Excerpt from International Conference on Bills of Exchange: Message From the President of the United States Transmitting a Letter From the Secretary of State Inclosing a Report of the Delegate to the International Conference on Bills of Exchange, Held at the Hague, June 23 to July 25, 1910

Oi especial interest is the report of M. Renault, the rapporteur of this committee, because it sets forth with clearness and recision the motives which gave to the protocol its final form. He various methods which mi ht be employed for seeking substantial uniformity in the laws of di erent nations on the subject of bills of exchange are taken up in turn and all are dismissed as fallin short of the most conclusive and effective method except that 0 an international convention having the force of a treaty and embodying the precise text of the law to be enacted. Only by this method, it is argued by M. Renault, can the dangers be averted of undesirable modifications of the law to meet local prejudices in the first instance or hasty and ill - considered alterations from time to time.

The protocol presented, therefore, sums up the work of the con ference by presenting the draft of a proposed convention, to which the powers are invited to become signatories, and the draft of the uniform law which is recommended for their consideration. It is not proposed bh the protocol, however, that either the draft of the convention or t e draft of the uniform law shall be at once adopted by any of the powers. Further action in the matter is provided for in the two recommendations which appear at the close of the protocol, to the effect that the Government of the Netherlands shall, after the delay necessary for examination in the various countries of the advance drafts of the two projects, convoke a new conference, which shall be authorized to determine the final text of the conven tion and of the law and to approve them by the signatures of pleni potentiaries in such a manner as to give them the binding force of treaty obligations.

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