In 1904 President Roosevelt made a radical departure from our traditional policy in proposing that we should assume financial supervision over the Dominican Republic in order to prevent certain European powers from forcibly collecting debts due their subjects. Germany seemed especially determined to force a settlement of her demands, and it was well known that Germany had for years regarded the Monroe Doctrine as the main hindrance in the way of her acquiring a foothold in Latin America. The only effective method of collecting the interest on the foreign debt of the Dominican Republic appeared to be the seizure and administration of her custom houses by some foreign power or group of foreign powers. President Roosevelt foresaw that such an occupation of the Dominican custom houses would, in view of the large debt, constitute the occupation of American territory by European powers for an indefinite period of time, and would, therefore, be a violation of the Monroe Doctrine. He had before him also the results of a somewhat similar financial administration of Egypt undertaken jointly by England and France in 1878, and after Arabi's revolt continued by England alone, with the result that Egypt soon became a possession of the British crown to almost as great a degree as if it had been formally annexed, and during the World War it was in fact treated as an integral part of the British Empire. President Roosevelt concluded, therefore, that where it was necessary to place a bankrupt American republic in the hands of a receiver, the United States must undertake to act as receiver and take over the administration of its finances. He boldly adopted this policy and finally forced a reluctant Senate to acquiesce. The arrangement has worked admirably. In spite of the criticism that this policy encountered, the Taft administration not only continued it in Santo Domingo, but tried to extend it to Nicaragua and Honduras. In January, 1911, a treaty placing the finances of Honduras under the supervision of the United States was signed by Secretary Knox, and in June a similar treaty was signed with Nicaragua. These treaties provided for the refunding of the foreign debt, in each case through loans made by American bankers and secured by the customs duties, the collector in each case to be approved by the United States and to make an annual report to the Department of State. These treaties were not ratified by the Senate.