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WILLIAM HOWARD TAFT: Dollar Diplomacy

Annotation: Dollar Diplomacy is the effort of the United States particularly under President William Howard Taft to further its aims in Latin America and East Asia through use of its economic power by guaranteeing loans made to foreign countries. The term was originally coined by President Theodore Rosevelt on account of money that made it possible to pay soldiers without having to fight; most would agree it was a considerably meager wage.

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WILLIAM HOWARD TAFT: Dollar Diplomacy by William Howard Taft

In his last message to Congress on December 3, 1912, President William Howard Taft looked back at the foreign policy followed by the United States during his activity and noted: "The diplomacy of the present administration has sought to respond to modern ideas of commercial intercourse. This policy has been characterized as substituting dollars for bullets. It is one that appeals alike to idealistic humanitarian sentiments, to the dictates of sound policy and strategy, and to legitimate commercial aims."

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