THE CHAMBER OF COMMERCE OF THE UNITED STATES
The President of the United States has spoken in strong, sane words, in the message to Germany published this morning, and the country will be behind him and with him to a man. In the clear logic of a great mind the distinction is made that no agency of warfare should be employed that, by its own limitations, cannot respect the accepted rules of war. That argument I believe will be accepted by the neutral nations and ultimately by the world. In effect, it is a declaration that if there is to be war it must be conducted according to the rules of the game, according to the rules and limitations which Germany and the other nations of the world have set up through the centuries.
TO ESTABLISH A WORLD COURT
But, gentlemen, this Congress stands for a bigger thing than the rules of war—it stands for the rules of peace. It represents a serious endeavor to establish a World Court that shall ultimately bring about the end of war. The thing that has struck me in this Congress from the opening day is its upright downright seriousness. It is essentially a Congress of ways and means. The desirability of peace, the absolute necessity of peace in a world that claims to be civilized is taken for granted—no one discusses it. What everyone is discussing instead is a sane, wise plan of securing peace. Ex-President Taft in his unusually able state-paper has proposed a plan for a World Court; Judge Parker has endorsed it in his address; a great banker like Emerson McMillan has outlined a plan by which the members of such a Court can be chosen; William Dudley Foulke in his scholarly paper last night proposed a plan of orderly progress for a League of the Nations, following the analogy of our own Confederation and our own Constitution; and James Brown Scott, in the able address we have just heard this morning, has pointed out the present status of the Hague Tribunal and shown how we can go forward from the point of great accomplishment that the world has already reached.
THE FORCE TO PUT BEHIND THE COURT
In much of this discussion reference has been made to the power to put behind a World Court in order to make it effective. Now I wish to speak briefly of economic pressure as the most truly international force and as the most efficient possible force to put behind this proposed World Court. That great leader and teacher of Ohio and the country, Dr. Washington Gladden, said to me yesterday, “The world on the old basis is bankrupt. It must be reorganized on a new basis.” Appreciation of that fact, it seems to me, is the chief significance of this Congress. And the world can be reorganized on a new basis if it will avail itself of one of its greatest forces, the force of international commerce, which can be applied as economic pressure to establish justice and to serve civilization.
GREAT POWER OF ECONOMIC PRESSURE
Let us briefly examine economic pressure. Of what does it consist and how could it be applied? The most effective factors in world-wide economic pressure, such as would be required to compel nations to take justiciable issues to a World Court for decision and to submit to its decrees, are a group of international forces. To-day money is international because in all civilized countries it has gold as the common basis. Credit based on gold is international. Commerce based on money and on credit is international. Then the amazing network of agencies by which money and credit and commerce are employed in the world are also international. Take the stock exchanges, the cables, the wireless, the international postal service and the wonderful modern facilities for communication and inter-communication—all these are international forces. They are common to all nations. In the truest sense they are independent of race, of language, of religion, of culture, of government and of every other human limitation. That is one of their chief merits in making them the most effective possible power, used in the form of economic pressure to put behind a World Court.
INTERNATIONAL CLEARING HOUSE PROPOSED
Business to-day is really the great organized life of the world. The agencies through which it is carried forward have created such a maze of interrelations that each nation must depend on all the others. A great Chicago banker, John J. Arnold, Vice-President of the First National Bank of that city, said to me this week that so closely drawn and interwoven had become the economic net in which the world was immeshed that if the great war could have been postponed four or five years it would never have swept down upon men like a thunderbolt of destruction. As an additional strand of great strength in the warp and woof of modern progress, Mr. Arnold believes that an International Clearing House will come—in fact that it is an inevitable development in international finance. It was my privilege to hear him make a notable address before the last meeting of the American Investment Bankers’ Association in Philadelphia in which he proposed such a Clearing House for settling balances between nations, just as our modern Clearing Houses now settle balances between Banks in cities in which they are located. Beyond question such an International Clearing House, when established, would quickly become an invaluable auxiliary to a World Court, helping to give it stability and serving, when occasion arose, as a mighty agency through which economic pressure could be applied.