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.

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.

I have often heard it said that the United States is isolated and is not interested in European affairs. I assure you that this is not the case.

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.

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

I do not hesitate to say that the limitation on naval craft between the great naval powers was too high.

It is by such means as the prize offered by your Committee that the attention of the world will be focused and that men and women will be inspired to greater efforts in the interest of peace.