not to be considered as subjects for future colonization by any European
power." In other words, the Monroe Doctrine is a declaration that there
must be no territorial aggrandizement by any non-American power at
the expense of any American power on American soil. It is in no wise
intended as hostile to any nation in the Old World. Still less is it
intended to give cover to any aggression by one New World power at
the expense of any other. It is simply a step, and a long step, toward
assuring the universal peace of the world by securing the possibility
of permanent peace on this hemisphere.

During the past century other influences have established the permanence
and independence of the smaller states of Europe. Through the Monroe
Doctrine we hope to be able to safeguard like independence and secure
like permanence for the lesser among the New World nations.

This doctrine has nothing to do with the commercial relations of any
American power, save that it in truth allows each of them to form such
as it desires. In other words, it is really a guaranty of the commercial
independence of the Americas. We do not ask under this doctrine for
any exclusive commercial dealings with any other American state. We do
not guarantee any state against punishment if it misconducts itself,
provided that punishment does not take the form of the acquisition of
territory by any non-American power.

Our attitude in Cuba is a sufficient guaranty of our own good faith.
We have not the slightest desire to secure any territory at the expense
of any of our neighbors. We wish to work with them hand in hand, so that
all of us may be uplifted together, and we rejoice over the good fortune
of any of them, we gladly hail their material prosperity and political
stability, and are concerned and alarmed if any of them fall into