nothing of financing China, and
the nations, called upon to supply capital, would necessarily be
consulted in essential political and economic arrangements. Even if
Japan secured a relatively excessive share of the commerce, it would
mean a diversion of other trade, which she formerly possessed, since
her own factories would be busy. In the end, we could afford to permit
other nations to take upon themselves the burden of policing China, in
view of the fact that while our {215} own profits might be less our
expenses also would be less.

A deeper problem, however, is involved in this question of China. Just
as by the Monroe Doctrine we seek to prevent European powers from
conquering, colonising and dividing up America, so in China, our
interest, apart from a share of the trade and investment chances, lies
in contributing to the world's peace by removing that vast territory
from the field of international political competition. What we should
mean by "the open door" in China is the integrity of that country and
its immunity from conquest, partition and forced exploitation. The
plea of an "open door," as a mere tariff policy, comes with ill grace
from us, who have closed the door both in Porto Rico and at home, but
China's integrity is an issue of a different character.[6] It is
important to us not so much for immediate economic reasons as because
it is likely to promote peace. It is a world, rather than a national,
interest.

Because it is a world-interest, it should be secured by the efforts of
many nations and not by the United States alone. {216} In principle,
therefore, the Six-Power Loan, which in a sense was a joint guarantee,
was a step in the right direction. That its specific terms were
unreasonable and that the loan was in a degree forced were perhaps
sufficient reasons for our withdrawal from the arrangement. Along
somewhat similar lines, however, the early development of China should
proceed, and it is to our interest to promote any plan that will
prevent China from being the bone of contention among the belligerent
nations of Europe.[7]

Our relations to Latin America, Canada and China are perhaps the most
immediate of our foreign concerns. These are the lands in which we
have the greatest stake and the greatest temptation to pursue an
imperialistic policy. The real power in this world, however, lies in
Europe. It is Europe that decides the fate of Asia, Africa, Australia,
and may in the end