Honesty isn't just the best policy, it is the only policy for members of The Church of Jesus Christ of Latter-day Saints.
"A person 'whose word is as good as his bond' is a person of honesty and integrity, a person to be trusted. In today's world, there are some who think nothing of breaking their word, their promises, their covenants with man and with God. What a blessing it is to deal with those whom we can trust."
Such principles are vital in today's world. "We must be honest with our fellowmen. We must be honest with our God. We are honest with God when we honor the covenants we make with him. We are covenant-making people."
Covenants with God are not to be taken lightly, and an account of the Anti-Nephi-Lehis in the Book of Mormon is an example.
"In our dealings with both God and our fellow men, let us be examples of honesty and integrity. . . . It is my prayer that we may honor the commitments and covenants that we make with God and with our fellow men; that it can be said of each of us . . . 'Our word is as good as our bond.' "