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.

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.

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.

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.

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.

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.

It is true not all has been accomplished that the earnest advocates would desire, but a start has been made.