Economic pressure could be applied in three ways:
First: To compel nations to submit justiciable questions to the
World Court.
Second: To compel nations to submit to the decrees of the World
Court.
Third: To serve as a penalty against an offending nation for
breaking a Hague Convention.
A nation that should decline to take justiciable questions to the World
Court, after having agreed with other nations to do so, would manifestly
become an outlaw. Why shouldn’t other nations immediately declare an
embargo of non-intercourse with an outlaw nation, refusing to buy from
that nation or sell to that nation or have any intercourse whatsoever
with that nation? In this connection I should like to read the resolution
that I offered yesterday.
Believing that commerce as the organized business life of the
world is interdependent because international, and believing that
it can become a great conservator of the world’s peace, therefore
be it
RESOLVED, by this World Court Congress that the next Hague
Conference be urged in the interest of peace, to provide as a
penalty for the infraction of its conventions or for a refusal
to submit all justiciable issues to arbitration, that an embargo
shall be declared against the offending nations by the other
signatory nations, as follows:
1—Forbidding an offending nation from buying or selling within
their territory or territory under their control.
2—Forbidding an offending nation from raising money through the
sale of bonds, or of any other forms of debt, within their
territory or territory under their control. Be it further
RESOLVED that the President and officers of this World Court
Congress be instructed to take all possible and proper means to
secure the adoption by the next Hague Conference of this proposal
to apply the economic pressure of commerce as the most efficient,
humane and civilized means of insuring the world’s peace by
making the proposed World Court effective.