It is readily seen that the advantages of such a court are that
unprejudiced arbitrators are selected, rules of procedure are defined,
and decisions rendered are more liable to be accepted in future cases
and thus a code of law will be formed. So many cases have been submitted
to this tribunal that it has been said that a government which will not
now try arbitration before resorting to arms is no longer considered
respectable. This court was convened for the first time May 18, 1901.
The first case coming before the tribunal--the Pious Fund Case--was
presented by the United States and Mexico, September 15, 1902. Up to
1846 the Mexican government had paid annual interest on some property