From the formation of animal flocks to the emergence of coordinate motion in bacterial swarms, at all scales populations of motile organisms display coherent collective motion. This consistent behavior strongly contrasts with the difference in communication abilities between the individuals. Guided by this universal feature, physicists have proposed that solely alignment rules at the individual level could account for the emergence of unidirectional motion at the group level. This hypothesis has been supported by agent-based simulations. However, more complex collective behaviors have been systematically found in experiments including the formation of vortices, fluctuating swarms, clustering and swirling. All these model systems predominantly rely on actual collisions to display collective motion. As a result, the potential local alignment rules are entangled with more complex, often unknown, interactions. The large-scale behavior of the populations therefore depends on these uncontrolled microscopic couplings. Here, we demonstrate a new phase of active matter. We reveal that dilute populations of millions of colloidal rollers self-organize to achieve coherent motion along a unique direction, with very few density and velocity fluctuations. Identifying the microscopic interactions between the rollers allows a theoretical description of this polar-liquid state. Comparison of the theory with experiment suggests that hydrodynamic interactions promote the emergence of collective motion either in the form of a single macroscopic flock at low densities, or in that of a homogenous polar phase at higher densities. Furthermore, hydrodynamics protects the polar-liquid state from the giant density fluctuations. Our experiments demonstrate that genuine physical interactions at the individual level are sufficient to set homogeneous active populations into stable directed motion.