Date: March 03, 2014 05:20PM
After hearing about my TBM mother and sister reasoning that Joseph Smith would not have subjected himself to so much persecution and hardship if the BoM were a fraud, I decided to take a closer look at his return on investment.
In addition to sex and power (30+ wives from among other men's wives and daughters, prophet, mayor, Lieutenant General, anointed king of the world, presidential candidate), Joseph Smith also benefitted financially, thereby hitting the sex, money, and power Trifecta. Below is all of the non-trivial financial information I could find beginning with his bankruptcy in 1842 (obviously, the Kirtland years would also be fertile ground for a similar investigation). My speculation on his debts are that much of them were likely incurred because he was glutting himself along the way.
1. Joseph Smith cleared over $73,000 in debt by filing for bankruptcy in 1842 (his brothers Hyrum and Samuel, along with other LDS dignitaries took advantage of a brief window where Congress enacted a lenient bankruptcy law only to rescind it months later when $440 million in liabilities in the country were wiped clean for $44 million in assets). Joseph’s $73k debt represented nearly $2 million in 2010 dollars.
2. By Joseph’s own account, he owed approximately $70,000 again by the time he was killed just 2 years later in 1844 (over $1.84 million in 2010 dollars).
3. LAND SPECULATION. Nauvoo land purchased for $2 per acre, lots sold for average price of $500 per acre (minimum $200 per acre | maximum $800 per acre) multiply by factor of 25 to 28 for value in 2010 dollars—this is how frontier land speculation works when masses of people are gathered by revelation.
• SPIRITUAL BLACKMAIL TO PROMOTE SALES. February 13, 1843: I spent the evening at Elder Orson Hyde's. In the course of conversation I remarked that those brethren who came here having money, and purchased without the Church and without counsel, must be cut off. This, with other observations, aroused the feelings of Brother Dixon, from Salem, Massachusetts, who was present, and he appeared in great wrath.
• SPIRTUAL COERCION TO PROMOTE SALES.
----------BEGIN NAUVOO NEIGHBOR EXCERPT ----------
20 December 1843, Nauvoo Neighbor 37: To Emigrants and Latter-Day Saints Generally: I feel it my duty to say ... that there is in the hands of the trustee in trust, a large quantity of lands, both in the city and adjoining townships in this county, which is for sale, some of which belongs to the Church and is designed for the benefit of the poor, and also to liquidate debts owing to the Church, for which the trustee in trust is responsible. Some, also, is land which has been consecrated for the building of the Temple and the Nauvoo House.
If the brethern who move in here and want an inheritance, will buy their lands of the trustee in trust, they will thereby benefit the poor, the Temple, and the Nauvoo House, and even then only will be doing that which is their duty, and which I know, by considerable experience, will be vastly for their benefit and satisfaction in days to come. Let all the brethern, therefore, whey they move into Nauvoo, consult President Joseph Smith, the trustee in trust, and purchase their lands of him; and I am bold to say that God will bless them. ...
We hold ourselves ready at any time to wait upon the brethern and show them the lands ... and can be found any day, either at President Joseph Smith's bar-room, or the Temple Recorder's office at the Temple.
---------- END NAUVOO NEIGHBOR EXCERPT ----------
4. ABUSE OF POWER. Nauvoo city council awarded Joseph Smith sole right to sell liquor in city limits. He established bar in Mansion House/Hotel for that purpose, but Emma forced him to remove it by threatening to take the kids and move back to the Homestead house.
5. ASSETS OWNED BY JOSEPH/EMMA:
• Joseph Smith Mansion House (http://en.wikipedia.org/wiki/Joseph_Smith_Mansion_House)
• Nauvoo House built by order of revelation at the Church’s expense (http://en.wikipedia.org/wiki/Nauvoo_House)
• Homestead house in Nauvoo (http://cofchrist.org/js/homestead/default.asp)
• Brigham Young claimed that Emma owned $50,000 in *city property* when they finished settling the assets with Emma ($1.4 million in 2010 dollars). This apparently referred to the Hugh White purchase which Joseph had deeded to her before his death (http://www.dialoguejournal.com/wp-content/uploads/sbi/articles/Dialogue_V17N03_89.pdf).
• Quincy property (aka Cleveland farm)
• One or more additional farms (Brigham Young twice used the plural when referring to farms given to Emma, saying that “besides these farms she owned city property worth fifty thousand dollars”).
• Owned at least two steamships: the Maid of Iowa and the Nauvoo (Joseph Smith owed a debt on the latter at the time of his death that was settled for over $5,000 (over $140,000 in 2010 dollars).
• Steamship docks (ownership was under dispute—still looking for more info on this one).
• Egyptian papyrus and mummies purchased by friends of Joseph Smith for $2,400 in 1835 ($60,000 in 2010 dollars).
o Mother Smith would charge admission (25 cents or around $7 in 2010 dollars) to see the Egyptian mummies and papyrus. Lying, Joseph reportedly told visitors that his mother had purchased them herself for $6,000 ($150,000 in 2010 dollars).
o They remained in the Smith family until Emma sold them shortly after Lucy Mack Smith’s death in 1855.
Does anyone else have any more examples from his years in Nauvoo?
Edited 3 time(s). Last edit at 03/03/2014 10:29PM by Facsimile 3.