Information was elicited from Pres[iden]t. Geo[rge]. Q. Cannon to the effect that the Church is owing one and a half million dollars, and he thought its assets, including real estate, would amount to over three million.
Pres[iden]t. [Lorenzo] Snow remarked that this was the first time he had heard of the indebtedness of the Church.
Attorney LeGrand Young agreed with attorney Richards that the Church had the legal power to issue bonds.
It having been determined to issue the bonds, the question of what interest they should bear was now considered. Some were in favor of making the interest 5%, believing that the bonds could be floated at that rate; but it was finally determined to make the interest 6%, and to make the bonds eleven year bonds, redeemable in five years. The denominations were also agreed upon, namely $100, $500, and $1,000.
[First Presidency and Quorum of the Twelve minutes]