Reed Peck, in his manuscript from September 1839, discusses the Kirtland Bank; accuses Joseph of dishonesty in his financial dealings.
Reed Peck, The Reed Peck Manuscript (Salt Lake City: Utah Lighthouse Ministry, n.d.), 4–5
Passing over many shameful transactions connected with the building of the “Lord’s House” in Kirtland and the “endowment of the Elders” I shall briefly notice such as particularly affected the church both in Ohio and Missouri. While the society were making arrangements to remove from Clay County, Jo___h Smith H. Smtih and O Cowdery borrowed some thousands of dollars of the church in Ohio giving the lenders orders on their agents in Missouri for land in payment, a part of which money was sent to Caldwell County and invested in land which was immediately sold at a small advance pr acre to those holding the orders spoken of, but it was soon made apparent that the money sent to Missouri fell far short of the amount of orders presented consequently many persons arriving in Caldwell county destitute of means were unable to purchase th_ _ omes they anticipated finding having as they supposed sent their money in advance to secure them one. These men likewise engaged in heavy speculations in Banking Merchandising and other branches of business- Having the entire confidence of the Mormons they procured from them by loans in Canada and States enormous sums of specie, established a bank without a charter issued a large quantity of their paper in payment of debts and purchases of property; bought on credit heavy stocks of goods in Cleaveland Buffalo and N. York, and being _____ most unskillful persons in the world in managing to pay debts, were finally compelled to flee to Missouri, leaving their creditors minus about 30000 (independent of what they owed to their brethren) and Thousands of the “Kirtland Safety Society Bank” Bills not redeemed. A bitter quarrel originated in these transactions between the Smith’s and S. Rigdon on the one part and the Cowderies Johnson and David Whitmer on the other and each party having their particular friends in the church in Kirtland became partially divided and their anam____ties carried many of them to great extremes, producing confusion and cruel oppression when either party could wield the balance of power. Very many credible persons in the society have asserted that while the “money fever raged in Kirland the leaders of the church and others were, more or less, engaged in purchasing and circulating “Bogus money or counterfeit coin and a good evidence that the report is not without foundation is that each of these contending parties accuses the other of this crime.