Bank of the People Montreal in 1840. 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. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
Bank of Stockton had $100,000 worth of business. A large part of the early acceptance of the Bank was due to the reputation of the men who were its founders. The leading principles by which the bank operated had a great deal of meaning to depositors. A document, entitled “An Agreement with Depositors” pledged that the Bank’s Board of Directors would use deposits to make loans and investments, but always with the safety of depositors to come before the profit of the Corporation. These principles are still adhered to today. In 1875, Bank business had increased to the point where the original office