Farmer's Bank of York, Upper Canada
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... |
| 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... |
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| Bank of the People The Bank of the People was created from the defection of investors 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... |
The Farmer's Bank was formed in 1835 by George Truscott and John Cleveland Green in York (now Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario), 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 cashier and general manager of Farmer's Bank was 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...
, a journalist and colonial administrator.
The bank fell after the investors left to form Bank of the People
Bank of the People
The Bank of the People was created from the defection of investors 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...
.
A Royal Commission concluded that the Farmer's bank collapse in 1910 was caused by mismanagement, gross extravagance, incompetence, dishonesty and fraud.