In order to fill up the gaps in the budget, the Government has recourse to borrowing, sometimes openly, by a loan from the house of Rothschild, sometimes secretly, by an issue of stock.

In 1857 the Pontifical Government contracted its eleventh loan with Rothschild’s house; it was a trifle, something under L700,000.  Nevertheless there were quiet issues of stock from 1851 to 1858, to the tune of L1,320,000.  The capital of the debt for which its subjects are liable, amounts to L14,376,150. 5s.  If you will take the trouble to divide this grand total by the figure which represents the population, you will find that every little subject born to the Pope comes into the world a debtor of something like L4. 10s., whereof he will contribute to pay the interest all his life, although neither he nor his ancestors have ever derived the least benefit from the outlay.

It is true these fourteen millions and a half (in round numbers) have not been lost for all the world.  The nephews of the Popes have pocketed a good round sum.  About a third has been swallowed up by what is called the general interests of the Roman Catholic faith.  It has been proved that the religious wars have cost the Popes at least four millions; and the farmers of Ancona and Forli are still paying out of the produce of their fields for the faggots used to burn the Huguenots.  The churches of which Rome is so proud have not been paid for entirely by the tribute of Catholicism at large.  There are certain remnants of accounts, which were at the cost of the Roman people.  The Popes have made more than one donation to those poor religious establishments, which possess no more than L20,000,000 worth of property in the world.  The expenses lumped together under the head of Allocations for Public Worship add something short of L900,000 sterling to the national debt.  Foreign occupation, and more particularly the invasion of the Austrians in the north, has burdened the inhabitants with a million sterling.  Add the money squandered, given away, stolen, and lost, together with L1,360,000 paid to bankers for commission on loans, and you have an account of the total of the debt, excepting perhaps a million and a half or so, of which the unexplained and inexplicable disbursement does immortal honour to the discretion of the ministers.

Since the restoration of Pius IX., an approach to respect for public opinion has forced the Pontifical Government to publish some sort of accounts.  It does not render them to the nation, but to Europe, knowing that Europe is not curious in the matter, and will be easily satisfied.  A few copies of the annual Budget are published; they are certainly not in everybody’s reach.  The statement of receipts and expenditure is prodigiously laconic.  I have now before me the estimates prepared for 1858, in four pages, the least blank of which contains just fourteen lines.  The Finance Minister sums up the receipts and the outgoings, both ordinary and extraordinary.  Under the head of Receipts, he lumps the whole of “the direct contributions, and the State property, 3,201,426 scudi.”