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33. THE BANK OF UPPER CANADA |
| In 1815 there were no banks in Canada(1).
An economy of promissory notes, permeated slightly by British paper
money during the war, lead to two early petitions to the House of
Assembly for banking institutions(2). Kingston petitioned in 1817, and a year later York did the same under the leadership of Rev. John Strachan [site 17, 18, 21](3). After some deliberation the 1821 charter was granted to York. The Bank of Upper Canada was an early government-allied monopoly. One quarter of its stock, over 2000 shares, was subscribed by the Family Compact dominated government(4). They, in turn, selected all fifteen directors of the bank and used their power of granting or refusing loans to gain support(5). William Allan [site 50, 27], one of the wealthiest men in the province, was the bank’s first president, followed by William Proudfoot [site 26] in 1835. While other towns requested banks, legislation was passed to protect the dominance of the Bank of Upper Canada. For example, the powerful Bank of Montreal was pushed out of York by the 1824 Act which restricted banks to collecting accounts in the currency of their respective province(6). Though only enforced for three years, this restriction was sufficient to ensure the early success of the Bank of Upper Canada. Credited with being the first chartered bank in Canada, the Bank of Upper Canada was not only the economic stimulus behind the commercial success of York, but is today the oldest existing bank building in the country(7). Its stately architecture seems to reflect the stature of these claims. The 1827 bank was on the northeast corner of Duke (now Adelaide) and George Streets, and was designed by civil engineer Francis Hall(8). It was the second building occupied by the bank, the previous one being established on the southeast corner of King and Frederick Streets [site 27]. Hall’s original plans for the 1827 Bank were simplified following his resignation before the building was complete. Inspired by the late 18th-century West London Georgian townhouses, Hall’s Queenston stone three-storey bank had two upper floors which served as living accommodations for Thomas Gibbs Ridout (1792-1861), the first General Manager(9). The grounds consisted of a cow shed, stables and a carriage house. The bank formed part of what now seems to be a row of buildings, but were initially four distinct structures. Unique for 10 years, and dominant for 40, the Bank of Upper Canada was one of the many building blocks of the country. It failed in 1866(10). |
Notes
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| © Town of York Historical Society, 2006- All rights reserved. |