-- May 11, 1900; Friday
Presidents [Lorenzo] Snow, [George Q.] Cannon and [Joseph F.] Smith were at the office today. Spencer Clawson called at the office to see the Presidency in relation to his business affairs, he being in difficulties of a financial way. The Church had helped him in his trouble to the extent of $40,000 which had been lent to him by the Church. He now asked to be released from this obligation, but with the understanding that the moral phase of it would still remain, such a course, he thought, would help him to regain his credit and resuscitate his business and help to place him in a position to regain his business status and meet his obligations. President Snow stated that he could not feel satisfied or justified as Trustee-in-trust in according to this request, at the same time it was understood that the Church would not oppress him, and President Smith moved that this be their decision which was agreed to. (1)
-- May 14, 1900; Monday
The Presidency were at the office as usual today. Spencer Clawson called again to the Presidency in regard to his financial difficulties and had quite a long conversation with them in relation to his indebtedness to the Church. He explained that unless something was done to bring him relief it was only a question of a very short time for him to
close his store, and he had no hope whatever of paying his obligations to the Church or of satisfying his creditors unless some concession were made to enable him to obtain further credit. If this could be done he could go on with his business and in time satisfy all his creditors. President [Lorenzo] Snow told Brother Clawson frankly that he did not feel that he was entitled to the consideration for which he asked, especially in view of the fact that the Trustee-in-Trust was compelled to say now to men who had sought for the necessaries of life, men, too, who had filled missions and had given of their time to the services of the Church and whose families in many instances were suffering. However President Snow told Brother Clawson to put in writing his request and the Presidency would consider it, this was done and the following letter in reply was sent to him:
"In view of the embarrassing conditions surrounding your business affairs, we hereby propose to allow our claim, representing 112 shares of the capital stock of Spencer Clawson & Co., incorporated, to remain inactive, and not to commence any legal proceedings that will annoy or embarrass you, pending your contemplated visit to your eastern creditors. If you succeed in reorganizing your business we will accept our proportion of the assets of such settlement as our stock bears to the whole. Yours respectfully, (Signed) Lorenzo Snow, trustee-in-Trust, for the Church of Jesus Christ of Latter-day Saints." (1)
1 - First Presidency and Quorum of the Twelve minutes
LDS History Chronology: Lorenzo Snow
Mormon History Timeline: the life of Lorenzo Snow
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