Abstract
This chapter retraces the family’s modest mercantile origins in France and the ambitious ascent of Alessandro's father, Giovanni Torlonia (1754–1829). Revealing unusual entrepreneurial capabilities and determination, he was able to seize the opportunities of the troubled "French period" in the Papal States (1798–1814) and established a prosperous banking business while resolutely pursuing a process of ennoblement. The activity of the Bank is analysed in the context of the Roman financial and monetary system.
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Notes
- 1.
Ponchon, L’incroyable saga des Torlonia; Bertini, Delle famiglie romane di T. Amayden.
- 2.
Fanfani, Alle origini della Banca, 24–27.
- 3.
The documents relating to Giovanni’s admission to the Corpo dei Banchieri di Roma are in Archivio Centrale dello Stato (henceforth ACS), Archivio Torlonia, b. 266, fasc. 22.
- 4.
Piscitelli, La riforma di Pio VI e gli scrittori economici romani; Dal Pane, Lo Stato Pontificio e il movimento riformatore del Settecento, 400–38; La Marca, Tentativi di riforme economiche nel Settecento romano; Venturi, “The Enlightenment in the Papal States,” 258–61.
- 5.
The Roman scudo was the official currency in the Papal States during the period discussed in this book. For its exchange rates with other currencies see the Table A2.2 in the appendix.
- 6.
The document appointing De Miller, “Memoria delli dipartimenti ed incombenze delle quali ha avuto l’incarico il Cav. Gio. Cristiano de Miller dagli Eminentissimi Signori cardinali Pallotta e Ruffo in tempo del rispettivo loro Tesorierato, con l’approvazione della Santità di Nostro Signore,” 1794, is in Archivio di Stato di Roma (henceforth ASR), Camerale II, Camerlengato e Tesorierato, b. 17. On his activities, see Piscitelli, “Fabrizio Ruffo e la riforma economica dello Stato Pontificio”; Gross, Rome in the Age of Enlightenment, 105–11.
- 7.
“Chirografo speciale di Sua Santità” of 20 January 1786, in ASR, Camerale III. Comuni, b. 2350; the detailed text of the contract is in ASR, Camerale III. Comuni, b. 2359. On this, see Delumeau, L’alun de Rome 15–19 e siècle.
- 8.
The Reverenda Camera Apostolica (Apostolic Camera) had for many centuries been the body responsible for the financial, administrative and judicial rule of the Papal States. During the nineteenth century it became less powerful; its responsibilities started to be reduced and taken up by bodies that were more like modern ministries. See Felici, La Reverenda Camera Apostolica.
- 9.
D’Amelia, “A lungo provati dalla fatica.”
- 10.
De Felice, Aspetti e momenti della vita economica, 237.
- 11.
The Monte di Pietà di Roma was a Church financial institution that had slowly developed wider banking functions after its foundation in 1539 as a charitable provider of cash against the deposit of goods. The Banco di Santo Spirito was founded in 1605 to manage the properties and ensure funding for Rome’s Arcispedale di Santo Spirito in Saxia; over time it became a deposit bank for religious orders, charitable institutions and some private customers, and in particular it operated as a public bank. In 1786 it was given authorization to issue paper money, to assist papal finances. On these two institutions see Tamilia, Il Sacro Monte di Pietà di Roma; Tosi, Il Sacro Monte di Pietà di Roma; Ponti, Il Banco di S. Spirito; Travaglini, “Il Monte di Pietà di Roma,” 463–82; Travaglini, “Il ruolo del Banco di S. Spirito e del Monte di Pietà,” 617–39.
- 12.
Kelly, Oxford Dictionary of Popes, 301.
- 13.
Okey, The Habsburg Monarchy.
- 14.
Becattini, Storia di Pio VI, 96–97.
- 15.
M. Leopardi, Pensieri sulle circostanze economiche dello Stato Pontificio nell’anno 1797, in Biblioteca Nazionale Centrale di Roma, Fondo Gesuitico 195, 2324, n. 12, p. 100.
- 16.
Editti del Tesoriere Generale, in Biblioteca Casanatense, Collezione Bandi, ad annum.
- 17.
“Osservazioni al bilancio del Banco 1796,” in ASR, Archivio Torlonia, b. 265, s. fasc. 17.
- 18.
On this see Agulhon, Le cercle dans la France bourgeoise; Kale, French salons.
- 19.
This information was reported in the Roman newspaper Cracas, 14 December 1793.
- 20.
For information on Anna Maria Scultheis (1760–1840), see De Ferrari, Orazione funebre di donna Anna Maria duchessa Torlonia; Dionigi Orfei, Cenni biografici riguardanti la duchessa Anna Maria Torlonia.
- 21.
There is a brief note in the accounts of the Bank, relating to 1817: “In that year the partnership and participation in the profits of the brothers Chiaveri started.” In the same year a circular was issued to clients informing them that thenceforward the Bank would be known as “Ditta Torlonia e Compagni” (Torlonia and Associates Company). ACS, Archivio Torlonia, b. 265, fasc. 17 and fasc. 2.
- 22.
Popes had often drawn on the Aerarium Sanctius in the centuries after its establishment, prior to its conclusive depletion by Pius VI. See Candeloro, Le origini del Risorgimento, 132–33.
- 23.
Documents in ACS, Archivio Torlonia, b. 265, fasc. 6 and b. 266, fasc. 3. “Provvisioniere dei Sacri Palazzi” referred to ensuring the material needs of the papal buildings were met, but by the early nineteenth century had become an honorary title.
- 24.
Deed by the notary Nardi, 21 March 1797, in ACS, Archivio Torlonia, b. 197, fasc. 2.
- 25.
Document in the hand of Pius VI, 5 September 1797, ACS, Archivio Torlonia, b. 150.
- 26.
ASR, Notai del Tribunale dell’A.C., ufficio 9, notary A. Francesco De Rossi (De Rubeis), deed of 8 April 1797, vol. 6374. On the villa and the various architectural and artistic works, see Campitelli, Villa Torlonia: storia e architettura; Campitelli, Villa Torlonia: l’ultima impresa del mecenatismo romano.
- 27.
The villa, better known as Villa Ferroni-Valentini-Giraud from the names of the subsequent owners, was destroyed during the fighting for the Roman Republic in 1849; in 1863 it was bought by Bettino Ricasoli, Prime Minister of the Kingdom of Italy in 1861–1862, and then in 1907 by the Russian Prince Abamelek-Lazarev, from whom it took its current name. It passed to the Soviet Union and is now the seat of the Russian Embassy.
- 28.
Pasquino’s epigrams, also known as “pasquinate” (pasquinades), were the satirical writings and political attacks by anonymous authors which had for centuries been attached to a battered statue in Rome near Piazza Navona. Pasquino, one of the city’s “talking statues,” became the voice of the city’s populace, to the extent that many popes attempted in vain to silence it. For the origins of this phenomenon see Niccoli, Rinascimento anticlericale, 29–48; Rendina, Roma ieri, oggi e domani, 533.
- 29.
Dufourq, Le régime jacobin en Italie, 1900.
- 30.
The Consulate, consisting of five members, was the executive body of the Republic, as determined by its constitution declared on 20 March 1798.
- 31.
Da Galimberti, Diario, 4 July 1798, quoted by Giuntella, “La Giacobina repubblica romana,” 46.
- 32.
Margairaz and Minard, L’information économique; Hoffman, Postel-Vinay and Rosenthal, “Information and Economic History.”
- 33.
Formica, La città e la rivoluzione, 66–67, 175–76.
- 34.
Decree of the Roman Consulate, dated “9 nevoso dell’anno VII” (29.12.1798), in ASR, Camerale II. Annona, b. 39, fasc. 47.
- 35.
See De Cupis, Le vicende dell’agricoltura e della pastorizia nell’agro romano; Canaletti Gaudenti, La politica agraria e annonaria dello Stato Pontificio; Tilly, “Food supply and public order”; Palermo and Strangio, “Politiche dell’alimentazione e carestie”; Miller, Mastering the Market.
- 36.
Formica, “La legislazione annonaria e le rivolte per il pane”; Revel, Le grain de Rome et la crise de l’Annone; La Marca, L’abolizione del vincolismo annonario.
- 37.
Revel, “Rendements, production et productivité agricoles.”
- 38.
ACS, Archivio Torlonia, b. 266, fasc. 4.
- 39.
Accounts of the Bank in ACS, Archivio Torlonia, b. 265, s. fasc. 17.
- 40.
Senatorial report of “1 germile VII” (21 March 1799), quoted by Giuntella, La Giacobina repubblica romana, 57.
- 41.
The ideal type of entrepreneur appears as “a coherent, logical and purified image of reality [...] he is a construct of elements that the researcher abstracts from the actual context, while the financial players who are actually operating represent reality with all its contradictions and ambiguities”: Pagani, La formazione dell’imprenditorialità, 129–34. See also Swedberg, Entrepreneurship.
- 42.
On this topic see the study by De Felice, La vendita dei Beni nazionali, whose principal sources were the deeds of sale kept in the Trenta Notai Capitolini collection, ASR.
- 43.
Woolf, “La storia politica e sociale,” 219–21.
- 44.
The main purchase was the estate of Santa Maria Nuova, previously owned by the Olivetan Benedictine monks of Santa Francesca Romana: 466 hectares, 90 per cent of which was land for crops or pasturage. See De Felice, La vendita dei Beni nazionali.
- 45.
The documentation is in ACS, Archivio Torlonia, b. 266, s. fasc. 11.
- 46.
Documents relating to the purchase are in ASR, Camerale III. Comuni, b. 2353.
- 47.
The depositions and reports on these affairs are in ASR, Camerale III. Comuni, b. 2360.
- 48.
Dwyer, “Napoleon, the Revolution, and the Empire.”
- 49.
Israel Kirzner’s concept of “alertness” is further developed by Franco Amatori in his essay on entrepreneurship. See Amatori, “Imprenditorialità,” 513–14.
- 50.
Récamier, Souvenirs et correspondance, 219. Not long after its first publication translations came out in English, including the one edited by Luyster, Mémoirs and Correspondence of Madame Récamier, which was published in 1867.
- 51.
Giuntella, “Le classi sociali della Roma giacobina.”
- 52.
Cretoni, Roma giacobina, 145–70. On the Borghese family and their relationships with the Bonaparte family, see Majanlahti, The Families Who Made Rome.
- 53.
Gelmi, I Papi, 220–24.
- 54.
On the life of Agostino Chigi, see the entry edited by Camilletti for the Dizionario Biografico degli Italiani; the prince wrote a valuable memoir regarding nineteenth-century Roma, Memorabilia privata e pubblica 1801–1855, parts of which were edited by Fabrizio Sarazani and published as Il tempo del Papa-Re. Diario del Principe don Agostino Chigi dall’anno 1830 al 1855.
- 55.
An English economist travelling in Italy, Nassau William Senior (1790–1864), met and interviewed Michelangelo Caetani, described by Bartoccini as “one of the most enlightened and progressive noble citizens” (Roma nell’Ottocento, vol. 1: 275–76), on 5 March 1851. Senior’s journals quoted Caetani’s explanation as follows: “Formerly, the Roman States formed an aristocratic monarchy. The great Roman families were the owners of the greater part of the land which did not belong to ecclesiastical bodies. The country people were their tenants, and reverenced their birth as well as their wealth. Strict entails and the celibacy of the younger brothers kept them rich. They managed the affairs of their own parishes, and, though they could not feel much loyalty towards an elected sovereign, they supported the Pope as a mild though not always an enlightened governor. The French Revolution came, the Pope was deposed, the Roman states became a part of France. Some of the nobles emigrated, others were driven away, those who remained were ruined by exactions and by the law of equal partition; and when the Pope was restored in 1814, the aristocratic element, which had served as a medium uniting the Roman people and the priest who was to govern them, was wanting. The system of centralisation which the French had introduced was retained, except that ecclesiastics were substituted for the secular préfets and mayors of the French. There is now nothing between the Pope and the people.” See Senior, Journals kept in France and Italy, vol. 2, 97–98.
- 56.
Nicassio, Imperial City, 71.
- 57.
Record made in the Gran Libro dei Nobili, 28 January 1809, n. 15, in ASR, Archivio Torlonia, b. 150.
- 58.
Von Hülsen, Torlonia “Krösus von Rom,” 98–99.
- 59.
These are the terms used by the French historian Louis Madelin, writing in 1906, who was very critical of Roman society generally and particularly caustic regarding Giovanni Torlonia. He described the latter as “a ridiculous parvenu [...] with neither education nor manners,” a miserable speculator happy to deal with different governments, according to financial convenience rather than political ideals. See Madelin, La Rome de Napoléon, 43 and 388–89.
- 60.
Boutry, “Nobiltà romana e curia,” 411.
- 61.
Délille, “Premessa,” 355. For the English case, and a contrasting picture, see Stone and Fawtier Stone, An Open Elite? England 1540–1880.
- 62.
On France, see Behrens, “Nobles, Privileges and Taxes in France”; Doyle, Aristocracy and its Enemies. On Lazio, see Villani, “Ricerche sulla proprietà e sul regime fondiario”; Armando, “La feudalità nello Stato pontificio alla fine del ‘700.”
- 63.
Boutry, “Nobiltà romana e curia,” 412.
- 64.
On the processes of social ascent based on the accumulation of large financial resources, see the interesting analysis by Norbert Elias, The Court Society, 64–65 and 69–71. On the hegemony of the nobility’s way of life, see Mayer, The Persistence of the Old Regime; Scott, The European Nobilities, vol. 1: Western and Southern Europe; Doyle, Aristocracy: A Very Short Introduction, Chapter 3.
- 65.
Howard, “Some Eighteenth-Century ‘Restored’ Boxers”; Meyer and Piva, L’arte di ben restaurare.
- 66.
One of Odescalchi’s forebears, at the end of the seventeenth century, had in his turn acquired the duchy in the course of a forced sale imposed on Flavio Orsini in order to clear his debts. In 1842 another Livio Odescalchi was to redeem it from the Torlonia family, as the contract included a clause relating to ius redimendi, the right of the Odescalchi heirs to buy back the property they had transferred, forty years later.
- 67.
ACS, Archivio Torlonia fasc. 16. See Iozzi, Il Palazzo Torlonia in Piazza Venezia.
- 68.
BNC, Autografi Torlonia, a. 117/73. On the relationships with artists, see Monsagrati, “‘Per il denaro e per le arti’.”
- 69.
Letters from Valadier to Giovanni Torlonia in ACS, Archivio Torlonia, b. 266, fasc. 23.
- 70.
Stendhal, A Roman Journal, 72–74.
- 71.
Prince Vincenzo Giustiniani made use of the Bank to clear a debt of more than 30,000 scudi contracted in Paris; between 1809 and 1822 he was made a loan of 33,600 scudi, against which he proposed to hand over part of his very rich collection. This had been started in the seventeenth century by his forebears, Marchese Vincenzo Giustiniani and his brother Cardinal Benedetto, had been kept in their palace (now the seat of the President of the Senate), and was famous across Europe. In spite of arrangements in the wills that opposed this, by 1720 some classical items had already been disposed of, and subsequently most of the collection was dispersed between the end of the eighteenth century and the early nineteenth: Frederick William III, King of Prussia, acquired 157 of the paintings, and Alexander I of Russia managed to have some canvasses by Caravaggio sold to him. The collection was thus already greatly reduced by the time that Giovanni Torlonia—“the sly moneychanger of French origin,” as a contemporary report of the sale described him—obtained 115 of the 270 sculptures that remained.
- 72.
In 1812 Empress Marie-Louise appointed Anna Maria Torlonia as patroness and board member for the charitable body Société de la Charité Maternelle; the documentation is in ACS, Archivio Torlonia, b. 266.
- 73.
The documentation is in ACS, Archivio Torlonia, b. 266.
- 74.
ACS, Archivio Torlonia, b. 266.
- 75.
ACS, Archivio Torlonia, b. 266. On the value of the Borghese property and their financial dealings in that period, see Pescosolido, Terra e nobiltà.
- 76.
Documentation relating to this sort of “ordinary” clientele is in ACS, Archivio Torlonia, b. 265, fasc. 7.
- 77.
ASR, Trenta Notai Capitolini, ufficio 4, notaio Vittore Valentini (succ. Sacchi), deed 29, March 1823.
- 78.
Laudanna, “Le grandi ricchezze private.”
- 79.
Piola Caselli, “Public Debt in the Papal States.” Strangio, Il debito pubblico pontificio.
- 80.
Homer and Sylla, A History of Interest Rates, 230–70.
- 81.
The Commission was active until 1822; on its work, see Franchini, “Tentativi di riforme finanziarie dopo la Restaurazione.”
- 82.
On the debate on the economy promoted by the Congregazione Economica, and on the work of Nicolai, see the collection edited by Colapietra, La politica economica della Restaurazione romana.
- 83.
Letter from G. Torlonia to Monsignor Nicolai, 11 April 1823, in ACS, Archivio Torlonia, b. 266, fasc. 22.
- 84.
D’Errico, “Intermediazione privata e innovazione creditizia.”
- 85.
In the early 1820s the activity of Rome’s Camera di Commercio was suspended. It was only in 1835 that work was started on reorganizing these bodies, in an attempt to develop the role of those opened in the French period (in Ancona in 1812 and Rome in 1813) and to give a more decisive role to those established under the papal administration (Bologna 1815, Civitavecchia 1828, Pesaro 1829), including giving them responsibility for reporting on market activity. See Demarco, Il tramonto dello Stato Pontificio, 127–28.
- 86.
Letter from the Treasurer General to the Secretary of State, 23 September 1817, in Archivum Secretum Vaticanum (henceforth ASV), Segreteria di Stato. Epoca moderna, Rubrica 63. A discounting bank is one that cashes a bill of exchange (at a discounted value) before it becomes payable, or uses it as collateral for advancing a short-term loan.
- 87.
Allen, The Global Financial System 1750–2000, 79–88, 100–08. Accademia Nazionale dei Lincei, La politica monetaria della Rivoluzione francese.
- 88.
The text of the plan and other documents relating to the Cassa di Sconto can be found in ASV, Congregazione Economica, b. 42/56 and pc. 94.
- 89.
Among the more analytical documents on either side of the argument, see “Memoria sulla Cassa di Sconto in appoggio del progetto di fondarne una in Roma,” and “Supposta l’erezione di una Banca di Sconto in Roma, in qual modo potrebbesi tale istituzione rendere utile alle Provincie dello Stato Pontificio in oggi scarse di metalli preziosi monetati e conseguentemente di contrattazione e di circolazione. Quesito in sedici capitoli,” authors unknown, in ASR, Camerale II. Commercio e industria, b. 5.
- 90.
For an account of these affairs see Felisini, “La banca di emissione nello Stato Pontificio,” 283–86.
- 91.
See Bouvier, Les Rothschild, 7.
- 92.
See the note “Sull’indole e natura della Banca di Sconto” (On the nature of the Banca di Sconto), in ASR, Camerale II. Commercio e industria, b. 5.
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Felisini, D. (2016). Origins and Rise of the Torlonia Family and Bank. In: Alessandro Torlonia. Palgrave Studies in the History of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-41998-5_2
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