Bank of the People

It was founded after they failed to establish a "Provincial Loan Office" in which farmers could borrow small sums guaranteed by their land holdings.

Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law.

The chartered banks, in contrast, protected their shareholders with limited liability and hence from major loss; they thus encouraged speculation.

The Scottish joint-stock banks, in contrast, followed a "hard money policy", whereby they would issue a banknote only if they had enough specie to cover it.

The Reformers' abandoned their attempt to establish a "Provincial Loan Fund" for farmers in the Legislative Assembly, and instead turned their efforts to creating a new joint-stock bank.

Dr John Rolph was elected president, and James Lesslie the cashier (manager).

Among its stockholders were David Willson and the Children of Peace who operated the first credit union in Canada in their village of Hope.

[4] One loan from the bank stood out: they gave William Lyon Mackenzie £200 to found the Constitution newspaper on July 4, 1836 to organize the democratic reformers of Upper Canada.

The Bank was located in a house on New (Jarvis) Street owned by James Beaty, a reform city councillor.