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.

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.

It is idle to say that nations can struggle to outdo each other in building armaments and never use them. History demonstrates the contrary, and we have but to go back to the last war to see the appalling effect of nations competing in great armaments.

Certain it is that a great responsibility rests upon the statesmen of all nations, not only to fulfill the promises for reduction in armaments, but to maintain the confidence of the people of the world in the hope of an enduring 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.

There will always be disputes between nations which, at times, will inflame the public and threaten conflicts, but the main thing is to educate the people of the world to be ever mindful that there are better means of settling such disputes than by war.

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.