It is with peculiar pleasure that I stand here to-day to express the deep appreciation I feel of the high honor conferred upon me by the presentation of the Nobel Peace Prize.[7] The gold medal which formed part of the prize I shall always keep, and I shall hand it on to my children as a precious heirloom. The sum of money provided as part of the prize by the wise generosity of the illustrious founder of this world-famous prize system I did not, under the peculiar circumstances of the case, feel at liberty to keep. I think it eminently just and proper that in most cases the recipient of the prize should keep for his own use the prize in its entirety. But in this case, while I did not act officially as President of the United States, it was nevertheless only because I was President that I was enabled to act at all; and I felt that the money must be considered as having been given me in trust for the United States. I therefore used it as a nucleus for a foundation to forward the cause of industrial peace, as being well within the general purpose of your Committee; for in our complex industrial civilization of to-day the peace of righteousness and justice, the only kind of peace worth having, is at least as necessary in the industrial world as it is among nations. There is at least as much need to curb the cruel greed and arrogance of part of the world of capital, to curb the cruel greed and violence of part of the world of labor, as to check a cruel and unhealthy militarism in international relationships. [7] Awarded to Mr. Roosevelt for his acts as mediator between Russia and Japan which resulted in the Treaty of Portsmouth and the ending of the Russo-Japanese war.--L.F.A. We must ever bear in mind that the great end in view is righteousness, justice as between man and man, nation and nation, the chance to lead our lives on a somewhat higher level, with a broader spirit of brotherly good-will one for another. Peace is generally good in itself, but it is never the highest good unless it comes as the handmaid of righteousness; and it becomes a very evil thing if it serves merely as a mask for cowardice and sloth, or as an instrument to further the ends of despotism or anarchy. We despise and abhor the bully, the brawler, the oppressor, whether in private or public life; but we despise no less the coward and the voluptuary. No man is worth calling a man who will not fight rather than submit to infamy or see those that are dear to him suffer wrong. No nation deserves to exist if it permits itself to lose the stern and virile virtues; and this without regard to whether the loss is due to the growth of a heartless and all-absorbing commercialism, to prolonged indulgence in luxury and soft effortless ease, or to the deification of a warped and twisted sentimentality.