BANKING: The Mormons Sell

After the Mormons founded Salt Lake City, Mormon Leader Brigham Young looked out from his temple and concluded the church would do well to get into the money-changing business. Up and down the valley the "Gentiles" (non-Mormons) were taking the lead in opening rich mines, establishing basic industries, and providing banking services to Brigham's band. Moreover. Mormon businessmen needed capital in quantities that only the church would provide. Accordingly, in 1873 Young founded a Mormon bank, and the Latter Day Saints became the only U.S. religious institution to get into ranking in a big way.

The bank prospered with the...

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