Joseph Smith resigns from Kirtland Saftey Society, as he is convinced the bank is not viable. Frederick G Williams and Warren Parrish left in charge. Up until this point, Smith family holds about 1/6th the stock of the KSS. At this point Joseph transfers his entire holdings to O. Granger and J. Carter as did nine other stockholders. Others would do the same in the next few days
Joseph Smith: -Some time previous to this I resigned my office in the -Kirtland Safety Society,' disposed of my interest therein, and withdrew from the institution; being fully aware, after so long an experiment, that no institution of the kind, established upon just and righteous principles for a blessing not only to the Church but the whole nation, would be suffered to continue its operations in such an age of darkness, speculation and wickedness. Almost all banks throughout the country, one after the other, have suspended specie payment, and gold and silver have risen in value in direct ratio with the depreciation of paper currency. The great pressure of the money market is felt in England as well as America, and bread stuffs are everywhere high-
[Roberts, Brigham H., (ed.). (1965). History of the Church of Jesus Christ of Latter-day Saints. 2:497. Salt Lake City: Deseret News; Kirtland Timeline – Kirtland Safety Society, the Bank of Monroe, Temple Dedication, Consecration, and significant historical events related, http://www.exploringmormonism.com/kirtland-timeline-kirtland-safety-society-the-bank-of-monroe-temple-dedication-consecration-and-significant-historical-events-related/]
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