Respected by all who know him, no man occupies a more creditable position in banking circles than does George Hague of Montreal, who for many years was prominently identified with the management of important financial affairs. He has been equally well known by reason of his active support of benevolent and philanthropic objects and by his interest in phases of public-spirited citizenship. He was born at Rotherham, Yorkshire, England, January 13, 1825, a son of Mr. John Hague, and comes from an old family of bankers, as some or other of his relatives have for generations back been connected with the leading bank in the town. Mr. Hague has passed the eighty-ninth milestone on life’s journey and his career has been one of usefulness and honor.
His early education was acquired at Morgate Academy, in his native town, where his proficiency in mental arithmetic placed him at the head of the school when yet a mere boy. His school days over, he entered into active connection with financial interests as an employe of the Sheffield Banking Company. He remained in Great Britain until 1854, when he came to Canada, having accepted the position of financial manager of a firm of railway contractors. Two years later he became accountant at the head office in the newly organized Bank of Toronto. The steps in his orderly progression are easily discernible. He advanced from one position to another which brought upon him larger responsibilities and duties, each, however, finding him adequate to the demands made upon him. He was appointed manager of the Bank of Toronto at Cobourg, Ontario, and in 1863 succeeded the late Mr. Angus Cameron as cashier of the bank, in which capacity he remained until 1876. It was during this period that Mr. Hague’s influence was felt in some of the most important legislation affecting banking interests in Canada. The government had brought in two measures in succession, for the regulation of the currency. To the first, some of the western bankers were inclined to agree, but Mr. Hague conceived its operation would be prejudicial to the interests of a bank like the Bank of Toronto, and the finance minister was prevailed on to make it optional instead of compulsory. Only one bank consented to embrace its provisions, and, for some years, matters went along undisturbed. The second measure was far more dangerous, and was wholly compulsory. It was founded on the American currency plan, which was then at the zenith of its popularity, and had not yet developed any of the unfavorable features which afterwards transpired. This Canadian government measure, many bankers, particularly from Ontario and Nova Scotia, concluded would be utterly unsuitable to the circumstances of Canada, and they determined to give it strenuous opposition. Mr. Hague was appointed secretary of an informal association for the purpose, and the contest was maintained through two or three sessions of parliament. There were powerful influences at the back of the government in favor of the measure and the contest was a very determined one. At length when Sir Francis Hincks had been appointed finance minister, a satisfactory compromise was proposed, accepted, and its provisions incorporated in the Dominion note act, and the Canadian bank act, which both shortly followed.
GEORGE HAGUE
Previous to this every bank was worked under a separate charter, but now these various charters were amalgamated under one compendious act, the preparation of which occupied the leading bankers and lawyers in the house of commons for several months. In these discussions Mr. Hague naturally took a leading part, along with Mr. E. H. King of the Bank of Montreal. Hon. Mr. Lewin, of the Bank of New Brunswick, Hon. Edward Blake of Toronto, Mr. Peter Jack who represented the banks of Nova Scotia and, of course, the finance minister. This act, together with the Dominion note act, has been at the foundation of Canadian banking ever since. During the progress of these discussions Mr. Hague was offered the general managership of the Bank of Commerce, as well as one of the higher positions in the Bank of Montreal. Both however were declined.
After the exacting labors entailed by this contest, Mr. Hague concluded that the time had arrived when he might fairly carry out a project that he had cherished for many years, viz., to devote the remainder of his life to religious and philanthropic work. In preparation for this he resigned his position in the Bank of Toronto and made other arrangements for a change in his mode of life. Upon severing his connection with the Bank of Toronto, the directors of that institution presented Mr. Hague with a service of plate and a handsome sum of money, in consideration of his efficient services to the bank as well as for his most valuable services to the banking interests of Canada generally.
Subsequent events proved that Mr. Hague’s preparations for retirement from the banking business were premature.
A cloud had been gathering over the commercial and financial position of Canada for some time back, and it was never darker or deeper than in the opening months of 1877. The records of failures and insolvencies grew to alarming proportions, fully four times the usual average, and the losses of the banks told on them severely. The general manager of the Merchants Bank of Canada having resigned, the directors of that institution offered the position to Mr. Hague and pressed upon him to accept it.
It was like taking command of a ship in the midst of a storm, but he felt it his duty to undertake the task, but did so with a full understanding that he should be at liberty to devote a reasonable amount of time to religious and philanthropic work. It was several years before the financial cloud passed by, and of the strenuous labors of bankers at that time it is needless to speak. Suffice to say that Mr. Hague held on to his post with careful attention to the matters he had stipulated for, and only retired after twenty-five years more of service, at a ripe old age, and having in the meantime assisted in the decennial reviews of the banking act that transpired from time to time according to its provisions. At the time of his resignation as general manager in 1902, the directors of the Merchants Bank presented Mr. Hague with a valuable piece of solid silver, gold plated, and made a handsome provision for the remainder of his life.
Whilst general manager of this bank, Mr. Hague was several times requested by the American Bankers’ Association to address its annual meeting, and took an active part in preventing the adoption of silver as the basis of the finances of the United States. He also drew up a paper in which a strenuous protest was made against the adoption of silver as part of the basis of the currency of the Bank of England. This had been urged by a school of financiers known as bi-metallists, but Canada has always stood solidly on a gold basis, and so has England remained.