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.
[Illustration: GEORGE HAGUE]
Public-domain text, read in full here on John Shaqi.
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