Type | Joint stock company |
---|---|
Industry | Banking |
Founded | 1835 in Toronto, Upper Canada |
Founders | George Truscott John Cleveland Green |
Defunct | 1854 |
Fate | Closed |
Key people | 1st President: Sir Francis Hincks |
The Farmer's Joint Stock Bank was a bank that operated in Upper Canada, and later in the Province of Canada, from 1834 to 1854.
Following the 1821 legalization of small notes and bills of exchange in Upper Canada, [1] [2] the Bank was formed in 1834 as a private bank by George Truscott and John Cleveland Green in Toronto, Upper Canada. [3] Francis Hincks, a journalist and colonial administrator, was invited to become its first cashier. [lower-alpha 1] In 1835, it was taken over by a group of Reformers [lower-alpha 2] and constituted as a joint-stock company called the Farmers' Joint Stock Banking Company by deed of settlement. [3] The first board of directors appointed John Elmsley, a member of the Family Compact, [lower-alpha 3] to be its first president, which forced Hincks and other Reform investors to leave and found the Bank of the People in December 1835. [lower-alpha 4] When Upper Canada moved in 1837 to restrict the ability of institutions other than incorporated banks to issue their own banknotes, the Bank was exempted. [7]
A financial crisis that affected Upper Canada in 1837 resulted in a suspension of the Bank's activities for two months at the end of that year. [8] In 1838, it was barred from issuing banknotes that were not payable on demand. [9]
Economic conditions, together with poor management and political intrigue, led to a move by the board to wind up the Bank in January 1844, [10] which was not completed until December 1848 with its sale to new owners. [10] William Brown Phipps, who had been Manager since 1841, returned to become Manager of the revived Bank in March 1849. [10] In June 1849, it flooded Toronto and Buffalo with new issues of its banknotes, which were subsequently boycotted by merchants. [11] It was finally closed in 1854. [11]
The Province of Upper Canada was a part of British Canada established in 1791 by the Kingdom of Great Britain, to govern the central third of the lands in British North America, formerly part of the Province of Quebec since 1763. Upper Canada included all of modern-day Southern Ontario and all those areas of Northern Ontario in the Pays d'en Haut which had formed part of New France, essentially the watersheds of the Ottawa River or Lakes Huron and Superior, excluding any lands within the watershed of Hudson Bay. The "upper" prefix in the name reflects its geographic position along the Great Lakes, mostly above the headwaters of the Saint Lawrence River, contrasted with Lower Canada to the northeast.
Charles Duncombe was a leader in the Upper Canada Rebellion in 1837 and subsequent Patriot War. He was an active Reform politician in the 1830s, and produced several important legislative reports on banking, lunatic asylums, and education.
Sir Francis Hincks, was a Canadian businessman, politician, and British colonial administrator. An immigrant from Ireland, he was the Co-Premier of the Province of Canada (1851–1854), Governor of Barbados (1856–1862), Governor of British Guiana (1862–1869) and Canadian Minister of Finance (1869–1873).
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The Bank of Upper Canada was established in 1821 under a charter granted by the legislature of Upper Canada in 1819 to a group of Kingston merchants. The charter was appropriated by the more influential Executive Councillors to the Lt. Governor, the Rev. John Strachan and William Allan, and moved to Toronto. The bank was closely associated with the group that came to be known as the Family Compact, and it formed a large part of their wealth. The association with the Family Compact and its underhanded practices made Reformers, including Mackenzie, regard the Bank of Upper Canada as a prop of the government. Complaints about the bank were a staple of Reform agitation in the 1830s because of its monopoly and aggressive legal actions against debtors.
The Bank of the People was created by radical Reform politicians James Lesslie, James Hervey Price, and Dr John Rolph 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 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.
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Jonas Jones was a lawyer, judge, farmer, and political figure in Upper Canada.
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James Lesslie was an Ontario bookseller, reform politician and newspaper publisher. His career was closely associated with - and somewhat overshadowed by - William Lyon Mackenzie, the Reform agitator, mayor of Toronto, and Rebellion leader. However, as a leader himself, Lesslie took a prominent role in founding the Mechanics Institute, the House of Refuge & Industry, the Bank of the People, as well as the political parties known as the Canadian Alliance Society and Clear Grits. In many way, he defined the Reform movement in Upper Canada without having reverted to the violent methods of Mackenzie. His legacy may thus have lasted longer.
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The title of Chief Justice of Quebec is assumed by the chief justice of the Court of Appeal of Quebec. From 1849 to 1974 it was assumed by the Chief Justice from the Court of Queen's Bench or Court of King's Bench.
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