They knew, however, that self-government is still government, and that the authority of the Constitution and the law is still authority. They knew th… - Calvin Coolidge

It has been in accordance with these principles that we have made generous settlements of our foreign debts. The little sentiment of "live and let live" expresses a great truth. It has been thought wise to extend the payment of our debts over a long period of years, with a very low rate of interest, in order to relieve foreign peoples of the burden of economic pressure beyond their capacity to bear. An adjustment has now been made of all these major obligations, and they have all but one been mutually ratified. The moral principle of the payment of international debts has been preserved. Every dollar that we have advanced to these countries they have promised to repay with some interest. Our National Treasury is not in the banking business. We did not make these loans as a banking enterprise. We made them to a very large extent as an incident to the prosecution of the war. We have not sought to adjust them on a purely banking basis. We have taken into consideration all the circumstances and the elements that attended the original transaction and all the results that will probably flow from their settlement. They have been liquidated on this broad moral and humanitarian basis. We believe that the adjustments which have been made will be mutually beneficial to the trade relations of the countries involved and that out of these economic benefits there will be derived additional guaranties to the stability and peace of the world.

We read events by what goes before and after. We think of Bunker Hill as the first real battle for independence, the prelude to the Revolution. Yet these were both after thoughts. Independence Day was still more than a year away and then eight years from accomplishment. The Revolution cannot be said to have become established until the adoption of the Federal Constitution. No, on this June day, these were not the conscious objects sought. They were contending for the liberties of the country, they were not yet bent on establishing a new nation nor on recognizing that relationship between men which the modern world calls democracy. They were maintaining well their traditions, these sons of Londonderry, lovers of freedom and anxious for the fray, and these sons of the Puritans, whom Macaulay tells us humbly abased themselves in the dust before the Lord, but hesitated not to set foot upon the neck of their king.

International court. America has been one of the foremost nations in advocating tribunals for the settlement of international disputes of a justiciable character. Our representatives took a leading in those conferences which resulted in the establishment of e ague Tribunal, and later in providing for a Permanent Court of International Justice. I believe it would be for the advantage of this country and helpful to the stability of other nations for us to adhere to the protocol establishing, that court upon the conditions stated in the recommendation which is now before the Senate, and further that our country shall not be bound by advisory opinions which may be, rendered by the court upon questions which we have not voluntarily submitted for its judgment. This court would provide a practical and convenient tribunal before which we could go voluntarily, but to which we could not be summoned, for a determination of justiciable questions when they fail to be resolved by diplomatic negotiations.