Benito Mussolini Autograph

Confidential typed telegram transcript signed, one page - stamped and annotated in pen and red pencil, 8,25 x 11 inch, Milan, 22.02.1928, in Italian, to the Prefect of Milan - il Duce summarized what had taken place at a meeting in Milan the preceding day between Finance Minister Giuseppe Volpi (1877-1947) and representatives of Italy`s largest banks, signed in black ink "Mussolini" and initialed by him as "M" to upper left corner - additionally including a few words in Mussolini`s hand to upper left corner "Highly confidential For your cipher" and in the body of the telegram the word "various" & Mussolini crossed out five words towards the bottom, attractively mounted (removable) for display with a photograph, shows Benito Mussolini in a half length portrait in uniform (altogether 16,5 x 11,75 inch), with light intersecting letter folds, and two small tears to the right edge were professionally restored on the back - in fine condition.

In parts (translation - in telegraphic style, without punctuation or connecting words):
"Fiduciary Finance Minister following conversations yesterday Milan has reported that managers Credito Italiano Banca Nazionale Credito and group already participating Banco Roma whose spokesperson is Honorable Benni have demonstrated awareness urgent necessity restructuring aforesaid bank stop This should happen without any direct State disbursement and with old shareholders` loss which alone can justifiy Instituto Liquidazioni to which old loss items would be transferred with renunciation some convential rights within known limits stop Because negotations do not permit further delays and prevarications fiduciary will be Milan again tomorrow to conclude along lines generally proposed stop If accord is not reached Government in conformity public statements will abandon all initiatives and cut short all interventions various firms* except assessing potential liability stop You may permit interested parties read this telegram."

* The word translated as `firms` (aziende) may also refer to government agencies, and it is unclear which is meant here.

This fascinating telegram reveals Mussolini`s attitude towards the Italian banking crisis of the 1920`s. In a course of events remarkably similar to that which took place in the United States in the late 2000s, Italian banks had engaged in various irresponsible banking practices. This malfeasance, combined with sluggish state of the Italian economy in the immediate aftermath of WW I, had necessitated State intervention to stabilize financial institutions that were deemed `too big to fail`.