[Hosea Stout]
Meeting at the Tabernacle at dark to take in consideration the subjects of a Bank &c[.] It was decided to have a Church Bank Charter which was passed called the "Bank of Deseret"[.] President B. Young was elected President and H. C. Kimball, D. H. Wells and W. H. Hooper Directors[.] The capital stock of said bank to be founded on a property basis and the Bills redeemable in live stock[.] The people passed the act of incorporation with great enthusiasm and unanimity.
The Territorial tax being abolished all public works was to be done on labor tithing and under the control of the Bishops
A standing army was also to be raised of 1000 or 1100 men from levies from the different Wards and Counties.
The army thus raised were to be sustained by the Wards and Counties (thus [crossed out]) from whom they are raised ...
[Source: Diaries of Hosea Stout]
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