135 years ago today - Aug 31, 1887

[Heber J. Grant]

I remember at one of our meetings since the death of Prest Taylor that Geo Q. stated that the Reserve of three fifths held by Prest Taylor had been assigned to him and that this three fifths was subject to our quorum. He did not feel that it was his right to make disposition of these funds. Moses Thatcher asked the question if there was any objection to the starting of a Bank, a number of the brethren spoke an the subject all seemed to favor starting another Bank that would be under the control of faithful members of the church, George Q. Cannon favored arranging for Zion's Savings Bank to do the Banking for our people Moses Thatcher and I went for the 'straw' character of the Savings Bank in the plainest terms. Geo Q. resented our remarks, and did not like our finding fault and thought it was easy to find fault etc, etc. (Erastus called it a rotten bank) Moses & I thought such institutions as Zion's Savings Bank brought discredit upon the leading officials of the Church as it was looked upon as a Church institution. [Grant said he favored] having our institutions just what they claimed to be. Prest Cannon referred to Brigham Young's starting the Bank and thought we could all sit at the feet of Brigham Young and learn financial lessons. Bro Erastus Snow did not care to go back to B. Young to bolster up a bad institution. It disgusted me to find brother Cannon trying to defend a rotten straw institution and claiming that his and other outlawed notes were just the same as cash, although admitting that perhaps some of the notes were not good. Nearly every move George Q. Cannon makes decreases my confidence in his sense of honor, in financial matters ... The Bank question came up again and George Q. Cannon made a motion that any of the brethren were at perfect liberty to engage in the Banking business. I made a motion that the capital of Zions Savings Bank be paid up in cash, George Q. opposed my motion and it was 'set down on'. [Grant vows to accomplish it anyway; Cannon can set down on him as often as he likes.] ... A number of letters to and from John W. Young were read. I wish I had confidence in Him but I have not and never hear his name mentioned in connection with our efforts for Statehood but what It decreases my faith in the success of our efforts. If the Lord is going to use a man with a dishonest financial record, to give the people liberty, it looks to me as though He was placing a premium on dishonest methods. [Notes on last p. of this entry:] Have misjudged Bro Cannon regarding Bank ... and Think I have misjudged Bro Cannon in thinking he did not wish to see the Savings Bank changed to a cash basis ...

[The Diaries of Heber J. Grant, 1880-1945, Abridged, Digital Edition Salt Lake City, Utah, 2015]

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