The President's News Conference
05/20/1929
https://www.presidency.ucsb.edu...
That is very good of you.
It is folly for the world to go on breaking its back over military expenditure, and the United States is willing to take...
This reduction should be carried out not only by broad general cuts in armaments but by increasing the comparative power...
I propose that the arms of the world should be reduced by nearly one-third.