It was, to have a bank of their own, as none of the then existing banks would loan to them what they wanted and the most refused them entirely. They sent to Philadelphia and got the plates made for their Safety Society Bank, and got a large quantity of bills ready for filling and signing; and in the meantime, Smith and others, collected what specie they could, which amounted to some six thousand dollars. The paper came about the first of January, 1837, and they immediately began to issue their paper and to no small amount: but their creditors refused to take it. Then Smith invented another plan, that was to exchange their notes for other notes that would pay their debts, and for that purpose he sent the elders out with it to exchange, and not only the elders, but gave large quantities of it to others, giving them one half to exchange it, as I am informed by those that peddled for him. Thus Smith was instrumental in sending the worthless stuff abroad, and it soon came in again. There was nothing to redeem it with, as Smith had used the greater part of their precious metals. The inhabitants holding their bills came to inquire into the Safety Society precious metals: the way that Smith contrived to deceive them was this: he had some one or two hundred boxes made, and gathered all the lead and shot that the village had or that part of it that he controlled, and filled the boxes with lead, shot, &c., and marked them, one thousand dollars, each. Then, when they went to examine the vault, he had one box on a table partly filled for them to see, and when they proceeded to the vault, Smith told them that the church had two hundred thousand dollars in specie, and he opened one box and they saw that it was silver, and they hefted a number and Smith told them that they contained specie. They were seemingly satisfied and went away for a few days, until the elders were sent off in every direction to pass their paper off: among the elders were Brigam Young, that went last, with forty thousand dollars; John F. Boynton, with some twenty thousand dollars; Luke Johnson, south and east, with an unknown quantity. I suppose if the money you have was taken of those, it was to Smith's and their profit; and thus they continued to pass and sell the worthless stuff until they sold it at twelve and a half cents on the dollar, and so eager to put it off at that, that they could not attend meeting on the Sabbath,--but they signed enough at that price to buy one section of land in the Illinois. There was some signed with S. Rigdon, cashier, and J. Smith, Jr. president, for the purpose, as it was then said, that if they should be called upon when they could not well redeem, that they would call