The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-18
PEACE DEPENDS
ON ECONOMICS,
POLE DECLARES
Famed European Banker
Sees Ircade Locarno as
Most important Step.
BY WILLIAM PHILIP SIMMS
Seripps- Foreign Editor

WASHINGTON. April 18.-World
peace, to a large extent. depends
upon world economic recovery. DR..
Henryk Gruber. Poland's leading
financial authority, told the
Scripps- Howard newspapers here
today. Hence. he added. an inter-
national economic Locarno is every
bit as important as a political Lo-
carno.
DR.. Gruber is here TO talk with
Secretaries Hull and Morgenthau.
Postmaster General Farley. Coy.
Eccles Of the Federal Reserve Board
and other Administration leaders
about President Roosevelt's New
Deal. He believes much Of it can be
tranSplanted in Poland.
Barely in his forties, DR.. Gruber is
president Of Poland's Postal Saw
ings Bank, the largest financial in
stitution in his country. He also is
a member of the premier's finance
committee and the state insurance
council, and head of the Polish IN
stitute for Collaboration with For
eign Countries.
Convert TO New Deal
Since the commencement of the
Roosevelt Administration, DIR. Cru
Der said, he has followed the devel-
opment of the New Deal. He has
become a convert. II was to study
it at close range. with a view TO
adapting some of it to Polish prob
lens. that he decided to visit this
country.
The success or failure of President
RoOsevelt's fight against the depres-
sion, ne declared. can not fail to
have a tremendous effect on the
rest of the world. In sense, there
fore, his fight symbolizes the worlds
battle against depression.
DR.. Gruber is in hearty agreement
with Secretary Hull's thesis that if
world trade can be started flowing
again, it will be long step toward
recovery. But to do that, he OBJ
served. it is extremely important
to bring about world currency sta
biliZatiOn.
Stresses "UnsOund" Currencies
ut is absurd" he said, "for the
various nations to box themselves
in with tariff walls and other trade
barriers, each trying to live and
prosper within its box
Yet a good dead of the difficulty
is traceable to unstable currencies.
When the money of this or that
country depreciates, the tendency Of
other countries is to raise tariffs.
set up quotas or put other obstacles
in the way of imports from that
country.
1T is vital, of course, for each
nation to effect proper balance
between its own currency and pur-
chasing power. But once that can
be brought about. within reason, in
ternational sterilization should be
the next step. And the quicker the
better"
Urges Trade Cooperation
Europe. Dr. Gruber pointed out. is
now trying to set up a series of Lo-
carnoS to save the world from an
other war. He believes the effort
will be successful. But political Lo-
carnos are not enough. He thinks
the major nations should, at the
earliest possible moment, set up an
economic LocarnO pledging them
selves to a system OF trade CO.
Operation, instead of trade war.
Hungry men. he suggested by way
of analogy. find it hard to get along
with one another After a good
meal their outlook on life is entirely
different. Agreement is not nearly
so difficult. Similarly. a world
economically out of joint is nasty
of temper Friction between ma
lions become menacing. # the
leading countries of the earth could
compose their economic differences.
the outlook for political peace would
be automatically and vastly i'm
proved
DR.. Gruber will continue his con-
ferenceS. after leaving Washing
ton. in Pittsburgh, Cleveland, Chi
cago, Buffalo, New York and other
centers. He will then prepare a
written report and urge upon Po-
land the adoption of such New Deal
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