Much interest has of late been manifested in this country in the discussion of various proposals to outlaw aggressive war.  I look with great sympathy upon the examination of this subject.  It is in harmony with the traditional policy of our country, which is against aggressive war and for the maintenance of permanent and honorable peace.  While, as I have said, we must safeguard our liberty to deal according to our own judgment with our domestic policies, we can not fail to view with sympathetic interest all progress to this desired end or carefully to study the measures that may be proposed to attain it.

LATIN AMERICA

While we are desirous of promoting peace in every quarter of the globe, we have a special interest in the peace of this hemisphere.  It is our constant desire that all causes of dispute in this area may be tranquilly and satisfactorily adjusted.  Along with our desire for peace is the earnest hope for the increased prosperity of our sister republics of Latin America, and our constant purpose to promote cooperation with them which may be mutually beneficial and always inspired by the most cordial friendships.

FOREIGN DEBTS

About $12,000,000,000 is due to our Government from abroad, mostly from European Governments.  Great Britain, Finland, Hungary, Lithuania and Poland have negotiated settlements amounting close to $5,000,000,000.  This represents the funding of over 42 per cent of the debt since the creation of the special Foreign Debt Commission.  As the life of this commission is about to expire, its term should be extended.  I am opposed to the cancellation of these debts and believe it for the best welfare of the world that they should be liquidated and paid as fast as possible.  I do not favor oppressive measures, but unless money that is borrowed is repaid credit can not be secured in time of necessity, and there exists besides a moral obligation which our country can not ignore and no other country can evade.  Terms and conditions may have to conform to differences in the financial abilities of the countries concerned, but the principle that each country should meet its obligation admits of no differences and is of universal application.

It is axiomatic that our country can not stand still.  It would seem to be perfectly plain from recent events that it is determined to go forward.  But it wants no pretenses, it wants no vagaries.  It is determined to advance in an orderly, sound and common-sense way.  It does not propose to abandon the theory of the Declaration that the people have inalienable rights which no majority and no power of government can destroy.  It does not propose to abandon the practice of the Constitution that provides for the protection of these rights.  It believes that within these limitations, which are imposed not by the fiat of man but by the law of the Creator, self-government is just and wise.  It is convinced that it will be impossible for the people to provide their own government unless they continue to own their own property.