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.

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.

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

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

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.