| James Coyne | |
|---|---|
| 2nd Governor of the Bank of Canada | |
| In office 1955–1961 |
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| Preceded by | Graham Towers |
| Succeeded by | Louis Rasminsky |
| Personal details | |
| Born | July 17, 1910 Winnipeg, Manitoba |
James Elliott Coyne, BCL, BA (born July 17, 1910) was the second Governor of the Bank of Canada, from 1955 to 1961, succeeding Graham Towers. During his time in office, he had a much-publicized debate with Prime Minister John Diefenbaker, a debate often referred to as the "Coyne Affair" (or sometimes the "Coyne Crisis").
Coyne was born in Winnipeg, Manitoba, the son of Edna Margaret (née Elliott) and James Bowes Coyne, a judge at the Manitoba Court of Appeal.[1][2] Coyne graduated from the prestigious prep school Ridley College in St. Catharines, Ontario in 1925, and had conferred upon him a BA in 1931 from the University of Manitoba. He studied at Oxford University as a Rhodes Scholar, playing for the Oxford University Ice Hockey Club, and in 1934 received a B.A. Jurisprudence and BCL. During World War II, he served in the Royal Canadian Air Force.
From 1944 to 1949, Coyne was executive assistant to Graham Towers at the Bank of Canada and from 1950 until 1954 was Deputy Governor. He was appointed Governor in 1955,[3] resigned in 1961,[4] and was succeeded by Louis Rasminsky.
He is the father of journalist Andrew Coyne and actor Susan Coyne, and the uncle of lawyer Deborah Coyne. In 2011 he was living in Winnipeg and turned 101 in July.[5]
The Coyne Affair, or the Coyne Crisis, was a public disagreement between the Diefenbaker government, notably the finance minister Donald Fleming, and the governor of the Bank of Canada.
As Governor, Coyne heavily criticized the government's financial record, saying that the country was relying too much on exports to the United States and that a "tightening" was needed. The Government rejected his advice and tried to dismiss Coyne, saying that he was meddling in politics. While the Conservatives in power in the House of Commons passed a bill declaring his position vacant, the Liberal-controlled Canadian Senate rejected it. Nevertheless, Coyne resigned the next day. For his role in this controversy, the Canadian Press named him Canadian Newsmaker of the Year in 1961.
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