Adequate defense has been the catchword of every militarist for centuries.

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.

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.

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.

It is not to be expected that human nature will change in a day.

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.

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.