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and someone printing their own money?
"While it is common knowledge that Joseph Smith founded the Church of Jesus Christ of Latter-day Saints, few know of his attempt to found a bank in Kirtland, Ohio. This important event in Mormon history was reportedly done because of a revelation that Joseph Smith received. The following excerpt is from Mormonism - Shadow or Reality? page 531:
Warren Parrish, who had been an officer in the bank and had apostatized from the Church, made this statement: "I have listened to him [i.e. Smith] with feelings of no ordinary kind, when he declared that the AUDIBLE VOICE OF GOD, INSTRUCTED HIM TO ESTABLISH A BANKING-ANTI BANKING INSTITUTION, who like Aaron's rod SHALL SWALLOW UP ALL OTHER BANKS (the Bank of Monroe excepted,) and grow and flourish and spread from the rivers to the ends of the earth, and survive when all others should be laid in ruins." (Painesville Republican, February 22, 1838, as quoted in Conflict at Kirtland, page 297)
Wilford Woodruff, who remained true to the Church and became the fourth President, confirmed the fact that Joseph Smith claimed to have a revelation concerning the bank. Under the date of January 6, 1837, he recorded the following in his journal: "I also herd [sic] President Joseph Smith, jr., declare in the presence of F. Williams, D. Whitmer, S. Smith, W. Parrish, and others in the Deposit office that HE HAD RECEIVED THAT MORNING THE WORD OF THE LORD UPON THE SUBJECT OF THE KIRTLAND SAFETY SOCIETY. He was alone in a room by himself and he had not only [heard] the voice of the Spirit upon the Subject but even an AUDIBLE VOICE. He did not tell us at that time what the Lord said upon the subject but remarked that if we would give heed to the commandments the Lord had given this morning all would be well." ("Wilford Woodruff's Journal," January 6, 1837, as quoted in Conflict at Kirtland, page 296)
A brief account of the failed bank is told in Mormon Enigma:
"Construction of the temple had temporarily boosted the economy of Kirtland, but after the dedication the economy declined as poor converts arrived in ever increasing numbers. The old settlers attempted to keep them out of Kirtland by economic pressures, but the Mormon population increased twentyfold while the landholdings only quadrupled. In November 1836 Joseph and other church leaders drew up articles for a bank to provide capital for investments. It was a desperate gamble. Oliver Cowdery went to Philadelphia for plates to print bank notes, and Orson Hyde went to the legislature in Columbus with a petition for a bank license. It was refused. Oliver returned with plates for the Kirtland Safety Society Bank, but Orson Hyde came back without a charter. The plates were so expensive that they printed some specie anyway, writing in "Anti" before the word "Bank" and "ing" after it. The notes read, "Kirtland Safety Society Anti-Banking Company," and the paper passed as legal tender from a joint-stock company. At first the money circulated wildly. When merchants and businessmen who were more sophisticated than the Mormons began to redeem their notes, Joseph could see that a run would ruin the bank. After one month he and Sidney Rigdon resigned as officers but the bank failed. This affected Joseph's status.
People who were convinced that Joseph had intended a swindle at the outset attacked him verbally and threatened him physically. This disruption forced Joseph to leave the city frequently....
In April 1837 Joseph went into hiding without seeing Emma before he left. (Mormon Enigma, pp. 62)
Fawn Brodie details this about the demise of the Kirtland Safety Society Anti-Banking Company:
"If the bank needed a final blow to shatter what little prestige it still held among the faithful, it received it when Warren Parrish resigned as cashier, left the church, and began openly to describe the banking methods of the prophet. Parrish was later accused of absconding with $25,000, but if he took the sum it must have been in WORTHLESS BANK NOTES, since that amount of specie in the vaults would have saved the bank, at least during Joseph's term as cashier." (No Man Knows My History, page 198)
The Mormon Curtain - KIRTLAND BANK
"While it is common knowledge that Joseph Smith founded the Church of Jesus Christ of Latter-day Saints, few know of his attempt to found a bank in Kirtland, Ohio. This important event in Mormon history was reportedly done because of a revelation that Joseph Smith received. The following excerpt is from Mormonism - Shadow or Reality? page 531:
Warren Parrish, who had been an officer in the bank and had apostatized from the Church, made this statement: "I have listened to him [i.e. Smith] with feelings of no ordinary kind, when he declared that the AUDIBLE VOICE OF GOD, INSTRUCTED HIM TO ESTABLISH A BANKING-ANTI BANKING INSTITUTION, who like Aaron's rod SHALL SWALLOW UP ALL OTHER BANKS (the Bank of Monroe excepted,) and grow and flourish and spread from the rivers to the ends of the earth, and survive when all others should be laid in ruins." (Painesville Republican, February 22, 1838, as quoted in Conflict at Kirtland, page 297)
Wilford Woodruff, who remained true to the Church and became the fourth President, confirmed the fact that Joseph Smith claimed to have a revelation concerning the bank. Under the date of January 6, 1837, he recorded the following in his journal: "I also herd [sic] President Joseph Smith, jr., declare in the presence of F. Williams, D. Whitmer, S. Smith, W. Parrish, and others in the Deposit office that HE HAD RECEIVED THAT MORNING THE WORD OF THE LORD UPON THE SUBJECT OF THE KIRTLAND SAFETY SOCIETY. He was alone in a room by himself and he had not only [heard] the voice of the Spirit upon the Subject but even an AUDIBLE VOICE. He did not tell us at that time what the Lord said upon the subject but remarked that if we would give heed to the commandments the Lord had given this morning all would be well." ("Wilford Woodruff's Journal," January 6, 1837, as quoted in Conflict at Kirtland, page 296)
A brief account of the failed bank is told in Mormon Enigma:
"Construction of the temple had temporarily boosted the economy of Kirtland, but after the dedication the economy declined as poor converts arrived in ever increasing numbers. The old settlers attempted to keep them out of Kirtland by economic pressures, but the Mormon population increased twentyfold while the landholdings only quadrupled. In November 1836 Joseph and other church leaders drew up articles for a bank to provide capital for investments. It was a desperate gamble. Oliver Cowdery went to Philadelphia for plates to print bank notes, and Orson Hyde went to the legislature in Columbus with a petition for a bank license. It was refused. Oliver returned with plates for the Kirtland Safety Society Bank, but Orson Hyde came back without a charter. The plates were so expensive that they printed some specie anyway, writing in "Anti" before the word "Bank" and "ing" after it. The notes read, "Kirtland Safety Society Anti-Banking Company," and the paper passed as legal tender from a joint-stock company. At first the money circulated wildly. When merchants and businessmen who were more sophisticated than the Mormons began to redeem their notes, Joseph could see that a run would ruin the bank. After one month he and Sidney Rigdon resigned as officers but the bank failed. This affected Joseph's status.
People who were convinced that Joseph had intended a swindle at the outset attacked him verbally and threatened him physically. This disruption forced Joseph to leave the city frequently....
In April 1837 Joseph went into hiding without seeing Emma before he left. (Mormon Enigma, pp. 62)
Fawn Brodie details this about the demise of the Kirtland Safety Society Anti-Banking Company:
"If the bank needed a final blow to shatter what little prestige it still held among the faithful, it received it when Warren Parrish resigned as cashier, left the church, and began openly to describe the banking methods of the prophet. Parrish was later accused of absconding with $25,000, but if he took the sum it must have been in WORTHLESS BANK NOTES, since that amount of specie in the vaults would have saved the bank, at least during Joseph's term as cashier." (No Man Knows My History, page 198)
The Mormon Curtain - KIRTLAND BANK
