Crispi and Giolitti was tarnished substantially, favouring the so-called
263:, three Turin banks heavily involved in financing speculative building in Rome suspended payments. The note-issuing banks were persuaded by the government to bail out other banks in order to avoid a major disaster. They were allowed to issue bank notes in excess of their reserves and legal limits in an attempt to steer clear of economic recession. However, this caused them to become entangled in the crisis.
360:
438:, as well as to cover up a scandal that involved many politicians, rather than to design a new national banking system. Regional interests were still strong; hence the compromise that permitted three note issuing banks. The reform neither immediately restored confidence nor achieved establishment of a single note issuing bank, as envisaged by Finance Minister
504:
491:, and the minister left the session, deputies refused orders to leave until the light was turned off at 10 PM. Opposition deputies were cheered by a large crowd that had assembled on the street. Colajanni incited the multitude, shouting: "You are faint hearted! You have no convictions. If you had, you would put the torch to this parliamentary hovel!"
580:
Giolitti documents as a mass of lies, but rumours of Crispi's resignation turned out to be unfounded. Five battalions of infantry had been brought to Rome to quell possible riots. Giolitti was accused of embezzlement as well as libel against Crispi and his wife, and was summoned before the courts in
February
533:
defendants in July 1894 freed
Giolitti's successor as Prime Minister, Francesco Crispi, to engage in open warfare against Giolitti. Tanlongo and his co-defendants were acquitted on the grounds that the "major criminals are elsewhere" – an obvious reference to Giolitti (and a striking contrast to the
339:
and
Lodovico Gavazzi who divulged its contents to the Parliament at the end of 1892. On 20 December 1892 Colajanni read out long extracts in Parliament and Giolitti was forced to appoint an expert commission to investigate the note-issuing banks. The close friendship of Giolitti's Treasury Minister,
494:
Many politicians were implicated but
Giolitti was targeted in particular: "He knew of the bank's irregularities as early as 1889," the report said, "although as late as last February he declared that he did not know of them." The Commission concluded that pressing charges that Giolitti had used the
579:
After the publication of the committee's report on 15 December 1894, Crispi dissolved the
Chamber by decree amidst increasing protests, which compelled Giolitti – now that his parliamentary immunity was lifted – to leave the country; officially to visit his daughter in Berlin. Crispi denounced the
200:
five of the issue banks had exceeded their legal limit, a fact well known to the government and banking and financial circles. However, restricting credit during a speculative construction boom was considered politically impossible. Since the late 1880s, the
Italian economy had been sliding into a
584:
after the Public
Prosecutor, sustained by lower courts, had started the prosecution. However, on 24 April 1895 the Supreme Court decided that Giolitti could not be tried by an ordinary civil court, as Giolitti had argued, because he had made his accusations against Crispi in the Chamber. Only the
306:
An additional problem was that Banca Romana was a private company with private shareholders but with a public role as an issuing bank, and therefore constantly had an opposing interest between its public role as an issuing bank and its private interest to maximise profits as much as possible. The
286:
the accounting system is defective, the creation of bank notes is abnormal, their issuing is excessive and partly camouflaged, the arrangement of the general reserve fund is confused, the store of notes for circulation and withdrawal is inadequately protected, and further illegitimate and illegal
242:
clerics, top government officials and industrialists, including the Royal Family. He was their agent in real estate speculations, and subsequently started to speculate on his own account. He had a remarkable ability to secure friendships and protection by providing loans to cover up secrets.
486:
but had held back that information, were hailed amidst disorder with shouts for the resignation of
Giolitti. Rival deputies exchanged insults and pushed and pulled each other over seats and desks over a disputed effort to impeach the government. While the President of the Chamber,
592:, the scandal would backfire against him. On 24 July the Government decided to present Giolitti's evidence about the role of Crispi in the scandal and other matters to the Chamber of Deputies and to have a special commission examine them. In June 1895, the French newspaper
562:
and other ex-Ministers. Some journalists received 200,000 lire and others 75,000 lire for press and election services. Letters from
Bernardo Tanlongo explained that the deficit of the bank was due to disbursements to Ministers, Senators and members of the press.
541:
Giolitti now had an opportunity to counter-attack, releasing a package of documents compromising Crispi with evidence that he had concealed from the parliamentary inquiry financial transactions and debts contracted by Crispi, his family and friends with the
524:
in 1889, but had held back that information. Giolitti also allegedly received money from the bank for election purposes. Emotions at the trial sometimes ran high; once leading to an adjournment due to a fierce fist-fight between former
Minister
515:
Increasing the crisis, the Giolitti and the Crispi-Tanlongo camp leaked documents to the detriment of both politicians. The trial against Tanlongo and other directors of the bank for embezzlement and other fraudulent practices began on 2 May
477:
insisted that the sealed report of the Commission that investigated the bank scandals be read immediately. The conclusions of the Commission, that former Prime Minister Crispi, Prime Minister Giolitti, and former Finance Minister
252:
30:
220:, Bernardo Tanlongo, was a peculiar man, semi-literate but with a genius for accounts and finance. "He was not a womanizer, he never played, he is the antithesis of all elegance, his frugality resembles avarice," was how the
315:, preferred to rely on time rather than daring to face the revelations of fraud and the political mayhem that any serious attempt to reform the banking system would inevitably trigger. That proved to be a tragic mistake.
109:, one of the six national banks authorised at the time to issue currency. The scandal was the first of many Italian corruption scandals, and discredited both ministers and parliamentarians, in particular those of the
453:
for governmental purposes in August 1892, had nominated the bank's governor, Tanlongo, to the Senate, and had resisted a parliamentary enquiry, encouraging suspicions that he had something to hide. Tanlongo and the
404:
Giolitti was well equipped to deal with the technical side of the problem and, although late, he acted energetically. Within a few months, a new Banking Act was introduced in August 1893 that liquidated the
303:, like other banks, had extended substantial loans to politicians (including themselves), often without interest. This was a common way for politicians to finance election expenses in return for favours.
344:, with Tanlongo and the introduction of a bill – endorsed by Giolitti and then withdrawn – giving the existing banks the right to issue currency for another six years, increased suspicions of wrongdoing.
546:. On 11 December 1894 the package – known as the "Giolitti envelope" – was handed to the President of the Chamber of Deputies. A committee of five was appointed to examine the new evidence, including
299:
knew of the 1889 government inspection report, but feared that exposure might undermine public confidence and suppressed the report. In addition, they also wanted to avoid it becoming known that the
234:
after the Italian unification and was promoted governor in 1881. Over the years, Tanlongo had built an influential network through strong personal connections with Roman aristocrats and businessmen,
449:
Politically, however, Giolitti did not survive the scandal. He had been Finance Minister in the government that had suppressed the original 1889 report. As Prime Minister he had borrowed from the
307:
need for a single bank in charge of issuing banknotes and at the same time a reduction in the circulation of notes, was part of much debate in the following years. Both Crispi and his successors,
216:
Under the direction of Ludovico Guerrini (1870–81) the bank had been managed prudently and its banknote circulation had remained within the legal limits. However, his successor as governor of the
861:
846:
335:, Tanlongo, appointed as senator, which would have given him immunity from prosecution. Before Giolitti could appoint the former bank governor, the report was leaked to deputies
929:
226:
once described him. A former farm hand and former spy during the Roman Republic in 1849, he made his career in the bank in the Papal State, providing illicit entertainment to
809:
538:). In September 1894 Crispi subsequently ordered the prosecution of police officials for abstracting documents from Tanlongo's house that allegedly incriminated Giolitti.
1033:
278:
had loaned large sums to property developers but was left with huge liabilities when the real estate bubble collapsed in 1887. One of the government reports concluded:
598:
published documents compromising Crispi, showing evidence that he had concealed financial transactions and debts contracted by Crispi, his family and friends with the
385:
of Italian banks. The Banca Romana crisis and the climate of uncertainty following the subsequent banking reform, in combination with worldwide turbulence known as
495:
bank's money in the last election campaign could not be proved although it declined to affirm that it was disproved. Giolitti had to resign on 24 November 1893.
117:
that was shaking France at the time, threatening the constitutional order. The crisis prompted a new banking law, tarnished the prestige of the Prime Ministers
274:. Moreover, the bank's directors had committed a criminal offence by permitting an additional number of banknotes with duplicate numbering to be printed. The
209:
followed, which badly damaged Italian commerce. Many farmers, especially in southern Italy, suffered severely, which eventually led to the uprising of the
1438:
1012:
461:
1547:
270:
by a government commission revealed serious irregularities in its administration and accounts and that 91 percent of the assets of the bank were
717:
554:
cashier implicated Prime Minister Crispi (with several drafts and a note for 1,050,000 lire), as well as the former president of the Chamber,
1289:
1410:
572:
1391:
1374:
1358:
1333:
1305:
824:
213:. Additionally the collapse of a speculative boom based on a substantial urban rebuilding programme gravely damaged Italian banks.
1664:
1297:
The hunchback's tailor: Giovanni Giolitti and liberal Italy from the challenge of mass politics to the rise of fascism, 1882–1922
550:, one of Crispi's main allies. However, confronted with the new facts he realised that Giolitti had been misjudged. Notes of the
125:
and prompted the collapse of the latter's government in November 1893. The scandal led also to the creation of one central bank,
446:
which was seen as a decisive step towards the unification of note issuance and the control of money supply in Italy.
1312:
1030:
401:, together with a number of minor banks at the end of 1893 and in 1894, affecting the economic conditions of Italy in general.
196:
and the five other issue banks (banks that were allowed to issue banknotes), had steadily increased their note circulation. In
68:
had loaned large sums to property developers but was left with huge liabilities when the real estate bubble collapsed in 1887.
589:
1689:
1684:
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1259:
1486:
1052:
The Italian Bank Scandal; Report of the Investigation Read To Parliament. Many Deputies and Other Public Men Implicated
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1617:
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s tried to defame Giolitti, calculating that a change of government would result in the release of the defendants.
381:
The scandal prompted a new investigation and accelerated the process of passing a new banking law to address the
1424:
692:
1583:
1491:
1476:
1669:
1654:
1649:
1644:
1605:
347:
The expert commission report, published on 18 January 1893, confirmed the serious state of affairs in the
1228:
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1180:
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1087:
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979:
964:
777:
641:
369:(The Donkey) in June 1893, with Giolitti (right) and Tanlongo (left) taking money from the Pension Fund (
146:
1340:
1578:
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and a Bank Inspector, who testified against Miceli. The acquittal of Bernardo Tanlongo and the other
382:
308:
434:
The main purpose of the banking reform, however, was to rapidly solve the financial problems of the
1532:
603:
559:
555:
488:
341:
336:
222:
431:) were now given the concession to issue banknotes, which was put under tighter state control.
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1506:
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547:
411:
397:
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162:
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81:
1245:
1157:
999:
953:
736:
442:, but it was nevertheless a sound reform, strengthening the leading role of the newly formed
1622:
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1496:
1481:
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427:
370:
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142:
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1037:
535:
421:
210:
170:
114:
110:
1501:
1552:
1511:
1466:
1381:
655:
520:. Testimony at the trial revealed that Giolitti had been aware of the condition of the
479:
439:
391:
312:
1347:
Pohl, Manfred & Sabine Freitag (European Association for Banking History) (1994).
1181:
Crispi's Tormentor Sustained; Ex-Premier Giolitti May Not Be Tried by a Civil Tribunal
76:
The scandal prompted a new banking law, tarnished the prestige of the Prime Ministers
1638:
1461:
1309:
581:
517:
386:
328:
324:
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206:
202:
197:
126:
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and reformed the entire system for issuing banknotes. Only the recently established
526:
178:
154:
106:
693:
Italy's Financial Scandals; Kingdom startled by the peril of the national finances
359:
1365:
1349:
1324:
1296:
1280:
815:
622:) broadcast a mini series on the scandal in three parts. On 17–18 January 2010,
503:
1256:
1229:
Giolitti Escapes Trial; Attempt to Prosecute Him for Theft Fails in the Chamber
571:
1217:
Accusations Against Crispi; Details of the Portentous Charges Made by Giolitti
365:
141:
was founded by French and Belgian investors in 1833 under the jurisdiction of
102:
679:
594:
235:
1169:
Soldiers To Guard Rome; Troops Ordered to the City in Anticipation of Riots
1138:
Accusing Signor Crispi; The Banca Romana Chest of Documents a Pandora's Box
980:
Tanlongo Not Guilty; Jury Acquits Him of Fraud in Managing the Banca Romana
965:
Governor and Cashier Arrested; Large Overissue of Notes by The Banca Romana
1064:
Cabinet Forced To Resign; Italian Ministers Called "Thieves" by the People
29:
1100:
Adjournment In An Uproar; Almost A Riot At The Trial Of An Italian Banker
271:
227:
186:
158:
623:
251:
185:
was made one of the six banks authorised by the Italian government to
84:
and prompted the collapse of the latter's government in November 1893.
930:
Economic Theory and Banking Regulation: The Italian Case (1861–1930s)
239:
166:
671:
473:
On 23 November 1893, at the opening of the Italian Parliament, the
1416:
619:
570:
502:
460:
358:
250:
54:
389:, had led to the demise of two other major commercial banks, the
145:. (Other sources mention 1835) After the fall of the short-lived
1420:
1366:
Italy: a reference guide from the Renaissance to the present
737:
Italy: a reference guide from the Renaissance to the present
642:
Italy Has Her Scandal; Ex-Premier Crispi Said To Be Involved
626:
broadcast a two-part mini series directed by Stefano Reali.
465:
Sitting in the Chamber of Deputees on 23 November 1893 (
936:(Economic History Working Papers), Nr. 5, November 2010
810:
Socialism and the Working Classes in Italy Before 1914
1266:, Albatross Entertainment (accessed January 15, 2012)
975:
973:
816:
Labour and Socialist Movements in Europe Before 1914
1597:
1561:
1525:
1454:
1325:
The Force of Destiny: A History of Italy Since 1796
862:
L'abominevole Tanlongo e il crac della Banca Romana
201:deep recession. New tariffs had been introduced in
72:
60:
50:
42:
1341:Crisis and Reform: The 1893 Demise of Banca Romana
1014:Crisis and Reform: The 1893 Demise of Banca Romana
718:Crisis and Reform: The 1893 Demise of Banca Romana
377:) represented as a safe (L'Asino, June 11, 1893)
230:officials. Tanlongo remained at his post in the
1344:, IMF Working Paper (WP/17/274), December 2017.
280:
1432:
614:In 1977 the Italian state television channel
192:Due to rising inflation and easy credit, the
153:in 1850, and became the official bank of the
8:
1413:, Archivio storico della Camera dei deputati
1133:
1131:
1047:
1045:
1017:, Washington DC: International Monetary Fund
173:in 1870, the bank retook its former name of
19:
1383:Italy from liberalism to fascism, 1870–1925
1114:
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1108:
924:
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920:
839:
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833:
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766:
588:Despite Crispi's resounding victory at the
205:on agricultural and industrial goods and a
1439:
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1148:
1146:
990:
988:
944:
942:
928:Alfredo Gigliobianco and Claire Giordano,
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18:
1350:Handbook on the history of European banks
909:Handbook on the history of European banks
882:
880:
878:
876:
874:
1231:, The New York Times, December 14, 1895
1171:, The New York Times, December 17, 1894
1140:, The New York Times, December 16, 1894
1066:, The New York Times, November 25, 1893
1054:, The New York Times, November 24, 1893
847:Tanlongo, il maestro di Calvi e Sindona
634:
558:, Giolitti's former Treasury Minister,
534:sentences passed on the leaders of the
482:had been aware of the condition of the
171:annexation of the Papal States to Italy
1353:, Aldershot: Edward Elgar Publishing,
967:, The New York Times, January 20, 1893
711:
709:
707:
705:
644:, The New York Times, January 27, 1893
323:Giolitti, who was prime minister from
849:, Corriere della Sera, April 26, 1993
507:Illustration of Bernardo Tanlongo in
7:
1621:(Saint Sebastian's Day) directed by
1411:Commissione d'inchiesta sulle banche
1183:, The New York Times, April 25, 1895
415:– also in charge of liquidating the
1609:(The Old and the Young) written by
1207:, The New York Times, July 25, 1895
1195:, The New York Times, May 18, 1895
982:, The New York Times, July 29, 1894
355:New banking law and Giolitti's fall
169:in the Papal States. Following the
1380:Seton-Watson, Christopher (1967).
1219:, The New York Times, June 9, 1895
1102:, The New York Times, May 20, 1894
1090:, The New York Times, May 18, 1894
363:Cartoon in the satirical magazine
14:
1281:Modern Italy, 1871 to the Present
1205:Giolitti's Charges Against Crispi
1078:, The New York Times, May 3, 1894
1386:. London: Methuen & Co Ltd.
1369:, New York: Facts on File Inc.,
1120:Italy from liberalism to fascism
774:Italy from liberalism to fascism
266:In June 1889 inspections of the
28:
1294:De Grand, Alexander J. (2001).
1031:Legge n. 449 del 10 agosto 1893
813:, in Geary, Dick (ed.) (1989),
419:–, and two southern banks (the
331:, tried to get the governor of
1257:Lo scandalo della Banca Romana
498:
149:in 1849, the bank was renamed
1:
1328:, Houghton Mifflin Harcourt,
1076:The Banca Romana Trials Begun
654:Volta, Richard Dalla (1893).
590:general elections in May 1895
1487:Giuseppe De Felice Giuffrida
1322:Duggan, Christopher (2008).
1011:Marco Pani (December 2017),
934:Quaderni di Storia Economica
660:Journal of Political Economy
656:"The Italian Banking Crisis"
585:Senate could hear the case.
177:. At the time, Italy had no
151:Banca dello Stato Pontificio
1618:Il giorno di San Sebastiano
1300:, Wesport/London: Praeger,
1278:Clark, Martin (1984/2014).
475:Italian Chamber of Deputies
1706:
295:and his Treasury Minister
157:, acquiring a monopoly of
113:and was comparable to the
16:Italian corruption scandal
499:Giolitti's counter attack
27:
287:issues must be expected.
1665:Modern history of Italy
1584:Lercara Friddi massacre
1492:Agostino Lo Piano Pomar
1477:Rosario Garibaldi Bosco
1284:, New York: Routledge,
1598:In literature and film
1363:Sarti, Roland (2004).
1242:The Hunchback's Tailor
1154:The Hunchback's Tailor
996:The Hunchback's Tailor
950:The Hunchback's Tailor
606:headed by Cavallotti.
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509:Illustrazione italiana
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467:Illustrazione italiana
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247:Government inspection
207:trade war with France
1690:1895 crimes in Italy
1685:1894 crimes in Italy
1680:1893 crimes in Italy
1606:I vecchi e i giovani
1579:Giardinello massacre
1574:Caltavuturo massacre
1569:Banca Romana scandal
1338:Pani, Marco (2017).
1088:They Accuse Giolotti
907:Pohl & Freitag,
793:The Force of Destiny
697:The New York Tribune
354:
115:Panama Canal Scandal
97:surfaced in January
1533:Napoleone Colajanni
1526:Related politicians
866:Corriere della Sera
560:Bernardino Grimaldi
556:Giuseppe Zanardelli
489:Giuseppe Zanardelli
342:Bernardino Grimaldi
337:Napoleone Colajanni
223:Corriere della Sera
24:
1675:Corporate scandals
1315:2008-02-05 at the
1262:2010-12-02 at the
1036:2013-09-19 at the
868:, February 8, 2004
699:, 12 February 1893
610:In popular culture
577:
513:
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379:
319:The scandal erupts
257:
163:deposit collection
101:in Italy over the
1660:Politics of Italy
1632:
1631:
1548:Antonio Di Rudinì
1543:Giovanni Giolitti
1507:Lorenzo Panepinto
1290:978-1-4058-2352-4
807:Davis, John A.,
548:Felice Cavallotti
398:Credito Mobiliare
309:Antonio Di Rudinì
297:Giovanni Giolitti
255:Giovanni Giolitti
127:the Bank of Italy
123:Giovanni Giolitti
88:
87:
82:Giovanni Giolitti
1697:
1623:Pasquale Scimeca
1611:Luigi Pirandello
1589:Lunigiana revolt
1538:Francesco Crispi
1517:Bernardino Verro
1497:Giacomo Montalto
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181:and in 1874 the
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78:Francesco Crispi
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1502:Giovanni Noè
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740:, pp. 135–36
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604:Extreme Left
600:Banca Romana
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552:Banca Romana
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544:Banca Romana
543:
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531:Banca Romana
530:
527:Luigi Miceli
522:Banca Romana
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232:Banca Romana
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218:Banca Romana
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194:Banca Romana
193:
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183:Banca Romana
182:
179:central bank
175:Banca Romana
174:
155:Papal States
150:
139:Banca Romana
138:
136:
107:Banca Romana
93:Banca Romana
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66:Banca Romana
65:
61:Participants
35:Banca Romana
34:
21:Banca Romana
20:
666:(1): 1–25.
1639:Categories
1240:De Grand,
1152:De Grand,
1124:pp. 172–74
994:De Grand,
948:De Grand,
892:pp. 119–22
778:pp. 154–56
630:References
236:freemasons
133:Background
103:bankruptcy
1193:Editorial
954:pp. 42–44
680:0022-3808
595:Le Figaro
567:Aftermath
383:liquidity
203:July 1887
46:1893–1894
1313:Archived
1260:Archived
1034:Archived
827:, p. 188
819:, Berg,
791:Duggan,
616:Rete Due
425:and the
325:May 1892
272:illiquid
51:Location
1455:Leaders
1273:Sources
886:Clark,
734:Sarti,
624:Rai Uno
371:Italian
366:L'Asino
282:At the
228:Vatican
105:of the
95:scandal
73:Outcome
23:scandal
1625:(1993)
1613:(1913)
1390:
1373:
1357:
1332:
1304:
1288:
913:p. 564
823:
797:p. 340
715:Pani,
678:
240:Jesuit
167:credit
165:, and
1246:p. 64
1158:p. 63
1000:p. 46
620:Rai 2
618:(now
55:Italy
1388:ISBN
1371:ISBN
1355:ISBN
1330:ISBN
1302:ISBN
1286:ISBN
821:ISBN
676:ISSN
582:1895
518:1894
395:and
311:and
261:1889
238:and
198:1887
137:The
121:and
99:1893
90:The
80:and
64:The
43:Date
668:doi
327:to
259:In
1641::
1244:,
1156:,
1145:^
1130:^
1122:,
1107:^
1044:^
998:,
987:^
972:^
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941:^
932:,
919:^
911:,
898:^
890:,
873:^
864:,
832:^
795:,
784:^
776:,
745:^
725:^
704:^
695:,
674:.
662:.
658:.
373::
189:.
161:,
129:.
1440:e
1433:t
1426:v
1396:.
1319:)
1308:(
682:.
670::
664:2
469:)
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