The Argentine Republic has achieved many triumphs in diplomacy and many legitimately claim to have made new international law for all the countries of the American continent. One of the most important steps yet taken in this direction was the formulation, in 1902, of the now universally accepted doctrine establishing the principle that contractual debts by Sovereign States to foreign private subjects, or citizens, should not be collected by the employment of armed forces. This doctrine was propounded by the then Argentine Minister of Foreign Affairs in a Note addressed to the United States Government as the result of the occupation, at that time, of the territorial waters of an independent state by the warships of some of the European Powers, for the avowed purpose of compelling payment to their subject of claims for damages and for the fulfilment of the service of a national debt due to foreign creditors and then in default. This Note aroused world-wide attention and the subject was dealt with diplomatically by many of the countries of Europe which had commercial relations with the Latin-American Republics. It formed the subject of frequent discussion at various Pan-American Congresses, and was particularly favored in the United States, where, subject to certain slight modifications, it was regarded as a logical pendant to the Monroe Doctrine. At the Second International Peace Conference at the Hague, in 1907, the Doctrine was submitted for the approval of the Conference by the American Delegation with slight modifications and was accepted, without dissent, by the Delegates of all the countries represented. It is not necessary here to enter into a discussion of the merits or importance of this Argentine doctrine. Suffice it to add, however, that the negation of its main purpose would be to endanger the existence of the Monroe Doctrine by shattering the principal object with which that policy was conceived and established.