I know of no scriptural basis for denying the Priesthood to Negroes other than one verse in the Book of Abraham (1:26); however, I believe, as you suggest, that the real reason dates back to our pre-existent life.
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- David O. McKay (Counselor in the First Presidency)
1947-11-03, Mormonism and the Negro, Part 2, pg 19; Also The Church and the Negro, pg 91