Mr. Morgenthau has not had a ood press abroad. Although Wash. ington reports confirm the view that was tentatively holding out some Sort of an olive branch to Europe, commentators in London and else: where are not disposed to consider that the general defence of economic nationalism, to which his speech was also devoted, connotes a frame. of mind helpful to an immediate approach to. stabilization. In. other Words, on both sides of the Atlantic, high horses are still being ridden. Mr. Morgenthaw's desperate threat to persevere in present policy must be regarded as an apologetic expose-_ tion of that policy to the American Voter. Therefore Rurope would be ill-advised to concentrate attention on, that feature of his address to the, exclusion of efforts towards ending what appears to be a tragic impose. The "Economist," which has been 9 severe critic of President Roosevelt's Policy, has once again admonished
Text read from the printed page and cleaned; old type leaves the occasional error.