-- Dec 1, 1898
[Apostle Heber J. Grant Diary] Attended a meeting in the Temple Pres[iden]ts Snow, Cannon & Smith Apostles Richards, Lyman, Smith, Teasdale, Grant, Merrill, Lund, Cowley, & Clawson Bishops W[illia]m B. Preston, Robert T. Burton and John R. Winder and Clerk Geo[rge] F. Gibbs were present. Pr[e]s[iden]t Lorenzo Snow explained fully the proposition to issue $500,000 of bonds by the church of Jesus Christ of Latter-day Saints for the period of eleven years Pres[iden]t Snow read the form of the proposed bond--$25,000 a year was provided for as a sinking fund, after the first year. On Pres[iden]t Cannon's motion seconded by Jos[eph] F. Smith it was proposed that $50,000 a year be carried to the sinking fund B[isho]p Preston spoke in favor of the proposition of $50,000 so also did a number of the other brethren. I said that I had no fears but what the bonds would sell with a sinking fund of $25,000 a year. Pres[iden]t Cannon said that the Church was abundantly able to put by a sinking fund of $50,000 a year Pres[iden]t Snow spoke feelingly in the condition of the Church financially and said nothing short of aid from God will cause us to get out of the financial swamp in which we are at the present time. Motion was carried unanimously. Trustees for the Bonds was discussed LS Hills, David Eccles, John C. Cutler Tho[ma]s G. Webber and others named and a motion was carried that the selection be made by the First Presidency of Trustees. On motion of John H[enr]y Smith the issue of $500,000 bonds was approved. (1)
-- Thursday, Dec 1, 1898
[Apostle John Henry Smith Diary] Salt Lake City
At 11 a.m. Lorenzo Snow, Geo. Q. Cannon, Joseph F. Smith, Franklin D. Richards, Francis M. Lyman, Myself, Geo. Teasdale, Heber J. Grant, M. W. Merrill, A. H. Lund, M. F. Cowley, Rudger Clawson, Wm. B. Preston, Robt. T. Burton, and John R. Winder, with Geo. F. Gibbs, secretary, met in the Apostles room of the Temple.
It was decided to Issue a half Million of bonds at 6 percent for Eleven years, and fifty thousand dollars to be placed as a sinking fund each year after the first year.
Some talk was had about who should be the Trustees. President Lorenzo Snow take Bro. Geo. Q. Cannon to task for the over hopefull Manner in which he had spoken of our financial Condition. (2)
Endnotes:
1 - Diary of Heber J. Grant, http://amzn.to/newmormonstudies
2 - Jean Bickmore White (editor), Church, State, and Politics: The Diaries of John Henry Smith, Signature Books in association with Smith Research Associates, Salt Lake City, 1990, http://bit.ly/johnhenrysmith
LDS History Chronology: Lorenzo Snow
Mormon History Timeline: the life of Lorenzo Snow
http://lds-church-history.blogspot.com/
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