In President Roosevelt's words:

"As a result of the Portsmouth peace, I was given the Nobel Peace Prize. This consisted of a medal, which I kept, and a sum of $40,000, which I turned over as a foundation of industrial peace to a board of trustees which included Oscar Straus, Seth Low and John Mitchell. In the present state of the world's development industrial peace is even more essential than international peace; and it was fitting and appropriate to devote the peace prize to such a purpose."