Bank of the People
Encyclopedia
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| Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
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| Bank of Montreal The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it... in 1840 |
The Bank of the People was created from the defection of investors (James Lesslie
James Lesslie (publisher)
James Lesslie was an Ontario businessman and publisher.He was born in Dundee, Scotland in 1802, the son of a bookseller, and came to Kingston, Upper Canada with a brother and sister in 1822 as part of a plan to relocate the family business to Canada. Lesslie and Sons operated stores in York ,...
, James Hervey Price
James Hervey Price
James Hervey Price was an attorney and political figure in Canada East.He was born in Cumberland, England in 1797, studied law at Doctors' Commons in London and came to Upper Canada in 1828 with his wife Elizabeth Anne Rubergall. He settled in York Township...
, and Dr John Rolph) from Farmer's Bank
Farmer's Bank of York, Upper Canada
The Farmer's Bank was formed in 1835 by George Truscott and John Cleveland Green in York , Upper Canada. The cashier and general manager of Farmer's Bank was Sir Francis Hincks, a journalist and colonial administrator....
in 1835. Sir Francis Hincks
Francis Hincks
Sir Francis Hincks, KCMG, PC was a Canadian politician.Born in Cork, Ireland, he was the son of Thomas Dix Hincks an orientalist, naturalist and Presbyterian minister and the brother of Edward Hincks orientalist, naturalist and clergyman.He moved to York in 1832 and set up an importing business...
, head cashier at the Farmer's Bank, became cashier at the new bank. A “Provincial Loan Office” in which farmers could borrow small sums guaranteed by their land holdings became the Bank of the People in 1836. Among its stockholders were David Willson and the Children of Peace
Children of Peace
Children of Peace is a British-based, non-partisan charity that focuses upon building friendship, trust and reconciliation between Israeli and Palestinian children, aged 4-17, through arts, education, health and sports projects in the region, so that a future generation and their communities might...
. William Lyon Mackenzie
William Lyon Mackenzie
William Lyon Mackenzie was a Scottish born American and Canadian journalist, politician, and rebellion leader. He served as the first mayor of Toronto, Upper Canada and was an important leader during the 1837 Upper Canada Rebellion.-Background and early years in Scotland, 1795–1820:Mackenzie was...
founded the Constitution newspaper on July 4, 1836 with a loan from the Bank of the People to organize the democratic reformers of Upper Canada
Upper Canada
The Province of Upper Canada was a political division in British Canada established in 1791 by the British Empire to govern the central third of the lands in British North America and to accommodate Loyalist refugees from the United States of America after the American Revolution...
.
The bank was purchased by the Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
in 1840. Like the other Canadian chartered banks, it issued its own paper money. The Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
was established through the Bank of Canada Act of 1934 and the banks relinquished their right to issue their own currency.
The Banque du People was incorporated in Montreal on June 27 1844.