Bank of Montreal

Founded in November 3rd, 1817

Introduction of the Bank of Montreal

At 10:00 am on November 3, the Bank of Montreal opened their first bank. The bank was founded by nine merchants that had an ambitious goal of opening a bank that would benefit Lower Canada and soon became the most common bank in all of Canada. Before the making of the Bank of Montreal, Canada's transactions was made through bartering, and foreign trade was made through the bill of exchange. The bank still exists today.

Taking over North America

After the Bank of Montreal was founded, the first group of people affected was the people living in Lower Canada. After several days, the Bank of Montreal opened offices in Upper Canada, helping them with their economic issues. Unfortunately, the offices located in Upper Canada was forced to close due to legal issues. Once the railway between Montreal and New York was finished, Bank of Montreal opened offices in Manhattan. However, it did not stop in New York, it also went to Chicago. A few years after that, Bank of Montreal covered the whole Canada and many parts of America. Overall, people living in Lower Canada, Upper Canada and the United States were affected. That is nearly the whole North American region!

Changes in Canada

The bank offered a safe place for people to keep their money, provided loans for farmers and workers, helped support the Act of Union and financed structures in Canada, such as the First Canadian Railway. It also created bank notes that people used whenever they came to the bank. Before the bank was built, people had to stash their money at a secret location, so no one could find out where it was. The bank was a place where people would feel safe when they deposit their money. The bank also supported the Act of Union, the founders believed that the Act of Union would be the best option for Canada. Not only did the bank do all that, it also financed structures and transportation around Canada. Many of the structures we know in the past, were financed by them! The bank notes that the Bank of Montreal used allowed the civilians and the workers to know if the notes were made by them.
(Five dollar note)

How are they connected to the bank? Time, Change, Numbers?

Act of Union

As you read in the section Changes in Canada. The founders of the bank thought that the Act of Union would benefit Canada. The Act of Union could allow them to expand to places in Upper Canada, because of the merge between Lower Canada and Upper Canada. It would allow them to have more offices there, therefore gaining them more reputation and money,

War of 1812

The war of 1812, was 5 years before the founding of the bank. At that time, the 9 merchants were still planning the bank. The war of 1812, interfered with the 9 merchants from planning, since all Canadians were trying to take refuge. They had to hide from the American soldiers, that were attacking their nation. It delayed the day of the opening.

Rebellion in the 13 colonies

There is not much connection between the founding of the bank and the rebellion in the 13 colonies due to the year difference between both of these events. Both of these events happened in Canada and caused a lot of changes in Canada's history. The rebellion only lasted until 1776, the founding of the bank still lasts today. The rebellion caused Canada to split into two. People who supported the rebellion were called "Patriots" and the people who wanted to follow the British rule were called "United Empire Loyalist". People who did not want to follow the British immigrated to Upper Canada.

Contribution:

--"BMO Financial Group." BMO Financial Group. N.p., n.d. Web. 10 Apr. 2014. <http://www.bmo.com/bmo/files/htmlpopup/4/1/history.html>.


--Rees, David. Our Canada: Origins, Peoples, Perspectives. Scarborough, Ont.: Thomson Nelson, 2006. Print.

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