Part Five – A recap of first four parts & the Monte Frumentario
This series is an excerpt from a presentation by Friar Joseph Wood.
It’s been a while since this series on ‘Franciscans and Finance’ began. Just a quick summary on what we’ve covered so far (and see the links to read the series from the beginning):
Franciscan theologians have always attached great importance to the connection between economics and politics, to the relationship between well-being and goods. Starting with Bonaventure’s writings, the Franciscans distinguished the relationship between necessary and superfluous, between possession and property and finally between interest and usury. They introduced the concepts of capital, industry, market, fair interest, economic value, fair price, discount, exchange rate, and the anthropological value of work. Part 1 – Introduction
Because they desired to alleviate poverty and combat injustice, the friars wished to assist merchants (the rising middle class) because they were now the major employers of the jobless. They also donated to charity, sponsored the arts, and worked for laws that maintained the peace. Part 2 – Why Franciscans & Finance?
The Monte di Pietà (deposit of charity) was a type of pawnshop system (the precursor of the modern credit union) whereby the friars would offer financial assistance to help the poor in time of need. Part 3 – The Monte di Pieta or deposit of charity
The logo of the Monte di Pietà, which is portrayed on the front of some altars or on the front of some Italian Banks, is Christ as the “Man of Sorrows,” pictured sitting on his sarcophagus, sharing the same pain as those in any type of poverty and suffering. Part 4 – More about Monte di Pietà
As an aside . . .
Along with the development of the Monte di Pietà, another new form of social service was inspired about at the same time, the Monte Frumentario. This was a type of food bank that loaned wheat and barley at a low rate, generally 5%, for mostly those who had reached a level of subsistence, meaning that families were forced to consume what they had in reserve for sowing new crops.
The oldest Frumentario was founded in 1488 by Michelangelo Barnabo, a nobleman from Foligno. And although the Franciscans did not invent the Frumentario, many Conventuals and Observants began to promote, sponsor, and establish Frumentari to operate in concert with their Monte di Pietà.
The first Frumentario in Assisi was established in 1633. It is now used as a civic auditorium.
This series is from a presentation by Friar Joseph Wood, Assistant General for the CFF.
In part five – an introduction to Friar Luca Pacioli
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