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2020 | OriginalPaper | Chapter

3. Banking Institutions

Author : Luciano Maffi

Published in: Private Bankers in the Italian 19th Century

Publisher: Springer International Publishing

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Abstract

This chapter analyzes the role of Banking Institutions, with particular attention to the Kingdom of Sardinia, where a structural change began thanks to the role of the private bankers. It was an evolutionary process that had already matured in numerous other economically more advanced European countries. The changes involve public debt management, credit and financial institutions, and money supply. The causes can be traced back to the increase in national and international commercial traffic, to industrial and infrastructural development: new dynamisms that require complex intermediation systems for payments. This chapter also presents the role that the banking institutions of the Kingdom of Sardinia had in growth and development of Italian unification (not just political unification).

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previous chapter The Parodi Bankers

next chapter Financial Intermediation: The Rothschilds and the Private Bankers in the Kingdom of Sardinia

Felloni (2010), Fratianni (2006, 497–501), and Sieveking (1906).

Felloni (1997, 116; 2008). Felloni points out that the public bank: “it always allows to avoid the use of metallic money thanks to the giro account service offered by the bank to its customers;—very often the bank provides the market with an additional mass of types of payment in the form of a still primitive paper currency, payable on demand. This paper currency is issued to the holder of the deposit in the denominations preferred (and not in fixed denominations), it is nominative and it is transferable only by endorsement (and not by simple delivery)”. Concerning this topic read also: De Luca (2003).

Concerning public banks: Ugolini (2017). Regarding the financial context read also: Fratianni (2010).

Felloni (1997, 120).

Felloni (1997, 130–132). In France in the mid-nineteenth century, when the Bank of France obtained the role of central bank, the banking system was divided into four types of banks: haute banque or private bank; big credit institutions; banque universelle; land credit bank, cooperative credit bank and colonial credit bank.

Concerning the development of credit systems in Peninsula read: De Luca and Moioli (2008), De Simone (1993), Bernardello (2002), Felisini (2016), Strangio (2001, 2006, 2013), Pinchera (1961), De Luca (2007, 2013a), Piluso (2000, 2002), Levati (1997), and Angeli (1982).

Cafaro (2000), Cova and Galli (1991), and De Bonis et al. (2012).

Graziani (1995).

Felloni (1997, 138). Other issuing banks are also established in the Grand Duchy of Tuscany in Livorno, Siena, Pisa, Arezzo, and Lucca.

Podestà (2004) and Felloni (1997, 138–139). The banking activities that the Bank of Genoa can carry out are: “discount commercial effects in Genoa or Turin, collect bills due in Genoa from private individuals and public administrations, receive free deposits of money in a current account, grant advances against deposit of securities of state, valuable materials, currencies and use of funds in public securities”. When the National Bank is founded, the type of operations increases and transforms, especially in relation to the geographic area in which banking activities can take place: “possibility of discounting bills also in other places in the state and abroad; the strict three-month limit for advances and the permission to grant them also on the deposit of raw silks, worked silks and bills payable on other markets”.

The French credit and financial system was considered as a model for the economic activities in the period of Italian unification. Gille (1959a), Bouvier (1961), Plessis (1982, 1985), and Cameron (1953). Concerning the books and articles published in nineteenth century: Aycard (1867), Bailleux de Marisy (1872), Bonnet (1864), Coquelin (1848), and Pereire (1866).

Piluso (1999, 9–16) and Landes (1956), “Vieille banque,” 202–222.

De Luca and Moioli (2008), De Simone (1993), Bertini (1994), De Rosa (2004), Avallone (2014), Polsi (1993), and De Luca (2013b).

Piluso (1999, 10), Cafaro (1990, 159–168), Licini (1997), and De Luca (2007).

Ugolini (2017), Goodhart (1988), Toniolo (1995), and Hawtrey (1932). Concerning Italian monetary history read: Fratianni and Spinelli (1997).

Conte (1990, 13–24) and Scatamacchia (2008).

Cassis (1984, 2006) and Cassis and Cottrell (2009).

Conte (1990) and Doria (1969). It is not possible to define the Bank of Genoa as a central bank and it is not possible to define its chief as a centrale banker in a contemporary way. The Bank of Genoa does not have all the control and inspection functions typical of all the contemporary central banks. For this reason, I use proto-bank and proto-central banker to describe this type of process.

Conte (1990, 13–24). Concerning the economic development of the Kingdom of Sardinia: Cibrario (1852), Rosselli (1954), Romeo (1975), and Castronovo (1965). Regarding the economic context of Genoa in that period refer: Quaglia (1846), Bertolotti (1834), and Cevasco (1838).

Doria (2001, 171–173).

Concerning the economic context of the Kingdom of Sardinia, with focus on Liguria, the observations of Leandro Conte are important, because they underline how economic stagnation initially disadvantaged the development of significant innovations in the credit and payment systems. Conte also describes the credit and financial transactions of these private bankers of the Kingdom of Sardinia: “Working almost exclusively on the main cities, the function performed by these institutes was the following: regulation of the offer of international payment services operated in the transfer bill of exchange; transfer precious metal to discount of bills of exchange; advances on public securities; credit openings to a limited number of customers. The economic culture behind these choices was based on the acquisition of profit and not on the operational qualitative growth of credit. It looked at the sum of the financial speculations of each individual bank deal. Due to this way of operating, the main activities were: buying and selling of public debt securities issued by European states; currency transactions; financing of production activities that required seasonal increases of financial liquidity (e.g. silk); of individual financial projects. It was a credit activity that maintained expectations of other short-term profits, which could be carried out by mobilizing relatively small capital”: Conte (1990, 23–24). A different point of view regarding this topic: Bergier (1985).

This legal form allowed the new bank to have sufficient capital to carry out financing activities suited to the needs of the commercial background; it also allowed the bank to ensure liquidity in the business market by issuing banknotes, whose convertibility was guaranteed.

Doria (1969, 6–10; 2001, 171–173).

Doria (1969, 9–10).

Cipolla (1953) and Grendi (1964).

Doria (1969).

Felloni (1956).

Codice di Commercio (1842, art. 46).

Conte (1990, 29–30).

Conte (1990, 28).

Doria (1991), Calzavarini (1969), and Coppini (1994).

Doria (2001, 171–173). For the political and social context: Montale (1999), Felloni (1961), and Guglielmino (1940).

Marongiu (2011).

Doria (2001, 184–185), Marchese (1957a, b, 1959), Abrate (1961), Grendi (1964), Doria (1969, 120–124), Giacchero (1980, 126–137), Rollandi (1991), and Virgilio (1869).

Arese (1953) and Guderzo (1961).

Rollandi (2011).

Doria (1990, 13–64; 2001, 187; 2011), Rollandi (2008, 2010, 2011), Piccione (2010), and Tonizzi (2000, 2010).

Doria (2008) and Mori (1989).

Bolchini (1969), Allen (2001), Cassis et al. (1995), and Cassis (1997).

Cavour was Minister of Agriculture and Commerce in 1850 with the D’Azeglio government; in 1851 he also assumed leadership of the Ministry of Finance; in 1852 he began his first term as Prime Minister, maintaining this role in four governments until his death in 1861.

Doria (1969, 120–124).

Doria (2008, 233–244).

Guderzo (1961, 2018).

Bachi (1936).

ANMT, BR, 132 AQ 9 P 096, Parodi (1848–1851), 132 AQ 9 P 097, Parodi (1852–1855) and 132 AQ 9 P 099, Parodi (1860–1863).

ANMT, BR, 132 AQ 9 P 102, Pescio (1843–1855).

ANMT, BR, 132 AQ 9 P 058, De La Rue (1840–1865).

ANMT, BR,132 AQ non coté 160, Ricci (1840–1859).

ANMT, BR,132 AQ 9 P 070, Spigno Gastaldi (1851–1852), 132 AQ 9 P 071, Spigno Gastaldi (1853–1855), 132 AQ 9 P 072, Spigno Gastaldi (1856–1857) and 132 AQ 9 P 073, Spigno Gastaldi (1858–1860).

ANMT, BR, 132 AQ 9 P 090, Massone (1846–1852).

ANMT, BR, 132 AQ non coté 35, Cataldi (1851–1867).

ANMT, BR, 132 AQ non coté 45, Dapples et C. (1858–1867).

ANMT, BR, 132 AQ non coté 112, Leonino (1846–1866).

Regarding Raffaele De Ferrari’s financial activities and business and political relations: Doria (1991). Regarding foreign investments in the Italian peninsula and the role of international finance in the modernization of the country: Cameron (1961).

The correspondence between Rothschild Bank and Bolmida is collected in: ANMT, BR, 132 AQ 9 P 033, Bolmida (1849–1853), 132 AQ 9 P 034, Bolmida (1854–1855), 132 AQ 9 P 035, Bolmida (1857), 132 AQ 9 P 036, Bolmida (1858–1859), 132 AQ 9 P 037, Bolmida (1860–1861) and Banque Rothschild, 132 AQ 9 P 038, Bolmida (1862–1865).

ANMT, BR,132 AQ 9 P 089, Mestrezat (1843–1852).

Da Pozzo and Felloni (1964, 243–258, 259–279, 282–301).

Conte (1990) and Scatamacchia (2008).

Doria (2008).

Romeo (1977, 503–506). The attempt to establish the Banca Sarda is discussed further in the following section.

Conte (1990, 193).

Da Pozzo and Felloni (1964, 259–279) and Doria (1969, 161–166).

Morabito (1991), Rossi and Nitti (1968, 33), and Doria (1969, 91–93).

ADG, FP, 4/40, Progetto d’una strada di ferro fra Genova, il Piemonte, e la Lombardia (1826).

ADG, FP, 5/43, Documenti relativi alla costruzione di una strada ferrata tra Genova e il Po e poi Torino (1837).

ASGe, Fondo Camera di Commercio, 25 and 199.

Doria (1969, 120–124) and Gille (1968).

Romeo (1977, 503–506), Gille (1959b), Demarco (1988), and Decugis (1979).

Berta (1990) and Conti and Schisani (2011, 155).

Romeo (1977, 505).

Rossi and Nitti (1968) and Romeo (1963).

Romeo (1977, 507–508): “It is difficult to determine whether the Banca Sarda episode was a bluff on Cavour’s part to prompt the Banca Nazionale to reduce its demands, as some of his contemporaries suspected, or, as some documents suggest, a genuine attempt to create a competing bank, which was later abandoned and replaced with an agreement between two financial groups, as others supposed. However, it is a fact that the economic boom in 1851 and 1852 diminished the importance of the legal tender that the Banca Nazionale had still attributed to it the previous summer”.

ANMT, BR, 132 AQ 9 P 070, Spigno Gastaldi (1851–1852).

The available documents do not explicitly explain the reasons for the sale of Banca Nazionale stock by Parodi and Spigno-Gastaldi. While we may interpret the action as a guarantee of impartiality by two bankers who are about to promote another bank that should have similar characteristics and functions to the Banca Nazionale, it might also be a speculative operation, as the Spigno-Gastaldi letter suggests. In any case, the situation developed favorably also for Cavour, who leveraged the proposal for the new bank to influence ongoing negotiations with the Banca Nazionale.

Romeo (1977, 505–506).

Galli (1992, 262).

ANMT, BR, 132 AQ 9 P 070, Spigno Gastaldi (1851–1852).

ANMT, BR, 132 AQ 9 P 070, Spigno Gastaldi (1851–1852): “We made all due haste, Gentlemen, to share this project with you to see if you wanted to join us. You will have had your good reasons for declining it, and we can only respect your decision to abstain. We now believe, Gentlemen, that the Turin promoters were of the opinion to accept the Ministry’s conditions, which at the same time has undertaken to treat the [Banca] Nazionale and the Banca Sarda on the same footing. You might consider taking the place of the three promoters of Genoa, who have decided to withdraw. The fourth promoter, ourselves, has withdrawn in deference to our neighbors, but would ask nothing more than to have the honor of following you, without any pretensions as to the number of shares allocated to us, which we leave to you to decide. We believe the affair merits your consideration”.

Parliamentary records for the June 23 and 24, 1852 sessions may be found at the following links: https://storia.camera.it/regno/lavori/leg04/sed508.pdf, https://storia.camera.it/regno/lavori/leg04/sed509.pdf.

A few lines below, the Minister declares his inclination to apply the principle of competition while also admitting his hesitation, shared by others, of a speculative action: “If I had just kept in mind the esteem I professed for each of the founders, I would not have doubted their loyalty or the desire to establish a principle of competition that I highly approved; but given the nature of the affair, I wanted to prevent it from ever transforming into a stock market game, and that with all these shares in hand it could have an influence on the Banca Nazionale and perhaps obtain conditions, as a result of which the promoters of the new bank could have withdrawn”.

For information on shares and shareholders, see Scatamacchia (2008, 68–102).

Archivio di Stato di Genova (ASGe).

Fondo Camera di Commercio, 25, Corrispondenza e contratti a stampa.

Fondo Camera di Commercio, 199, Quadro delle compagnie di Assicurazioni Marittime in Genova (1850).

Archivio Doria di Genova (ADG).

FP, 4/40, Progetto d’una strada di ferro fra Genova, il Piemonte, e la Lombardia (1826).

FP, 5/43, Documenti relativi alla costruzione di una strada ferrata tra Genova e il Po e poi Torino (1837).

Archives Nationales du Monde du Travail – Banque Rothschild (ANMT, BR).

BR, 132 AQ 9 P 033, Bolmida (1849–1853).

BR, 132 AQ 9 P 034, Bolmida (1854–1855).

BR, 132 AQ 9 P 035, Bolmida (1857).

BR, 132 AQ 9 P 036, Bolmida (1858–1859).

BR, 132 AQ 9 P 037, Bolmida (1860–1861).

BR, 132 AQ 9 P 038, Bolmida (1862–1865).

BR, 132 AQ 9 P 058, De La Rue (1840–1865).

BR, 132 AQ 9 P 070, Spigno Gastaldi (1851–1852).

BR, 132 AQ 9 P 071, Spigno Gastaldi (1853–1855).

BR, 132 AQ 9 P 072, Spigno Gastaldi (1856–1857).

BR, 132 AQ 9 P 073, Spigno Gastaldi (1858–1860).

BR, 132 AQ 9 P 089, Mestrezat (1843–1852).

BR, 132 AQ 9 P 090, Massone (1846–1852).

BR, 132 AQ 9 P 096, Parodi (1848–1851).

BR, 132 AQ 9 P 097, Parodi (1852–1855).

BR, 132 AQ 9 P 099, Parodi (1860–1863).

BR, 132 AQ 9 P 102, Pescio (1843–1855).

BR, 132 AQ non coté 160, Ricci (1840–1859).

BR, 132 AQ non coté 35, Cataldi (1851–1867).

BR, 132 AQ non coté 45, Dapples et C. (1858–1867).

BR, 132 AQ non coté 112, Leonino (1846–1866).

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Title: Banking Institutions
Author: Luciano Maffi
Publisher: Springer International Publishing
Book: Private Bankers in the Italian 19th Century
Print ISBN: 978-3-030-63360-8

Electronic ISBN: 978-3-030-63361-5

Copyright Year: 2020
DOI: https://doi.org/10.1007/978-3-030-63361-5_3