185 years ago today - Jul 15, 1837
The CLEVELAND GAZETTE warns: "LOOK OUT. We learn by the Painesville Telegraph of yesterday, that the 'Mormon Banking Company' is about making a new emission of their worthless trash, using old paper and signed by [Frederick G.] Williams and one [Warren] Par[r]ish, by the redemption of a few dollars of which they expect to get the old emission as well as the new, again into circulation." Williams and Parrish had recently taken over the Kirtland "Anti-Banking Society" from Joseph Smith and Sidney Rigdon. In an attempt to salvage what remained of the ravaged institution, the new officers dispensed another $15,000 of notes to supplement the $70,000 Rigdon and Smith had issued. This action merely depreciated the value of the bills further.