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From The Collaborative International Dictionary of English v.0.48:
Neutralize \Neu"tral*ize\, v. t. [imp. & p. p. Neutralized; p. pr. & vb. n. Neutralizing.] [Cf. F. neutraliser.] 1. To render neutral; to reduce to a state of neutrality. [1913 Webster] So here I am neutralized again. --Sir W. Scott. [1913 Webster] 2. (Chem.) To render inert or imperceptible the peculiar affinities of, as a chemical substance; to destroy the effect of; as, to neutralize an acid with a base. [1913 Webster] 3. To destroy the peculiar properties or opposite dispositions of; to reduce to a state of indifference or inefficiency; to counteract; to render ineffective; as, to neutralize parties in government; to neutralize efforts, opposition, etc. [1913 Webster] Counter citations that neutralize each other. --E. Everett. [1913 Webster]