The President successfully circumvented extended Congressional debate by taking action in such a form as not to require affirmative Congressional action, He acted on the grounds that it was a defensive move on behalf of the hemisphere and that the destroyers constituted a mere medium of exchange in return for highly valuable base sites.
Actually the United States gave Britain 60,000 tons of naval craft (50 ships), the equivalent of one and one half dreadnoughts, which at the present cost of replacements, would be valued at approximately U.S$200,000,000, in return for 99 year leases on whatever sites have been mutually agreed upon between United States authorities and British territorial authorities on lands named in the agreement. The United States is obligated only for compensation to private land owners for whatever lands are required. No further rental fee will be charged.
The destroyers, being over-age vessels, are considered as surplus, but, nevertheless, they were recently recommissioned and placed in service with the neutrality patrol.
The 50 destroyers, which were recently modernized in gunnery and engines, will permanently, pass from United States ownership the moment they are transferred to Britain.
Text read from the printed page and cleaned; old type leaves the occasional error.