Brother Reed Smoot came up from Provo [Utah] to see the First Presidency in relation to the indebtedness of the Brigham Young Academy [later BYU] which his father had endorsed. The indebtedness amounts altogether to upwards of $70,000, $15,000 of which is arranged for by the Church. The estate is so tied up by this endorsement that unless something is done for their relief they will be financially ruined. This is a case that has appealed very strongly to my sympathies, as Brother Smoot endorsed these notes in consequence of counsel that he says he received from President [Brigham] Young to stand by that Academy and to do all in his power to sustain it, and he has told his family and others that if it cost him every dollar he had in the world he would do it.
[George Q. Cannon Diary, as quoted in Minutes of the Apostles of The Church of Jesus Christ of Latter-day Saints, 1910-1951, Privately Published, Salt Lake City, Utah 2010]