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Mormon Finance and the Utah War
Utah Historical Quarterly
1952, Vol. XX, No. 3
MORMON FINANCE AND THE UTAH WAR
BY LEONARD J. ARRINGTON
RUNNING the printing press to finance a war is generally considered to be inflationary and fraught with danger. Economists (with notable exceptions) regard this method of raising money with such horror that it is usually left unmentioned in the lexicon of economic policy. Yet the experience of territorial Utah in printing currency to finance Mormon defense efforts during the Utah War of 1857-58 furnishes evidence that running the printing press need not be inflationary nor dangerous. The organization which supervised this unique experiment in regional emergency finance was the Deseret Currency Association—a creation of the Church of Jesus Christ of Latter-day Saints. The story of the Deseret Currency Association, which was organized in January, 1858, under the direction of Brigham Young, is one of the most interesting chapters in the monetary history of the Intermountain West. In the first year of its operations, this association issued almost $100,000 worth of currency in denominations ranging from one dollar to one hundred dollars, and might have issued much more if the United States marshal for the Territory of Utah had not damaged its plates and jailed the Church engraver on a counterfeiting charge.
The immediate reason for the establishment of the Deseret Currency Association was the need for a local circulating medium and credit institution after President James Buchanan dispatched to Utah some five thousand crack federal troops under the command of General Albert Sidney Johnston in July, 1857. News of the approach of Johnston's Army came to Mormon Church authorities on July 24, 1857, while they were celebrating the tenth anniversary of the arrival of the Mormon pioneers in the Salt Lake Valley. This "invasion" stirred Mormon officials to immediate preparations for the defense of their theocratic commonwealth. Mobilization of the territorial militia (known as the Nauvoo
Legion) was the first order of business. Companies of militiamen were quickly organized to meet the threat posed by the approaching army, and instructions were sent to settlers in outlying Mormon colonies to hasten to Zion to participate in its defense. The story of the military and political phases of the ensuing Utah War has been told elsewhere. The financial aspects of the conflict, however, at least those connected with Mormon defensive operations, seem to have received scant attention from students of Utah history. That financial catastrophe did not overtake the Mormon Church and Mormon business institutions as the result of "Buchanan's Blunder" is due in large measure to the operations of the Deseret Currency Association.
I
The "invasion" of Utah Territory by Johnston's Army found the Mormons with practically no gold, United States coin, or other cash. In 1856 the president of the Mormon Church, through Hiram Kimball, secured the United States mail contract between Salt Lake City and St. Louis, Missouri. In seeking the contract Church leaders had in mind carrying passengers and freight as well as mail. They also expected to provide facilities which could be used by Mormon emigrants bound for Utah. Nearly $200,000 was expended during the winter of 1856-57 to establish way stations, purchase teams and wagons, hire help, and to buy equipment and other supplies. The resources of the Church were almost exhausted in this venture, which was carried out under the name of the Brigham Young Express and Carrying Company (or the Y.X. Company). The government mail contract, however, was suddenly cancelled near the end of June, 1857, without just cause as it seemed to the Mormons, and without notification, leaving the Church in a financially embarrassing position. When United States troops left for Utah the next month, Brigham Young faced the prospect of large expenditures for defense with no cash reserves from which to draw. He and his advisers conceived the idea of filling the gap between immediate expenditures and anticipated tithing receipts partly by special assessment and partly by printing money.
The immediate problem of raising and outfitting a task force to guard the mountain passes and intercept the enemy was handled by special assessment. A thousand men were needed. These were supplied by the Nauvoo Legion and other volunteers. The burden of outfitting and provisioning this army was assigned on a pro rata basis to the various Latter-day Saint communities in the territory. Within the communities, men of means were asked to outfit one or more of these "guards." Joseph Holbrook, for example, explained his own obligation as follows:
At the rate of five hundred dollars per man, the total cost of the Mormon expeditionary force must have exceeded half a million dollars for outfitting alone.
While the method of special assessment was a handy device for outfitting troops, a more systematic method of finance was necessary to provide the funds with which to mobilize the domestic economy and maintain defensive operations of whatever type. As governments beyond number have done when confronted with similar circumstances, Mormon officials decided to print money. This choice appeared to be the only alternative to a complete breakdown in trade relationships within the Mormon commonwealth. The territory had few exports by which it could earn United States coin and currency, the chief source of dollars being the sale of stock and supplies to California-bound successors of the forty-niners. This source, of course, was cut off by the impending "invasion" by United States troops. The Church had issued a local paper currency in 1849 and 1850, and the experience derived from that experiment was an asset of no mean value. Furthermore, under conditions of an acute shortage of money such as that which was developing, the prospect of inflation seemed highly unlikely, if the printing were restrained sufficiently.
The shortage of specie, however, complicated the problem of giving sound backing to a new currency. Without a reserve of gold the only basis upon which the Church could issue currency was with the backing of its transferable physical assets, the most important of which at the time consisted of horses, "horned stock," and cattle brought to Utah by immigrants and donated to the Church as tithing or given to the Church's Perpetual Emigrating Fund as repayment on indebtedness. The use of horned stock and other livestock as a reserve for currency was not exactly unorthodox, for the Perpetual Emigrating Fund had made payments with scrip issues which were redeemed with cattle, horses, oxen, and other supplies. Some governments, of course, have used land or real estate as backing for currency, but this was impossible for the Mormons because Congress recognized no land titles in Utah until 1869.
Within six months after the news reached Utah of the coming of Johnston's Army, Mormon authorities formulated plans for the introduction of the new currency to be called "Deseret script." On January 19, 1858, the president of the Church called a general meeting at which the Deseret Currency Association was organized, with Brigham Young as president, Daniel H. Wells as treasurer, and Hiram B. Clawson as secretary. This association was charged with the introduction, management, and redemption of the Mormon currency. Two days after the organization of the association, Brigham Young gave David McKenzie, one of his secretaries, directions to engrave plates for a currency.
It was soon realized that it would be impossible to get out the engraved notes in time for immediate circulation. In place of engraved notes, Currency Association officials decided to introduce printed notes done in "common type" at the office of the Deseret News, where the Church press was located. The Deseret News was owned by the Church and was a servant of its interests in the same category as the Deseret Currency Association; therefore, no charge was made by the News for this service. Neither, for that matter, was there any other charge on the Currency Association for overhead or operation. All its officials served without salary or compensation. The clerks who did the office work were employees in the office of President Brigham Young and thus were supported by appropriations of his office.
II
The printed issues of the Deseret Currency Association may be divided conveniently into two groups: (a) A "defense" series, printed in Salt Lake City intermittently from February 19, 1858, to March 27, 1858; and (b) a "move south" series, printed in Salt Lake City and Fillmore from March 31, 1858, to July 17, 1858. Most of these notes were personally signed by Brigham Young, as president of the Currency Association, and all of them bore the signature of the secretary, H. B. Clawson. On those not personally signed by President Young, his name was printed on the bills. The notes were dated by John T. Caine and numbered by Thomas W. Ellerbeck. These men, both of whom later played a prominent part in the civic and business affairs of Utah, were at that time junior clerks in the office of Brigham Young. Careful record was kept of all note issues, and it is from the association ledger that most of the following information is taken.
Printing of the "defense" series began February 19, 1858, when two hundred bills each of one, two, and three-dollar denominations were completed. The next day another printing produced five, ten, and twenty-dollar denominations, as well as more ones, twos, and threes. The first notes from the press were delivered February 20, to Daniel H. Wells, treasurer of the Deseret Currency Association. They were presumably paid out by him immediately. This printing was for $3,750 worth of notes. Subsequent printings were made during the remainder of February and during March, 1858. In this series, called "Series A," 7,866 separate notes were printed, bearing a total value of $40,146. The notes were in denominations of one, two, three, five, ten, twenty, fifty, and one hundred dollars.
This printing had two purposes: the provision of a local circulating medium for the use of Utah citizens; and the provision of a means of payment for Church authorities to meet the obligations incurred in mobilizing for defense. These purposes were discussed by Treasurer Daniel H. Wells in the general conference of Saints in Salt Lake City, April 6, 1858. He pointed out the lack of a circulating medium in the territory because of the stoppage of commerce with the states and of the need for a substitute currency to stimulate home production. The day before, G. W. Mills, of Salt Lake City, had written to T. B. H. Stenhouse in England describing the action taken.
How did the "Deseret script" get into circulation? Some of it was paid out by Wells (who was also superintendent of public works for the Church, and Church financial agent) for goods and services. For example, a "large quantity of currency" was paid to Captain W. H. Hooper, prominent Utah merchant, who imported from the East several thousand dollars worth of machinery, equipment, and essential commodities for the Church. Other business houses in Salt Lake City received quantities of the currency, and many of the "church hands" were paid partly or entirely with this money.
A considerable quantity of the notes were loaned to enterprisers who found no other source of credit. No banks had been established in Utah by this time; in fact, the Deseret Currency Association may be justifiably regarded as Utah's first banking institution. The credit instruments used for the purpose of securing loans were in the form of printed promissory notes, on which the borrower agreed to pay to Brigham Young, president of the Deseret Currency Association, a specified number of dollars, with interest at ten per cent per annum. Space was included for a property lien. Through the medium of these personal notes an undetermined amount of credit was extended to Mormon industrialists, merchants, and shopkeepers to keep the wheels of production and distribution moving during this crucial period in the life of the Mormon people.
As to the use of many of these notes in connection with defense mobilization, it is interesting to discover that, beginning February 23, 1858, all "Deseret script" bore the imprint of the seal of the Green River County Probate Court. Green River County (now located in Wyoming) was organized as a part of Utah Territory during the winter of 1853-54. Fort Supply, Fort Bridger, and the strategic Green River ferries were located within this county. In September, 1857, when federal forces neared, Mormon settlers abandoned the county and burned all improvements. The county government was disorganized by the territorial legislature in December, 1857, and attached to Salt Lake County. This legislative procedure was intended to remove the semblance of legality in the rule of the "Occupation Government" established by Johnston's Army, which was attempting to function from there. Perhaps it was the sly humor of the Mormon leaders which prompted them to circulate their currency bearing the seal of the one county of the territory which was occupied by Johnston's Army. Perhaps, on the other hand, officials had in mind distributing the currency to Mormon scouts and troops in the Green River area and hoped that the use of the Green River seal would render the money acceptable "to all concerned" in that area.
It is noted that the treasurer of the association, Daniel H. Wells, was also a member of the Mormon Church First Presidency; and, equally as significant at this time, Wells was Lieutenant General and chief commanding officer of the Nauvoo Legion, which, as previously indicated, was the territorial militia. There is thus a direct tie-up, as it was certainly intended, between the introduction of the new currency and the defensive operations of the Mormon commonwealth. There can be little doubt that a large share of the "Series A" notes went to meet the payrolls and purchase the supplies involved in the defense of Utah against Johnston's Army.
Ill
As late as March 21, 1858, there seemed to be actual possibility of war between the Mormon people and federal troops. On that date, however, Mormon leaders announced to the Church at large their decision (arrived at three days previously in a "Council of War") "to go into the desert" rather than make "war with the people" of the United States. In the four months following that announcement, more than 30,000 Latter-day Saints in northern Utah left their homes with what few belongings they could cart and carry and moved to Provo, Fillmore, Parowan and other settlements in central and southern Utah. Church strategy had shifted from defense to abandonment.
The new policy required heavy new expenditures. From the standpoint of the Church, these expenditures were for moving transferable Church properties south and purchasing lots and supplies at the new headquarters (Provo). From the date the "move south" was announced, newly-issued notes of the Currency Association were no longer consigned personally to Wells, but were introduced in Salt Lake City (and points south as the "move" progressed) by the office of the trustee-in-trust of the Church, which supervised the exodus of Saints.
Printings of Deseret Currency in connection with the "move south" may be said to have been made in two phases: the Salt Lake City phase and the Fillmore phase. In Salt Lake City, before the press was moved south, an unusually large number of Deseret notes were printed, partly for immediate distribution, but largely to provide a supply which could be paid out along the way "to the desert." In the four weeks between March 31 and April 26, 1858, the press ground out over ten thousand separate bills, with a total value of $26,753. The printing on April 26 appears to have taken place after much of the Deseret News press and equipment had been taken south. Brigham Young seems to have regarded the currency printing as of sufficient importance to delay removal of this part of the equipment long enough to get out these notes. About $7,200 worth of these Salt Lake notes were issued by the association secretary immediately after completion of the dating, numbering, and signing. Another $20,000 was deposited in the safe of the trustee-in-trust for distribution along the way of the "move south" or immediately after new Church headquarters were set up in Provo.
The next printings of these notes seem to have been done in Fillmore, where the Deseret News was printed. These printings took place June 19, June 22, July 8, and July 17, 1858, and yielded $11,699 worth of notes. The Fillmore printings turned out to be the last printed issues of the Deseret Currency Association. When "peace" returned in the late summer of 1858, and Church headquarters were set up once more in Salt Lake City, further currency efforts took the form of introducing, at long last, the engraved bills which had been planned the preceding January.
One of the interesting uses of the "move south" currency was in financing the construction of the famous Provo Canyon road. While President Young was in Provo during the exodus, he engaged "Levi Stewart and brother" to open a road through Provo Canyon and to make other improvements in Provo City. As payment for these operations, Brigham Young issued five thousand dollars worth of "Deseret script" to the Stewarts.
IV
An idea of the magnitude of the operations of the Deseret Currency Association during the first six months of its existence is gleaned from the following table, which gives a summary of all the currency printed and actually issued by the association from February 19 to July 17, 1858. This table includes both the "defense" and the "move south" series of notes.
Currency Printed and Issued by the Deseret Currency Association, February 19, 1858 to July 17, 1858* See endnote for table.
In regard to the success of Church leaders in securing the acceptability of the Deseret currency, it appears that the great majority of the people immediately accepted these notes in good faith; where they were unacceptable, recourse was had to the dwindling supply of 1849-50 Mormon (or "Valley") coins. And where even these were unacceptable, United States coin had to be used. The Church historian mentioned that on the thirtieth of April, 1858, Ben Simonds, a Cherokee Indian trader, came into Salt Lake City with tobacco, tea, calico, and other commodities. "He would not take the currency, nor valley gold, but sold for U. S. coin." A few days later Brigham Young is reported to have said at Battle Creek (now Pleasant Grove, Utah), "that if the people did not sustain the currency, he would call it in." One David Seeley, from California, had sold goods in Battle Creek at enormous prices. He refused to take the Deseret currency and was paid in U. S. coin. Brigham Young's temper, seldom provoked, rose this time. "President Young told Bishop Walker to tell him [Seeley] to clear out; he had gone to California to get gold and he ought to be contented with the gold there, and not come here to take the gold and silver from this community." Brigham Young afterwards told Seeley that "he [Brigham] could make this people rich if speculators would keep away with their rags and traps and the people would sustain the currency."
As the months of "wartime" emergency passed, however, Church authorities found it increasingly difficult to secure universal acceptance of the scrip. In August, 1858, for example, one William Marsden of Provo was prepared to pay "Levi Stewart & Bros." the sum of twenty-one dollars, which he owed for clothing he had purchased while in Echo Canyon "awaiting the approach of the enemy" the preceding fall. Marsden attempted to satisfy this obligation with Deseret currency, but Stewart's agent replied that "there was a time when Stewart would take Currency but now he [the agent] had to raise the hard money or the Devil is to Pay & as he [Stewart] whont take it tis no use me to take it."
How was the Deseret scrip redeemed? The notes, as previously indicated, were backed by livestock capital. It seems doubtful, however, if much of the "script" was redeemed with livestock. There is no mention in the association account book of any such redemptions, and the Journal History of the Church refers to only two such cases: First, the redemption of five thousand dollars of "Deseret script" held by the Stewart brothers which was redeemed with one hundred head of tithing horses; second, an attempt to redeem currency in the latter part of June with a "drove of horses [which were] driven in from the Islands" of the Great Salt Lake. A considerable number of these horses was offered to W. H. Hooper, who held a "large quantity" of the currency, but, according to the Church historian, Captain Hooper "did not feel disposed to take the horses."
Perhaps, then, $10,000 of the printed currency was redeemed with livestock. Another $16,500 of the currency, all in small denominations, was redeemed with the engraved currency, which was introduced by the Deseret Currency Association, beginning September 9, 1858. That left roughly $40,000 of the currency unredeemed. Undoubtedly, some of it was lost or burned, but the conclusion is inescapable that the bulk of it was returned to the trustee-in-trust or president of the Church as tithing, donations, payment on indebtedness, and so on. "Cast thy bread upon the waters and it shall return to thee."
V
When the Saints returned to Salt Lake City and northern Utah in August and September, 1858, it was possible to go ahead with the plans to issue the engraved bills. Apostles visiting the settlements discussed, among other things, the retirement of the emergency-printed Deseret script and its replacement with the engraved bills. September 1, 1858, Brigham Young published a "notice" over his name in the Deseret News stating that the engraved bills were now "nearly finished." All those having the printed notes were to contact their bishops, who would compile lists with the numbers and values of such notes and forward these lists to the secretary of the association. On the basis of these lists, new engraved bills would be exchanged by the Currency Association for the paper notes.
Redemptions of the printed notes with engraved notes began September 9, 1858—the day the manufacture of the first issue of engraved bills was completed. No large denominations of the printed notes were redeemed with engraved bills. Since it would have been impossible to redeem printed notes of the smaller denominations with livestock, unless presented in "bunches," it was clear that in all fairness to small merchants, tradesmen, and consumers it would be necessary for the Church to provide readily acceptable redemption of these small, worn-out notes. It was desirable to continue the circulation of these small bills to facilitate exchange. The printed notes were not sufficiently durable to continue circulating.
The first engraved notes, dated September 9, 1858, consisted of 600 one-dollar bills, 200 two-dollar bills, and 350 three-dollar notes. These notes were issued as soon as they were manufactured, and were signed by H. B. Clawson as secretary, dated by John T. Caine, and numbered by Thomas W. Ellerbeck. As was true with some of the printed notes of the preceding months, Brigham Young's signature was printed on the bills during the manufacturing process. The value of the first issue was $2,050. Subsequent issues occurred September 21, 25, 27, and October 1, 7, and 9, 1858. The total value of the engraved issue was $16,512. All of the notes were in one, two, and three-dollar denominations with the exception of 400 fives issued October ninth. The following table shows the number and value of engraved currency issued September 9 to October 9, 1858.
Engraved Currency Issued By The Deseret Currency Association September 9, 1858 to October 9, 1858 * See endnote for table.
These new bills were designed by Henry Maiben and engraved by David McKenzie. The printing was done by Joseph Bull, who was a printer for the Deseret News. It represented the first copperplate printing done in the West, and was done with ink manufactured by Bull from native raw materials. United States Treasury investigator, Marcus E. Jones, gave a description of them in his report for 1890.
The central design of the five-dollar note, about which Professor Jones apparently had not heard, was a group of farmers harvesting wheat. On the right side was a bust of George Washington and an American eagle just below it. All of the notes were printed on only one side of very thin paper.
The manufacture of the "new" or engraved currency proceeded as fast as was necessary to redeem the "old" or printed notes. None of the new currency was paid out except for the purposes of redeeming the old bills. The redemption took place in the office of the trustee-in-trust and was handled by Secretary Clawson. By September 30, 1858, Clawson had received $8,900 in new bills from the association treasurer, and had already paid out $8,106 to redeem old notes. Redemption continued, day after day, with Church members bringing in one, two, three, or more paper notes for exchange. By October 8, more than twelve thousand dollars in printed notes had been retired. Apparently, almost all of the outstanding currency was presented by January 29, after which there were no further exchanges until May 6, 1859, when, as the last exchange of the association, President Brigham Young exchanged 94 two-dollar notes for an equivalent sum in new bills. A total of $16,024 in old bills was redeemed by May 6, and for this purpose, $16,512 in engraved bills had been manufactured. Undoubtedly, another printing or two would have been necessary to retire the few printed notes that would have come in (a few pieces at a time) for exchange. Furthermore, the scarcity of small change would have made it desirable to retain such bills in general circulation, at least until after the establishment of the first bank in 1868.
VI
Despite the clear need for another printing, it was not destined to take place. This interesting experiment in a local monetary system was brought to a halt by United States Marshal Peter K. Dotson, who had been installed in the territory as the result of the Utah War. On July 9, 1859, less than a year and a half after the Currency Association was organized and ten months after the engraved bills were put in circulation, Marshal Dotson arrested engraver David McKenzie on the charge of counterfeiting a United States draft. On this occasion Dotson seized, among other things, the engraved plates of the Deseret Currency Association and some of its notes. These were taken from the Deseret Store (a tithing office store operated by the Presiding Bishop's Office of the Church), where the Currency Association had an office. John T. Caine was in charge of the office at the time. The Marshal later attempted to return these plates to the association, but they were so badly damaged that they were useless and Brigham Young refused to accept them. These plates were valued at from one to two thousand dollars. The Deseret Currency Association, represented by Brigham Young, then brought suit against Marshal Dotson in the Salt Lake County Probate Court for trespass in seizing the plates, and the case was finally argued during the first week of September, 1860. The verdict, rendered on the eighth of September, was in favor of Brigham Young, who was awarded $1,668 for damage done to the plates and $648.66 cost of court. For nonpayment of this fine the Marshal's house was seized and given to Brigham Young, presumably as trustee-in-trust for the Church. This property adjoined the old Salt Lake Theatre and later became very valuable. It was awarded to the Church in the settlement of Brigham Young's estate after his death in 1877.
How were the outstanding engraved bills of the Deseret Currency Association redeemed? Unfortunately, no records exist to give a definite or detailed answer to this question. The cattle, horses, and mules which the Church had on hand for use in aiding emigration were available as a means of ultimate redemption. However, as in the case of the printed notes, it seems probable that most of the engraved bills were paid in to the trustee-in-trust on indebtedness, donation, or tithing. It is even possible that redemptions in the strict sense of that word were never made because there was no necessity for them. As with ordinary bank notes, the bills circulated as long as there was widespread confidence in the ultimate ability of the association to redeem the notes. As bills came into the Church President's office on tithing or other credit they were retired one by one. This explanation is supported by the apparent lack of any record of livestock redemptions.' Enthusiastic record keepers, Mormon clerks would have left a record of any such transactions. The probabilities are that from 1859 to 1867 the $16,512 in engraved bills were principally retired with tithing receipts.
Because the Church did not use the Deseret currency in further transactions, all tithing and other payments contributed to the Church in this form were of no value. The scrip was actually a "dead asset." The Church had acquired immediate purchasing power by printing the money when needed; the disruption of economic activity in Utah had been avoided; efforts to expand the note issues were frustrated by the action of the U. S. marshal; outstanding notes were then honestly retired, one by one, though at no out-of-pocket cost to the Church.
Final action in the retirement of this and other non-government scrip issues was taken by the territorial legislature when it passed, in January 1864, a bill outlawing the issuance or circulation of any currency or substitute for money by private firms or associations. By the first of December, 1867, all of the currency had been returned or redeemed. On that date the Church historian recorded the dramatic ending of this scheme to finance the Utah War: Brigham Young, Daniel H. Wells, George Q. Cannon, David O. Calder, Thomas Ellerbeck, and seven others, he wrote, "spent the day in the office, counting over and burning up $100,- 000 of the Deseret Currency. . . ." This $100,000 is taken to be an approximate, rather than an exact sum. If so, it refers to the $78,598 of printed currency and the $16,512 of engraved currency. The two types of currency, together, represent $95,110 in currency issued by the Deseret Currency Association, and it was probably this sum—less the few which had been lost or destroyed—which was burned on that December day in 1867. The burning of these notes explains why collectors have not found specimens of them. So far as is known, none of the printed notes has been uncovered, and only one of the engraved variety, which was in the Auerbach Collection and the present location of which is unknown, has been preserved. Undoubtedly, the lack of such historical evidences has caused Utah historians to overlook the Deseret Currency Association and its contribution to Utah's pioneer economy.
Although care should be taken not to exaggerate its importance, the Deseret Currency Association illustrates the facility with which Mormon leaders devdoped institutional devices for handling economic problems. The total value of Deseret currency in circulation at any one time was about $67,000, or less than two dollars per capita. This was certainly not enough currency to be inflationary, but, on the other hand, it was probably as great as the cash value of Church tithing receipts during any of the years from 1856 to 1861. Thus, it appears that approximately one half of Church expenditures during 1858 were financed by the note issues of this association. On a per capita basis, the total issue of Deseret scrip was not much less than the $50,000,000 in Treasury notes issued by the North in 1861 at the beginning of the war between the states. The crucial importance of the association's activities, however, is best indicated by the almost total absence, in Utah, of other forms of money during and immediately after the Utah War. The large proportion of notes in the lower denominations evidences the clear desire of Mormon leaders to furnish a circulating medium for widespread use rather than one which was designed only to furnish a temporary means of payment for the trustee-in-trust of the Church.
The Deseret Currency Association appears to have been a well-intentioned, well-managed device for mobilizing the Mormon commonwealth for war, for exodus, for return, and for peace. The most interesting aspect of the whole scheme is the apparent realization on the part of Brigham Young and other Mormon leaders that the device of the Deseret Currency Association offered the only hope of adequately financing Mormon activities during and immediately after the Utah war. Money is, after all, a certificate of indebtedness, much like a promissory note or bond, except that it is capable of being rendered generally acceptable for payment by virtue of the authority and reputability of the issuing body. By printing currency for general circulation the Mormon Church was able to obtain immediate possession of wanted goods and services. In return the Church promised to repay the "loan" of these goods and services by redeeming the notes with livestock. As most of the notes were subsequently returned in the form of tithing donations, the Deseret Currency Association, in effect, was a device by which the Church financed its activities in 1858 by borrowing on its anticipated tithing account.
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