Over grown military establishments are under any form of government inauspicious to liberty, and are to be regarded as particularly hostile to republican liberty.

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.

Three and a half million men and women are directly engaged in the defense establishment. We annually spend on military security more than the net income of all United State corporations.

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

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.

Arms alone can give the world no permanent peace, no confident security. Arms are solely for defense - to protect from violent assault what we already have. They are only a costly insurance. They cannot add to human progress.