A dark old world was devastated by wars between conflicting religions. A dark modern world faces wars between conflicting economic and political fanaticisms in which are intertwined race hatreds.

There are two systems, the past and the future. The present is only a painful transition. Which must triumph? The future, will it not? Yes indeed, the future! That is, intelligence, industry, and peace. The past was brute force, privilege, and ignorance. Each of our victories was a triumph for the ideas of the Revolution. Victories will be won, one of these days, without cannon, and without bayonets.

One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear.

Our national determination to keep free of foreign wars and foreign entanglements cannot prevent us from feeling deep concern when ideals and principles that we have cherished are challenged.

All the greatest economists, John Stuart Mill at their head, have always spoken of the evils of borrowing for the purposes of war, and have pointed out that as far as possible posterity should be relieved and the cost of what is consumed in the war be met at the time. That is a counsel of perfection, but nobody has ever come nearer to it than the late Chancellor of the Exchequer [Sir Kingsley Wood].

The past is prophetic in that it asserts loudly that wars are poor chisels for carving out peaceful tomorrows.