The Congress of Italian Working Men met in Genoa. Anarchists and Socialists divided at the congress, and the Socialists founded the Socialist Workingmen's Party (1893).
Giovanni Giolitti's first ministry. Giolitti fell as a result of a banking crisis. He made the managing director of the Banca Romana, Signor Tanlongo, a senator. A parliamentary investigation revealed Tanlongo had issued large sums of duplicate bank notes, and that the two preceding cabinets were aware of these irregularities.
Bank of Italy established to replace the insolvent Banca Romana. The law forbade state banks to make loans in real estate and limited their powers of discount.
