125 years ago today - Jul 1, 1893

The Church fails to meet its payroll, forcing General Authorities to draw their living allowances in tithing commodities. Economic depression hits Utah hard and has First Counselor George Q. Cannon meeting with financiers in London (including Baron Rothschild) and Apostle Heber J. Grant meeting with bankers in New York to secure a loan to see the Church through the hard times. The First Presidency writes: "Every day urgent demands for cash are made of us, which we cannot meet for the simple reason that we have no money. . . . We never saw such a time of financial stringency as there is now."