| Revision as of 20:53, 29 October 2004 editHerschelkrustofsky (talk | contribs)2,877 editsNo edit summary← Previous edit | Revision as of 15:14, 4 November 2004 edit undoHerschelkrustofsky (talk | contribs)2,877 editsNo edit summaryNext edit → | ||
| Line 1: | Line 1: | ||
| '''King O'Malley''' was the founder of ]'s ]. Born in the ], O'Malley travelled to Australia in the late 1880s after working on the campaign of U.S. President ]. He was a proponent of the approach to economics then known as the ]. Upon arriving in Australia, O'Malley began to campaign for a national bank, an idea which was eventually accepted as part of the young ]'s (ALP) "non-negotiable platform" in ], and which he pushed through Parliament in ]. The ALP took the spelling of "labor" after the American, as opposed to the British spelling, signifying labor's aspirations to establish an American-style republic in Australia. |
'''King O'Malley''' was the founder of ]'s ]. Born in the ], O'Malley travelled to Australia in the late 1880s after working on the campaign of U.S. President ]. He was a proponent of the approach to economics then known as the ]. Upon arriving in Australia, O'Malley began to campaign for a national bank, an idea which was eventually accepted as part of the young ]'s (ALP) "non-negotiable platform" in ], and which he pushed through Parliament in ]. The ALP took the spelling of "labor" after the American, as opposed to the British spelling, signifying labor's aspirations to establish an American-style republic in Australia. | ||
| ⚫ | In a speech in federal Parliament on his proposed national bank on Sept. 30, ], O'Malley emphasized, "The private banking system of the Commonwealth is only a legalized monopoly for the gathering of wealth from the many, and its concentration in the hands of the privileged few... We are legislating for the countless multitudes of future generations. We are in favour of protecting, not only the manufacturer, but also the man who works for him. We wish to protect the oppressed and downtrodden of the earth." The ] system should be counterposed to this, he said, adding, "I am the Hamilton of Australia. He was the greatest financial man who ever walked this earth, and his plans have never been improved upon. The American experience should determine us to establish a national banking system which cannot be attacked." | ||
| O'Malley's bank, called the ], funded the construction of the Transcontinental Railroad and other projects in the national interest, until the death in ] of O'Malley's hand-picked chairman of the bank, ]. At that point, Sir ], a confederate of ] head ], was installed as the new chairman, and the policy of the bank changed drastically. | |||
| ⚫ | In a speech in federal Parliament on his proposed national bank on Sept. 30, ], O'Malley emphasized, "The private banking system of the Commonwealth is only a legalized monopoly for the gathering of wealth from the many, and its concentration in the hands of the privileged few." The ] system should be counterposed to this, he said, adding, "I am the Hamilton of Australia. He was the greatest financial man who ever walked this earth, and his plans have never been improved upon." | ||
| {{msg: stub}} | {{msg: stub}} | ||
Revision as of 15:14, 4 November 2004
King O'Malley was the founder of Australia's National bank. Born in the United States, O'Malley travelled to Australia in the late 1880s after working on the campaign of U.S. President James Garfield. He was a proponent of the approach to economics then known as the American System. Upon arriving in Australia, O'Malley began to campaign for a national bank, an idea which was eventually accepted as part of the young Australian Labor Party's (ALP) "non-negotiable platform" in 1908, and which he pushed through Parliament in 1911. The ALP took the spelling of "labor" after the American, as opposed to the British spelling, signifying labor's aspirations to establish an American-style republic in Australia.
In a speech in federal Parliament on his proposed national bank on Sept. 30, 1909, O'Malley emphasized, "The private banking system of the Commonwealth is only a legalized monopoly for the gathering of wealth from the many, and its concentration in the hands of the privileged few... We are legislating for the countless multitudes of future generations. We are in favour of protecting, not only the manufacturer, but also the man who works for him. We wish to protect the oppressed and downtrodden of the earth." The Hamiltonian system should be counterposed to this, he said, adding, "I am the Hamilton of Australia. He was the greatest financial man who ever walked this earth, and his plans have never been improved upon. The American experience should determine us to establish a national banking system which cannot be attacked."
O'Malley's bank, called the Commonwealth Bank, funded the construction of the Transcontinental Railroad and other projects in the national interest, until the death in 1923 of O'Malley's hand-picked chairman of the bank, Denison Miller. At that point, Sir Robert Gibson, a confederate of Bank of England head Montagu Norman, was installed as the new chairman, and the policy of the bank changed drastically.
This article is a stub. You can help Misplaced Pages by expanding it. |