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Any orderly balance-sheet of military strength must be in two parts. The first is the position as of today. The second is the position in the period ahead.

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Nothing is so contrary to military rules as to make the strength of your army known, either in the orders of the day, in proclamations, or in the newspapers.

Our real problem, then, is not our strength today; it is rather the vital necessity of action today to ensure our strength tomorrow. What I have just said applies to our strength as a single country.

Recognizing economic health as an indispensable basis of military strength and the free world's peace, we shall strive to foster everywhere, and to practice ourselves, policies that encourage productivity and profitable trade.

My profoundest conviction is that the American people will say, as one man: No matter what the exertions or sacrifices, we shall maintain that necessary strength! But we could make no more tragic mistake than merely to concentrate on military strength. For if we did only this, the future would hold nothing for the world but an Age of Terror.

Now this brings me to my main topic - our military strength - more specifically, how to stay strong against threat from outside, without undermining the economic health that supports our security.

We must achieve both security and solvency. In fact, the foundation of military strength is economic strength.