By Cyrus Veeser
A global secure for Capitalism unravels a little-known incident: a Wall road corporation's takeover of the overseas debt, nationwide railroad, and nationwide financial institution of the Dominican Republic within the Nineties. operating with the republic's tyrannical president, the yankee enterprise attempted to show self-sufficient peasants into cash-crop farmers, with disastrous effects. by means of 1904, the company's slim pursuit of revenue clashed with Theodore Roosevelt's target of constructing the U.S. an exceptional strength, therefore 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 heritage covers occasions in manhattan, Washington, Santo Domingo, Brussels, and London.
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38 20 the gilded age goes abroad Despite the appeals of canal promoters and the support of President Harrison and Secretary of State Blaine, Congress gave no money to the project. It is not clear precisely when Smith M. ”39 In any event, by 1892 Weed was working actively to win federal support for the canal. In the heat of that year’s presidential campaign, Weed wrote to his friend, Democratic candidate Grover Cleveland, urging him to take a public stand in favor of canal aid. “The people of the entire Pacific Coast are wild about it,” Weed counseled the once and future President.
Weed and the SDIC stand in a curious relation to theories of imperialism, like those of Charles A. Conant, John A. Hobson, and Vladimir Lenin, that assume accumulations of surplus capital and falling rates of profit in metropolitan countries pushed investors to look overseas for better returns on investments. It is certainly true that the SDIC took advantage of surplus savings in Europe that sought higher rates of return. But Weed and his associates did not correspond to the powerful monopoly capitalists that both 28 the gilded age goes abroad Hobson and Lenin described.
Allegedly, the company was set up after a hunting party in the Adirondacks noticed that their blazing campfire melted an outcropping of iron ore. “At the time of its discovery,” the report continued, there was living in Plattsburgh a shrewd laywer, Smith M. Weed, who had no capital except his brains. The land at Lyon Mountain was owned by a resident of a distant city, but Mr. Weed leased it and then strove to interest capitalists in his scheme to develop the mine. . But the mine was almost inaccessible.
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