Council For National and International
Commercial Arbitration
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Arbitration Quotes

Randal Cremer
The Nobel Peace Prize Winner -1903

The Progress and Advantages of International Arbitration:


Amongst the advantages which we have contended that nations would reap from entering into treaties of arbitration are, that when differences arose, the disputants would have time for reflection, because, while the arbitrators were deliberating, the passions of the contending parties would cool, and the chances of war be greatly diminished.
Again, at the first rumors of war, the market price of many necessary commodities is affected, especially articles which are crossing the seas and upon which the premium for insurance is increased, all such increases having ultimately to be paid for by the consumer.
Such treaties would also weaken the baneful influence of panic mongers and serve to protect honest investors from being defrauded by stock exchange gamblers. At the first rumors of war, timid investors in various government stock, being panic-stricken, sell out, to their loss and the gamblers' gain. This evil would be lessened, if not obviated, as investors would not rush to sell out, knowing as they would, that war could not take place until after the dispute had been referred to arbitration.

George Washington, the first President of the United States, borrowing from his experience as an arbitrator of private disputes in the 1770s, crafted it into his last will and testament:

"I hope and trust, that no disputes will arise concerning them; but if, contrary to expectations, of the usual technical terms, or because too much or too little has been said on any of the devices to be consonant with law, my will and direction expressly is, that all disputes (if unhappily any should arise) shall be decided by three impartial and intelligent men, known for their probity and understanding; two to be chosen by the disputants - each having a choice of one - and the third by those two. Which three men thus chosen, shall, unfettered by law, or legal constructions, declare their sense of the testators' intention; and such decision is, to all intents and purposes to be as binding on the parties as if it had been given in the Supreme Court of the United States."

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