James Coyne
Encyclopedia
James Elliott Coyne, BCL
, BA
(born July 17, 1910) 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").
. 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, resigned in 1961, 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
. In 2011 he was living in Winnipeg and turned 101
in July.
government, notably the finance minister Donald Fleming, and the governor of the Bank of Canada
.
As Governor, Coyne heavily criticized the government's financial record, saying that the country was relying too much on exports to the United States and that a "tightening" was needed. The Government rejected his advice and tried to dismiss Coyne, saying that he was meddling in politics. While the Conservatives in power in the House of Commons passed a bill declaring his position vacant, 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.
Bachelor of Civil Law
Bachelor of Civil Law is the name of various degrees in law conferred by English-language universities. Historically, it originated as a postgraduate degree in the universities of Oxford and Cambridge, but many universities now offer the BCL as an undergraduate degree...
, BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
(born July 17, 1910) was the second Governor of the Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
, from 1955 to 1961, succeeding Graham Towers
Graham Towers
Graham Ford Towers, CC was the first Governor of the Bank of Canada from 1934 to 1954.Born in Montreal, Quebec, educated at St. Andrew's College in Toronto, he graduated from McGill University in 1919. During World War II, he was Chairman of the Foreign Exchange Control Board and Chairman of the...
. During his time in office, he had a much-publicized debate with Prime Minister John Diefenbaker
John Diefenbaker
John George Diefenbaker, PC, CH, QC was the 13th Prime Minister of Canada, serving from June 21, 1957, to April 22, 1963...
, a debate often referred to as the "Coyne Affair" (or sometimes the "Coyne Crisis").
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 AppealManitoba Court of Appeal
The Manitoba Court of Appeal is the highest Court of Appeal in the Canadian province of Manitoba. It was established in 1906. It is located in the Old Law Courts building at 408 York Avenue in Winnipeg, the capital city of Manitoba...
. Coyne graduated from the prestigious prep school Ridley College
Ridley College
Ridley College is a co-educational boarding and day university-preparatory school located in St. Catharines, Ontario, Canada, 20 miles from Niagara Falls...
in St. Catharines, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
in 1925, and had conferred upon him a BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in 1931 from the University of Manitoba
University of Manitoba
The University of Manitoba , in Winnipeg, Manitoba, Canada, is the largest university in the province of Manitoba. It is Manitoba's most comprehensive and only research-intensive post-secondary educational institution. It was founded in 1877, making it Western Canada’s first university. It placed...
. He studied at Oxford University as a Rhodes Scholar, playing for the Oxford University Ice Hockey Club
Oxford University Ice Hockey Club
Oxford University Ice Hockey Club, sometimes known as Oxford Blues, is one of the world's oldest ice hockey teams. Tradition places the origin of the club in 1885, when a match is said to have been played against Cambridge University Ice Hockey Club at St Moritz...
, and in 1934 received a B.A. Jurisprudence and BCL
Bachelor of Civil Law
Bachelor of Civil Law is the name of various degrees in law conferred by English-language universities. Historically, it originated as a postgraduate degree in the universities of Oxford and Cambridge, but many universities now offer the BCL as an undergraduate degree...
. During World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he served in the Royal Canadian Air Force
Royal Canadian Air Force
The history of the Royal Canadian Air Force begins in 1920, when the air force was created as the Canadian Air Force . In 1924 the CAF was renamed the Royal Canadian Air Force and granted royal sanction by King George V. The RCAF existed as an independent service until 1968...
.
From 1944 to 1949, Coyne was executive assistant to Graham Towers
Graham Towers
Graham Ford Towers, CC was the first Governor of the Bank of Canada from 1934 to 1954.Born in Montreal, Quebec, educated at St. Andrew's College in Toronto, he graduated from McGill University in 1919. During World War II, he was Chairman of the Foreign Exchange Control Board and Chairman of the...
at the Bank of Canada and from 1950 until 1954 was Deputy Governor. He was appointed Governor in 1955, resigned in 1961, and was succeeded by Louis Rasminsky
Louis Rasminsky
Louis Rasminsky, CC, CBE was the third Governor of the Bank of Canada from 1961 to 1973, succeeding James Coyne. He was succeeded by Gerald Bouey....
.
He is the father of journalist Andrew Coyne
Andrew Coyne
James Andrew Coyne is the national editor for Maclean's, a weekly national newsmagazine in Canada. Previously, he was a columnist with the National Post and an editor-in-chief of the University of Manitoba's newspaper, The Manitoban.-Background:Coyne was born in Ottawa, Ontario, the son of Hope...
and actor Susan Coyne
Susan Coyne
Susan Coyne is a Canadian writer and actress, best known as one of the co-creators and co-stars of the award-winning Slings and Arrows, a TV series which ran 2003–06 about a Canadian Shakespearean theatre company...
, and the uncle of lawyer Deborah Coyne
Deborah Coyne
Deborah Margaret Ryland Coyne, is a Canadian constitutional lawyer, professor and author. Her education includes a Bachelor of Laws degree from Osgoode Hall Law School of York University and a Master of Philosophy from Oxford University in international relations.-Early career:She was a staffer in...
. In 2011 he was living in Winnipeg and turned 101
Centenarian
A centenarian is a person who is or lives beyond the age of 100 years. Because current average life expectancies across the world are less than 100, the term is invariably associated with longevity. Much rarer, a supercentenarian is a person who has lived to the age of 110 or more, something only...
in July.
The Coyne Affair
The Coyne Affair, or the Coyne Crisis, was a public disagreement between the DiefenbakerDiefenbaker
John Diefenbaker was the 13th Prime Minister of Canada.Diefenbaker may also refer to:* Diefenbaker , an animal character in Due South* Lake Diefenbaker, a Canadian lake-See also:...
government, notably the finance minister Donald Fleming, and the governor of the Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
.
As Governor, Coyne heavily criticized the government's financial record, saying that the country was relying too much on exports to the United States and that a "tightening" was needed. The Government rejected his advice and tried to dismiss Coyne, saying that he was meddling in politics. While the Conservatives in power in the House of Commons passed a bill declaring his position vacant, the Liberal-controlled Canadian Senate
Canadian Senate
The Senate of Canada is a component of the Parliament of Canada, along with the House of Commons, and the monarch . The Senate consists of 105 members appointed by the governor general on the advice of the prime minister...
rejected it. Nevertheless, Coyne resigned the next day. For his role in this controversy, the Canadian Press
Canadian Press
Canadian Press Enterprises Inc. is the entity which "will take over the operations of the Canadian Press" according to a November 26, 2010 article in the Toronto Star...
named him Canadian Newsmaker of the Year
Canadian Newsmaker of the Year
The Canadian Newsmaker of the Year is a title awarded by the Canadian Press annually since 1946, reflecting the opinion of CP, and, since its formation in 1954, that of Broadcast News, on which Canadian has had the most influence on the news in a given year...
in 1961.