History of Mormonism: Lorenzo Snow

Born on April 3, 1814, Lorenzo Snow was the fifth president of the Church of Jesus Christ of Latter-day Saints, and the last one of the 19th century. He was a great contributor to the History of Mormonism.
Lorenzo had six siblings, one of them was well known Eliza R. Snow, who was nick-named the "prophetess." Lorenzo was educated, receiving his final year at Oberlin College, which was founded by two Presbyterian Ministers. He made a living as a teacher before he knew about the Church.
In 1831, Joseph Smith moved to Hiram, Ohio; about four miles from the Snow farm. Lorenzo hear about Joseph soon after, and wanted to know more about the Book of Mormon and the Church. By 1835, his mother and one of his sisters was baptized into the church. By 1836, he was baptized as well.
In 1837, Joseph asked Lorenzo and some other elders to serve a mission. He served a short mission in Ohio without "purse or script" and had to rely on the generosity of others.
When he returned in 1838, he found the saints in turmoil and rebelliousness over the failure of the Kirkland Safety Society. The Snow family moved to Far West Missouri to avoid trouble. he suffered a severe illness there and for the next few weeks, his sister Eliza Snow nursed him back to health.
After getting better, he served a second mission to Illinois and Kentucky. In 1839, he heard of the saints being driven from Missouri, and he traveled back home to his family, where he again fell ill, where he was treated by church members. He soon was back on his feet, preaching in Ohio, then teaching during the school year. He sent money to his family who settled in Nauvoo, Illinois.
Lorenzo served a third mission, this time in Britain. He met with some of the Apostles that started the mission before him in 1839. After serving for a couple of years, Parley Pratt released him. Lorenzo returned home with 250 converted British converts.
Lorenzo left with the saints to the Salt Lake Valley after Joseph's death in Carthage Jail. After Brigham Young was sustained president, he ordained Lorenzo to be an Apostle.
Lorenzo Snow worked hard, serving with Brigham Young, John Taylor, and Wilford Woodruff. When Lorenzo was sustained as president, it was 1890. The Church was in financial turmoil. They were 2 million dollars in debt, and the saints crops were dying because it has not rained in a long time. Lorenzo received guidance from the Lord, and addressed to the saints about tithing. Tithing was introduced during Joseph's time, but was not upheld well. Lorenzo promised the saints that if they paid an honest tithe, (10% of their income) the Lord will bless them with rain. The saints had faith and paid an honest tithe, and a month later, the Lord blessed them with rain. In turn, the Church's debt was lowered to a manageable level.
Lorenzo Snow was loved by the saints, and he worked very hard his entire life. He died of pneumonia on October 10, 1901.

Mormonism and Tithing

In Mormonism, tithing is something that the Church of Jesus Christ of Latter-day Saints believe in, is when someone earns, lets say $100. He or she gives $10 to the church and keeps the rest to him or herself. Generally, you pay 10% of your income to the church.
Tithing was first introduced after Joseph Smith first established the church. It wasn't heavily enforced, recommended, nor up kept until when the Prophet Lorenzo Snow came around. The Latter-day Saints were forced out of Illinois in 1846 and they migrated to a territory which is now known as Utah. They were able to live there for a while, after afflictions from the government about polygamy, the church became in debt. In the 1890's, the church was $2 million in debt, and the saints crops were dying because of a drought. Lorenzo Snow received a revelation about tithing, and he began to preach to the church concerning tithing, and promised them that if everybody pays a full tithe, the Lord will bless them with rain. A month after the saints began paying an honest tithe, they were blessed with heavy rains.
Tithing money is used in building new temples, church office buildings, family history centers, and church stake buildings and chapels.
Today, Utah is a florishing state, and many members in the state, the country, and in the whole world, are paying a full tithe so they can receive blessings and help in their troubles. I myself pay a full tithe and I have a testimony that you will be blessed if you pay an honest tithe.

History of Mormonism: The Kirkland Bank

In the History of Mormonism, in 1836, Joseph Smith established the Kirkland Safety Society, a joint stock company that also worked as a bank in Kirkland Ohio.  He was able to obtain the funds to start the bank.  He told the saints that if they follow the Lord's commandments, not to steal from the bank, and not to purchase items with money they don't have, then the bank would be one of the most prosperous banks in the country.  They were able to print notes, and sold stock to the saints.  The saints bought shares of stock, say that one certificate of stock was worth $50.  The saints didn't pay fully for the stock, mostly not even 10% of the stock value, even though they were suppose to.  Many saints then, confident that this stock was technically worth more since it belonged to the church, the began spending the stock on expensive clothes and furniture, something that Joseph told them not to do.   The teller of the bank, Warren Parrish, began secretly embezzling money from the bank, something that would sum up to $25,000.  
The "Panic of 1837" hit, many banks failing all across America.  Out of 850 banks opened in the country, 343 of them closed.  The Kirkland bank was one of them.   What contributed to the failing of the bank was first, They started out bigger than they were supposed to.  That somewhat contributed to the failing bank.  What really contributed was the embezzling, and the saints not paying for the stocks in full. 
The failing of the bank really hit the Church hard.  Many saints left the Church, thinking the Joseph wanted to start this bank to personally benefit, when they didn't realize that Joseph was more at risk from the failing of the bank than the rest of them.  Half of the Quorum of the Twelve Apostles blamed Joseph for their plight and went in open rebellion against the prophet.  Heber C. Kimball would later say, "The bank's failure was so shattering that afterwards, no more than twenty would claim Joseph was a Prophet of God.
In the aftermath, Joseph was hounded by creditors and lawsuits, around 17 suits to be exact.  He would do his best, sending what little money he earned to the creditors.  He wasn't able to pay off the debt before his death. 

Mormonism: Debt

In Mormonism, leaders of the Church of Jesus Christ of Latter-day Saints tell members and non-members alike to try to avoid going into debt.  
Debt is when you borrow an amount of money from someone, or a whole company.  You are given a set time when to pay it off, and the interest that is included.  Lets say that I borrow $1,200 from a local loan office, and I have a year to pay it off and the interest is 2%.  Remember this, interest is included every month, not every year.  I would be paying for the first month $124.  The next month will be $124 plus 2%.  That is how it works. 
The church leaders say that the only good reasons to borrow money are for a modest home, or for education.  They also tell us to avoid credit card debt, because of it's ability to purchase something you don't have the money for, and the high interest it accumulates.
Debt is a nasty thing to get yourself into.  Interest accumulates until you pay it off, there is no leniency if your are sick, unemployed, or any other reason to hinder your ability to pay it off.  The debt collectors aren't merciful either.  They expect their money back, and more, and they want it by the deadline.  If you can't pay the debt, your possessions will be taken to pay for the debt.  If you don't have enough possessions to pay the debt, your house will be taken. 
Don't go into debt for nice clothes, a nice car, or a nice TV, or whatever you want, not need.  Unless you can afford such luxuries, don't go into debt for them.
The church's advice for when you are in debt, is to pay it off as soon as possible.