[J. Reuben Clark]
John Wallace came in ... expressed great concern over the entry into this area of the Bank of America, who seem to be hand in glove with the Eccles banking interests. ... Mr. Wallace also states that the Eccles group are still acquiring interests in banks in Utah and adjacent areas. He suggests that for the protection of all (he seems to feel very strongly about this) that a strong local group of banks should be formed. He did not specifically say consolidation but quite evidently he has that in mind and that the Church banks and Walkers should come together in one banking institution. ...
I told him that I thought there was much to what he said; that the matter deserved careful consideration; ... that I was fearful for the future, particularly vis-a-vis the communists, who I thought would attempt to take over, if certain developments came, ... that the Church was engaged in industrial and financial enterprises merely to stableize and promote the welfare of the people; that the sole concern of the Church was the leading of our people to live righteously and the spreading of the Gospel among non-members, everything we did had to have this in mind and must have a bearing directly or indirectly thereon; that within a year after the Church was first organized the United Order was set up and that from then until now the Church had been in a great measure concerned with the temporal welfare of its people; that it was not in business merely to make money, but as I had above stated, to stabilize this situation and develop the people financially ...
[Source: The Diaries of J. Reuben Clark, 1933-1961, Abridged, Digital Edition, Salt Lake City, Utah 2015]
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