You have indeed done much since the new century began to give shape and substance to the growing, the insistent desire that war may be banished from the earth.

But, gentlemen, can any of us say that as a result of such overwhelming sacrifices of money, of men, of ideals, and of civil dignity the sense of security has indeed been attained?

Gentlemen, I fervently trust that before long the principle of arbitration may win such confidence as to justify its extension to a wider field of international differences.

We have to admit that, notwithstanding all the efforts in which governments and peoples have participated, no corresponding change has been wrought in the aspect of the world's armaments.