When the President appoints a day of prayer for peace, without emphatically making it evident that the prayer should be for the redress of the wrongs without which peace would be harmful, he cannot be considered as serving righteousness. When Mr. Bryan concludes absurd all-inclusive arbitration treaties and is loquacious to peace societies about the abolition of war, without daring to protest against the hideous wrongs done Belgium, he feebly serves unrighteousness. More comic manifestations, of course entirely useless but probably too fatuous to be really mischievous, are those which find expression in the circulation of peace postage-stamps with doves on them, or in taking part in peace parades--they might as well be antivaccination parades--or in the circulation of peace petitions to be signed by school-children, which for all their possible effect might just as well relate to the planet Mars. International peace will only come when the nations of the world form some kind of league which provides for an international tribunal to decide on international matters, which decrees that treaties and international agreements are never to be entered into recklessly and foolishly, and when once entered into are to be observed with entire good faith, and which puts the collective force of civilization behind such treaties and agreements and court decisions and against any wrong-doing or recalcitrant nation. The all-inclusive arbitration treaties negotiated by the present administration amount to almost nothing. They are utterly worthless for good. They are however slightly mischievous because: 1. There is no provision for their enforcement, and, 2. They would be in some cases not only impossible but improper to enforce. A treaty is a promise. It is like a promise to pay in the commercial world. Its value lies in the means provided for redeeming the promise. To make it, and not redeem it, is vicious. A United States gold certificate is valuable because gold is back of it. If there were nothing back of it the certificate would sink to the position of fiat money, which is irredeemable, and therefore valueless; as in the case of our Revolutionary currency. The Wilson-Bryan all-inclusive arbitration treaties represent nothing whatever but international fiat money. To make them is no more honest than it is to issue fiat money. Mr. Bryan would not make a good Secretary of the Treasury, but he would do better in that position than as Secretary of State. For his type of fiat obligations is a little worse in international than in internal affairs. The all-inclusive arbitration treaties, in whose free and unlimited negotiation Mr. Bryan takes such pleasure, are of less value than the thirty-cent dollars, whose free and unlimited coinage he formerly advocated.