There is something anomalous in the spectacle of the nations of the earth, great and small, making prodigious sacrifices in their zeal for military and naval armaments, while at the same time they are coöperating in a campaign to further the effectiveness of peaceful arbitration as a solution of international differences. In considering only the eight leading military powers, it is found that the vast total of nearly two billion dollars is spent annually by them for army and navy. The lesser powers are also spending more lavishly than ever before. Yet, notwithstanding the fact, as stated by Lord Rosebery, that never before has there been, in the history of the world, “so threatening and overpowering a preparation for war,” monarchs and statesmen are perpetually indulging in platitudes on the blessings of peace. Arbitral tribunals are steadily gaining in prestige, peace societies are extending their influence, and public-spirited citizens, notable among whom is Mr. Carnegie, are endowing the cause of international peace.