Robert Fielding Kent discusses the inability of the Kirtland Bank being able to receive a charter.
Robert Fielding Kent, "The Growth of the Mormon Church in Kirkland Ohio" (PhD Thesis; Indiana University, 1957), 179-81
The reason the Mormons did not get their charter is by no means as simple as Smith indicated. As a matter of fact, the legislature did not refuse the charter; there is no evidence to sustain the idea that it was even asked to grant one. No bills to establish a Mormon bank were ever considered by the legislature. It is conceivable, as Smith suggests, that religious prejudice was present. It may have operated to prevent the introduction of a petition for a charter, but it is not likely. Prejudice seems more like a ready excuse than a valid reason. The county delegates to the legislature were Senator Ralph Granger of Fairpost and Representatives Seabury Ford of Burton, and Timothy Rockwell of Painesville.
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Political prejudice is another possible inference for refusal to ask for a charter. All of the delegates were Whigs whereas the Mormons were Democrats. However, the legislature itself had a Democrat majority in each house. It seems most likely that they persuaded Hyde of the uselessness of submitting a petition in view of the control of the legislature by the anti-bank Democrats. In any case, no new banking privileges were granted to any petitioners by the state legislature in its 1836-37 session. Even if the legislature had been willing to grant charters to any of the seventeen applicants or to the Mormons, it is unlikely that they could have acted in time to help the Mormon situation. Their sessions commenced of the fifth day of December and ended the following April third. Under the best of circumstances it is not likely that a charter could have been obtained before late March when most bills were passed. The Mormons could not wait.