Dollar Diplomacy and President Taft
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Primary Document #3: Taft speech on Dollar Diplomacy

In China the policy of encouraging financial investment to give the authority that country to 

 

 

China In China the policy of encouraging financial in- vestment to enable that country to help itself has had the result of giving new life and practical appli- cation to the open-door policy. The consistent pur- pose of the present administration has been to encourage the use of American capital in the devel- opment of China by the promotion of those essen- tial reforms to which China is pledged by treaties with the United States and other powers. The hy- pothecation to foreign bankers in connection with certain industrial enterprises, such as the Hukuang railways, of the national revenues upon which these reforms depended, led the Department of State early in the administration to demand for American citi- zens participation in such enterprises, in order that the United States might have equal rights and an equal voice in all questions pertaining to the dispo- sition of the public revenues concerned. The same policy of promoting international accord among the powers having similar treaty rights as ourselves in the matters of reform, which could not be put into practical effect without the common consent of all, was likewise adopted in the case of the loan desired by China for the reform of its currency. The principle of international cooperation in matters of common interest upon which our policy had already been based in all of the above instances has admittedly been a great factor in that concert of the powers which has been so happily conspicuous during the perilous period of transition through which the great Chinese nation has been passing. Central America Needs our Help in Debt Adjustment In Central America the aim has been to help such countries as Nicaragua and Honduras to help them- selves. They are the immediate beneficiaries. The na- tional benefit to the United States is twofold. First, it is obvious that the Monroe doctrine is more vital in the neighborhood of the Panama Canal and the zone of the Caribbean than anywhere else. There, too, the maintenance of that doctrine falls most heav- ily upon the United States. It is therefore essential that the countries within that sphere shall be re- moved from the jeopardy involved by heavy foreign debt and chaotic national finances and from the ever- present danger of international complications due to disorder at home. Hence the United States has been glad to encourage and support American bankers who were willing to lend a helping hand to the financial rehabilitation of such countries because this finan- cial rehabilitation and the protection of their cus- tomhouses from being the prey of would-be dictators would remove at one stroke the menace of foreign creditors and the menace of revolutionary disorder. The second advantage of the United States is one affecting chiefly all the southern and Gulf ports and the business and industry of the South. The Re- publics of Central America and the Caribbean pos- sess great natural wealth. They need only a measure of stability and the means of financial regeneration to enter upon an era of peace and prosperity, bring- ing profit and happiness to themselves and at the same time creating conditions sure to lead to a flour- ishing interchange of trade with this country. I wish to call your especial attention to the re- cent occurrences in Nicaragua, for I believe the ter- Dollar Diplomacy and Its Repudiation American Decades Primary Sources, 1910 –1919 Business and the Economy ■ 7 3
Dollar Diplomacy and Its Repudiation rible events recorded there during the revolution of the past summer—the useless loss of life, the dev- astation of property, the bombardment of defense- less cities, the killing and wounding of women and children, the torturing of noncombatants to exact contributions, and the suffering of thousands of hu- man beings—might have been averted had the De- partment of State, through approval of the loan convention by the Senate, been permitted to carry out its now well-developed policy of encouraging the extending of financial aid to weak Central American States with the primary objects of avoiding just such revolutions by assisting those Republics to rehabil- itate their finances, to establish their currency on a stable basis, to remove the customhouses from the danger of revolutions by arranging for their secure administration, and to establish reliable banks.

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Primary Document #1: Dollar Diplomacy by William Howard Taft

5 sentences explaining the document

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Primary Document #1 : The New Diplomacy .

Primary Document #1 : The New Diplomacy . | Dollar Diplomacy and President Taft | Scoop.it

This cartoon is representing Taft and the Dollar Diplomacy. He is represented as a police power and to lay stress on the power that holds through the Dollar Diplomacy act as he approaches the foreigners and is surrounded by them. The stick he is holding says "The New Diplomacy" and could be connected to The Roosevelt's Big Stick Policy. Both presidents wanted to make the U.S powers through there foreign policy more extensive.

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Website Today #1: The New Dollar Diplomacy: The Sanctioning Of Iran & Syria | @Globalization

Website Today #1: The New Dollar Diplomacy: The Sanctioning Of Iran & Syria | @Globalization | Dollar Diplomacy and President Taft | Scoop.it

This talks about The Iran Oil Sanctions and how the United States and European Union work together to deter the country from developing a nuclear bomb. Also talks about the effects on Iran and its sanctions. There isn't an overall consensus on the effectiveness of the Sanctions on Iran, but the general agreement is that they're hurting the country while the uranium is not prevented still.

 

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