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.

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.

We merely want to live in peace with all the world, to trade with them, to commune with them, to learn from their culture as they may learn from ours, so that the products of our toil may be used for our schools and our roads and our churches and not for guns and planes and tanks and ships of war.

The hand of the aggressor is stayed by strength - and strength alone.

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.