General disarmament being for the present entirely out of question, a proportionate reduction might be recommended. The safety of any country and of the world's commerce depending not on the absolute, but relative amount of war material, this would be evidently the first reasonable step to take towards universal economy and peace. But it would be a hopeless task to establish an equitable basis of adjustment. Population, naval strength, force of army, commercial importance, water-power, or any other natural resource, actual or prospective, are equally unsatisfactory standards to consider.

A Means for Furthering Peace (1905)