James Elliott Coyne facts for kids
Quick facts for kids
James Coyne
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| 2nd Governor of the Bank of Canada | |
| In office January 1, 1955 – July 13, 1961 |
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| Appointed by | St. Laurent Ministry |
| Preceded by | Graham Towers |
| Succeeded by | Louis Rasminsky |
| Personal details | |
| Born |
James Elliott Coyne
July 17, 1910 Winnipeg, Manitoba, Canada |
| Died | October 12, 2012 (aged 102) Winnipeg, Manitoba, Canada |
| Relations | James Henry Coyne (paternal grandfather) Deborah Coyne (niece) |
| Children | 5, including Susan and Andrew Coyne |
James Elliott Coyne (born July 17, 1910 – died October 12, 2012) was an important Canadian. He was the second Governor of the Bank of Canada from 1955 to 1961. This means he was in charge of Canada's main bank.
During his time as Governor, he had a big disagreement with Prime Minister John Diefenbaker. This argument is known as the "Coyne Affair." It led to Mr. Coyne leaving his job. But it also helped the Bank of Canada become more independent from the government.
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Life and Career Highlights
James Coyne was born in Winnipeg, Manitoba. His father, James Bowes Coyne, was a judge. His grandfather was a lawyer and historian named James Henry Coyne.
Early Education and War Service
Mr. Coyne went to Ridley College in St. Catharines, Ontario. He graduated in 1925. Later, he earned a Bachelor of Arts degree from the University of Manitoba in 1931.
He then studied at Oxford University in England as a Rhodes Scholar. This is a special scholarship for talented students. While there, he played for the Oxford University Ice Hockey Club. He earned more degrees in law in 1934. During World War II, he served in the Royal Canadian Air Force.
Working at the Bank of Canada
From 1944 to 1949, Mr. Coyne worked closely with Graham Towers. Mr. Towers was the first Governor of the Bank of Canada. From 1950 to 1954, Coyne was the Deputy Governor.
In 1955, James Coyne became the Governor of the Bank of Canada. He held this important position until 1961. After he resigned, Louis Rasminsky took over as Governor.
Coyne's Family Life
James Coyne was the father of two well-known Canadians. His son, Andrew Coyne, is a journalist. His daughter, Susan Coyne, is an actress and playwright. He also had three stepchildren: Sanford, Patrick, and Nancy Riley. His niece, Deborah Coyne, is a constitutional lawyer.
The Coyne Affair Explained
The "Coyne Affair" was a big public argument. It happened between the Canadian government, led by Prime Minister John Diefenbaker, and James Coyne. Mr. Coyne was the Governor of the Bank of Canada.
Disagreement Over Money Policies
As Governor, Mr. Coyne often disagreed with the government's money plans. The Diefenbaker government was spending and borrowing a lot. They wanted to make the economy grow faster.
Government officials wanted Mr. Coyne to lower interest rates. Lower rates usually make it easier for people to borrow money and spend it. But Mr. Coyne thought this was a bad idea. He believed it would lead to too much debt. He also worried Canada was relying too much on money borrowed from the United States. He felt that Canada needed to be more careful with its money.
Mr. Coyne gave speeches and wrote articles. He criticized the government's spending plans. The government, however, believed that elected officials should decide how the country's money is managed.
The End of the Affair
The disagreement became very serious. Mr. Coyne had increased his own pension. Prime Minister Diefenbaker thought this was too much. The government then tried to pass a law to remove Mr. Coyne from his job.
The House of Commons, where the government had a majority, passed the law. But the Senate of Canada, which was controlled by a different political party, rejected it. Even so, Mr. Coyne resigned the very next day. Because of his role in this big event, the Canadian Press named him "Canadian Newsmaker of the Year" in 1961.
Honours and Awards
- In 1961, he received an Honorary degree called a Doctor of Laws from the University of Manitoba.
- He was given the Canadian version of the Queen Elizabeth II Diamond Jubilee Medal in 2012.
- He was made a member of the Order of Manitoba in 2012.
James Coyne passed away in Winnipeg on October 12, 2012.
