It is with peculiar pleasure that I stand here today to express the deep appreciation I feel of the high honor conferred upon me by the presentation of the Nobel Peace Prize. The gold medal which formed part of the prize I shall always keep, and I shall hand it on to my children as a precious heirloom. The sum of money provided as part of the prize by the wise generosity of the illustrious founder of this world-famous prize system, I did not, under the peculiar circumstances of the case, feel at liberty to keep. I think it eminently just and proper that in most cases the recipient of the prize should keep for his own use the prize in its entirety. But in this case, while I did not act officially as President of the United States, it was nevertheless only because I was President that I was enabled to act at all; and I felt that the money must be considered as having been given me in trust for the United States. I therefore used it as a nucleus for a foundation to forward the cause of industrial peace, as being well within the general purpose of your Committee; for in our complex industrial civilization of today the peace of righteousness and justice, the only kind of peace worth having, is at least as necessary in the industrial world as it is among nations. There is at least as much need to curb the cruel greed and arrogance of part of the world of capital, to curb the cruel greed and violence of part of the world of labor, as to check a cruel and unhealthy militarism in international relationships.