Address Delivered by the Secretary of State at New York, June 12, 1935, [Extract]

It is of utmost importance that we seek by every means at our disposal to solidify and make more secure the stability thus far reached and to facilitate continued progress toward an improved international situation. But there are some ominous tendencies present in the world which, if persisted in, cannot fail to bring disaster and to undo whatever progress has thus far been made toward greater world stability. We witness all about us a reckless, competitive building-up of armaments, a recurrence of the mad race which prior to 1914 led the nations of the world headlong to destruction. If persisted in, this course will again plunge the world into disaster. If it remains unchecked, we shall witness national bankruptcies, hopelessly unbalanced budgets, and consequent inevitable inflation, together with the utter destruction of such measure of national stability as has thus far been achieved. The world cannot extricate itself from this relentless circle if it does not stop its extravagant military expenditures. International sanity requires both military and economic disarmament.
Isolationism has been tried and found wanting. It has destroyed 22 billion dollars' worth of international trade. It leaves every nation struggling as best it can to save for itself whatever it can from the general wreckage. The resulting international situation which confronts the world today gives cause for grave concern to every thinking person. We cannot afford, after years of experience, to discount its powerful effect upon peace, economic security, and stable governments everywhere. The issues involved are enormously greater than the petty interests of this or that industry in tariff protection. The explosives packed in the current nationalistic tendencies may result. as they have resulted, in the further disorganization of social and economic fabrics. Facing these threatened dangers, however, I have faith in the great traditions and strength of our American civilization, and I also have faith that statesmanship will, before it is too late, respond to the world crisis and find a workable solution

Source: U.S., Department of State, Publication 1983, Peace and War: United States Foreign Policy, 1931-1941 (Washington, D.C.: U.S., Government Printing Office, 1943, pp. 257-258.

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