The Bank of the People was created by radical Reform politicians James Lesslie, James Hervey Price, and Dr John Rolph in Toronto in 1835. It was founded after they failed to establish a "Provincial Loan Office" in which farmers could borrow small sums guaranteed by their land holdings. The Bank of the People was the only bank in Upper Canada not to suspend payments during the financial panic of 1837-8. Many of the shareholders, however, took part in the Rebellion of 1837 and the Family Compact plotted to have it taken over by the Bank of Montreal in 1840.

James Lesslie was an Ontario bookseller, reform politician and newspaper publisher. His career was closely associated with - and somewhat overshadowed by - William Lyon Mackenzie, the Reform agitator, mayor of Toronto, and Rebellion leader. However, as a leader himself, Lesslie took a prominent role in founding the Mechanics Institute, the House of Refuge & Industry, the Bank of the People, as well as the political parties known as the Canadian Alliance Society and Clear Grits. In many way, he defined the Reform movement in Upper Canada without having reverted to the violent methods of Mackenzie. His legacy may thus have lasted longer.