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.