What does the “open door” policy in China mean to us? Our trade with China is about $90,000,000 a year. Or the Philippine Islands? We have spent about $600,000,000 in the Philippines in 35 years and we (our bankers and industrials and speculators) have private investments there of less than $200,000,000. Then, to save that China trade of about $90,000,000, or to protect these private investments of less than $200,000,000 in the Philippines, we would be all stirred up to hate Japan and go to war—a war that might well cost us tens of billions of dollars, hundreds of thousands of lives of
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