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Veto. Also envisioned in the Young Plan was a veto proviso drafted last week at Baden-Baden to give the central bank of each nation power to limit or prevent any transaction of the B. I. S. in the country of the central bank in question or in its currency.
The U. S. Federal Reserve will, of course, enjoy this negative power in common with other central banks, though debarred by Washington from "entangling" positive potency.
Stumpers. There was no agreement last week as to the city in which the B. I. S. shall be set up. The British continued to clamor for London, the Latins remained violently opposed. The delegates were also stumped to find an adequate authority for setting up the B. I. S. at all. Perhaps it would require a multilateral treaty among all the Powers concerned, and that would mean finding a weasel way around the expected unwillingness of the U. S. to sign. Questions involving the minor powers and personnel of the B. I. S. proved additional stumpers. Even hustling, driving Chairman Jackson Eli Reynolds opined that the bankers' work would be finished barely in time to be submitted to the politicians and statesmen of the Great Powers at a conference now scheduled for Nov. 10.
*Beers and unfortified wines are encouraged, stronger potations drastically restricted as to time, place, quantity sold.