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* UNITED STATE

Papers Relating to the
Foreign Relations

of the
United States

1927

(In Three Volumes)

Volume I

ARTMENT

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United States

Government Printing Office

Washington : 1942

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JX
233

A3
1997

CONTENTS

Page

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286

GENERAL:

Three-Power Conference at Geneva for the Limitation of Naval Arma-

ment, June 20-August 4, 1927 ...

Participation of the United States in the work of the third and fourth

sessions of the Preparatory Commission for the Disarmament Con-

ference

Meeting of the Special Commission for the Preparation of a Draft

Convention on the Private Manufacture of Arms and Ammunition

and of Implements of War, Geneva, March 14-April 25, 1927 ...

Status of treaties concluded at the Washington Conference on the

Limitation of Armament, and of certain resolutions adopted by that

Conference

American representation at the World Economic Conference, Geneva,

May 4-23, 1927 ..

International Conference for the Abolition of Import and Export Pro-

hibitions and Restrictions, Geneva, October 17–November 8, 1927 ...

Participation of the United States in meeting of the Committee of

Experts on Double Taxation and Tax Evasion, London, April 4-12,

1927

Radiotelegraph convention between the United States and other powers,

signed November 25, 1927 . .

Proposed disposition of property held by the Alien Property Custodian .

Additional protocol between the United States and other American Re-

publics, signed October 19, 1927, amending the Pan American sani-

tary convention of November 14, 1924 ..

Circular instruction to diplomatic officers and certain consular officers

concerning questions arising from the negotiation of foreign loans by

American bankers

Boundary disputes .

Bolivia and Paraguay

Colombia and Nicaragua

Colombia and Peru .

Dominican Republic and Haiti

Statement by the Secretary of State regarding Bolshevik aims and poli-

cies in Mexico and Latin America ....

Representation of the United States at the meeting of the International

Commission of Jurists, held at Rio de Janeiro, April 18-May 20, 1927 ..

Reply by the Department of State to questionnaires on international

law submitted by the Leagie of Nations .

Opinion of the Department of State on status of League of Nations

officials in the United States

MESSAGE OF THE PRESIDENT OF THE UNITED

STATES TO CONGRESS, DECEMBER 6, 1927 MEMBERS OF THE CONGRESS : It is gratifying to report that for the fourth consecutive year the state of the Union in general is good. We are at peace. The country as a whole has had a prosperity never exceeded. Wages are at their highest range, employment is plentiful. Some parts of agriculture and industry have lagged; some localities have suffered from storm and flood. But such losses have been absorbed without serious detriment to our great economic structure. Stocks of goods are moderate and a wholesome caution is prevalent. Rates of interest for industry, agriculture, and government have been reduced. Savers and investors are providing capital for new construction in industry and public works. The purchasing power of agriculture has increased. If the people maintain that confidence which they are entitled to have in themselves, in each other, and in America, a comfortable prosperity will continue.

CONSTRUCTIVE ECONOMY

Without constructive economy in Government expenditures we should not now be enjoying these results or these prospects. Because we are not now physically at war, some people are disposed to forget that our war debt still remains. The Nation must make financial sacrifices, accompanied by a stern self-denial in public expenditures, until we have conquered the disabilities of our public finance. While our obligation to veterans and dependents is large and continuing, the heavier burden of the national debt is being steadily eliminated. At the end of this fiscal year it will be reduced from about $26,600,000,000 to about $17,975,000,000. Annual interest, including war savings, will have been reduced from $1,055,000,000 to $670,000,000. The sacrifices of the people, the economy of the Government, are showing remarkable results. They should be continued for the purpose of relieving the Nation of the burden of interest and debt and releasing revenue for internal improvements and national development.

Not only the amount, but the rate, of Government interest has been reduced. Callable bonds have been refunded and paid, so that during this year the average rate of interest on the present public debt for the first time fell below 4 percent. Keeping the credit of the Nation high is a tremendously profitable operation.

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