Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-12-22
.SALE OF CHURCH BONDS
Action Taken with View TO Economy ard
Funding Pressing Indebtedness.
GOOD INVESTMENTS FOR HOME PEOPLE.
Bonds Run for Period OF Eleven Years
ana Hear Interest at the Rat.
Of six Per Cent.

In consequence Of the financial condl.
lion Of the church OF Jesus Christ n
t.acter-diy Saints. ocdasloned by the
.cdlous and expensive litigation over the
church properly. ,he difficulties which
had to be coBtsndcd with during the
protrac.ed prosecutions under the laws
" Congress and the peculiar consiruc-
lions Of che courts In sheir enforcement.
and other circumstances of an adverse
nature. which for several years sur
rounded the church. q has been COM
pellcd to borrow money from time 10
lime, thus creating debt which q IA
desirable as soon as possible to liqui.
date.
Money M reasonable rate Of inter-
est has been offered 90 the Church from
outside sources. but Il was deemed bet
tor that an opportunity should be given
70 our own people TO advance means Tor
thls purpose. This matter has been In
contemplation Tor some time and has
been carefully considered. with view
10 the interest Of the Church and the
benefit Of individuals.
The Presiding Authorities have
therefore determined to Issue bonds.
running for period Of eleven years
and bearing Interest at 6 per cent per
annum-nfteen hundred 20 BE- OF the
denomination Of one hundred dollars
each. numbered conspcutively from one
- .seen hundred: ,wo hundred Of the
denomination OF ave hundred dollars
each. numbered consccu.ivcly from one
60 two hundred. ana two hundred and
may Of the denomination Of one thou
sand dollars each. numbered consccu-
lively from one 30 two hundred and
MY. she whole Issue aggrcgailng i've
hundred thousand dollars. all bearing
dtsc Of December "a. ISIS.
The scouri,y for she paymon, OF these
bonds ana the interest thereon. win b.
she pledge ~ the Trus,cc-ln-Truat Tor
and In behalf " the Church Of Jesus
christ ~ Lit,cr-day Saints. made 60
each of the holders % such bonds and
alsl 10 Lewis :. ms and David Ec.
clcs, who arr constituted trustees Co
act Tor the said bondholdcrs. that
enough money 10 pay the Interest on
the bonds on the FIRST days u July and
iaauary IN each year after the
first day ~ Jrnuary 1882 shall bc de-
posted at the Dcscrct National Bank.
and that at least nfty thousand dollars
from the Income Of che said
church shall b. deposited with .thc Faid
trustees Zach year after the ycar 1900
60 provide far the purchase " - portion
~ she bones 90 TO cruwe "a fund FOR
thier redemption. Thus arrangements
will be- cnc0ed by which The cn.lrc
amouuc 90 pay fpr the principal and In.
tcrcf; ON ihc bands win aiave been de-
posted In thc term of eleven years.
The bonds. however. VIII be- subject 20
redemption In ave years from the date
thereof.
The Church has an Income which will
rceufe. undoubtedly. she payment of all
o. liabilities, Including the insercs, on
phcsc bonds and the principal accord
ms To- their face. and ~ assets at tcie
present nme are fully cdual In value 10
it. indebtedness, apart from vs. assured
incomo. The church has always been
solvent. ana The neccsr,ty for borrowing
funds has been caused by the pressure
~ circumstances which were Mrrcd up.
ON H.
The bonds, which will b. offered on
she FIRST ~ January. 1899. may be pur-
chased by any persons who desire TO
invest IN chem, Thty should be- taken
by residents OF Utah, The lao,er-day
siiHa who can purchase one or more
81 these bonds viii find ,itm a cafe and
profitable invcaimeut, Their issuance
Win cradle the Trus,ee-in .Trus, 20 set
u, liabilities carrying a heavy rate Of
interest, ana this win make consider
able saving to the Church. The interest
and principal will be- paid IN sold coin,
und she Church, through lts Trustee-in-
Trust. wa be- full security for thclr re-
dcmpiion.
Application for she bonds should be
made 10
LORENZO SNOW. J
Trtntee-in-Trust.