Evening star., 1946-06-05
Meyers Appointment
World Bank Hailed

10 WOTl0 Donk nQlIe0
Politics Cast Aside in Naming
Man Known for Experience
By Dauid Laurence
President Truman deserves commen-
dation for his willingness to cast aside
considerations of politics in nominating
for the presidency of the International
Bank for Reconstruction and Develop
ment a Republican and a man we'll
known and experienced in the field OF
international banking.
Eugene Meyer, whose nomination was
Immediately approved by all the direc-
tors OF the institution, which has 80
nations rs members, is exactly the type
OF man whose appointment will carry
confidence both in governmental and
banking circles.
For with $500 O00, 900 of assets to
lend and with the United States as the
chief contributor of the money, it was
important that some one with a knoWl-
edge Of international banking as well
as world affairs should be chosen.
Mr.. Meyer has been honored before /,
respective of party afiliation. Thus III
late President Wilson, Democrat, nam
him to be chairman Of the Emergens
Finance Corp, which was the countei
part of the RFC in World War I an
its aftermath. Later a Republica
President, Herbert Hoover, named Mi
Meyer to be governor of the Fedora
Reserve Board, position which HI
resigned shortly after the late Presiden
Roosevelt came into power.
Long Experience.
AS private banker Of long experienced
in world banking and as a man of in
dependent means who can detach him.
self completely from financial connec-
tions and serve the International Bank
Collectively, Mr.. Meyer-who is one of
those young 70-year- -old executives-has
an extraordinary opportunity for public
service.
Membership in the International
Bank, 1t will be recalled, was authorized
by Congress after long and bitter fight
against the so-called Breton Woods
Agreement. There was always the feel
ing among the banking interests opposed
10 the bill that the International Bank
was desirable vehicle for handling
reconstruction credits but that the So
called international fund was not needed.
Mucn, OF course, depends on how the
BRETON Woods Agreement, now approved
oy all important nations but not vet
participated in by Russia, actually
functions.
The appointment of Mr.. Meyer car
rles conviction that the American fnan-
clal stake in the bank will be protected
oy Watchful eyes. The International
Bank and the International Fund are
separate institutions, but they have q
natural relationship. In the latter case
the fund is used for stabilization of
world currencies and its purposes are
therefore monetary rather than in the
field OF international credits.
Words Express Scope.
AS for the International Bank. It's
scope Is best expressed in the brief
statement issued by Mr.. Meyer when his
appointment was announced. He said:
The world is well aware today of the
1000 famine. At the same time we must
become equally aware that the world is
starving for the products of industry,
Inc oank was organized to promote re-
construction and development in both
these essential activities
Much of the difficulty in the world
today lies in the shortage of food. The
whole problem of world agriculture
needs attention, and it so happens that
Mr.. Meyer served under President
Coolidge as chairman of the Federal
Farm Loan Board and that he was one
OF the few men in America who under
stood the problems of agricultural
finance that confronted this country in
the 20s.
To persuade a man of Mr.. Meyer's at
talnments to give his full energies to
the work Of the International Bank il
an achievement of which President Tru.
man can be proud, and it may furnish
helpful example to other able men
who have lately been hard to attract to
the Government service, as Mr.. Truman
mas had many an occasion to know.
Mr.. Meyer is editor and publisher Of
the Washington Post, and it is under
stood he will continue to own the prop
erty, but will relinquish control of edi-
torial policies. This is comparable to
/, what the late Frank Knox, Republican,
editor and publisher of the Chicago
Daily News, did when he became Secre-
tary OF the Navy in 1910. 1t is a step
that will spare both Mr.. Meyer and his
newspaper embarrassment as the editors
remain free to applaud or criticize ad-
Einistration policies.