Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-29
Europe Looks to America.

From two wholly independent and
highly qualified sources-one European.
the other American-cams yesterday
assurances big with meaning for the
international economic outlook. Sir
Josiah Stamp, a go"ernor of the Bank
of England. and one Of Britain's repre-
sentatives on the Dawes Preparations
Commission. and DR.. julius Klein,
Assistant Secretary of the Department
of Commerce, both broadcast end-of-
the-year messages of almost identical
import. They were to the effect that in
American financial and industrial sta
bility Europe sees the surest guarantee
of world stability DR. Klein has Just
returned from a two-months personal
survey of conditions on the other side.
Sir josiah Stamp, at liberty to speak
more freely in the realm of prophecy
than the Assistant Secretary of Com
merce, expressed the view that the
United States will be the first country
to recover from the present worldwide
depression. The British financier
acclaims the policy of American bank
ers. as recently exemplified by the New
York Federal Reserve Banks reduction
of its rediscount rate, in maintaining
cheap money" He advocates strict
governmental economy and balanced
budgets. an anti-depression policy
which President Hoover right now is
doing his best to pursue, in the teeth
of pressure that has more of politics
than sound economics as its motive.
Sir Josiah Stamp, believing that
America will lead the world in business
recovery, though he does not look for
sunshine for another year, calls upon
his countrymen, and Europeans gen.
orally, to keep their houses in order so
that when the pendulum does begin to
swing from across the Atlantic in their
own direction they will be ready for
action as the movement gains momen-
tun." There could hardly be a more
significant tribute to the United States
'key" position as an economic power
than this thoughtful word from London.
DR.. Klein, discussing European opin-
ion of America, strikes the same note.
Countries in the old world, he declares
on the basis of his recent first-hand
contacts "over there" now hold deep
ening appreciation that in the eco
nonic strength and well-being of the
United States lies the greatest single
hope for world recovery today" That
uracular observation of his impels the
accomplished director in chief of our
foreign trade activities to annihilate
the theory that Europeans favorite
bedtime story is a hymn of anti-Ameri-
can hate. Save for bitterness existing
in one country'-Dr. Klein does not
specify which it is-he scouts as "a
Pigment of superheated imagination" the
widespread belief that our war debts,
immigration and tariff policies have
generated chronic animosity toward the
United States across the Atlantic.
The assertions Of Sir Josiah Stamp
and DR.. Klein are welcome and agree
able at the close of year which an
economically sorely afflicted universe
wants to forget as soon as possible. An
American wit has recently said that We
are suffering from "overprediction" as
we'll as overproduction. Prophecy may
be futile, but hope and confidence nave
their uses. Americans are justified by
the views of level-headsd authorities
like Stamp and Klein in renewing their
faith in the future, gradual as the re-
turn Of normal times may be.