The Mekong is a trans-boundary river in Southeast Asia. It is the worlds 12th-longest river and the 7th-longest in Asia and its estimated length is 4,350 km, and it drains an area of 795,000 km2, discharging 475 km3 of water annually. From the Tibetan Plateau the river runs through Chinas Yunnan Province, Laos, Cambodia, in 1995, Thailand and Vietnam established the Mekong River Commission to assist in the management and coordinated use of the Mekongs resources. In 1996 China and Myanmar became dialogue partners of the MRC, the extreme seasonal variations in flow and the presence of rapids and waterfalls in the Mekong make navigation difficult. Even so, the river is a trade route between western China and Southeast Asia. The English name Mekong derives from a form of Thai. In Thai and Lao, mae nam is used for any major river, as such and Lao locals often refer to it in English as the River Khong. In Khmer, Mékôngk is itself glossed as mother of water, from mé and taking kôngk as a form of kôngkea.
The local names for the river include, Burmese, မဲခေါင်မြစ်, IPA, Chinese, 加果空桑贡玛曲, 扎那曲 and 扎曲 Zā Qū, upper reaches, 澜沧江, 瀾滄江 Láncāng Jiāng, middle and lower reaches, Khmer, មេគង្គ Mékôngk, ទន្លេមេគង្គ Tônlé Mékôngk, ទន្លេធំ Tônlé Thum. Tai of Sipsong Panna, น้ำแม่ของ, น้ำของ, the Mekong Basin has one of the worlds largest and most productive inland fisheries. An estimated two million tonnes of fish are landed a year, in addition to almost 500,000 tonnes of aquatic animals. Aquaculture yields about two tonnes of fish a year. Hence, the lower Mekong basin yields about 4.5 million tonnes of fish, the total economic value of the fishery is between US$3.9 and US$7 billion a year. Wild capture fisheries alone have been valued at US$2 billion a year and this value increases considerably when the multiplier effect is included, but estimates vary widely. An estimated 2.56 million tonnes of fish and other aquatic animals are consumed in the lower Mekong every year. Aquatic resources make up between 47 and 80 percent of protein in rural diets for people who live in the Lower Mekong Basin.
Fish are the cheapest source of protein in the region and any decline in the fishery is likely to significantly impact nutrition. Fisheries contribute significantly to a diversified livelihood strategy for many people, particularly the poor and they provide a principal form of income for numerous people and act as a safety net and coping strategy in times of poor agricultural harvests or other difficulties
South Vietnam, officially the Republic of Vietnam, was a state governing the southern half of Vietnam from 1955 to 1975. It received international recognition in 1949 as the State of Vietnam, the term South Vietnam became common usage in 1954, when the Geneva Conference provisionally partitioned Vietnam into communist and non-communist parts. The Republic of Vietnam was proclaimed on 26 October 1955, with Ngô Đình Diệm as its first president and its sovereignty was recognized by the United States and eighty-seven other nations. It had membership in several committees of the United Nations. After the Second World War, the Viet Minh, led by Ho Chi Minh, in 1949, anti-communist Vietnamese politicians formed a rival government in Saigon led by former emperor Bảo Đại. Bảo Đại was deposed by Prime Minister Ngô Đình Diệm in 1955, after Diệm was killed in a military coup led by general Dương Văn Minh in 1963, there was a series of short-lived military governments. General Nguyễn Văn Thiệu led the country from 1967 until 1975, the Vietnam War began in 1959 with an uprising by Viet Cong forces armed and controlled by Democratic Republic of Vietnam.
Fighting reached a climax during the Tet Offensive of 1968, when there were over 1.5 million South Vietnamese soldiers and 500,000 U. S. soldiers in South Vietnam. Despite a peace treaty concluded in January 1973, fighting continued until the North Vietnamese and Viet Cong armies overran Saigon on 30 April 1975, the creation of this republic, during the Indochina War, allowed France to evade a promise to recognise Vietnam as independent. This pre-Vietnam government prepared for a unified Vietnamese state, but the countrys full reunification was delayed for a year because of the problems posed by Cochinchinas legal status, Nguyễn Văn Xuân 1949–55 State of Vietnam. Roughly 60% of Vietnamese territory was controlled by the communist Việt Minh. Vietnam was partitioned at the 17th parallel in 1954, once highly lauded by America, he was ousted and assassinated in a U. S. -backed coup. In 1963–65, there were numerous coups and short-lived governments, several of which were headed by Dương Văn Minh or Nguyễn Khánh, Prime Minister Nguyễn Cao Kỳ was the top leader in 1965–67.
Surrendered to Communists when others abandoned their posts, 1975–76 Provisional Revolutionary Government of the Republic of South Vietnam. Huỳnh Tấn Phát Before World War II, the third of Vietnam was the concession of Cochinchina. Between Tonkin in the north and Cochinchina in the south was the protectorate of Annam, Cochinchina had been annexed by France in 1862 and even elected a deputy to the French National Assembly. It was more evolved, and French interests were stronger than in parts of Indochina. During World War II, Indochina was administered by Vichy France, japanese troops overthrew the French administration on 9 March 1945, Emperor Bảo Đại proclaimed Vietnam independent
Banteay Srei or Banteay Srey is a 10th-century Cambodian temple dedicated to the Hindu god Shiva. Located in the area of Angkor in Cambodia and it lies near the hill of Phnom Dei,25 km north-east of the main group of temples that once belonged to the medieval capitals of Yasodharapura and Angkor Thom. Banteay Srei is built largely of red sandstone, a medium that lends itself to the decorative wall carvings which are still observable today. The buildings themselves are miniature in scale, unusually so when measured by the standards of Angkorian construction and these factors have made the temple extremely popular with tourists, and have led to its being widely praised as a precious gem, or the jewel of Khmer art. Consecrated on 22 April 967 A. D, the foundational stela says that Yajnavaraha, grandson of king Harsavarman I, was a scholar and philanthropist who helped those who suffered from illness, injustice, or poverty. His pupil was the future king Jayavarman V. Originally, the temple was surrounded by a town called Īśvarapura, yajñavarāhas temple was primarily dedicated to the Hindu god Śiva.
Originally, it carried the name Tribhuvanamaheśvara—great lord of the threefold world—in reference to the Shaivite linga that served as its central religious image, some have speculated that it relates to the many devatas carved into the walls of the buildings. Bantãy Srĕi was subject to expansion and rebuilding work in the eleventh century. It remained in use at least until the fourteenth century according to the last known inscription K569, the temple was rediscovered only in 1914, and was the subject of a celebrated case of art theft when André Malraux stole four devatas in 1923. Until the discovery of the stela in 1936, it had been assumed that the extreme decoration indicated a date than was in fact the case. To prevent the site from water damage, the joint Cambodian-Swiss Banteay Srei Conservation Project installed a system between 2000 and 2003. Measures were taken to prevent damage to the walls from nearby trees. Unfortunately, the temple has been ravaged by pilfering and vandalism, when toward the end of the 20th century authorities removed some original statues and replaced them with concrete replicas, looters took to attacking the replicas.
A statue of Shiva and his shakti Uma, removed to the National Museum in Phnom Penh for safekeeping, was assaulted in the museum itself, Banteay Srei is built largely of a hard red sandstone that can be carved like wood. Brick and laterite were used only for the walls and some structural elements. The temple is known for the beauty of its sandstone lintels, a pediment is the roughly triangular space above a rectangular doorway or openings. At Banteay Srei, pediments are relatively large in comparison to the openings below, for the first time in the history of Khmer architecture, whole scenes of mythological subject-matter are depicted on the pediments. A lintel is a beam spanning the gap between two posts
Norodom Sihanouk was the King of Cambodia from 1941 to 1955 and again from 1993 to 2004. Affectionately known to the Cambodian people as Samdech Euv, Sihanouk became king in 1941, after the Second World War, he campaigned for Cambodias independence from French rule, which took place in 1953. In 1955, Sihanouk abdicated the throne in favour of his father Norodom Suramarit, Sihanouk led the Sangkum to victory in the 1955 general elections, and became the Prime Minister of Cambodia. After his fathers death in 1960, Sihanouk introduced an amendment which made him the Head of State of Cambodia. Between 1955 and 1970, Sihanouk governed Cambodia under one-party rule, while he was officially neutral in foreign relations, in practice he was friendlier toward communist countries, particularly China, than to the United States and its anti-Communist allies. In the military coup of March 1970 Sihanouk was overthrown by Lon Nol and Sisowath Sirik Matak, as GRUNKs leader, Sihanouk lent support to the Khmer Rouge, which fought against the Khmer Republic in the Cambodian Civil War.
The Khmer Rouge won the war in 1975 and a new government. Sihanouk subsequently returned to Cambodia and became its head of state. In 1976 Sihanouk resigned from his position, leading to his house arrest and he was incarcerated until 1979, when Vietnamese forces overthrew the Khmer Rouge. Sihanouk went into exile again, and in 1981 he formed FUNCINPEC, as this coalition retained Cambodias seat at the United Nations, this made him Cambodias internationally recognized head of state. In the late 1980s, informal talks were carried out to end hostilities between the Vietnam-supported Peoples Republic of Kampuchea and resistance factions under the CGDK. In 1990 the Supreme National Council of Cambodia was formed as a body to oversee Cambodias sovereign matters. In 1991 peace accords were signed, and the United Nations Transitional Authority in Cambodia was established the following year, the UNTAC organised general elections in 1993, and a coalition government, jointly led by his son Norodom Ranariddh and Hun Sen, was subsequently formed.
In June 1993 Sihanouk was reinstated as Cambodias Head of State, in 2004 Sihanouk abdicated again in favour of another son, Norodom Sihamoni, who succeeded him as king. He was known as the King father until his death in 2012, Sihanouk pursued an artistic career during his lifetime, and wrote several musical compositions. He produced 50 films between 1966 and 2006, at times directing and acting in them, Norodom Sihanouk was the only child born of the union between Norodom Suramarit and Sisowath Kossamak. His parents, who heeded the royal court astrologers advice that he risked dying at a young age if he was raised under parental care, placed him under the care of Kossamaks grandmother, when Pat died, Kossamak brought Sihanouk to live with his paternal grandfather, Norodom Sutharot. Sutharot delegated parenting responsibilities to his daughter, Norodom Ket Kanyamom, Sihanouk received his primary education at the Francois Baudoin school and Nuon Moniram school in Phnom Penh
The city is flanked by an almost uninterrupted string of beaches along its entire coastline and coastal marshlands bordering the Ream National Park in the East. The city has one river, the mangrove lined Ou Trojak Jet running from Otres pagoda to the sea at Otres. The city, which was named in honour of former king Norodom Sihanouk, had a population of around 89,800 people, Sihanoukville city encompasses the greater part of four of the five communes of Sihanoukville provinces Mittakpheap District. The only deep water port in Cambodia includes an oil terminal. As a consequence, the city grew to become a national center of trade, transport. Sihanoukvilles many beaches and nearby islands make it Cambodias premier seaside resort with steadily rising numbers of national visitors, as of 2014 the tourism sector remains insignificant in comparison with neighboring Thailand. Despite being the country’s premier sea side destination, after decades of war and upheaval the town and its infrastructure remain very much disjointed, infrastructure problems persist, in particular related to water and power supply, while international standard health facilities remain limited.
The official name of the city in Khmer is, Krong Preah Sihanouk, King Norodom Sihanouk was and still is revered as father of the nation. The name Sihanouk is derived from Sanskrit through two Pali words and Hanu, the alternative name, Kompong Saom, means Port of the Moon or Shivas Port. Saom is derived from the Sanskrit word saumya, the meaning of which was Soma, the juice or sacrifice of the moon-god. The word Kampong or Kompong is of Malayan origin and means village or hamlet and its meaning underwent extension towards pier or river landing bridge. The township of Prei Nokor was a center of the Khmer Empire. From the end of the century, Cambodia lost control of the Mekong River route as Vietnamese power expanded into the lower Mekong. During the Nguyen-Siamese War a Siamese fleet burned the port of Kompong Som in 1717 but was defeated by the Vietnamese at Banteay Meas/Ha Tien, Ha Tien was located at a point where a river linking to the Bassac River flows into the Gulf of Thailand. Landlocked Cambodia tried to keep its access to trade through Ha Tien.
In 1757 Ha Tien acquired the ports of Kampot and Kompong Som as a reward for Macs military support to the King of Cambodia, until its destruction in 1771 the port developed into an independent duty-free entrepot - linked with several Chinese trading networks. And King Ang Duong constructed a road from his capital of Oudong to Kampot, Kampot remained the only international seaport of Cambodia. The traveling time between Udong and Kampot was eight days by oxcart and four days by elephants, French Résident Adhemard Leclère wrote. Until 1840s, the Vietnamese governed Kampot and Péam, but Kompong Som belonged to Cambodia
Aluminium or aluminum is a chemical element in the boron group with symbol Al and atomic number 13. It is a silvery-white, nonmagnetic, ductile metal, Aluminium metal is so chemically reactive that native specimens are rare and limited to extreme reducing environments. Instead, it is combined in over 270 different minerals. The chief ore of aluminium is bauxite, Aluminium is remarkable for the metals low density and its ability to resist corrosion through the phenomenon of passivation. Aluminium and its alloys are vital to the industry and important in transportation and structures, such as building facades. The oxides and sulfates are the most useful compounds of aluminium, despite its prevalence in the environment, no known form of life uses aluminium salts metabolically, but aluminium is well tolerated by plants and animals. Because of these salts abundance, the potential for a role for them is of continuing interest. Aluminium is a soft, lightweight, ductile. It is nonmagnetic and does not easily ignite, a fresh film of aluminium serves as a good reflector of visible light and an excellent reflector of medium and far infrared radiation.
The yield strength of aluminium is 7–11 MPa, while aluminium alloys have yield strengths ranging from 200 MPa to 600 MPa. Aluminium has about one-third the density and stiffness of steel and it is easily machined, cast and extruded. Aluminium atoms are arranged in a cubic structure. Aluminium has an energy of approximately 200 mJ/m2. Aluminium is a thermal and electrical conductor, having 59% the conductivity of copper. Aluminium is capable of superconductivity, with a critical temperature of 1.2 kelvin. Aluminium is the most common material for the fabrication of superconducting qubits, the strongest aluminium alloys are less corrosion resistant due to galvanic reactions with alloyed copper. This corrosion resistance is reduced by aqueous salts, particularly in the presence of dissimilar metals. In highly acidic solutions, aluminium reacts with water to form hydrogen, primarily because it is corroded by dissolved chlorides, such as common sodium chloride, household plumbing is never made from aluminium
Its purpose was to correspond to the German thaler. The Spanish dollar was used by many countries as the first international currency because of its uniformity in standard. Some countries countersigned the Spanish dollar so it could be used as their local currency, the Spanish dollar was the coin upon which the original United States dollar was based, and it remained legal tender in the United States until the Coinage Act of 1857. Because it was used in Europe, the Americas. Diverse theories link the origin of the $ symbol to the columns, millions of Spanish dollars were minted over the course of several centuries. They were among the most widely circulating coins of the period in the Americas. In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as Joachimsthalers, named for Joachimsthal, the Joachimsthalers weighed 451 Troy grains of silver. So successful were these coins that similar thalers were minted in Burgundy, the Burgundian Cross Thaler depicted the Cross of Burgundy and was prevalent in the Burgundian Netherlands that were revolting against the Spanish king and Duke of Burgundy Philip II.
After 1575, the Dutch revolting provinces replaced the currency with a daalder depicting a lion, specifically to facilitate export trade, the leeuwendaalder was authorized to contain 427.16 grains of.750 fine silver, lighter than the large denomination coins in circulation. Clearly it was advantageous for a Dutch merchant to pay a foreign debt in leeuwendaalders rather than in other heavier. Thus, the leeuwendaalder or lion dollar became the coin of choice for foreign trade and it became popular in the Middle East, and colonies in the east and west. They circulated throughout the English colonies during the Seventeenth and early Eighteenth centuries, from New Netherland the lion dollar spread to all thirteen colonies in the west. After the introduction of the Guldengroschen in Austria in 1486, the concept of a silver coin with high purity eventually spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497, in 1537 the Spanish escudo gold coin was introduced, which was worth 16 reales.
The Gold Doubloon was worth 32 reales or 2 escudos and it is this divisibility into 8 which caused the silver coins to be named pieces of eight. In the following centuries, the coin was minted with different designs at various mints in Spain. In the 19th century, the denomination was changed to 20 reales. Spains adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the end of the last vestiges of the Spanish dollar in Spain itself
Royal Palace, Phnom Penh
The Royal Palace, in Phnom Penh, Cambodia, is a complex of buildings which serves as the royal residence of the king of Cambodia. Its full name in the Khmer language is Preah Barum Reachea Veang Chaktomuk Serei Mongkol, the Kings of Cambodia have occupied it since it was built in 1860s, with a period of absence when the country came into turmoil during and after the reign of the Khmer Rouge. The palace was constructed after King Norodom relocated the capital from Oudong to Phnom Penh in the mid-19th century. It was built atop an old citadel called Banteay Kev and it faces towards the East and is situated at the Western bank of the cross division of the Tonle Sap River and the Mekong River called Chaktomuk. The establishment of the Royal Palace in Phnom Penh in 1866 is a recent event in the history of the Khmer. In 1813, King Ang Chan constructed Banteay Kev on the site of the current Royal Palace, Banteay Kev was burned in 1834 when the retreating Siamese army razed Phnom Penh. Earlier in 1863 a temporary wooden Palace was constructed a bit north of the current Palace site in Phnom Penh, the first Royal Palace to be built at the present location was designed by architect Neak Okhna Tepnimith Mak and constructed by the French Protectorate in 1866.
Over the next decade several buildings and houses were added, many of which have since demolished and replaced, including an early Chanchhaya Pavilion. The Royal court was installed permanently at the new Royal Palace in 1871, one of the most unusual surviving structures from this period is the Napoleon iron Pavilion which was a gift from France in 1876. These buildings employ traditional Khmer artistic style and Angkorian inspired design, particularly in the Throne Hall, the buildings of the palace were built gradually overtime, and some were dismantled and rebuilt as late as the 1960s. But some old buildings dates back to the 19th century, the Royal Palace of Phnom Penh covers an area of 174,870 square metres. The Preah Tineang Tevea Vinnichay Mohai Moha Prasat or Throne Hall means the Sacred Seat of Judgement, the Throne Hall is where the kings confidants and royal officials once carried out their duties. It is still in use today as a place for religious, the cross-shaped building is crowned with three spires.
The central,59 meter spire is topped with the white, inside the Throne Hall contains three royal thrones and golden busts of Cambodians kings and queens starting from the reign of King Ang Doung onwards. This Throne Hall is the second to be built on this site, the first was constructed of wood in 1869-1870 under King Norodom. That Throne Hall was demolished in 1915, the present building was constructed in 1917 and inaugurated by King Sisowath in 1919. As with all buildings and structure at the Palace, the Throne Hall faces east and is best photographed in the morning, when visiting note the thrones and the beautiful ceiling frescoes of the Reamker. To north of the stands the statue of His Majesty Sisowath Monivong standing holding the Royal Sword
Silver Pagoda, Phnom Penh
The Silver Pagoda is located on the south side of the Royal Palace, Phnom Penh. Formerly, it was known as Wat Ubosoth Ratanaram, the temples official name is Preah Vihear Preah Keo Morakot which is commonly shortened to Wat Preah Keo in Khmer. The vihara houses many national treasures including gold and jeweled Buddha statues and it was created in the palace workshops during 1906 and 1907, the gold Buddha weighs in at 90 kg and is dressed in royal regalia commissioned by King Sisowath. During King Norodom Sihanouks pre-Khmer Rouge reign, the Silver Pagoda was inlaid with more than 5,000 silver tiles, only a small area of these tiles are available to be viewed by the public on entering the pagoda. The wall that surrounds the structures is covered with murals of the Reamker painted in 1903-1904 by Cambodian artists directed by the architect of the Silver Pagoda Oknha Tep Nimit Mak and it is a notable wat in Phnom Penh, Its grounds being used for various national and royal ceremonies. The cremated remains of Norodom Sihanouk are interred in the stupa of Kantha Bopha located on the temples compound
Marshal Lon Nol was a Cambodian politician and general who served as Prime Minister of Cambodia twice, as well as serving repeatedly as Defense Minister. He led the coup of 1970 against Prince Norodom Sihanouk and became the self-proclaimed President of the newly created Khmer Republic. He was the founder and leader of the short-lived Social Republican Party, Nol was born in Prey Veng Province on November 13,1913, to a family of mixed Khmer-Chinese descent. His maternal grandfather was a Chinese immigrant from Fujian province who became the governor of Prey Veng, Nol was educated in the relatively privileged surroundings of the Lycée Chasseloup-Laubat in Saigon, followed by the Cambodian Royal Military Academy. Nol found employment with the French colonial civil service in 1937 and he became a magistrate, and soon proved himself as an efficient enforcer of French rule against a series of anti-colonial disturbances in 1939. By 1946, he had risen to the post of Governor of Kratie Province, joining the army in 1952, he carried out military operations against the Viet Minh.
After independence, Nols nationalist Khmer Renovation party became the core of the Sangkum, Sangkum won the elections and Sihanouk became Prime Minister. Nol was appointed the Army Chief of Staff in 1955, and commander-in-chief of the forces in 1960. At the time, he was a supporter of Sihanouk, his police being instrumental in the suppression of the small. He was appointed deputy Premier in 1963, Lon Nol became Prime Minister, and the following year troops carried out a savage repression of a leftist-inspired revolt, the Samlaut Uprising, in Battambang Province. Nol was injured in a car crash in 1967, Sihanouk claimed that the 1970 coup against him was the result of an alliance between his longstanding enemy, exiled politician Son Ngoc Thanh and Sirik Matak, with CIA support and planning. While Sihanouk was abroad during March 1970, there were riots in Phnom Penh. However, the Prime Minister remained uncertain as to whether to instigate a vote in the National Assembly. On the night of 17 March, Sirik Matak, accompanied by three officers, went to the Prime Ministers residence and compelled a weeping Lon Nol to sign the necessary documents at gunpoint.
A vote was taken in the National Assembly on 18 March in which Sihanouk was stripped of his power, General Lon Nol assumed the powers of the Head of State on an emergency basis. On 28 and 29 March there were popular demonstrations in favour of Sihanouk in several provincial cities. The Khmer Republic was formally declared that October, and Sihanouk – who had formed a government-in-exile, in the meantime during the Cambodian Campaign of April 1970, US and South Vietnamese forces entered Cambodian territory in pursuit of North Vietnamese and Viet Cong troops. The Khmer Republic abandoned Sihanouks neutrality policies, especially with regards to the Vietnamese, the republic proved disastrous both militarily and politically
A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy.
Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment.
The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt