The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-10

I communication was returned, saying in
effect that the churchs credit was no
good
/ Meanwhile the big debts became more
pressing and President Snow saw the
imminent danger of bankruptcy The
! situation had to change in few
J months or the bankrupt law must be
resorted to, for creditors had tired of
/ extending finals and were uneasy over
/ the prospect for settlement of their
accounts at this or any other time.
Issue of Bonds.
As a last and desperate stand. with
success a mere speculation, a $780, 600
issue of bonds was cast upon the mar
ket, unsecured, except by the sigma ture
OF Lorenzo Snow, trustee in trust With
what success the movement met is al
ready known, and with what satisfac-
ton the presidency witnessed ii can
better be imagined than described. 1t
Was but short time before the issue
was duplicated, another 100000 worth
being taken from the press. Every, one
OF these has been placed and the in
terest upon them has been paid. One
financier says they will sell at a pre-
MUM in six months. Though twenty
years time is stipulated as the time of
redemption, President Snow has said
five years. unless some unforeseen mis-
fortune should befall
Turned the Tables.
President Snow had the satisfaction
of neatly turning the tables on ar east
ern financier. which is an interesting
incident that took place some weeks
ago IN his office The president of the
New York bank. who refused the loan
referred to. while passing through the
city called upon President Snow and.
IN the course of very interesting con-
verstltion, said to him. "The church
credit is much better than il was We
can very significantly-''let you have
what money you need
No" replied President Snow Il
hope in few years to let you have all
You need" That ended the talk so far
as money matters We're concerned.
The venerable leader said more on
this subject at Logan-that he would
not borrow another cent until the
church credit was free.
And to this end the presidency is
making every effort. 1t was ostensi-
bly, for this purpose that the doctrine
of tithing was eXpounded in terms so
unmistakable. beginning in the extreme
southern end of the state and carried
TO nearly every stake by delegates to
the solemn assembly a couple of months
ago. The response has been ready and
the Golfers OF the bishops office are now
supplied. Enough money is
kept ON hand to meet all obligations
falling due, thirty days ahead of time.
and President SHOWS intention. once (
expressed. of clearing the church from /
debt before his administration OF earth /
~ affairs is ended begins to look like |
an unfailing certainty.
Will Garry Out Plans.
The increased revenues of the church, /
i is believed. Will enable the authori- |
lies to carry out a number of plans /
ong contemplated for the welfare Of /
he people, none of which is more i'm
Jortant than the requirement of a
suitable building for the Latter-day
saints college. AS stated in yester-
lays Herald. the officials are talking
# buying the old state university
building after the new quarters are
.rected on the reservation. 1t is re-
,liZed that the price will be great. but !
President Snow, who is taking a great /
interest in educational matters is hope
III of a great future for the college.
md the belief is confidently expressed
hat he VIII exercise a close guardian
hip over its affairs, even providing a
magnificent structure as home for the
Institution.