Abstract
The year I787 was the darkest yet experienced by the Bank. In February the officers of the Cadiz branch discovered that two promissory notes bearing counterfeit signatures had been discounted. The financial loss amounted to only i83,409.7 reals, and a thorough investigation exonerated the directors and employees of fraud. But enemies of the institution made the most of their negligence.76 In May, Juan Bautista Montaldi, a Madrid businessman who had risen spectacularly by taking long chances, failed, with the Bank holding I,775,275.9 reals of his paper. Since he was a friend of Cabarru's and a former employee of Juan Bautista Rossi, a Bank director from the beginning, rumors flew thick and fast; and they rested on a solid basis. After a thorough investigation had disclosed irregularities by the directors,77 a royal decree of October 25, I787, forbade them to transact business with the Bank, under penalty of
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