You have to run risks. There are no certainties in war. There is a precipice on either side of you - a precipice of caution and a precipice of over-daring.

I know something about that war, and I never want to see that history repeated. But, my fellow Americans, it certainly can be repeated if the peace-loving democratic nations again fearfully practice a policy of standing idly by while big aggressors use armed force to conquer the small and weak.

Once you are so unfortunate as to be drawn into a war, no price is too great to pay for an early and victorious peace.

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].

I do not believe in a major war this year because the French army at present is as large as that of Germany and far more mature. But next year and the year after may carry these Dictator-ridden countries to the climax of their armament and of their domestic embarrassments. We shall certainly need to be ready then.

War never pays its dividends in cash on the money it costs.