The day for deprecating in general terms the evils of war and of extolling the glories of peace is past. Such argument is little needed. International trade requires peace. International finance dictates peace. Even armies and navies are now justified primarily as agents of peace. Yet so wantonly are these agents looting the world's treasuries that they are themselves forcing their own displacement by courts of arbitration. The two hundred and fifty disputes successfully arbitrated in the past century challenge with trumpet-tongued eloquence the support of all men for reason's peaceful rule. To-day no discussion is needed to show that if war is to be abolished, if navies are to dwindle and armies diminish, if there is to be a federation of the world, it must come through treaties of arbitration. In this way alone lies peace; yet in this way lies the present great barrier to further progress--the conception which many nations, especially the United States, hold of "national honor and vital interests." The reservation from arbitration of so-called matters of national honor and vital interests constitutes the weak link in every existing arbitration treaty between the great powers of the world. This reservation furnishes the big-navy men all the argument they need. It destroys the binding power of the treaties by allowing either party to any dispute to refuse arbitration. It was by this reservation that the United States Senate so lately killed the British and the French treaties. And I contend here to-night that the one subject which imperatively demands discussion is national honor and vital interests. That the next important step must be the exposure of the reactionary influence of the United States in excepting these matters from arbitration. Only fifteen months ago President Taft made his memorable declaration that this barrier ought to be removed from the pathway of peace. He proposed that the United States negotiate new treaties to abide by the adjudication of courts in every international issue which could not be settled by negotiation, whether involving honor or territory or money. The next morning the proposal was heralded by the press throughout the world. A few days later the halls of Parliament resounded with applause when Great Britain's secretary of state for foreign affairs announced that his government would welcome such a treaty with the United States. France soon followed. Then, to the surprise of all, hesitating Germany and cautious Japan showed a like willingness to enter into such agreements. Universal peace seemed all but realized.