In spite of rumours, no such case as we have
imagined has ever arisen. If the United States means to insist on assert- ing the Monroe Doctrine as against foreign associations or companies which might co-operate with their Governments as well as against foreign Governments as such, she is certainly well advised to express that intention now in an impersonal manner rather than later. Later this " extension " of the Monroe Doctrine, if such it be, might create a very dangerous state of international feeling if it appeared to be directed against any special country. Such a situation might easily and quickly arise in connexion with the foreign enterprises which are bound to grow up in response to the opportunities afforded by the Panama Canal. We have written on the subject elsewhere, but may say here that we regard the Monroe Doctrine, for all its vagueness, as a most valuable instrument of peace. So long as it is respected it rules out dangerous disputes from the greater part of the Western world. That is an enormous gain. The perilous side of it is that the United States would very likely be unable to maintain the doctrine if it were forcibly challenged.
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