The publication of the draft treaty of peace prepared by the Commission, the text of which has been reproduced earlier in this report, brought home to American public opinion that the Chaco conflict, the persistence of which had gradually created a sense of discouragement, as if it had been an irremediable catastrophe, could be settled by conciliation and law. The replies from the two Governments have shown that the draft represents an equitable proposal, carefully devised in all its parts for the purpose of finding the exact point at which, with a little will for peace, diametrically opposite theses and aspirations could be made to meet, and that any additional concessions to the demands of either party could only have increased the divergence between them.