"Peace has an economic foundation to which too little attention has been given. No student can doubt that it was to a large extent the economic condition of Europe that drove those overburdened countries headlong into the World War. They were engaged in maintaining competitive armaments. If one country laid the keel of one warship, some other country considered it necessary to lay the keel of two warships. If one country enrolled a regiment, some other country enrolled three regiments. Whole peoples were armed and drilled and trained to the detriment of their industrial life, and charged and taxed and assessed until the burden could no longer be borne. Nations cracked under the load and sought relief from the intolerable pressure by pillaging each other. It was to avoid a repetition of such a catastrophe that our Government proposed and brought to a successful conclusion the Washing- ton Conference for the Limitation of Naval Armaments. We have been altogether desirous of an extension of this principle and for that purpose have sent our delegates to a preliminary conference of nations now sitting at Geneva. Out of that conference we expect some practical results. We believe that other nations ought to join with us in laying aside their suspicions and hatreds sufficiently to agree among themselves upon methods of mutual relief from the necessity of the maintenance of great land and sea forces. This can not be done if we constantly have in mind the resort to war for the redress of wrongs and the enforcement of rights. Europe has the League of Nations. That ought to be able to provide those countries with certain political guaranties which our country does not require. Besides this there is the World Court, which can certainly be used for the determination of all justifiable disputes. We should not underestimate the difficulties of European nations, nor fail to extend to them the highest degree of patience and the most sympathetic consideration. But we can not fail to assert our conviction that they are in great need of further limitation of armaments and our determination to lend them every assistance in the solution of their problems. We have entered the conference with the utmost good faith on our part and in the sincere belief that it represents the utmost good faith on their part. We want to see the problems that are there presented stripped of all technicalities and met and solved in a way that will secure practical results. We stand ready to give our support to every effort that is made in that direction."