History of Utah, 1540-1886 - Brigham Young University

GOLD AND PAPER CURRENCY. 291
were issued on the 1st of January, 1849, signed by
Brigham Young, Heber C. Kimball, and Thomas
Bullock, clerk. In September, Brigham had brought
eighty-four dollars in small change into the valley,
which had been distributed, but was no longer in circulation.
On the 6th of January, resolutions were
passed by the council to the effect that "the Kirtland
bank bills be put into circulation for the accommodation
of the people, thus fulfilling the prophecy of Joseph,
that the Kirtland notes would one day be as good as
gold." The first printing was in connection with the
manufacture of paper money. 10
Previous to the issue of this currency an attempt
was made by John Kay to coin gold-dust, but the
crucibles broke in the attempt. All the dies and
everything connected with the coining were made in
Salt Lake City. 11
Subsequent attempts were more
successful. The coin was made of pure gold, without
alloy, which made it deficient in weight; it was there-
fore sold as bullion. Brigham then proposed the issue
of paper currency until gold could be coined. 12
There
was also a paper currency issued some years later
by a company in Salt Lake City known as the Deseret
Currency Association, its capital being in cattle,
but this was merely a temporary convenience. 13
Cur-
10 Fifty-cent and one-dollar paper currency was issued. Hist. B. Young,
MS., 1849, 3. On the 22d, type was set for 50-cent bills—the first typesetting
in the city. Id., 42-3; S. L. C. Contributor, ii. 209.
11 'Robert Campbell engraved the stamps for the coin.' Wells' Narr.,
MS., 42. Brigham says, 'I offered the gold-dust back to the people, but
they did not want it.' Hist. Ii. Young, MS., 1849, 1. 'Thos L. Smith, a
mountaineer, wrote me from Bear Paver Valley, offering to sell me $200 or
take our currency for the same, and he would trade
$300 in small coin. . .and
his skins, furs, robes, etc., with us.' Id., 79.
'- 'John Kay coined $2.50, $5, and $20 pieces.' Nebeher's Early Justice,
MS., 3. A description is given in Juv. Inst, of coins with beehive and spread
eagle on one side, with inscription 'Deseret Assay Office, Pure Gold,' and at
the base '5 D.' On the reverse is a lion, surrounded by 'Holiness to the
Lord,' in characters known as the Deseret alphabet. Vol. ix. no. 4, p. 39. In
1849 and 1850, coins of the value of $20, $10, $5, and $2.50 were struck off.
Their fineness was 899-1000, and no alloy was used except a little silver. .S'.
L. O. Contributor, ii. 209. 'The gold-dust was sufficient in quantity for all
ordinary purposes. . .In the exchange the brethren deposited the gold-dust
with the presidency, who issued bills or a paper currency; and the Kirtland
safety fund re-signed it on a par with gold.' Id., 5G.
13 See Taylor's Reminiscences, MS., 23.