'N HIS speech at the unveiling of the Bolivar monument, President Harding promised tocall a conference to discuss the limitation of armaments. In his letter to Mr. Mondell concerning the Borah resolution, President Harding said that the State Department had been taking some preliminary steps toward such a conference. Behind this policy of the President is an overwhelming preponderance of American sentiment. Congress voices this feeling accurately. It is anxious for the early calling of such a conference.

The Borah resolution requested the President to call together representatives of Great Britain, Japan, and the United States, to make plans for limiting the naval programmes of these three countries. In order to form a basis for such limitation, an understanding -not an agreement-concerning the policies of all three countries in the Pacific would be necessary. It is for this reason that the British and Colonial statesmen have put off the renewal of the Anglo-Japanese treaty until such a conference meets. The results of the conference should make an Anglo-Japanese treaty

unnecessary.

The British and Colonial premiers have welcomed the idea of an agreement for a naval holiday with us. The Japanese have likewise welcomed it. The American people want it. It is the greatest opportunity before the present Administration, and a task as easy of accom

plishment as it is important, since Congress is entirely committed to the idea.

A competition in naval building is now in progress. It will continue and grow unless an agreement is reached to prevent it. If it continues, it will lead to suspicion, distrust, and, in the long run, to war. If it continues, all hope of economy in our domestic finance is gone.

An agreement for the limitation of naval expenses is the keynote of our relations with the world, and the keynote of any policy of economy and domestic readjustment. It is the most important fact on the horizon of our Government, and the public here and all over the world looks eagerly to Mr. Harding to take early, vigorous, and successful action toward the accomplishment of such an agreement.

The United States is now the most powerful country in the world. We have the largest stake in the present industrial system of capitalism. We have the greatest stake in the maintenance of representative government. We have the greatest power and, therefore, the greatest responsibility in the world. President Wilson tried to accept this responsibility by the creation of a League of Nations. The Republican Party's position against this solution was endorsed by the country. But the problem still remains. The naval limitation conference is the first practical step in sight toward the beginning of a solution.