MONT DE PIE'TE' (MONTE DI PIETA', in Italian), is the title of certain pawnbroking establishments which originated in Italy in the 15th century, the object of which was to lend money to necessitous people at a moderate interest. The Jews, who were the great money lenders in that age, exacted an enormous interest, as much as 20 to 25 per cent. The Papal government and other Italian governments established a kind of bank, which lent money upon pledges, for a fixed term, at a low rate of interest, intended chiefly to defray the unavoid able expenses of the establishment ; at the expiration of which term, if the capital lent and interest were not repaid the pledges were sold, and the surplus money, after paying the debt incurred, was restored to the owners. In most instances however the term might be renewed by merely paying the interest. The administration of the Monte di Pica was to be conducted upon economical and strictly equitable prin ciples, and it was under the inspection of the government as a public benevolent institution. This at least was the original principle,
although occasionally deviated from in consequence of the cupidity or necessities of the governments themselves.
This institution was introduced into other countries, especially into Flanders. In Spain there were also similar establishments at Madrid and some other largo towns, but in no country were they so generally spread as in Italy.
When the French under Bonaparte invaded Italy in 1796-7, they plundered the Monti di Pieth of Milan, Modena, Parma, and most other towns. At Rome, Pope Pius VI., being pressed by the French to pay an enormous sum for war contributions, was obliged to seize upon the richer pledges in the Monte di Pleat, for the repayment of which he gave bonds; but these bonds lost all value in the subsequent invasion of Rome by the French in 1798. The Monti di Pical have been re-established in some of the Italian cities, and there is an institution of a similar character in Paris.