The American Sphinx.

Perhaps it is as well that there is a German election campaign to balance the campaign in America. It seems unlikely that either of the U.S. Presidential candidates will dare to deal definitely with debts until the election is over and, since nothing can be done quickly, the elections on both sides of the Atlantic will help Europe and America to mark time. This year the so-called Maine barometer has registered the return of Democratic candidates; and there are people who think that Roosevelt will again become a world-name, as a quarter of a century ago. Who can say to what unforeseen point a Democratic Administration in U.S.A., plus economic pressure, might carry the world-problem in 1933? By then the effect of the Hoover extended currency and credit measures will be better known. It may be even more necessary for the United States to do something heroic next year than it is now.