1858 May 13 Letter to Bishops

Title

1858 May 13 Letter to Bishops

Description

Traders are charging exorbitant prices, discouraging home-manufacturing and depreciating the local currency. Bishops should educate on these point and determine if the people will sustaining greedy outsiders or support the local economy.

Type

Correspondence

Sender

Brigham Young

Recipient

Jacob G Bigler
Lewis Brunson
Philo T. Farnsworth
Tarleton Lewis
Philip Klingensmith
Zadoc Judd
C. Covington

Date

1858 May 13

Location

Provo
Fillmore
Nephi
Beaver
Parowan
Prest. Ind. District
Santa Clara

Number of Pages

2

Subject

Bishops
Business Matters
Economy

extracted text

May 13, 1858

Dear Brother:-- Certain individuals from San Bernardino, who would <sell the> own souls of men for a picayune each, are said to be peddling rags (by them styled goods) at exorbitant prices, and refusing to take currency in payment. the selfishness of all such traders renders them extremely unwise, in even their business me even at the readiest method of getting rich, but there is probably no use in reasoning such points with them, It is the injury their course is bringing upon the people of Utah, in a commercial point of view, through discouraging home-manufacture and depreciating the currency by making it tending causing it <to> be considered under par with specie, that makes it necessary to put the people on their guard in reference to such unwise and ruinous conduct. The Deseret Currency has been issued at the request and solely for the accommodation of the brethren; <citizens of Utah;> & is based upon next stock, rendering its security ample, and if the people do not wish its the accommodation it affords and are unwilling to use and <strictly> ----- sustain it <at> par with gold and silver, it will at once be withdrawn from circulation. The Directors of the Deseret Currency Association require ten per cent per annum for the on the currency loaned by them, and meat stock properly cared for is estimated to increase, its at the rate of thirty three and a third per cent a year, at the least, giving the borrowers 23 1/3 per cent to the directors 10, which one w<c>ould reasonably <expect> would be abundantly satisfactory to all borrowers, aside from the actual benefit to the whole people. I wish you to plainly give the inhabitants in your Ward a clear understanding on these points, and to learn whether <they> prefer sustaining speculators or those who have no interest <nor love> for any one but themselves, or whether they would rather <take> to a course to support every movement that obviously tends to build up the whole all, through laudable efforts. Tell all <your ward> emphatically, that if they feel in the least unwilling to sustain the currency and to withstand the short sighted policy and plans of a few hungry and lean speculators, that upon your report of those facts, every dollar of the currency will at once be called in; and if the traders now in our midst, or to come in, can not do business upon principles that we do, and that will wisely build up all, inform them that they had better box up their goods and <leave , or> turn their attention to more commendable characters.
Your Brother in the Gospel.
B. Y.
A Copy of the above was sent to the following Bishops: (by the mail which
left Provo April 14.)
Jacob G Bigler Nephi
Lewis Brunson Fillmore
Philo T. Farnsworth Beaver
Tarleton Lewis Parowan
Philip Klingensmith Prest. Ind. District
Zadoc Judd Santa Clara
[-] C. Covington

Item sets

May 13, 1858

Dear Brother:--

Certain individuals from San Bernardino, who would <sell the> own souls of men for a picayune each, are said to be peddling rags (by them styled goods) at exorbitant prices, and refusing to take currency in payment. the selfishness of all such traders renders them extremely unwise, in even their business me even at the readiest method of getting rich, but there is probably no use in reasoning such points with them, It is the injury their course is bringing upon the people of Utah, in a commercial point of view, through discouraging home-manufacture and depreciating the currency by making it tending causing it <to> be considered under par with specie, that makes it necessary to put the people on their guard in reference to such unwise and ruinous conduct. The Deseret Currency has been issued at the request and solely for the accommodation of the brethren; <citizens of Utah;> & is based upon next stock, rendering its security ample, and if the people do not wish its the accommodation it affords and are unwilling to use and <strictly> ----- sustain it <at> par with gold and silver, it will at once be withdrawn from circulation. The Directors of the Deseret Currency Association require ten per cent per annum for the on the currency loaned by them, and meat stock properly cared for is estimated to increase, its at the rate of thirty three and a third per cent a year, at the least, giving the borrowers 23 1/3 per cent to the directors 10, which one w<c>ould reasonably <expect> would be abundantly satisfactory to all borrowers, aside from the actual benefit to the whole people. I wish you to plainly give the inhabitants in your Ward a clear understanding on these points, and to learn whether <they> prefer sustaining speculators or those who have no interest <nor love> for any one but themselves, or whether they would rather <take> to a course to support every movement that obviously tends to build up the whole all, through laudable efforts. Tell all <your ward> emphatically, that if they feel in the least unwilling to sustain the currency and to withstand the short sighted policy and plans of a few hungry and lean speculators, that upon your report of those facts, every dollar of the currency will at once be called in; and if the traders now in our midst, or to come in, can not do business upon principles that we do, and that will wisely build up all, inform them that they had better box up their goods and <leave , or> turn their attention to more commendable characters.

Your Brother in the Gospel.

B. Y.

A Copy of the above was sent to the following Bishops: (by the mail which
left Provo April 14.)
Jacob G Bigler Nephi
Lewis Brunson Fillmore
Philo T. Farnsworth Beaver
Tarleton Lewis Parowan
Philip Klingensmith Prest. Ind. District
Zadoc Judd Santa Clara
[-] C. Covington