Joseph F. Smith, during the April 1907 General Conference, states that the church "owes not a dollar that it cannot pay at once."
Joseph F. Smith, Conference Report (April 1907), 7
I want to say to my brethren and sisters here this morning, that in my opinion there never was a time when the members of the Church of Jesus Christ of Latter-day Saints were living better lives, were more faithful and more diligent, than they are today. We have various means of judging of this. One very accurate way of knowing is the fact that the law of tithing is being observed. There never has been a time in the history of the Church, I believe, when the law of tithing was observed more universally and more honestly than it has been observed by the Latter-day Saints of late. The tithes of the people during the year 1906, have surpassed the tithing of any other year. This is a good indication that the Latter-day Saints are doing their duty, that they have faith in the Gospel, that they are willing to keep the commandments of God, and that they are working up to the line more faithfully perhaps than ever before. I want to say another thing to you, and I do so by way of congratulation, and that is, that we have, by the blessing of the Lord and the faithfulness of the Saints in paying their tithing, been able to pay off our bonded indebtedness. Today the Church of Jesus Christ of Latter-day Saints owes not a dollar that it cannot pay at once. At last we are in a position that we can pay as we go. We do not have to borrow any more, and we wont have to if the Latter-day Saints continue to live their religion and observe this law of tithing, It is the law of revenue to the Church. Furthermore, I want to say to you, we may not be able to reach it right away, but we expect to see the day when we will not have to ask you for one dollar of donation for any purpose, except that which you volunteer to give of your own accord, because we will have tithes sufficient in the storehouse of the Lord to pay everything that is needful for the advancement of the kingdom of God. I want to live to see that day, if the Lord will spare my life. It does not make any difference, though, so far as that is concerned, whether I live or not. That is the true policy, the true purpose of the Lord in the management of the affairs of His Church.