France and Italy have not yet signed this treaty or agreed to naval limitation as between those nations, but I have confidence that in time they will do so.

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.

I share the opinion of those of broader vision, who see in the signs of the time hope of humanity for peace.

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.

It is not to be expected that human nature will change in a day.

There has not been a war in South America for fifty years, and I have every confidence that the countries of Central and South America are deeply in earnest in the maintenance of peace.

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.