Evening star., 1933-02-22
j. s ON FIRM BASIS,
MELLON DECLARES
Farewell Speech in London
Cites Strength Despite
World Troubles.
BY the Associated Press.

By the Associated Press
LONDON, February, 22.-America's
economic system shows such inherent
strength that it continues to function
efficiently in the face Of the greatest
maladjustment the world has ever
known" Ambassador Andrew w. Mel
Ion said in farewell speech last night
at Pilgrims Club dinner.
There is no lack of production and
the processes of distribution continue
to operate as usual, Notwithstanding
unemployment and reduced buying
power" Mr. Mellon told the distin-
guished Anglo American gathering.
In spite of defects in our over
individualized banking system. the
financial structure has stood the strain
remarkably we'll
THE burden of debt. both govern
mental and private, is very heavy and
has cut deeply into our purchasing
power. which must be, in the future
as it has been in the past. the real
basis OF our national prosperity. Debt,
however, has way of liquidating it
self in time, either by repayment or by
voluntary or involuntary composition,
SO that the Nation is not in danger of
financial disaster merely because it
owes itself money.
Debts owed outside country may
indeed present difficulties. but there
are too many ways of meeting domestic
debts for them ever to be completely
destructive of the financial structure.
adjustment to the shifts in economic
power which the World War brought
about. Before 1914 the United States
was debtor nation sending annually
large sums to Europe in payment of our
obligations here. Four years later the
situation was reversed with a COM
pletenesS and rapidity such as the
world never had witnessed before
Such change was bound to set
up maladjustment both in America and
Europe and it will take time, 1 fear,
and patience and more than one con-
ference, perhaps, to adjust ourselves
to this and other changes which the
war left in its wake.
We are, however, making progress
and much history has been made in the
past II months. The world, which
never stands still, has gone forward.
What next year holds for us I do not
know, but have the faith to believe
that some solution for our most pressing
problems can and will be found.
L am part of an administration in
America that is going out of office
New men will soon be at the helm,
ready and capable of graphing with
these problems. They are men schooled
In the best American tradition and
needless to say they will be fully as
Jealous as their predecessors, not only
in upholding the best interests of the
United States, but in trying to make
that interest conincide with the larger
world welfare
May 1 say here on behalf of all
my countrymen that we most deeply
appreciate the sympathy and concern
expressed on all sides in this country
at the dastardly attempt made last
week on the life of President-elect
Roosevelt. We all feel a sense of re-
lief and thankfulness that his life
has been so miraculously spared to
carry on the great task ahead of him.
Il do not need to assure you that
whatever administra ton may be in
power in Washington, the corner stone
OF Americas foreign policy will con-
tinue to be friendship and close CO.
operation with the British people"
MY young counsellor here, Mr.
Atherton, has outlasted so many Amer
ican Ambassadors that he must begin
to feel that he is really quite an aged
man in spite of his very youthful ap-
pearance," Mr.. Mellon said.