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Updated: June 28, 2025
Accordingly, from that other source of income, the Peter's Pence, the Pope annually gave three million francs to Monsignor Folchi, who, by skilful 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.
So, when the crisis came, a plot was laid; the cardinals terrified the Pope by telling him of all the evil rumours which were current, and then forced Monsignor Folchi to render a full account of his speculations. The situation proved to be very bad; it was no longer possible to avoid heavy losses.
Monsignor Folchi inherited his father's cleverness, and revealed himself to be a financier of the first rank in such wise that the commission gradually relinquished its powers to him, letting him act exactly as he pleased and contenting itself with approving the reports which he laid before it at each meeting.
After Antonelli's death, however, his successor, Cardinal Simeoni, withdrew the money from the nuncios to invest it at Rome; and Leo XIII on his accession entrusted the administration of the Patrimony to a commission of cardinals, of which Monsignor Folchi was appointed secretary.
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.
Accordingly, from that other source of income, the Peter's Pence, the Pope annually gave three million francs to Monsignor Folchi, who, by skilful 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.
So, when the crisis came, a plot was laid; the cardinals terrified the Pope by telling him of all the evil rumours which were current, and then forced Monsignor Folchi to render a full account of his speculations. The situation proved to be very bad; it was no longer possible to avoid heavy losses.
After Antonelli's death, however, his successor, Cardinal Simeoni, withdrew the money from the nuncios to invest it at Rome; and Leo XIII on his accession entrusted the administration of the Patrimony to a commission of cardinals, of which Monsignor Folchi was appointed secretary.
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.
After Antonelli's death, however, his successor, Cardinal Simeoni, withdrew the money from the nuncios to invest it at Rome; and Leo XIII on his accession entrusted the administration of the Patrimony to a commission of cardinals, of which Monsignor Folchi was appointed secretary.
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