Have arranged with my co-executors to sell bonds now hypothecated with M. Goldberg for $30,400 borrowed from him for one year at 10 per cent per annum (the year expires July 1/79) and for which we gave our note, to Bro. Nicholas Groesbeck. The terms were: he to take up our note and give his in its stead to Goldberg and pay us $6,700 in cash, and we to give him a bill of sale of the bonds (53 in number) and to pay the interest on the note to the 1st of Dec. 1878. In this way we sold the bonds at 700 apiece; the note in Goldberg’s hands which Bro. Groesbeck gets for us, being $30,400 which with $6,700 paid in cash makes $37,100, the value of 53 bonds @ 700 apiece. We had sold nearly 200 of the same bonds the Utah Central) a few weeks ago at the same price to Bro’s. Hooper, Jennings, Sharp and Eldredge and the Deseret Nat. Bank to take up a note which we had given the Creighton estate for money borrowed, we losing the interest, which we had paid on the note, to the 4th of Dec. The object in selling these bonds was to take up these notes and close up the business of the estate as nearly as possible. In closing them <all> out at 700 00/100 we felt that we were getting a good price as we could not dispose of them in small lots at that price. We had been compelled to sell some we had on hand @ 690 and @695 and Kountze Bro’s. of N.Y. who had authority to sell for us @ 700 had difficulty in selling a few at that price. The appraisers had valued them @ 650 and we thought 700 for the whole a reasonably good figure. I had made the offer to the other executors to take these bonds at this price and take up the note; but afterwards Bro. Carrington thought he would like to get them. I yielded in his favor and said I would be pleased for one to let him have them on those terms, or Bro. Brigham Young or any of the brethren. But he afterwards declined to take them. I got Bro. Groesbeck to take them and I afterwards bought them from him on the same terms he got them at, I giving him a note of the exact tenor as that which he gave Goldberg.
I did not have $6,700 to pay in cash so I succeeded in borrowing from Zion’s Co-operative Savings Bank $4,000 for which I gave my note and 76 shares of Utah Central Stock and 25 shares of Provo Manufacturing Stock as collateral. I got this money at 10 per cent. with the understanding that if the Bank had an opportunity of loaning the money they should give me notice and in three days I should take up my note, or they should charge me 12 per cent. interest. I left this business in charge of Bro. Jas. Jack. This loan enabled me to pay the balance due the estate on the bonds.
Besides this loan I borrowed $2,500 from the Church with which to pay Z. C. M. I. an amount I was owing there. The terms were these: The Church had a large credit on the Institution’s books, and I proposed to Pres. Taylor to borrow the above named amount from it without interest and give the Church ample security for its payment when it should be wanted, so ample that the money could be borrowed from the bank upon it, if needed at any time before I repaid it. He consented to let me have it and I got an order from the Trustee-in-Trust for $2,5000 on Z. C. M. I. and I gave my note with $5,000 of Z. C. M. I. stock as collateral.
I would not have been under the necessity of running in debt in this way had I spent my Executors’ fees. But this I desired not to do. When I first learned after the President’s death that he had still retained me as his first Executor and had not changed the Will in this respect from what it was when I wrote it, I thought I would not take the fees allowed by the Will; but restore them to the Estate. I changed my
point mind upon this point when I saw how many of the heirs acted – if we had been common thieves and they thought that we were going to gobble up or make away with the Estate some of them could scarcely have acted more distrustfully unless they had gone to law – and I resolved to take what in all fairness the law <will> allowed me. Our law allowed Executors to take a higher fee than the will prescribed and we could, if we had chosen to do so, elected to take the fees the law allowed; but this I would have viewed as taking an undue advantage. But I also resolved that if I could possible get along without using these fees in any way for my personal use I would do so, and I would set them apart for a benevolent purpose. This I have so far done. I have also added some means of my own, and altogether I think, under the blessing of the Lord, I can reckon upon having from investments I have made about $2,000 income per annum, and this without using any of the principal. This I would like to keep sacred for the object I have in view; not to be touched by myself or family for personal uses. Should I be prospered in my desires I would like to devote this to the establishing of a free school in our City for the children of the poor, in which our religious books should be the text books. My prayer is that the Lord will bless me in carrying out this design, for I have the welfare and prosperity of Zion near my heart, and this I think would be a means of doing good and I would like it to grow into a college where, besides book education, the young of both sexes might be taught skill in various branches of work.
In leaving home I had the satisfaction of knowing that all the legatees excepting one (Nabbie Young Clawson) had been settled with and they have signed releases; all the debts, excepting one or two trifling amounts have been paid and everything closed up as far as possible. I have worked for this with all assiduity. Sister Clawson would have been settled if her husband Spencer Clawson had been so disposed. But he is exceedingly obstinate and wants I know not what. We have been disposed to yield everything that we could in reason or fairness; but he has not met us with any manifestation of a wish to settle, not even communicating what he wanted as a settlement. On
Wednes Tuesday, the 19th Nov. called at the Lion House and seen the wives of the President who resided there and arranged for the repair of the house, and allowed all the wives $50 apiece in addition to their regular allowance. Called also upon Sister Emily Partridge Young and arranged for a fence to be built on her lot.
I left home for Washington, Thursday morning, Nov. 21/78[.] My son John Q. drove me from the farm to the Depot. Abraham and my nephew Geo C. Lambert accompanied me to Ogden. Bro. & Sis. Groesbeck and a nephew, Alonzo Groesbeck were on the train going East. I found Gen. Americus V. Rice,
and M. C. from Ohio, and Col. John G. Thompson, Sergeant-at-Arms of House of Rep’s on the with their wives and three children on the train. They had been in Cal. and were now returning. They were in ecstasies over our scenery. With these fellow-travelers I had a pleasant journey to Omaha. I lunched at the warm invitation of Bro. & Sis. Groesbeck with them. < Mr. Wren, Mr E. from Nevada and Mr. Jacobs, Delegate from Washington Ter. were on the train.> We reached Omaha on Saturday, the 23rd where we separated, they to go into Missouri, I to go East on Chicago & Rock Island R.R., the only one going out for Chicago to-day. Had dining car with us where I took my meals. Had pleasant trip. Reached Chicago Sunday afternoon, the 24th. Stopped at Grand Pacific.
To-day called upon Mr. Myers of Pittsburg and Fort Wayne R. R. and got passes to Washington. Called upon Mr. Wells of M. D. Wells & Co. who as I wanted to buy a pair of slippers, insisted in giving me a pair also a pair of rubbers.
Started at 9.10 p.m. for Washington[.] Mr. Calkins of Ind. and Gen Rice and family and Mr. Stone of Iowa, Members of Congress were on the train; also Senator Chaffee of Colorado.
Had a pleasant time on the train.
Reached Washington City a little after 9 o’clock in the morning. Left my baggage at the Depot and went up to Mrs. Ritchie’s, the house where I stopped last session. Engaged rooms on first floor at $60 per month. I have thought I would diet myself and arranged for oatmeal porridge, milk, and bread and butter in limited quantities to be served me. A very stormy day.
Blustry and cold. Went to the Capitol and was around the city. Thanksgiving day.
Called upon the Com of Internal Revenue about tax assessed upon our institutions because of their orders. Presented the case of Brigham City and made representations concerning it. The Com. promised to examine it carefully. Called at Land Dept about cases; also at P. O. Dept. about the transportation of mails by the Utah Central & Southern R. Roads for which it was alleged they received inadequate pay. Wrote a number of letters.
At capitol and departments. Wrote letters home.