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.

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.

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

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 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.

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 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.