Hi again, thanks for the replies.
I understand that this is a long shot to get the proper identification of anybody within the bill. My first thought was to work from the picture and then cross reference that info with that of the bill to get the identities. My belief is that the older looking man crouched down in the middle wearing what looks to be a sou-wester of the bill is William Whiteley, the inventor of the cod trap. At best guess, my belief is that the man standing in the bow of the boat (furthest left) is my Great Great Grandfather... but that's just going from family resemblance.
As for identifying from the bill first, I had contacted a representative with American Bank Note to see if they had any background information, but they had released all documentation to what had become Canadian Bank Note. I had sent requests to the Canadian Mint with no replies as of yet. And my best bet so far was with the Currency Museum in Ottawa. They had the original watercolor of the bill as well as they first mockup layout which would have been used by the engraver to made the plates. But other than that, they did not have any info surrounding who made the watercolor, or who the men are in the picture on the bill.
Since the stories were told from my now deceased Great Uncle, I have no way to know where the origins of the stories came from or how they knew that the picture on the bill originated from a scene in the Lower North Shore of Quebec. But the picture I had found looks very similar to the layout of the bill. If I had a better resolution image of that photo, I may have some better luck in locking in these details. So I guess my next best bet is to track down a better copy of that photograph and get the identities from there.
Thanks for the input again and if anybody has any recommendations on getting historical info from the mint for paper bills, please let me know.
Thanks, Curtis