ation of nations must be formed under specific
covenants for the purpose of affording mutual guarantees of political
independence and territorial integrity to great and small states alike.

President Wilson in his address to Congress on February 11, 1918,
presented these four principles which are to be applied in arranging
world peace:

1. That each part of the final settlement must be based upon the
essential justice of that particular case and upon such adjustments, as
are most likely to bring a peace that will be permanent.

2. That peoples and provinces are not to be bartered about from
sovereignty to sovereignty as if they were mere chattels and pawns in a
game, even the great game now forever discredited, of the balance of
power; but that

3: Every territorial settlement must be made in the interest and for the
benefit of the populations concerned, and not as part of any mere
adjustment or compromise of claims amongst rival states; and,

4. That all well-defined national aspirations shall be accorded the
utmost satisfaction that can be accorded them without introducing new or
perpetuating old elements of discord and antagonism that would be likely
in time to break the peace of Europe and consequently of the world.

President Wilson, in his Liberty Loan address in New York on September
27th, thus stated this government's interpretation of its duty with
regard to peace:

1. The impartial justice meted out must involve no discrimination
between those to whom we wish to be just and those to whom we do not
wish to be just. It must be a justice that plays no favorites and knows
no standard but the equal rights of the several peoples concerned;

2. No special or separate interest of any single nation or any group of
nations can be made the basis of any part of the settlement which is not
consistent with the common interests of all;

3. There can be no leagues or alliances or special covenants and
understandings within the general and common family of the League of
Nations;

4. And more specifically, there can be no special, selfish economic
combinations within the league and no employment of any form of economic
boycott or exclusion except as the power of economic penalty by
exclusion from the markets of the world may be vested in the League of
Nations itself as a means of discipline and control.

5. All international agreements and treaties of every kind must be made
known in their entirety to the res