Robert Fielding Kent claims that there was no chance that the Kirtland Bank could have succeeded.
Robert Fielding Kent, "The Growth of the Mormon Church in Kirkland Ohio" (PhD Thesis; Indiana University, 1957), 182–83
As it was projected, there was never the slightest chance that the Kirtland Safety Society anti-Banking Company could succeed. Even though their economy was in jeopardy, it could scarcely have suffered such a devastating blow as that which they were themselves preparing to administer to it. There were many good reasons why banking—or antibanking, was not the solution to their problems; proper notice of any one of them should have directed their efforts in more hopeful directions. The Safety Society proposed no modest project befitting its relative worth and ability to pay. Its organizers launched, instead, a gigantic company capitalized at four million dollars, when the entire capitalization of all the banks in the state of Ohio was only nine and one third million. Such presumption could not have escaped the notice of bankers who would realize that such a capital could not be paid in, and would have been led to examine its capital structure more closely. They would have noted, upon exami[n]ation, that according to the articles of incorporation capital stock was to be paid in by subscription but that the amount of the first subscription was not stated and further payments were left to the discretion of the company managers. Furthermore, total issuance of notes was not prescribed, nor was the relation of notes to capital and assets. The members, to be sure, pledged themselves to redeem the notes and bound themselves individually by their agreement under the penal sum of one hundred thousand dollars. But there was no transfer of property deeds, no power of attorney, no legal pains and penalties. To a banker, the articles fairly shouted: “this is a wildcat, beware!”