ful speculations and investments, was able to double
them every year, and thus provide for all disbursements without ever
breaking into the capital of the Patrimony. In the earlier times he
realised considerable profit by gambling in land in and about Rome. He
took shares also in many new enterprises, speculated in mills, omnibuses,
and water-services, without mentioning all the gambling in which he
participated with the Banca di Roma, a Catholic institution. Wonderstruck
by his skill, the Pope, who, on his own side, had hitherto speculated
through the medium of a confidential employee named Sterbini, dismissed
the latter, and entrusted Monsignor Folchi with the duty of turning his
money to profit in the same way as he turned that of the Holy See. This
was the climax of the prelate's favour, the apogee of his power. Bad days
were dawning, things were tottering already, and the great collapse was
soon to come, sudden and swift like lightning. One of Leo XIII's
practices was to lend large sums to the Roman princes who, seized with
the gambling frenzy, and mixed up in land and building speculations, were
at a loss for money. To guarantee the Pope's advances they deposited
shares with him, and thus, when the downfall came, he was left with heaps
of worthless paper on his hands. Then another disastrous affair was an
attempt to found a house of credit in Paris in view of working off the
shares which could not be disposed of in Italy among the French
aristocracy and religious people. To egg these on it was said that the
Pope was interested in the venture; and the worst was that he dropped
three millions of francs in it.* The situation then became the more
critical as he had gradually risked all the money he disposed of in the
terrible agiotage going on in Rome, tempted thereto by the prospect of
huge profits and perhaps indulging in the hope that he might win back by
money the city which had been torn from him by force. His own
responsibility remained complete, for Monsignor Folchi never made an
important venture without consulting him; and he must have been therefore
the real artisan of the disaster, mastered by his passion for gain, his
desire to endow the Church with a huge capital, that great source of
power in modern times. As always happens, however, the prelate was the
only victim. He had become imperious and difficult to deal with; and was
no longer liked by the cardinals of the commission, who were merely
called togethe