case.

In view of the number, the earnestness, and the prominence of many
of the men interested in this cause; in view of the number of
arbitration treaties that have been already signed; in view of the
fact that arbitration among nations will simply establish a law
among them like the law in any civilized country; in view of the
fact that individuals in their dealings with each other sometimes
surrender certain of their claims, and even rights, for the common
good; in view of the fact that nations, like all business firms,
like to cut down expenses, and in further view of the fact that
a navy is not directly, but only indirectly, a contributor to a
nation's prosperity, it seems probable that arbitration will be
more and more used among the nations, and that armaments may be
limited by agreement. It is clear, however, that the practical
difficulties in the way of making the absolute agreement required
are enormous, and that the most enthusiastic advocates of the plan
do not expect that the actual limitation of armaments will become
a fact for many years.

After the necessary preliminaries shall have been arranged, and
the conference takes place which shall settle what armament each
nation may have, it is plain that it will be to the interest of
each nation to keep down the armament of every other nation, and to
be allowed as much as possible itself. In this way, the operation
of making the agreement will be somewhat like the forming of a
trust among several companies, and the advantage will lie with that
nation which is the most powerful.

For this reason it would seem a part of wisdom for each country