By Cyrus Veeser
An international secure for Capitalism unravels a little-known incident: a Wall highway corporation's takeover of the overseas debt, nationwide railroad, and nationwide financial institution of the Dominican Republic within the Eighteen Nineties. operating with the republic's tyrannical president, the yank enterprise attempted to show self-sufficient peasants into cash-crop farmers, with disastrous effects. via 1904, the company's slim pursuit of revenue clashed with Theodore Roosevelt's objective of constructing the U.S. an exceptional energy, hence triggering a sweeping new policy-the Roosevelt Corollary to the Monroe Doctrine. Praised via Diplomatic historical past as "a version of globe-trotting multiarchival research," this interesting historical past covers occasions in long island, Washington, Santo Domingo, Brussels, and London.
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Extra info for A world safe for capitalism: dollar diplomacy and America's rise to global power
The private venture would reinforce, and be reinforced by, the official one. Holls visited State Department and other officials in early 1892 to gather assurances of support for Weed’s project. ” Holls urged Elkins to arrange a meeting with the Secretary of the Navy. ” His diaries make clear that Holls saw the lease of Samana´ by the United States and the SDIC’s buyout of the Dominican debt as two sides of the same coin. ”61 As word of the pending negotiations with Heureaux leaked out, press reports regularly confused the government’s overtures toward Samana´ with Weed’s private venture.
Unless otherwise noted, all translations from Spanish and French are my own. 1 The Gilded Age Goes Abroad The San Domingo Improvement Company and the Political Economy of the 1890s One of Santo Domingo’s greatest needs is an influx of industrious and progressive people. With such an increase of productive power and improved means of interior communication, which railroads will afford, Santo Domingo will be able to demonstrate to the world the correctness of the estimate formed by the United States commissioners, who visited the country in 1871, when they said in their report that, taken as a whole, Santo Domingo is one of the richest and most fertile regions on the face of the earth.
In their six-year collaboration, the SDIC and Heureaux tried to reform Dominican society in basic ways, by building railroads, stabilizing the currency, and moving the mostly peasant nation from subsistence farming to cash-crop production. Theoretically, these changes would turn the Dominican Republic into a prosperous nation able to pay off old loans and the new debt that grew rapidly as the SDIC brokered a series of loans from 1893 to 1897. “The island is rich and fertile, and under proper management should be solvent, and more than that,” a foreigner familiar with the country told the New York Times in 1892.