This Nation believes thoroughly in an honorable peace under which the rights of its citizens are to be everywhere protected. It has never found that the necessary enjoyment of such a peace could be maintained only by a great and threatening array of arms. In common with other nations, it is now more determined than ever to promote peace through friendliness and good will, through mutual understandings and mutual forbearance. We have never practiced the policy of competitive armaments. We have recently committed ourselves by covenants with the other great nations to a limitation of our sea power. As one result of this, our Navy ranks larger, in comparison, than it ever did before. Removing the burden of expense and jealousy, which must always accrue from a keen rivalry, is one of the most effective methods of diminishing that unreasonable hysteria and misunderstanding which are the most potent means of fomenting war. This policy represents a new departure in the world. It is a thought, an ideal, which has led to an entirely new line of action. It will not be easy to maintain. Some never moved from their old positions, some are constantly slipping back to the old ways of thought and the old action of seizing a musket and relying on force. America has taken the lead in this new direction, and that lead America must continue to hold. If we expect others to rely on our fairness and justice we must show that we rely on their fairness and justice. If we are to judge by past experience, there is much to be hoped for in international relations from frequent conferences and consultations. We have before us the beneficial results of the Washington conference and the various consultations recently held upon European affairs, some of which were in response to our suggestions and in some of which we were active participants. Even the failures can not but be accounted useful and an immeasurable advance over threatened or actual warfare. I am strongly in favor of continuation of this policy, whenever conditions are such that there is even a promise that practical and favorable results might be secured.