Economy in Kirtland
By late 1836 many recent LDS converts had gathered in Missouri and Kirtland, Ohio. The city of Kirtland experienced a significant population increase, growing from approximately 1,000 people in 1830 to 3,000 in 1836, with a similar increase in surrounding agricultural areas. The population growth was at least partially responsible for a rapid increase in land prices between 1832 and 1837. The average price per acre of land sold in Kirtland rose from approximately $7 in 1832 to $44 in 1837, only to fall back to $17.50 in 1839.(Ludlow, p. 283) Generalized inflation during the period accounted for between 25 and 40 percent of the price increase. Although the LDS church held considerable real estate, estimated at approximately $60,000 in equity by historian Larry T. Wimmer, it also needed liquidity to repay outstanding loans. The credit needs of the church, growing population and ongoing land transactions required a local bank.
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