Yes, it is set. It was working. My first comment was made on the About page and it still shows not only the comment, but the option to add a comment.
I have an e-Commerce theme. Since I am not ready to open the store yet, (still need approval for the merchant account), I have the settings now to have no static home page. This is the way it has been all along.
I also have tried to add a comment plugin that would allow people to be rated for their comments, which is supposed to help with the store as well as the blog. It did not fix the problem either. It is now gone.
I was also able to upgrade my theme to the new version as of today, but that did not fix the issue.