In this, "interpret" means substituting one statement or phrase in a given language for another in the same language where the original and the replacement differ in meaning.
1) We accept a statement as true if, and only if, we believe it.
2) We believe a statement if, and only if, we believe it literally.
3) If we do not believe a statement then we reject it outright or by interpreting it.
Methods of textual interpretation purporting to produce the author's intended meaning either result in statements to be taken literally, or else the results must themselves be interpreted.
In a FAQ Joseph Smith wrote concerning the Church of Jesus Christ of Latter Day Saints,i he addressed the issue of the proper interpretation of scripture.
Question 1st. Do you believe the bible?
Answer. If we do, we are the only people under heaven that does. For there are none of the religious sects of the day that do.
Question 2nd. Wherein do you differ from other sects?
Answer. Because we believe the bible, and all other sects profess to believe their interpretations of the bible, and their creeds.
Question 3rd. Will every body be damned but Mormons?
Answer. Yes, and a great portion of them, unless they repent and work righteousness.ii
Elsewhere, again speaking of the scriptures, Joseph said: "What is the rule of Interpretation? Just no interpretation at all; Understand it, precisely as it reads."iii We may call this Joseph's "Rule of Interpretation."
While additional statements from Joseph to this effect may be adduced,iv we can see from these that he taught the correct method of interpreting scripture is to take the text at literal face value, which is what is today called "literalism" or "naive literalism." Literalism, in Joseph's language, is "no interpretation at all." Literalism is how a small child approaches speech: he takes what you say as what you mean according to the language he knows at face value. Literalism may therefore produce as many understandings of a text as there are readers.
The purpose of Joseph's "Rule of Interpretation" is not to produce the "best" reading, understood as the clearest possible contemporary expression of the original author's intent; communicating his intended meaning is the original author's problem to solve in his writing. The purpose of Joseph's "Rule of Interpretation" is to help people to believe the word of God as they have received it so that they may pass the first test of the gospel of Jesus Christ.
For the very first thing God desires out of us is merely to believe on His word.v Believing on God's word is to believe His words at literal face value just as you have received them, for that is what it means to believe something, and put your trust in them - just as a small child uncritically understands and believes and trusts his father's words.
"Whoso repenteth and cometh to me as a little child, him shall I receive, for of such is the kingdom of God."