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 together to approve such transactions as he chose to entrust to them. 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. And so Monsignor Folchi was disgraced, and since then has vainly solicited an audience of Leo XIII, who has always refused to receive him, as if determined to punish him for their common fault--that passion for lucre which blinded them both. Very pious and submissive, however, Monsignor Folchi has never complained, but has kept his secrets and bowed to fate. Nobody can say exactly how many millions the Patrimony of St. Peter lost when Rome was changed into a gambling-hell, but if some prelates only admit ten, others go as far as thirty. The probability is that the loss was about fifteen millions.**