In view of the number, the earnestness, and the prominence of many of the men interested in this cause; in view of the number of arbitration treaties that have been already signed; in view of the fact that arbitration among nations will simply establish a law among them like the law in any civilized country; in view of the fact that individuals in their dealings with each other sometimes surrender certain of their claims, and even rights, for the common good; in view of the fact that nations, like all business firms, like to cut down expenses, and in further view of the fact that a navy is not directly, but only indirectly, a contributor to a nation's prosperity, it seems probable that arbitration will be more and more used among the nations, and that armaments may be limited by agreement. It is clear, however, that the practical difficulties in the way of making the absolute agreement required are enormous, and that the most enthusiastic advocates of the plan do not expect that the actual limitation of armaments will become a fact for many years. After the necessary preliminaries shall have been arranged, and the conference takes place which shall settle what armament each nation may have, it is plain that it will be to the interest of each nation to keep down the armament of every other nation, and to be allowed as much as possible itself. In this way, the operation of making the agreement will be somewhat like the forming of a trust among several companies, and the advantage will lie with that nation which is the most powerful. For this reason it would seem a part of wisdom for each country to enter the conference with as large a navy as possible. Therefore, the probability of an approaching agreement among the nations as to limitation of armaments, instead of being a reason for abating our exertions toward establishing a powerful navy, is really a conclusive reason for redoubling them. This brings us to the important question, "how powerful should our navy be?" This may seem a question impossible to answer. Of course it is impossible to answer it in terms of ships and guns; but an approximate estimate may be reached by considering the case of a man playing poker who holds a royal straight flush. Such a man would be a fool if he did not back his hand to the limit and get all the benefit possible from it. So will the United States, if she fails to back her hand to the limit, recognizing the fact that in the grand game now going on for the stakes of the commercial supremacy of the world, she holds the best hand. She has the largest and most numerous seaports, the most enterprising and inventive people, and the most wealth with which to force to success all the various necessary undertakings.