Kemmerer's Report

Late in the week, Professor Edwin W. Kemmerer, famed Princeton economist, onetime fiscal consultant to the German Reichsbank and to the governments of South Africa, Chile, etc., returned to the U. S. after a two weeks' visit in Poland, whither he had gone at the invitation of the Polish Government and by the request of Dillon, Read & Co. of Manhattan, who have recently dealt largely in Polish government securities.

At Princeton, Professor Kemmerer gave out a long statement in which he described the Polish Government as "taking hold with a firm hand," and the Poles as "grimly determined to pull through" the present period of financial depression. He added that the Polish Government has cut its budget 25% for the coming year and instituted other drastic economies, and he believes they will make good.

Observers noted that considerable hue and cry has been raised during the past two weeks over reports and rumors concerning what Professor Kemmerer did or did not think about Poland. Premature despatches gave the impression that he was about to return and paint the Polish fiscal situation in glowing colors. German correspondents, jealous of the tide of U. S. investments which they imagined this would turn in the direction of Poland, flayed Professor Kemmerer for "dashing over to report on Poland's finances, while his classes are taking their Christmas recess." Historians recalled that the Poles have been "pulling through" under adversity for generations. The anciently independent state known as "Poland" was twice partitioned among Prussia, Russia and Austria --at the end of the 18th Century and at the beginning of the 19th. In 1914 only "Austrian Poland" was autonomous. During the war Austro-German forces occupied "Russian Poland," and in 1916 Wilhelm II and Franz Josef proclaimed the independence of "Poland" without defining the area which they referred to by that term. Repeated attempts were then made by "Poles" to organize a government among themselves. Not until after the War, however, did they succeed, under the benevolent eye of the Allies, in getting the area now known as Poland officially recognized as an autonomous state by the Treaty of Versailles; and not until then did "Marshal" Josef Pilsudski attain recognition by the Powers as the first President of Poland. M. Stanislaw Wojciechowski was elected to succeed him in 1922, and continues as Prezydent of the Rzeczpospolita Polska. The Sejm Ustawodawcry (Parliament) has actually existed since 1918, when it was created by the earlier "Regency Council" and "Provisional Council of State" which sprang up in response to the necessity for some sort of government during the War. The Slavonic Poles naturally continue "Catholic" (Russian Orthodox, Greek, Roman, Armenian, etc.). The present Republic has been described as "advanced, militaristic and enlightened."