on other matters which have been issued in the past year. (i) The decrees of January 2 and September 27, 1923, renewed the privilege of the three banks of issue until 1930. No question is more delicate than this, and none merited more attentive prior examination in the Finance Committees of the Senate and Chamber. Instead, recourse has been had without further ado to decree laws, not covered by the plenary powers of the Government ; and there have been particular circumstances not always laudable. Owing to irregularities in the publication of the decrees there was very heavy speculation, in the course of which immense sums were ,von and lost. An enquiry into the scandal was opened -by the Government itself; and naturally nothing came of it. (ii) These decrees also laid down that the tax due from the banks for the paper money issued beyond a certain limit, instead of being paid over to the State, should be retained, as to three parts of it, until 1930, as a reserve to make good possible losses of the banks. It will be possible for over two milliards to accumulate in this period in the hands of the Banca d 'Italia, which, at the bidding of the Fascist Government, may use this public money to rescue private concerns and to cover possible losses. There has been nothing so far to show that the directors of the embarrassed banks have been required to make good the banks' losses. Senator Marconi, a member of the board of the Banca di Sconto, was admitted to membership of the Fascist party in October, 1923. In November he was absolved from all liability. (d) Unliniited Access of t_heHeavy Industries to the Resources of the Banks of Issue. Under the decree law No. 587 of March 29, 1923, the limit up to which the Consorzio privato per sovvenzioni su valori indusBiblioteca Gino Bianco
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