The Bank of the People was created from the defection of investors (James Lesslie, James Hervey Price, and Dr John Rolph) from Farmer's Bank in 1835. Sir Francis Hincks, 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. William Lyon Mackenzie 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.[1]
The bank was purchased by the Bank of Montreal in 1840. Like the other Canadian chartered banks, it issued its own paper money. The Bank 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. [2]
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