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About: Bank of the People     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatDefunctBanksOfCanada, within Data Space : dbpedia.org associated with source document(s)

Type: Thingcompanyschema:Organizationdul:Agentdul:SocialPersonagentwikidata:Q24229398OrganizationBusiness enterpriseyago:WikicatBanksEstablishedIn1835yago:WikicatCompaniesDisestablishedIn1840yago:Abstraction100002137yago:Company108058098yago:DepositoryFinancialInstitution108420278yago:FinancialInstitution108054721yago:Group100031264yago:Institution108053576yago:Organization108008335yago:YagoLegalActoryago:YagoLegalActorGeoyago:YagoPermanentlyLocatedEntityorganisationyago:SocialGroup107950920yago:WikicatDefunctBanksOfCanada New Facet based on Instances of this Class

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.