ABSTRACT
The Casa or Bank of San Giorgio (or San Giorgio for short) managed the public debt of the commune of Genoa from 1407 to 1805. It incorporated the credits of all the Genoese commune’s creditors. Unlike other public debt, such as the debt managed by the city-states of Florence and Venice, or even public debt nowadays, the Genoese commune did not manage its own debts. Creditors federated themselves; 1 they had a palace where they met and administered their powers and rights. The credits were guaranteed by taxation. Gradually San Giorgio acquired the right to collect taxes in all lands under the Genoese dominion, a territory that extended from Capo Corvo (northern Tuscany) to the Principality of Monaco. Taxes provided the money to repay the interest (paghe) due to the persons who held San Giorgio’s shares (luoghi). Along with this power San Giorgio developed prerogatives and powers typical of other institutions. It was also a deposit bank from 1408 to 1444 and from 1530 to 1805. Genoese artisans, merchants and even big private bankers put their money into the bank; some of them obtained credits from San Giorgio. The ledgers of the bank permitted them to manage transactions without using coins. It has been argued that it was the scarcity of gold in Genoa that led to the formation of the bank. 2 San Giorgio also had a monopoly on the salt trade and taxation, and played an important role in the construction of the port and in ruling the Portofranco (the free trade area). 3
