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.

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 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.

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

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

I know of no greater work for humanity than in the cause of peace, which can only be achieved by the earnest efforts of nations and peoples.

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.