Winnipeg Free Press - ONLINE EDITION

Ex-Bank of Canada governor Coyne dies in Winnipeg at 102

  • Print

James Elliott Coyne, the Bank of Canada governor who resigned after the Diefenbaker government tried to fire him during a dispute over monetary policy, has died.

Coyne died in Winnipeg on Friday at 102.

"He was a good example for all of us — right to the end he was still alert and keeping himself active," Patrick Riley, a local lawyer and his son, said Saturday.

"He was always a man of the highest principle. He set that kind of example. He was willing to stand on principle."

Coyne was honoured by the province in July with the Order of Manitoba.

Coyne was born in Winnipeg to James Bowes Coyne, a Manitoba Court of Appeal justice, and his mother Edna, in 1910.

According to the Bank of Canada website, Coyne graduated from the University of Manitoba with a Bachelor of Arts in 1931, and went to Oxford University as a Rhodes Scholar, receiving his BA in jurisprudence and BCL in 1934.

Riley said his father practised as a lawyer before joining the Bank of Canada in 1938.

Coyne left that job the next year to join the Central Mortgage Bank, before also working with the Foreign Exchange Control Board, the Canadian Embassy in Washington and the Wartime Prices and Trade Board.

Coyne also served in the Royal Canadian Air Force from 1942 to 1944.

Coyne re-joined the Bank of Canada and rose through the ranks to become deputy governor from 1950 to 1954, when he was appointed the bank’s second governor and president of the Industrial Development Bank on Jan. 1, 1955.

Coyne resigned at the end of what’s become known as either the Coyne Affair or the Coyne Crisis. Coyne made repeated speeches criticizing the Diefenbaker government’s fiscal policies, in which it was borrowing massive amounts of money to stimulate the economy, and he rejected lowering interest rates.

The government voted to terminate Coyne from his position, but the Liberal-dominated Senate rejected the bill.

Coyne resigned anyway the next day on July 13, 1961.

Besides son Patrick Riley, Coyne is survived by his wife of 55 years, Meribeth, his other sons Sanford Riley, CEO of the Richardson Financial Group, and Andrew Coyne, a National Post columnist, two daughters Nancy Riley and Susan Coyne, 11 grandchildren, and four great-grandchildren.

kevin.rollason@freepress.mb.ca

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Drew Willy on his team's win over Alouettes

View more like this

Photo Store Gallery

  • MIKE APORIUS/WINNIPEG FREE PRESS BUSINESS - cow on farm owned by cattle farmer Lloyd Buchanan near Argyle Wednesday afternoon -see Larry Kusch's story  January 04/2006
  • A group of Horese pose for the camera in the early evening light at Southcreek Stables in Stl Norbert Wednessday. Sept  14, 2011 (RUTH BONNEVILLE) / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

What do you think of the new school-zone speed limit?

View Results

View Related Story

Ads by Google