I believe that the American position as regards this matter is right; but I also believe that under the arbitration treaty we are in honor bound to submit the matter to arbitration in view of Great Britain's contention--although I hold it to be an unwise contention--that our position is unsound.

I emphatically disbelieve in making universal arbitration treaties which neither the makers nor any one else would for a moment dream of keeping.

I no less emphatically insist that it is our duty to keep the limited and sensible arbitration treaties which we have already made.

The importance of a promise lies not in making it, but in keeping it; and the poorest of all positions for a nation to occupy in such a matter is readiness to make impossible promises at the same time that there is failure to keep promises which have been made, which can be kept, and which it is discreditable to break.
During the early part of the year 1905, the strain on the civilized world caused by the Russo-Japanese War became serious.

The losses of life and of treasure were frightful.