THREE WAYS TO APPLY ECONOMIC PRESSURE
Economic pressure could be applied in three ways:
First: To compel nations to submit justiciable questions to the World Court.
Second: To compel nations to submit to the decrees of the World Court.
Third: To serve as a penalty against an offending nation for breaking a Hague Convention.
A nation that should decline to take justiciable questions to the World Court, after having agreed with other nations to do so, would manifestly become an outlaw. Why shouldn’t other nations immediately declare an embargo of non-intercourse with an outlaw nation, refusing to buy from that nation or sell to that nation or have any intercourse whatsoever with that nation? In this connection I should like to read the resolution that I offered yesterday.
Believing that commerce as the organized business life of the world is interdependent because international, and believing that it can become a great conservator of the world’s peace, therefore be it
Resolved, by this World Court Congress that the next Hague Conference be urged in the interest of peace, to provide as a penalty for the infraction of its conventions or for a refusal to submit all justiciable issues to arbitration, that an embargo shall be declared against the offending nations by the other signatory nations, as follows:
1—Forbidding an offending nation from buying or selling within their territory or territory under their control.
2—Forbidding an offending nation from raising money through the sale of bonds, or of any other forms of debt, within their territory or territory under their control. Be it further
Resolved that the President and officers of this World Court Congress be instructed to take all possible and proper means to secure the adoption by the next Hague Conference of this proposal to apply the economic pressure of commerce as the most efficient, humane and civilized means of insuring the world’s peace by making the proposed World Court effective.