While it is true that we are paying out far more money and maintaining a much stronger Military Establishment than ever before, because of the conditions stated, we have been able to pursue a moderate course. Our people have had all the war, all the taxation, and all the military service that they want. They have therefore wished to emphasize their attachment to our ancient policy of peace. They have insisted upon economy. They have supported the principle of limitation of armaments. They have been able to do this because of their position and their strength in numbers and in resources. We have a tremendous natural power which supplements our arms. We are conscious that no other nation harbors any design to put us in jeopardy.

Toleration and Liberalism (1925)