INSTITUTION OF MONTE DEI PASCHI – 1624
Rescript of 3 November 1624 approving the articles establishing Monte dei Paschi (Archivio del Monte dei Paschi, Ordini e provvisioni 1, fols. 29-30).
The conviction that the charitable works of the Monte Pio had to be expanded and that the Monte had to be allowed to do more than make loans secured by pledges led the citizens of Siena, in 1622, to apply to the Grand Duke for a new credit institution that could furnish financial support to the city’s faltering economy. In particular, the new bank would assist farmers and livestock raisers, as well as some city institutions, permitting also forms of deposit of private capital. The Grand Duke granted the request, but on the condition that the new bank be guaranteed by a lien on the income from the public pasture lands in the Maremma, backed up by the property of the entire citizenry of Siena.