In 1849 our forebears faced a serious problem. Converts came into the church by the hundreds and desired to gather to Zion. Many were distressingly poor. Under the inspiration of the Lord, a plan to help these people financially was devised, called the Perpetual Emigration Fund.
"Now, my brethren, we face another problem in the church. We have many missionaries, both young men and women, who are called locally and who serve with honor in Mexico, Central America, South America, the Philippines and other places . . . They return to their homes. Their hopes are high. But many have great difficulty finding employment because they have no skills . . .
"In an effort to remedy this situation, we propose a plan; a plan which we believe is inspired by the Lord . . . We shall call it the Perpetual Education Fund.
"From the earnings of this fund, loans will be made to ambitious young men and women.
"Their names and the amounts of their loans will be sent to Salt Lake City. The funds will be payable to the institution where they will receive their schooling. We shall begin modestly this fall. This is a bold initiative, but we believe in its need and success.
"President (J. Reuben) Clark used to tell us in these general priesthood meetings that there is nothing that the priesthood cannot accomplish if we will work unitedly . . . May the Lord grant us vision to do those things which will help our members."