The Taft administration had gone to considerable trouble to involve Wall Street in a railroad development scheme in China — a clear cut example of "Dollar Diplomacy" at work. However, shortly after assuming the presidency in March 1913, Woodrow Wilson withdrew government backing for the project, citing his belief that carrying out the development would compromise Chinese sovereignty. The deal collapsed immediately. In this instance, Wilson acted in accord with his oft-expressed opposition to government intervention abroad as a means of advancing private American investments.