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Show THE DOLLAR REIGNS. The appointment of the Bank of England Eng-land as a foreign correspondent of the federal reserve bank of New York may be regarded as a step .in the direction of American financial supremacy. The announcement says that the Bank of France will probably be the next to be taken in and that ultimately connections connec-tions will be made with other foreign governmental financial institutions, Germany Ger-many not excepted. We are not certain that the American dollar can maintain its position as the standard of exchange after the war is over, but there are many advantages in its favor.' As the banker of the world the obligations of foreigners will have to be paid over io-re in a majority of cases and of course the dollar wiil be the basis. While the' action of the federal reserve board is a radical departure from the p rev ion -financial policy of the United States, it is probably a w ise move, for we are no longer in swaddling clothes and must be in position to use our resources to the best advantage. |