The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-10
Gratifying Improvement In Mormon Church Finances
Bankruptcy Was Threatened But Credit Is Restored.
ANNUAL TITHING INCOME.

That there has been a phenomenal
increase IN the tithing rolls of the Nor
mon church since the recent temple
priesthood meeting and the prior and
subsequent agitation of the doctrine of
tithes throughout the state, was i'm
olied by President Snow in his remarks
at Logan last Sunday. He said that
the receipts for July, 1899, were $4,000
tn advance of the same month for 1895
Yet he gave but a slight intimation of
the condition OF church finances and
the changes to its interest, unprece-
dented in fifty-two years, since the
1st of January last. Many have Won
dered what the income of the church
. amounts to. and others have guessed,
y but the most liberal have not placed
their figures higher than $4,000 per an
mum.
The fact is that for the year ending
Dec. ]. 1898. the church revenues from
tithing alone-and there are other
sources of income-totaled 100000 APP
proximately one-third of this-$SO0, 000-
was ready cash, and the remainder,
produce. which. distributed to the poor
and converted into salaries for church
employees, was practically its equiva-
lent.
President Shows Work.
Years prior to 1898 the income varied,
sometimes less and sometimes more.
but it remained for President Snow to
awaken an interest among the Saints
that has brought such surprising re-
suits.
Using as basis of estimate the tith-
ing receipts Tor 1899 down to the LIST OF
August. it is safe to assert that the
end of the year will show a revenue of
81 5oe.600 from tithing. and a phenome
aal >incSease over TIE one-third cash
basis of last year, or about $100.00e in
coin. This estimate is none too low.
coming from an authoritative source,
and is substantiated by the figures.
Church Credit Restored.
There are many ways of dIsposing of
this immense amount Of money, and
wisely. too. The expenditures made !
since Jan. /, and the financial opera F.!
lions Of the authorities. notably the /
$1,000 00O bond issue. have restored the /
shattered credit of the church and /
placed it upon a financial footing such /
fas il has not enjoyed since the confisca- /
ton of church property in 1887, if ever
before. There is a marked contrast in 4
the financial mana ement of the church /
two years ago and at present. The ut
ter lack Of system, formerly, played
such havoc with its standing in the
financial world that President Snow, as
trustee IN trust, was last year refused
the loan of money by both local and
eastern banks. And this was the true
reason for the bond issue.
Illustration of Methods.
The story is told of one investment
in which the church was enlisted some |
years ago. giving its note for $3.50 900 as
security to push the proposition ahead. |
One day. shortly after the installation
of President Snow. a collector came into
the presidents office and presented the
note for settlement. Astounding as it
may seem. nobody knew the note was
due. and of course no preparations had
been made TO meet il. 4 few more such !
revelations and the immediate need of a
great amount of money was empha-
sized.
A Struggle For Money.
The presidency confessed and con-
Guided 10 borrow S500.eO Application j
was made Of the banks of Salt Lake
City. but the church was unexpectedly ;
turned down in each instance. As a !
last resort an agent of the church went s
east and solicited the loan from q I
prominent New York banking house. a i