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Question: What is the timeline of the Kirtland Safety Society?
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Question: What is the timeline of the Kirtland Safety Society?
Timeline of events
- 27 March 1836
- Kirtland Temple dedication
- August 1836
- Oliver Cowdery investigates the production of bank notes, so consideration of a bank underway by this date.
- 2 November 1836
- The Kirtland Safety Society Bank’s constitution is drafted. Sidney Rigdon made president; Joseph Smith made cashier.
- 1 January 1837
- Oliver Cowdery arrives with printing plates for bank notes; Orson Hyde reports that the state legislature will not grant them a charter. Their inability to receive a charter leads them to form a joint-stock company, the Kirtland Safety Society Anti-Banking Company (KSS).
- 2 January 1837
- KSS opens for business.
- 6 January 1837
- Notes from the KSS begin circulating
- 23 January 1837
- The KSS announces it can redeem notes with land, but was unable to redeem its notes in specie (gold)
- 1 February 1837
- KSS notes circulating at only 12.5 cents per dollar face value
- 10 February 1837
- A second attempt is made to get a bank charter; some non-Mormons are part of this application, including Joseph Smith’s lawyer and Samuel Medary, a future governor of two states.[1]
- April 1837
- Joseph Smith twice warns the Saints that the KSS will fail if the members do not accept the notes as payment for goods and services
- May 1837
- All banks in Ohio suspend specie payment as a banking panic spreads west from New York.
- 8 June 1837
- Joseph Smith resigns from KSS, as he is convinced the bank is not viable
- June 1837
- LDS newspaper Messenger and Advocate reports that Kirtland land prices have increased 800% during the past year alone.[2]
- July 1837
- Extant note for $100 with Warren Parrish's signature.
- August 1837
- Joseph Smith denounces the new leadership of the KSS, since Parrish, at least, was continuing to issue new scrip even though the bank was failing.
- 27 September 1837
- Joseph and Sidney Rigdon go to visit Missouri; in their absence, the Kirtland Church is rent by strife and apostasy
- October 1837
- Joseph and Sidney found guilty at trial of illegal banking and issuing unauthorized bank paper currency (a civil, not criminal offense). They are fined $1,000 each, and appeal.
- November 1837
- Final failure of the KSS. Joseph is left with debts of $100,000; he has goods and land, but these are unable to be converted into ready cash
- 22 December 1837
- Brigham Young flees Kirtland for Missouri, convinced that his life is in danger from apostates because of his staunch defense of Joseph Smith
- 12 January 1838
- Joseph Smith, having returned to Kirtland, leaves with Sidney Rigdon to escape the risk of prison and mob action
Notes
- ↑ Dale W. Adams, "Chartering the Kirtland Bank," Brigham Young University Studies 23 no. 4 (Fall 1983), 477–478.
- ↑ ?, "?," Latter Day Saints' Messenger and Advocate 3 no. 9 (June 1837), 521.