results in a general loosening of the ties of civilized society, may in America, as elsewhere, ultimately require intervention by some civilized nation, and in the Western Hemisphere the adherence of the United States to the Monroe Doctrine may force the United States, however reluctantly, in flagrant cases of such wrongdoing or impotence, to the exercise of an international police power." In other words, since we could not permit European powers to restrain or punish American states in cases of wrongdoing, we must ourselves undertake that task. As long as the Monroe Doctrine was merely a policy of benevolent protection which Latin-American states could invoke after their unwise or evil conduct had brought European powers to the point of demanding just retribution, it was regarded with favor and no objection was raised to it; but the Roosevelt doctrine, that if we were to continue to protect Latin-American states against European intervention, we had a right to demand that they should refrain from conduct which was likely to provoke such intervention, was quite a different thing, and raised a storm of criticism and opposition. The Roosevelt application of the Monroe Doctrine was undoubtedly a perfectly logical step. It was endorsed by the Taft administration and further extended by the Wilson administration and made one of our most important policies in regard to the zone of the Caribbean. President Roosevelt was right in drawing the conclusion that we had arrived at a point where we had either to abandon the Monroe Doctrine or to extend its application so as to cover the constantly increasing number of disputes arising from the reckless creation of public debts and loose financial administration. It was absurd for us to stand quietly by and witness the utterly irresponsible creation of financial obligations that would inevitably lead to European intervention and then undertake to fix the bounds and limits of that intervention. It is interesting to note that President Wilson did not hesitate to carry the new policy to its logical conclusion, and that he went so far as to warn Latin-American countries against granting to foreign corporations concessions which, on account of their extended character, would be certain to give rise to foreign claims which would, in turn, give an excuse for European intervention. In discussing our Latin-American policy shortly after the beginning of his administration, President Wilson said: "You hear of 'concessions' to foreign capitalists in Latin America. You do not hear of concessions to foreign capitalists in the United States. They are not granted concessions. They are invited to make investments. The work is ours, though they are welcome to invest in it. We do not ask them to supply the capital and do the work. It is an invitation, not a privilege; and states that are obliged, because their territory does not lie within the main field of modern enterprise