The Brigham Young Center

Office of President B Young.
S.L. City, Sept 19. 1870

Mr Andrews C. Fugl
Pleasant Grove, Utah Co.

Dear Bro:--

Your letter of July last to Prest Young has been handed to me for reply.

You state that you came to this office in 1869 and bought a Gold draft on England, and sent it to Europe; that afterwards you received it back from there and got said draft cashed in gold as it called for, at this office, but that now you cannot get near as much greenbacks for that gold coin as the draft cost you. [space]  In reply I will observe that there are several ways in which our brethren put money into this office for the purpose of bringing out their friends. It is often placed into the Perpetual Emigrating Fund as a donation, and the persons mentioned are brought here if they will come, but it cannot be expected that the money can be got back by the givers because it has been actually donated, and must be devoted strictly to emigrating the poor.

On the other hand if you buy a Gold draft to aid your friends, it is a business transaction, and you thereby turn your greenbacks into gold, and may or may not be able afterwards to get as much currency as you had before: generally you could not, but if gold raised much in price you could get more. [space] In our selling drafts on England we charge sufficient to clear the expense of sending the gold to England to pay the drafts, also the expense of clerk hire, books, accounts, drafts and revenue stamps, which amounts on these small drafts to about 25 cents on a pound sterling, the same as the bankers here charge for similar business, while we go to further trouble to accommodate the brethren. We have practically paid for sending your money to England, and for bringing it back again here for you, which involves alterations in our books, papers, and accounts both here and at Liverpool.

Now whatever you have lost in the transactions more than the charges for doing the business, is due to the decline in the price of gold, which was higher in 1869 than it is now, and the loss is your own. We paid you the value of your drafts in gold coin here, just as it called for if paid in England, and whenever you buy gold coin or a draft for gold coin which is the same thing, the risk of loss or gain should be sustained by yourself.

Your brother in the Gospel
T.W. Ellerbeck. Clerk

P.S. If you want to sell your gold and get currency we will give you more than any one else.