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

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.

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 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.

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.