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.

There is no short and easy road, no magic cure for those ills which have afflicted mankind from the dawn of history.

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.

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

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.

There will always be disputes between nations which, at times, will inflame the public and threaten conflicts, but the main thing is to educate the people of the world to be ever mindful that there are better means of settling such disputes than by war.