With world finances teetering topsy-turvy, directors of the Bank for International Settlements met in Basle last week, elected a new president, and by their election broke their own charter. In 1930 when the B. I. S. was set up to facilitate German Reparations payments (TIME, March 25, 1929, et seq.) it was decided that its secondary purpose was to uphold and spread the gold standard throughout the world. In its charter it was expressly provided that no central bank of a country not on the gold standard should be admitted to membership....
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