LDS Church Finances
The Church of Jesus Christ of Latter-day Saints (sometimes erroneously called the "Mormon Church"), is now a world-wide church and the fourth largest church in the United States, but it is still small, at just over 14 million members (2011). The LDS Church has a reputation for being wealthy, mostly because of its sound financial practices, which follow guidelines the Lord has set. Because of the success of the Church, some try to find worldly excuses for its financial soundness, but it is possible to be successful following eternal principles — no cheating allowed.
History of the Finances of the Church of Jesus Christ
The Church of Jesus Christ was established as the restoration of the ancient Church of Christ, with the same organization as was had in the primitive church. The image of the early apostles performing their ministry without "purse or scrip" holds true today. There is no paid clergy in the Church, and members are called to split their time between their worldly pursuits and church service for which they are untrained. They learn as they serve through inspiration from God. Thus, in the first days of the restoration of the gospel of Christ (early 1800's), those who were able donated what they could to forward the work of the Lord. Martin Harris donated the funds for the first printing of the Book of Mormon and others allowed the prophet, Joseph Smith to stay in their homes when necessary for him to work on scriptural translations.
The Latter-day Saints established themselves in New York and Pennsylvania, but were soon driven out. They gathered in Kirtland, Ohio, where many were extremely poor. Speculation was rife in the United States at that time, and some of the early Mormons became caught up in that. Land prices rose in Kirtland. With the financial crash of 1837 in the U.S., the bank established in Kirtland failed, leading again to the destitution of the Saints. Driven out of Kirtland, the members of the Church of Jesus Christ gathered in Missouri, again mostly impoverished. When the Saints were driven out of Missouri, most of their goods and cattle were confiscated by mobs, and they had to begin again in Nauvoo, Illinois. The Saints built Nauvoo into a large, beautiful city during the five or so years they were there. Prosperity increased during this time. But then the prophet, Joseph Smith, was martyred and the Saints driven out to begin their famous exodus to Utah. Again, they started over.
Once in Utah, the Saints struggled again, but gained a foothold and increased in financial stability, establishing agricultural and manufacturing cooperatives along the way. However, in Utah the LDS Church publicly revealed its practice of polygamy (which was discontinued by revelation in 1890). The result was a series of more and more onerous acts of American congress, eventually leading to the confiscation of LDS Church property, the suspension of citizens' right to vote, the incarceration of the men of the Church, etc. Under Prophet Lorenzo Snow the Church was in debt to the tune of $2.3 million.
As was had in ancient times, and as commanded by God, the members of the Church of Jesus Christ made donations by paying "tithing," which is ten percent of one's increase, sometimes paid "in kind" (contributing goods). Members were afraid to pay tithing, assuming that the federal government would just confiscate it. After receiving a revelation concerning the suffering Saints in St. George, Utah, where there was a severe drought, Lorenzo Snow, promised them that if they would pay tithing, rain would come, and they would prosper. This came to pass. Other times of leanness included the period of the Great Depression, during which time, the Church of Jesus Christ established a welfare system that encouraged self-reliance, now a shining light to governments everywhere that desire to copy its principles.
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