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I fear, in fact I am rather certain, that due to my inability to express myself with the power and penetration of the great Churchill, I have not made clear the points that assume such prominence and importance in my mind. However, I have done my best, and I hope I have sown some seeds which may bring forth good fruit.

For the past ten years conditions have been abnormal. The feverish preparation for war and the more feverish maintenance of the war effort engulfed all aspects of national economies. Machinery has fallen into disrepair or is entirely obsolete. Under the arbitrary and destructive Nazi rule, virtually every possible enterprise was geared into the German war machine. Long-standing commercial ties, private institutions, banks, insurance companies, and shipping companies disappeared through loss of capital, absorption through nationalization, or by simple destruction. In many countries, confidence in the local currency has been severely shaken. The breakdown of the business structure of Europe during the war was complete.

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The truth of the matter is that Europe's requirements for the next three or four years of foreign food and other essential products — principally from America — are so much greater than her present ability to pay that she must have substantial additional help or face economic, social, and political deterioration of a very grave character. The remedy lies in breaking the vicious circle and restoring the confidence of the European people in the economic future of their own countries and of Europe as a whole. The manufacturer and the farmer throughout wide areas must be able and willing to exchange their product for currencies, the continuing value of which is not open to question.

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Our policy is directed not against any country or doctrine but against hunger, poverty, desperation, and chaos. Its purpose should be the revival of a working economy in the world so as to permit the emergence of political and social conditions in which free institutions can exist. Such assistance, I am convinced, must not be on a piecemeal basis as various crises develop. Any assistance that this Government may render in the future should provide a cure rather than a mere palliative. Any government that is willing to assist in the task of recovery will find full cooperation, I am sure, on the part of the United States Government. Any government which maneuvers to block the recovery of other countries cannot expect help from us. Furthermore, governments, political parties or groups which seek to perpetuate human misery in order to profit therefrom politically or otherwise will encounter the opposition of the United States.

A very strong military posture is vitally necessary today. How long it must continue I am not prepared to estimate, but I am sure that it is too narrow a basis on which to build a dependable, long-enduring peace. The guarantee for a long continued peace will depend on other factors in addition to a moderated military strength, and no less important. Perhaps the most important single factor will be a spiritual regeneration to develop goodwill, faith, and understanding among nations. Economic factors will undoubtedly play an important part. Agreements to secure a balance of power, however disagreeable they may seem, must likewise be considered. And with all these there must be wisdom and the will to act on that wisdom.

I was very careful to send Mr. Roosevelt every few days a statement of our casualties. I tried to keep before him all the time the casualty results because you get hardened to these things and you have to be very careful to keep them always in the forefront of your mind.

Because wisdom in action in our Western democracies rests squarely upon public understanding, I have long believed that our schools have a key role to play. Peace could, I believe, be advanced through careful study of all the factors which have gone into the various incidents now historical that have marked the breakdown of peace in the past. As an initial procedure our schools, at least our colleges but preferably our senior high schools, as we call them, should have courses which not merely instruct our budding citizens in the historical sequence of events of the past, but which treat with almost scientific accuracy the circumstances which have marked the breakdown of peace and have led to the disruption of life and the horrors of war.