434:
105:
569:
297:
450:
425:", whereby they would issue a banknote only if they had enough specie to cover it. They avoided speculative risk because if they failed, their shareholders were responsible for the full loss. Since the banks did not require a legislated charter, many more banks could be founded, and they were more competitive, thereby endangering the solvency of the speculative chartered banks.
463:
argued that the Bank of Upper Canada "served the double purpose of keeping the merchants in chains of debt and bonds to the bank manager, and the Farmer's acres under the harrow of the storekeeper. You will be shewn how to break this degraded yoke of mortgages, ejectments, judgments and bonds. Money
513:
During the financial panic of 1837-8, the Tory dominated
Legislative Assembly banned all further joint-stock banks, even though it was the speculative chartered Bank of Upper Canada that was insolvent and required a government bailout. The Bank of the People survived the panic unscathed and without
509:
The new bank was soon to prove its distinctiveness. Despite offering 5% interest on deposits, it was able to deliver a 6% dividend in 1837, in spite of paying off £1,200 in start-up costs. It managed to do this despite the general economic downturn, and without resorting to widespread litigation.
357:
in
Toronto in 1835. It was founded after they failed to establish a "Provincial Loan Office" in which farmers could borrow small sums guaranteed by their land holdings. The Bank of the People was the only bank in Upper Canada not to suspend payments during the financial panic of 1837-8. Many of the
441:
Dr. Duncombe's report opened the legal door for new banks to be founded. The
Reformers' abandoned their attempt to establish a "Provincial Loan Fund" for farmers in the Legislative Assembly, and instead turned their efforts to creating a new joint-stock bank. The first bank to be proposed was the
418:(legal tender) to exchange for those notes once redeemed. The more banknotes they loaned out the more interest they made, but at the increased risk of bankruptcy. Protected by limited liability, their shareholders put profit above risk.
446:. However, in a bitter shareholder proxy battle, control of the bank was won by the Hon. John Elmsley Jr., a member of the Family Compact. He was one of the largest shareholders in the Bank of Upper Canada.
410:, hence every partner in the bank was responsible for the bank's debts to the full extent of their personal property. The chartered banks, in contrast, protected their shareholders with
387:" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition.
993:
1139:
1124:
414:
and hence from major loss; they thus encouraged speculation. The chartered banks would loan out many more banknotes (little more than bank issued I.O.U.s) than they had
652:
1229:
557:, a wealthy American-born hardware merchant, ship owner and reform politician. They drew their clientele from among the French farmers and artisans.
398:
based on several successful
Scottish banks. The Scottish bank system had always differed from the English system. The difference between the English
433:
1283:
273:
358:
shareholders, however, took part in the
Rebellion of 1837 and the Family Compact plotted to have it taken over by the Bank of Montreal in 1840.
258:
502:
One loan from the bank stood out: they gave
William Lyon Mackenzie £200 to found the Constitution newspaper on July 4, 1836 to organize the
394:, a Reform politician in the Legislative Assembly, was part of a "Select Committee on Currency" that offered a template for the creation of
372:
325:
220:
533:
The name selected by the reformers, the Bank of the People, reflects their emerging strong ties and shared strategies with reformers in
402:
and the
Scottish joint stock banks lay almost entirely on the issue of stockholder liability and its implications for the issuance of
1278:
726:
391:
717:
1187:
443:
1273:
1288:
1224:
525:
was established through the Bank of Canada Act of 1934 and the banks relinquished their right to issue their own currency.
230:
195:
1182:
1268:
762:
503:
343:
205:
142:
1258:
832:
686:
Union is
Strength: W.L. Mackenzie, the Children of Peace and the Emergence of Joint Stock Democracy in Upper Canada
671:
Union is
Strength: W.L. Mackenzie, the Children of Peace and the Emergence of Joint Stock Democracy in Upper Canada
637:
Union is
Strength: W.L. Mackenzie, the Children of Peace and the Emergence of Joint Stock Democracy in Upper Canada
622:
Union is Strength: W.L. Mackenzie, the Children of Peace and the Emergence of Joint Stock Democracy in Upper Canada
607:
Union is Strength: W.L. Mackenzie, the Children of Peace and the Emergence of Joint Stock Democracy in Upper Canada
592:
Union is Strength: W.L. Mackenzie, the Children of Peace and the Emergence of Joint Stock Democracy in Upper Canada
318:
649:
499:, head cashier at the Farmer's Bank, later became cashier at the Bank of the People and Lesslie became president.
1114:
899:
235:
1102:
484:
864:
710:
311:
225:
215:
112:
87:
546:
510:
The Bank was located in a house on New (Jarvis) Street owned by James Beaty, a reform city councillor.
1263:
1071:
965:
914:
874:
472:
346:
1056:
749:
537:, who were founding a similarly named bank in Montreal at the same time, in an effort to break the
162:
123:
998:
960:
937:
889:
879:
859:
703:
480:
354:
1081:
460:
278:
263:
240:
210:
1134:
1061:
1051:
1025:
955:
884:
837:
796:
483:
was elected president, and James Lesslie the cashier (manager). Among its stockholders were
1066:
774:
380:
268:
8:
1076:
1046:
988:
869:
542:
395:
1192:
1129:
1003:
550:
350:
287:
249:
172:
96:
1119:
767:
521:
in 1840. Like the other Canadian chartered banks, it issued its own paper money. The
488:
422:
411:
407:
399:
376:
132:
827:
695:
383:
and the Commercial Bank of the Midland District. Both banks were controlled by the "
1109:
1020:
842:
822:
778:
757:
538:
518:
1097:
849:
800:
656:
492:
415:
1008:
854:
789:
650:
https://www.archives.gov.on.ca/english/on-line-exhibits/sharon-temple/bank.aspx
522:
496:
453:
384:
301:
200:
1252:
1208:
894:
554:
475:, a prominent Toronto businessman and Reform city alderman, then founded the
549:, the French form of joint stock company. The Montreal bank's founders were
1013:
817:
574:
534:
186:
152:
545:
was formed under the title of Viger, Dewitt & Company, organized as a
104:
379:
able to sue, and be sued at law. Only two Banks had been chartered: the
784:
403:
479:
on Nov. 4, 1835, seeking to limit shareholders to known Reformers. Dr
909:
449:
491:
who operated the first credit union in Canada in their village of
1030:
904:
456:, Bank of the People Cashier and later premier of Canada West
553:, a Montreal lawyer and popular Patriote politician, and
421:
The Scottish joint-stock banks, in contrast, followed a "
639:. Toronto: University of Toronto Press. pp. 167–72.
624:. Toronto: University of Toronto Press. pp. 155–60.
673:. Toronto: University of Toronto Press. pp. 172–4.
609:. Toronto: University of Toronto Press. pp. 154–5.
594:. Toronto: University of Toronto Press. pp. 24–9.
725:
688:. Toronto: University of Toronto Press. p. 206.
564:
1230:Financial Services Regulatory Authority of Ontario
437:Eight dollar note issued by the Bank of the People
371:Until 1835, every bank in Upper Canada required a
366:
1250:
1165:
711:
319:
76:James Leslie, Dr John Rolph, Francis Hincks
718:
704:
683:
668:
634:
619:
604:
589:
326:
312:
428:
448:
432:
1188:Canada Mortgage and Housing Corporation
1284:Canadian companies established in 1835
1251:
361:
1164:
935:
737:
699:
1225:Canada Deposit Insurance Corporation
738:
504:democratic reformers of Upper Canada
464:bound you - money shall loose you" (
1183:Business Development Bank of Canada
514:recourse to government protection.
274:Burning of the Parliament Buildings
13:
763:Canadian Imperial Bank of Commerce
14:
1300:
1202:Provincial financial institutions
936:
905:Vancity Community Investment Bank
727:Banks and credit unions in Canada
16:17th century bank in Upper Canada
1279:1840 disestablishments in Canada
567:
528:
471:Inspired, the Reformers, led by
295:
103:
406:. The joint stock banks lacked
236:Book & newspaper publishers
1176:Federal financial institutions
677:
662:
643:
628:
613:
598:
583:
517:The bank was purchased by the
367:Chartered vs Joint Stock Banks
1:
560:
1274:Banks disestablished in 1840
1166:Other financial institutions
865:First Nations Bank of Canada
466:Correspondent & Advocate
221:Work and labour organization
44:Absorbed by Bank of Montreal
7:
1289:Economic history of Ontario
684:Schrauwers, Albert (2009).
669:Schrauwers, Albert (2009).
635:Schrauwers, Albert (2009).
620:Schrauwers, Albert (2009).
605:Schrauwers, Albert (2009).
590:Schrauwers, Albert (2009).
10:
1305:
375:which established it as a
344:radical Reform politicians
288:Province of Ontario topics
1269:Banks established in 1835
1217:
1201:
1175:
1171:
1160:
1090:
1039:
981:
974:
966:UNI Financial Cooperation
948:
944:
931:
915:Wealth One Bank of Canada
875:Laurentian Bank of Canada
810:
748:
744:
733:
250:Province of Canada Topics
70:
56:
48:
40:
32:
24:
975:Provincial credit unions
1259:Defunct banks of Canada
900:President's Choice Bank
890:National Bank of Canada
880:Manulife Bank of Canada
860:Exchange Bank of Canada
895:Peoples Bank of Canada
828:Bank of China (Canada)
461:William Lyon Mackenzie
457:
438:
429:The Bank of the People
264:Responsible Government
211:Upper Canada Rebellion
956:Coast Capital Savings
949:Federal credit unions
838:Canadian Western Bank
797:Toronto-Dominion Bank
547:société en commandite
452:
436:
231:Imprisonment for debt
775:Royal Bank of Canada
381:Bank of Upper Canada
269:Underground Railroad
259:Legislative Assembly
196:Legislative Assembly
989:BlueShore Financial
823:AMEX Bank of Canada
659:Archives of Ontario
543:La Banque du Peuple
541:'s monopoly there.
362:Bank Wars 1835-1838
206:The Reform Movement
187:Upper Canada Topics
21:
1193:Farm Credit Canada
1115:Desjardins Ontario
1004:Envision Financial
833:Canadian Tire Bank
655:2012-09-20 at the
551:Louis-Michel Viger
497:Sir Francis Hincks
477:Bank of the People
458:
454:Sir Francis Hincks
439:
373:legislated charter
351:James Hervey Price
340:Bank of the People
302:Ontario portal
201:The Family Compact
177:1867–present
143:Province of Quebec
97:History of Ontario
20:Bank of the People
19:
1246:
1245:
1242:
1241:
1238:
1237:
1218:Deposit insurance
1156:
1155:
1152:
1151:
1148:
1147:
1021:Gulf & Fraser
994:Coastal Community
927:
926:
923:
922:
870:ICICI Bank Canada
768:Simplii Financial
489:Children of Peace
423:hard money policy
412:limited liability
408:limited liability
396:joint stock banks
336:
335:
181:
180:
80:
79:
1296:
1264:Bank of Montreal
1173:
1172:
1162:
1161:
1110:Desjardins Group
982:British Columbia
979:
978:
946:
945:
933:
932:
843:Motive Financial
779:HSBC Bank Canada
758:Bank of Montreal
746:
745:
739:For-profit banks
735:
734:
720:
713:
706:
697:
696:
690:
689:
681:
675:
674:
666:
660:
647:
641:
640:
632:
626:
625:
617:
611:
610:
602:
596:
595:
587:
577:
572:
571:
570:
539:Bank of Montreal
519:Bank of Montreal
392:Charles Duncombe
328:
321:
314:
300:
299:
298:
137:1500s–1763
120:
119:
107:
82:
81:
52:Bank of Montreal
28:Joint-Stock Bank
22:
18:
1304:
1303:
1299:
1298:
1297:
1295:
1294:
1293:
1249:
1248:
1247:
1234:
1213:
1197:
1167:
1144:
1098:Alterna Savings
1086:
1035:
970:
940:
919:
850:Citibank Canada
806:
801:TD Canada Trust
740:
729:
724:
694:
693:
682:
678:
667:
663:
657:Wayback Machine
648:
644:
633:
629:
618:
614:
603:
599:
588:
584:
573:
568:
566:
563:
531:
431:
400:chartered banks
369:
364:
342:was created by
332:
296:
294:
167:1841–1867
157:1791–1841
147:1763–1791
91:
73:
66:
62:
17:
12:
11:
5:
1302:
1292:
1291:
1286:
1281:
1276:
1271:
1266:
1261:
1244:
1243:
1240:
1239:
1236:
1235:
1233:
1232:
1227:
1221:
1219:
1215:
1214:
1212:
1211:
1205:
1203:
1199:
1198:
1196:
1195:
1190:
1185:
1179:
1177:
1169:
1168:
1158:
1157:
1154:
1153:
1150:
1149:
1146:
1145:
1143:
1142:
1140:Windsor Family
1137:
1132:
1127:
1122:
1117:
1112:
1107:
1106:
1105:
1094:
1092:
1091:Eastern Canada
1088:
1087:
1085:
1084:
1079:
1074:
1069:
1064:
1059:
1054:
1049:
1043:
1041:
1037:
1036:
1034:
1033:
1028:
1023:
1018:
1017:
1016:
1011:
1009:Island Savings
1006:
996:
991:
985:
983:
976:
972:
971:
969:
968:
963:
958:
952:
950:
942:
941:
929:
928:
925:
924:
921:
920:
918:
917:
912:
907:
902:
897:
892:
887:
882:
877:
872:
867:
862:
857:
855:Equitable Bank
852:
847:
846:
845:
835:
830:
825:
820:
814:
812:
808:
807:
805:
804:
794:
793:
792:
782:
772:
771:
770:
760:
754:
752:
742:
741:
731:
730:
723:
722:
715:
708:
700:
692:
691:
676:
661:
642:
627:
612:
597:
581:
580:
579:
578:
562:
559:
530:
527:
523:Bank of Canada
430:
427:
385:Family Compact
368:
365:
363:
360:
334:
333:
331:
330:
323:
316:
308:
305:
304:
291:
290:
284:
283:
282:
281:
276:
271:
266:
261:
253:
252:
246:
245:
244:
243:
238:
233:
228:
223:
218:
213:
208:
203:
198:
190:
189:
183:
182:
179:
178:
175:
169:
168:
165:
159:
158:
155:
149:
148:
145:
139:
138:
135:
133:Pays d'en Haut
129:
128:
126:
116:
115:
109:
108:
100:
99:
93:
92:
85:
78:
77:
74:
71:
68:
67:
64:
60:
58:
54:
53:
50:
46:
45:
42:
38:
37:
34:
30:
29:
26:
15:
9:
6:
4:
3:
2:
1301:
1290:
1287:
1285:
1282:
1280:
1277:
1275:
1272:
1270:
1267:
1265:
1262:
1260:
1257:
1256:
1254:
1231:
1228:
1226:
1223:
1222:
1220:
1216:
1210:
1209:ATB Financial
1207:
1206:
1204:
1200:
1194:
1191:
1189:
1186:
1184:
1181:
1180:
1178:
1174:
1170:
1163:
1159:
1141:
1138:
1136:
1133:
1131:
1128:
1126:
1123:
1121:
1118:
1116:
1113:
1111:
1108:
1104:
1101:
1100:
1099:
1096:
1095:
1093:
1089:
1083:
1080:
1078:
1075:
1073:
1070:
1068:
1065:
1063:
1060:
1058:
1055:
1053:
1050:
1048:
1045:
1044:
1042:
1038:
1032:
1029:
1027:
1024:
1022:
1019:
1015:
1012:
1010:
1007:
1005:
1002:
1001:
1000:
997:
995:
992:
990:
987:
986:
984:
980:
977:
973:
967:
964:
962:
959:
957:
954:
953:
951:
947:
943:
939:
938:Credit unions
934:
930:
916:
913:
911:
908:
906:
903:
901:
898:
896:
893:
891:
888:
886:
883:
881:
878:
876:
873:
871:
868:
866:
863:
861:
858:
856:
853:
851:
848:
844:
841:
840:
839:
836:
834:
831:
829:
826:
824:
821:
819:
816:
815:
813:
809:
802:
798:
795:
791:
788:
787:
786:
783:
780:
776:
773:
769:
766:
765:
764:
761:
759:
756:
755:
753:
751:
747:
743:
736:
732:
728:
721:
716:
714:
709:
707:
702:
701:
698:
687:
680:
672:
665:
658:
654:
651:
646:
638:
631:
623:
616:
608:
601:
593:
586:
582:
576:
565:
558:
556:
552:
548:
544:
540:
536:
529:Related Banks
526:
524:
520:
515:
511:
507:
505:
500:
498:
494:
490:
486:
485:David Willson
482:
478:
474:
473:James Lesslie
469:
467:
462:
455:
451:
447:
445:
444:Farmer's Bank
435:
426:
424:
419:
417:
413:
409:
405:
401:
397:
393:
388:
386:
382:
378:
374:
359:
356:
352:
348:
347:James Lesslie
345:
341:
329:
324:
322:
317:
315:
310:
309:
307:
306:
303:
293:
292:
289:
286:
285:
280:
279:Confederation
277:
275:
272:
270:
267:
265:
262:
260:
257:
256:
255:
254:
251:
248:
247:
242:
239:
237:
234:
232:
229:
227:
224:
222:
219:
217:
214:
212:
209:
207:
204:
202:
199:
197:
194:
193:
192:
191:
188:
185:
184:
176:
174:
171:
170:
166:
164:
161:
160:
156:
154:
151:
150:
146:
144:
141:
140:
136:
134:
131:
130:
127:
125:
124:First Nations
122:
121:
118:
117:
114:
111:
110:
106:
102:
101:
98:
95:
94:
89:
84:
83:
75:
69:
59:
55:
51:
47:
43:
39:
36:James Lesslie
35:
31:
27:
23:
1125:FirstOntario
1072:ConnectFirst
1014:Valley First
818:Alterna Bank
685:
679:
670:
664:
645:
636:
630:
621:
615:
606:
600:
591:
585:
575:Banks portal
555:Jacob DeWitt
535:Lower Canada
532:
516:
512:
508:
501:
476:
470:
468:30-7-1835).
465:
459:
440:
420:
390:In 1835, Dr
389:
377:legal person
370:
339:
337:
241:Orange Order
226:Corporations
153:Upper Canada
65:Upper Canada
57:Headquarters
25:Company type
1057:Assiniboine
811:Other banks
216:Agriculture
163:Canada West
1253:Categories
999:First West
961:Innovation
785:Scotiabank
561:References
481:John Rolph
404:bank notes
355:John Rolph
72:Key people
1082:Steinbach
910:VersaBank
885:Motusbank
790:Tangerine
353:, and Dr
49:Successor
1135:Meridian
1062:Cambrian
1052:Affinity
1040:Prairies
1026:Prospera
750:Big Five
653:Archived
487:and the
113:Timeline
88:a series
86:Part of
1067:Conexus
1031:Vancity
173:Ontario
61:Toronto
33:Founder
1077:Servus
1047:Access
416:specie
90:on the
1130:Libro
1120:DUCA
1103:Pace
493:Hope
338:The
41:Fate
1255::
506:.
495:.
349:,
63:,
803:)
799:(
781:)
777:(
719:e
712:t
705:v
327:e
320:t
313:v
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.