Mr. Snowden has acquired merit , by quietly but firmly persuading
his colleagues to stick to the point. On- Tues- day, however, as the time for considering the Statute of the International Bank approached, the oracle spoke from Berlin. Dr. Schacht talked of withdrawing the support of the Reichsbank, because he had no confidence in the moral basis of this undertaking in its present form. Confusion prevailed, but after counsel-bringing sleep, the German delegates persuaded Chancellor Muller to be firm with the rebellious Director of the Reichsbank. The Chancellor announced that his Government would seek powers to amend the new draft constitution (embodied in a Bill now before the Reichstag) and obtain authority to' remove the Director, if so desired, before the end of his term of office. Dr. Schacht has contented himself with his final " gesture " and has given way, so that the Reichsbank will take its due part in the new international organism.
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