TR did not actually pick up the prize money (or the prize itself) until 1910, when he visited Europe after his African Safari. He did not feel right accepting the prize while he was in office. TR wore an old fashioned suit with a top hat when he went to get the award. He picked up the prize in Christiania, Norway, on May 5, 1910 and part of his speech to the Nobel Prize Committee is as follows:
"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."
TR's idea for an industrial peace foundation never came to be. By 1918 it was clear the the foundation would not go forward. Instead, during World War I, he donated the funds to war relief efforts.
In his book, "The Lion's Pride", Ed Renehan, Jr. writes,