not find ourselves bearing a disproportionate share of the world’s burdens by our adherence, and we may as well remember that there is absolutely no escape for our country from bearing its share of the world’s burdens in any case.  We shall do far better service to ourselves and to others if we admit this and discharge our duties voluntarily, than if we deny it and are forced to meet the same obligations unwillingly.

It is difficult to imagine anything that would be more helpful to the world than stability, tranquility and international justice.  We may say that we are contributing to these factors independently, but others less fortunately located do not and can not make a like contribution except through mutual cooperation.  The old balance of power, mutual alliances, and great military forces were not brought bout by any mutual dislike for independence, but resulted from the domination of circumstances.  Ultimately they were forced on us.  Like all others engaged in the war whatever we said as a matter of fact we joined an alliance, we became a military power, we impaired our independence.  We have more at stake than any one else in avoiding a repetition of that calamity.  Wars do not, spring into existence.  They arise from small incidents and trifling irritations which can be adjusted by an international court.  We can contribute greatly to the advancement of our ideals by joining with other nations in maintaining such a tribunal.

FOREIGN DEBTS

Gradually, settlements have been made which provide for the liquidation of debts due to our Government from foreign governments.  Those made with Great Britain, Finland, Hungary Lithuania, and Poland have already been approved by the Congress.  Since the adjournment, further agreements have been entered into with Belgium, Czechoslovakia, Latvia, Estonia, Italy, and Rumania.  These 11 nations, which have already made settlements, represent $6,419,528,641 of the original principal of the loans.  The principal sums without interest, still pending, are the debt of France, of $3,340,000,000; Greece, $15,000,000; Yugoslavia, $.51,000,000; Liberia, $26,000; Russia, $192,000,000, which those at present in control have undertaken, openly to repudiate; Nicaragua, $84,000, which is being paid currently; and Austria, $24,000,000, on which by act of Congress a moratorium of 20 years has been granted.  The only remaining sum is $12,000,000, due from Armenia, which has now ceased to exist as an independent nation.

In accordance with the settlements made, the amount of principal and interest which is to be paid to the United States under these agreements aggregate $15,200,688,253.93.  It is obvious that the remaining settlements, which will undoubtedly be made, will bring this sum up to an amount which will more than equal the principal due on our present national debt.  While these settlements are very large in the aggregate, it has been felt that the terms granted were in all cases very generous.  They impose no undue burden and are mutually beneficial in the observance of international faith and the improvement of international credit.