Competition in armament, both land and naval, is not only a terrible burden upon the people, but I believe it to be one of the greatest menaces to the peace of the world.

The fact that so many of your people are today residents and citizens of the United States, lending their influence to our civic and economic life, which has meant so much to our development.

I have often heard it said that the United States is isolated and is not interested in European affairs. I assure you that this is not the case.

I know that military alliances and armament have been the reliance for peace for centuries, but they do not produce peace; and when war comes, as it inevitably does under such conditions, these armaments and alliances but intensify and broaden the conflict.

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

Warned by the disaster of the last great war, the statesmen of all nations have been taking measures to prevent the return of another such calamity.

There is no short and easy road, no magic cure for those ills which have afflicted mankind from the dawn of history.