I don’t understand this:
D&C 78:16; “Who hath appointed Michael your prince, and established his feet, and set him upon high, and given unto him the keys of salvation under the counsel and direction of the Holy One, who is without beginning of days or end of life.”
As you may know, Mormons believe in the preexistence, meaning that our spirits were created by God before they were born as mortals on earth. Michael was one of God greatest spirits in the preexistence, who was privileged to be the first man to be placed on this earth, known as Adam. He is now as a resurrected being acts as the archangel Michael, and holds the keys of patriarchal authority over the entire human race, who are his literal descendants, and stands next to Jesus Christ in authority over the human race.
Jesus gave the keys of the Kingdom to Peter.
He did. But each gospel dispensation has had its own leader and head, each of whom held the keys of their respective dispensations, and still hold their respective keys. Adam was at the head of the first dispensation, followed by Enoch, Noah, Abraham, Moses. Those who held the keys of their respective dispensations still hold those keys, even though other dispensations have superseded theirs.
This Mormon teaching seems to be a direct effort to contradict Catholic teaching and scripture.
It has absolutely nothing to do with that at all. You simply do not understand the Mormon teaching. Adam holds the keys of his own dispensation, and so does Peter. The keys are not the same.
Do you agree that Jesus gave the keys to Peter?
Yes, he held the keys of his own dispensation, not that of Adam.
If so, what does this mean to Mormons?
It means exactly what it says, which doesn’t contradict the keys that were given to Peter. You are trying to understand Mormon theology in the context of traditional Christian theology. Mormonism can best be understood within the context of its own theology. Have you heard of the parable of putting old wine in new bottles, or new wine in old bottles? Mormonism is like that. It is like “new wine” which must be put in “new bottles,” not in old bottles.