In 1887 a severe banking crisis occurred in Sardinia.
Its trade also in books, hops, horses, and cloth is considerable, and a large banking and exchange business is done here.
The first private state bank was opened in 1817; an act of 1831 provided for a safety fund guaranteeing bank circulations and derived from a 41% tax on capital stock and a 1 o% tax on profits; but this law was modified in 1842, the tax being removed from banks giving specie guarantees; and a free banking act was passed in 1851.
See also BANKS AND BANKING; SAVINGS BANKS; POST AND POSTAL SERVICE.
Several banking firms and many individual creditors were ruined by the death of the pope.