Financial Counsel to the Saints

My brothers and sisters, I should like to pay tribute to our late beloved departed associate, Elder John A. Widtsoe, a man who has contributed much to this Church and its people. He left many books, manuscripts, and leaflets that we can all use and profit by. I, too, want to welcome Elder Adam S. Bennion into the Quorum of the Twelve and assure him that he has my love, my prayers, my blessing, my help. I know he will contribute a great deal to the work. He is filling the shoes of a very important individual, but I know he will rise to the great responsibilities of this call. ¶

I would like for you to keep in mind, my brothers and sisters, as I speak to you, the talks of President David O. McKay on the home, of Bishop Thorpe B. Isaacson on security in the gospel of Jesus Christ, and the talk of President Bruce R. McConkie on the Holy Ghost, its powers and functions. ¶

Toward the close of his ministry, Christ taught his disciples that he must suffer many things and be crucified and would rise again the third day. Peter rebuked the Savior saying, "Be it far from thee, Lord: this shall not be unto thee." Jesus turned to Peter and said, "Get thee behind me, Satan: thou art an offence unto me: for thou savourest not the things that be of God, but those that be of men." (Matt. 16:22-23.) If the Lord walked among us today, would we be an offense unto him and subject to chastisement for savoring the things of men more than the things of God? ¶

Our modern scientific material world with its great achievements, conveniences, comforts, and tempting prosperity has diverted many a good man from his avowed plan to serve God faithfully. ¶

Opportunities for riches, and the power that goes with them, often impels men to pursue increased possessions, money, and the honors of men more than the love and favor of God. The faith of many such men often is destroyed and their spiritual opportunities and blessings sacrificed. They become cold and indifferent to religion and pierce themselves and families through with many sorrows. ¶

. . . it is the will of God that man should repent and serve Him in health, and in the strength and power of his mind, in order to secure his blessing, and not wait until he is called to die. (Teachings of the Prophet Joseph Smith, 197.) ¶

We have the responsibility as parents of providing for our own, and in our best endeavors to do so there are normally accumulations of material possessions. ¶

There is nothing against a person earning and enjoying material possessions provided he is not spiritually hurt in the process and fulfils completely his heavenly covenants and sacred obligations to his God. "For a man's life," says the Savior, "does not consist in the abundance of the things which he possesses." ¶

The Lord has given us the good things of the earth that we might better serve him. Somehow people get mixed up in values and fail to recognize the important purposes of earth life that a kind and loving Heavenly Father has so graciously provided for them. ¶

Our most important possession is the gospel. It has no counterpart. It encompasses all truth. It is the only plan for life and salvation that is eternal and applies to all mankind. ¶

Obedience to its principles, doctrines, and ordinances is our only hope for protection and peace in a disturbed world. The Lord has counseled us "to seek first the kingdom of heaven and its righteousness, and all else will be added." The Nephites, following Christ's ministry among them, for two hundred years realized the full benefits of following this counsel. There was an unprecedented era of righteousness and faith among these people. They had all things common among them. ¶

There were not rich and poor, bond and free, and there were no contentions or disputations among them. They dealt justly with each other; the Lord prospered them exceedingly; and they builded large cities. In Fourth Nephi we read, ¶

And it came to pass that there was no contention in the land, because of the love of God which did dwell in the hearts of the people. ¶

And there were no envyings, nor strifes, nor tumults, nor whoredoms, nor lyings, nor murders, nor any manner of lasciviousness; and surely there could not be a happier people among all the people who had been created by the hand of God. (4 Nephi 15-16.) ¶

God did bless them in all their doings, but later, however, wealth, pride, and the desire for influence and power led to their complete destruction as a people and a nation. Moral decay has ever been the downfall of peoples and nations. ¶

Faith in God and in his son Jesus Christ must find lodgment and full and continued expression in every heart or man will be destroyed by his own ignorance and materialism. Today, man's world with the Christ and his teachings is on the brink of disaster. As I think about it, I wonder what condition the world would be in if it did not have a Christ and did not have his teachings with the great plan of salvation as we know and understand it. No doubt the people of the world would have been destroyed long ago. ¶

The Church of Jesus Christ of Latter-day Saints has gained influence and prestige among men. It's opportunities to do good are unlimited. If the Church is to be as a light upon a hill and a beacon to all people, I am firmly convinced that our most important duty is to be true, faithful, and devoted disciples of Christ, and not as people of the world, for the Lord has called us out of the world, a people peculiar unto him. In I John we read, ¶

Love not the world, neither the things that are in the world. If any man love the world, the love of the Father is not in him; ¶

For all that is in the world, the lust of the flesh, and the lust of the eyes, and the pride of life, is not of the Father, but is of the world. ¶

And the world passeth away, and the lust thereof; but he that doeth the will of God abideth for ever. (I John 2:15-17.) ¶

This does not mean the Lord will deny to his people the good things that modern science and invention have provided for the better enjoyment of life, but we are counseled to forego worldly pursuits and pleasures in favor of heavenly and spiritual things. ¶

The Prophet Joseph Smith has said, "As a Church and a people it behooves us to be wise and to seek to know the will of God and then be willing to do it, for blessed is he that heareth the word of the Lord and keepeth it." To accomplish the purposes of the Lord's latter-day kingdom, his people must show vision and understanding by right choices and judgments in personal affairs as they are influenced by the Holy Ghost, the heavenly gift and power given to guide his faithful Saints. This sets an example and pattern of business conduct that all men can follow with profit and confidence. Under present doubtful economic conditions we, as Latter-day Saints, should not overextend our resources by taking unwise and hazardous chances. To do so would make us vulnerable to reverses and losses, thus seriously and adversely affecting our lives and the Lord's work. ¶

To keep ourselves financially strong and secure in whatever we possess is most important to each of us. I believe it wise to have available unused borrowing capacity even under less than normal conditions and also satisfactory bank accounts or savings (which could be cheap dollars) to tide us through difficult situations or conditions. Any reverses without available funds or borrowing privileges could jeopardize entire holdings. This is not a time to have our credit stretched to the limit and no cash reserves on hand. ¶

In this great land of ours we have enjoyed twelve prosperous years. No previous time begins to compare with it either for volume or duration. It would now seem prudent, wise, and timely to stabilize our financial positions, making safe our holdings and possessions to assure security, proper living standards, cultural and economic advantages for ourselves and families, and also make possible our most sacred duty in building up the Lord's kingdom in the earth. ¶

The Lord has counseled his people to pray over their flocks and herds, which applies to every man's interests. ¶

If we faithfully live the gospel and honor the Holy Priesthood of God, we have a right and claim upon him for his blessings and the inspiration to guide us in making proper decisions for the conduct of our businesses in this period of economic uncertainty. ¶

There are serious rough spots ahead, flashing warning lights of caution that Latter-day Saints cannot ignore. This past week the stock market ran for shelter on indication of possible peace in Korea. Business and markets are sensitive to any change in world conditions. We must recognize the signs of the times as indicated by prophecy and have vision and wise understanding of national and world trends to safeguard our interests and thus strengthen the cause of Zion, even as Joseph of old so wisely planned and prepared against the days of famine and adversity, and thus became a great benefactor to the Egyptians and his father's family. We need all the help that faith, prayer, and inspiration can give. ¶

The Latter-day Saints by getting out of debt and thus securing their holdings could set a good example for all people. We were advised recently from this pulpit by President Stephen L Richards to get out of debt, and that counsel now under present economic conditions, and particularly in the light of the past week's happenings, is most timely and wise. With such admonition there should be no cause for us to err in our judgments as to the course we should follow. ¶

We are acquainted with recent government economy moves which, I hope, we all approve and commend our national leaders for, but it does indicate a cautious trend in our national life and is bound to spread to other fields. ¶

We have also witnessed an adjustment in farm commodity and livestock prices. ¶

In spite of heavy government military orders, consumer merchandise is becoming more plentiful and shortages progressively fewer in number. Prices in some lines are softening, and the cost of living index is lowering. The long sustained inflationary boom period made possible by war scare, high taxes, a staggering government debt, also increasing serious world problems with peace in the balance, are danger signals that call for caution and wise decisions. ¶

The economic adjustments now taking place should over the long pull be helpful to our national economy, but some segments of our economic life cannot help being hurt by lower prices caused by such adjustments. Some of our people have already experienced serious and costly losses. ¶

It is generally conceded that 1953 will be a good business year, the first half favorable, the last half perhaps doubtful, and 1954 rather clouded. The Latter-day Saints should take advantage of whatever remaining good times that are ahead to get out of debt, make secure present holdings, and not take chances with odds against them for a high rate of prosperity continuing. No one can ever be criticized for consolidating his position and holdings to assure security and opportunities for himself and family. We must remember that we pay obligations and meet our commitments out of what is left after taxes. ¶

Taxation is a heavy taskmaster and a hard teacher. I wonder whether heavier tax burdens leaving us less to show for our labors and thrifty habits are necessary before we realize what the true values of life are. ¶

The Prophet Joseph Smith has issued this warning, ¶

I will prophesy that the signs of the coming of the Son of Man are already commenced. One pestilence will desolate after another. . . . Some may have cried peace, but the Saints in the world will have little peace from henceforth. . . . Wars are at hand. . . . We ought to have the building up of Zion as our greatest object. (Teachings of the Prophet Joseph Smith, 160.) ¶

I call your attention to the statement by President Joseph Fielding Smith in last Saturday's conference session when he said peace would not come to the earth until the Savior brings it at his second coming. ¶

Now in this talk, my brothers and sisters, I am not intending to cause panic or fear in the hearts of the Latter-day Saint people. Again, 1953 is conceded a fair year, however, an orderly and planned program of debt liquidation with protection of interests, eliminating all risk hazards should be very helpful and not harmful to the national economy, and as I interpret present conditions, it appears to me the wise course to follow. I know it will bring peace and comfort of mind and a glorious sense of security and well-being for those we love and who depend upon us with full trust and confidence for life's necessities and opportunities. ¶

My soul is full with the spirit of this latter-day work. It is most important. ¶

It must not fail. God has called us to holy callings and depends on us to keep free of entanglements and financial involvements to serve him freely and effectively and to promote his glorious kingdom on earth. May we ever keep in mind these suggestions and be faithful and true in our Church obligations, I pray in the name of Jesus Christ. ¶

Amen. ¶