For the ones who didn’t know. This is from mormon’s prophet Joseph Smith.
**Topics surrounding the Kirtland Bank created by Joseph Smith. **
The Kirtland Bank was created in the State of Ohio by Joseph Smith and Sidney Rigdon. Joseph was the Cashier and Sidney was the President. Unable to obtain a Banking Charter, Joseph and Sidney created an “Anti-Bank” Bank. Depositors were lured in because Joseph Smith told his followers that as a Prophet of God, the Bank would never fail.
Joseph Smith’s delusions left them empty-handed and the bank declared bankruptcy. Many faithful Mormons lost their life savings and investments - and their faith. Joseph Smith and Sidney Rigdon fled Kirtland under the cover of darkness in January of 1838 to escape bank depositors who were given worthless bank notes in exchange for gold and silver deposits.
Warren Parrish, who had been an officer in the bank and had apostatized from the Church, made this statement: “I have listened to him * with feelings of no ordinary kind, when he declared that the AUDIBLE VOICE OF GOD, INSTRUCTED HIM TO ESTABLISH A BANKING-ANTI BANKING INSTITUTION, who like Aaron’s rod SHALL SWALLOW UP ALL OTHER BANKS (the Bank of Monroe excepted,) and grow and flourish and spread from the rivers to the ends of the earth, and survive when all others should be laid in ruins.” (Painesville Republican, February 22, 1838, as quoted in Conflict at Kirtland, page 297)
*Wilford Woodruff, who remained true to the Church and became the fourth President, confirmed the fact that Joseph Smith claimed to have a revelation concerning the bank. Under the date of January 6, 1837, he recorded the following in his journal: “I also herd [sic] President Joseph Smith, jr., declare in the presence of F. Williams, D. Whitmer, S. Smith, W. Parrish, and others in the Deposit office that HE HAD RECEIVED THAT MORNING THE WORD OF THE LORD UPON THE SUBJECT OF THE KIRTLAND SAFETY SOCIETY. He was alone in a room by himself and he had not only [heard] the voice of the Spirit upon the Subject but even an AUDIBLE VOICE. He did not tell us at that time what the Lord said upon the subject but remarked that if we would give heed to the commandments the Lord had given this morning all would be well.” *
How it ended up?
After one month he and Sidney Rigdon resigned as officers but the bank failed. This affected Joseph’s status.
People who were convinced that Joseph had intended a swindle at the outset attacked him verbally and threatened him physically. This disruption forced Joseph to leave the city frequently…
In April 1837 Joseph went into hiding without seeing Emma before he left.
Half of the original twelve apostles, and more than half of the total church membership, left the church because of the Kirtland failure.
Upon being charged with bank fraud, Smith and Rigdon were forced to flee Kirtland on horseback at night to escape mobs who wanted to avenge their financial losses.*