James Elliott Coyne
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James Coyne | |
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| 2nd Governor of the Bank of Canada | |
| In office January 1, 1955 – July 13, 1961 | |
| Appointed by | Louis St. Laurent |
| Preceded by | Graham Towers |
| Succeeded by | Louis Rasminsky |
| Personal details | |
| Born | James Elliott Coyne July 17, 1910 Winnipeg, Manitoba |
| Died | October 12, 2012 (aged 102) Montreal, Quebec |
| Relations | James Henry Coyne, grandfather Deborah Coyne, niece |
| Children | Andrew Coyne, Susan Coyne |
James Elliott Coyne, OM (July 17, 1910 – October 12, 2012) was the second Governor of the Bank of Canada, from 1955 to 1961, succeeding Graham Towers. During his time in office, he had a much-publicized debate with Prime Minister John Diefenbaker, a debate often referred to as the "Coyne Affair" (or sometimes the "Coyne Crisis"), which led to his resignation and, eventually, to greater central-bank independence in Canada.
Life and career
Coyne was born in Winnipeg, Manitoba, the son of Edna Margaret (née Elliott) and James Bowes Coyne, a judge at the Manitoba Court of Appeal.[1][2] Coyne graduated from the prestigious prep school Ridley College in St. Catharines, Ontario in 1925, and had conferred upon him a BA in 1931 from the University of Manitoba. He studied at Oxford University as a Rhodes Scholar, playing for the Oxford University Ice Hockey Club, and in 1934 received a B.A. Jurisprudence and BCL. During World War II, he served in the Royal Canadian Air Force.
From 1944 to 1949, Coyne was executive assistant to Graham Towers at the Bank of Canada and from 1950 until 1954 was Deputy Governor. He was appointed Governor in 1955,[3] resigned in 1961,[4] and was succeeded by Louis Rasminsky.
He is the father of journalist Andrew Coyne and actor Susan Coyne, and the uncle of lawyer Deborah Coyne.
The Coyne Affair
The Coyne Affair, or the Coyne Crisis, was a public disagreement between the Diefenbaker government, notably the finance minister Donald Fleming, and the governor of the Bank of Canada.
As Governor, Coyne heavily criticized the government's fiscal policies, in which the Diefenbaker government spent and borrowed heavily in an effort to stimulate growth amid a flagging economy. Government officials urged Coyne to lower interest rates and create economic activity. Coyne disagreed, arguing that loose-money policies were creating a debt crisis and that Canada was relying too much on capital exports and loans from the United States and that a tightening was needed. In speeches and in his 1959 annual report, he criticized the government's expansionary policies.
The Government rejected his advice and tried to dismiss Coyne, arguing that he was meddling in politics. The Conservative majority in the House of Commons passed a bill declaring his position vacant, but the Liberal-controlled Canadian Senate rejected it. Nevertheless, Coyne resigned the next day. For his role in this controversy, the Canadian Press named him Canadian Newsmaker of the Year in 1961.
In 2012, he was made a member of the Order of Manitoba.[5] Coyne died in Montreal on October 12, 2012.[6]
References
- ^ Reitemeyer, John R (1941-04-06). "Canada Made Anxious By Dwindling Supply Of American Dollars". The Hartford Courant.
- ^ Gordon Goldsborough, J. M. Bumsted. "Memorable Manitobans: James Bowes Coyne (1878-1965)". Mhs.mb.ca. Retrieved 2012-10-13.
- ^ [1][dead link]
- ^ Pierre Siklos (2007-12-08). "Revisiting the Coyne Affair: A Singular Event That Changed the Course of Canadian Monetary History". Ideas.repec.org. Retrieved 2012-10-13.
- ^ "Order of Manitoba grows stronger". Winnipeg Free Press. July 13, 2012.
- ^ Qmi Agency (2012-10-13). "Controversial Bank of Canada governor dead at 102". Quebecor. Retrieved 2012-10-13.
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