President Taft, who in the year 1909 took President Roosevelt's place, endeavored, with his Secretary of State, Philander Knox, to develop still further the policy of the "Open Door," inaugurated by John Hay. Both gentlemen felt the keenest interest in the Far East. The former had been Governor of the Philippines, the latter had been closely connected with the Pittsburgh iron industry, and knew the need of extending its sphere of activities. Mr. Knox suggested the proposal of internationalizing the railways of Manchuria. When, however, this American notion met with response in Germany, and apart from its general rejection elsewhere, had the further effect of drawing Japan and Russia together again, Mr. Knox abandoned his active Far-Eastern policy, and confined himself to stimulating the large banks of America into becoming interested in the building of railways and other economic means of development in China. This policy was described as "Dollar Diplomacy" by the Democratic Opposition, and violently opposed. When, therefore, the votes went against the Republican Party, and President Wilson came to the helm, he let the Far-Eastern policy drop. High Finance immediately seized this opportunity in order to extricate itself from Chinese undertakings. It had only embarked upon "Dollar Diplomacy" at the request of the Government, and the venture had yielded but little profit, owing to the fact that Americans are not inclined to invest in foreign securities. Secretary of State Knox's policy, which was always supported by us, accounted for the fact that the official relations between the German and American Governments were never more cordial than during the years 1909-13, in spite of a short disturbance resulting from a dispute over our potash exports to the United States. The best proof of how friendly the official relations of the two Governments were is shown by the ease with which this quarrel was settled. We were also successful in concluding a commercial agreement which was satisfactory to both sides, and overcame the danger of a customs war as the result of America's new customs tariffs; whereas Taft's economic plans, which aimed at reciprocity and union with Canada, came to grief for political reasons, as the result of Canadian Opposition, and left behind a bitter after-taste both in the United States, Canada and England.