rHH MONTI-: UEI PASCHI 53 



formation it will be well and not without interest to show as a result of 

 what discussions and decisions the Monte dei PascJii acquired its present 

 administrative organization. 



§ 4 AdMINISTRATWE organization of the MONTE DEI PASCHI. 



The Rules of the year 1624 gave the Monte a Board of Management com- 

 posed of eight citizens, under the name of Magistfato and a proveditor, an 

 accountant (hilanciere) and a chamberlain, or treasurer elected by the Balia, 

 the Magistrato, now called the Deputazione, decided in regard to the sale 

 of the htoghi di monte, the loan business and all other business connected 

 with the management, while the proveditor had to arrange for the regular 

 course of business, to supervise the other officers and report ever}'^ thing 

 to the Boaid and carry out its decisions. There was besides, a registrar chos- 

 en from among the notaries, who wrote out the decisions and kept the books 

 and papers of the Momc. The Balia exercised control by means of two in- 

 spectors who reported annually and reserved to itself the right of making 

 any refoim experience might suggest. 



On the suppression b}' law of August 29th., 1786 of the Balia 

 and the institution of the commune of Siena, the latter was entrusted with 

 the super^dsion and management of the Monte, while the Government had 

 the appointment of the officers, and the new magistrates of the city ad- 

 vised the Government that, as the office and board of the Paschi of Siena 

 had been suppressed in September ist., 1778, together with all the duties 

 levied for its account, all guarantee of the creditors of the Monte by the Sov- 

 ereign's estates had ceased, and, consequently, " there shovild also cease all 

 bonds and rights in connection therewith, upon any amounts belonging 

 to the people of Siena, deposited and still existing in the Monte itself. " Any 

 such obligations, were, in fact, declared, in the Rescript of April 4th., 1787, 

 to have ceased. 



On the constitution of the Kingdom of Italy in 1861, we find the Monte 

 dei Paschi, in consequence of the extension of its field of operations and its 

 authorization to contract loans for any amount, administering an estate 

 of 23,000,000 frs., secured on mortgage in almost all the Tuscan provinces. 



And when the tenth congress of Italian Science met in Siena in 1862, the 

 Deputazione of the Monte (which in course of time had taken the place of 

 the old Magistrato) contributed to defray the expenses by a grant of 20,000 

 frs. and also, for the same object, assigned another 2,500 frs. to the local 

 Physiocritic Academy. And the Congress voted that the Monte dei Pa- 

 schi " should be counselled to carry out the reforms recommended by science 

 with that prudent moderation which alone is suited to reconcile the 

 traditions of the past with the necessities of the future. " 



First of all, the Monte had to give itself rules answering to the changed 

 political and social conditions and such as to allow it to develop all those 

 forms of activity the new conditions required. Before every thing else, it was 



