[President Heber J. Grant] I attended the regular weekly meeting of the Council at ten o'clock and remained there until 12:15. A long letter was read from President Wilford Woodruff which was written to me just before the death of President John Taylor. Some comments were made by me in detail which will probably be recorded in our minutes. Brother Rudger Clawson also made some comments regarding the administration of President Lorenzo Snow. It was wonderful that Brother Snow was able to go into the Presidency at a time when the church was in debt a couple of million dollars and a guarantee in addition of a million and a half and that he accomplished in three years as much as most men accomplish in a lifetime.
[Source: Diary of Heber J. Grant, http://amzn.to/newmormonstudies]
Elaboration:
ReplyDeleteNote 1. On Oct.15,1898 President Lorenzo Snow announced that the Church would issue bonds to lighten the burden of its indebtedness.
Note 2. On May 8,1899 President Lorenzo Snow announced, at a conference in St. George, Utah, a renewed emphasis concerning the [mandatory] payment of tithing, which members had been neglecting for some time.
Note 3. On Jan.10,1907 President Joseph F. Smith announced that the Church was entirely free of debt, with the payment of the last two $500,000 bond issues sold by President Lorenzo Snow in December 1899 to fund the debt. The first [bond issues] had been paid in 1903. Retiring the debt was largely due to the renewed emphasis in the Church on tithing.