erials, markets and
investment opportunities. They are also the possessors of sufficient
economic, financial, military and naval power to make these needs good
at their discretion.

The rapidly increasing funds of United States capital invested in
Latin-America and Canada, will demand more and more protection. There is
but one way for the United States to afford that protection--that is to
see that these countries preserve law and order, respect property, and
follow the wishes of United States diplomacy. Wherever a government
fails in this respect, it will be necessary for the State Department in
cooperation with the Navy, to see that a government is established that
will "make good."

Under the Monroe Doctrine, as it has long been interpreted, no
Latin-American Government will be permitted to enter into entangling
alliances with Europe or Asia. Under the Monroe Doctrine, as it is now
being interpreted, no Latin-American people will be permitted to
organize a revolutionary government that abolishes the right of private
interests to own the oil, coal, timber and other resources. The mere
threat of such action by the Carranza Government was enough to show what
the policy of the United States must be in such an emergency.

The United States need not dominate politically her weaker sister
republics. It is not necessary for her to interfere with their
"independence." So long as their resources may be exploited by American
capitalists; so long as the investments are reasonably safe; so long as
markets are open, and so long as the other necessities of United States
capitalism are fulfilled, the smaller states of the Western Hemisphere
will be left free to pursue their various ways in prosperity and peace.

FOOTNOTE:

[57] For further details see "The Panama Canal" Papers presented to the
Senate by Mr. Lodge, Senate Document 471, 63rd Congress, 2nd Session.

XVI. THE AMERICAN CAPITALISTS AND WORLD EMPIRE

1. _The Plutocrats Must Carry On_

The American plutocrats--those who by force of their wealth share in the
direction of public policy--must carry on. They have no choice. If they
are to continue as plutocrats, they must continue to rule. If they
continue to rule, they must shoulder the duties of rulership. They may
not relish the responsibility which their economic position has thrust
upon them any more than the sojourners in Newfoundland relish the savage
winters. Nevertheless, those who own the wealth of a