I do not hesitate to say that the limitation on naval craft between the great naval powers was too high.

Adequate defense has been the catchword of every militarist for centuries.

I know of no more important subject to the peace of Europe and the world than the reasonable reduction of armaments, especially in Europe, and of naval armaments throughout the world.

I further value this gift as it gave me an opportunity to accept this distinguished honor in a country so devoted to this cause and whose history marks a wonderful chapter in world development.

There are but few naval powers, but there are many land powers.

If we will maintain our hope and confidence in the genius of our people, they will work out this problem, and their ability and industry will bring us back to normal conditions.

Each one of these treaties is a step for the maintenance of peace, an additional guarantee against war. It is through such machinery that the disputes between nations will be settled and war prevented.