The term “Dollar Diplomacy” was applied by critics to the activist foreign policy of William Howard Taft. Late in his administration, the president described his actions as “substituting dollars for bullets.” He went to great lengths — even resorting to bullets — to help develop American business interests in foreign areas. Philander C. Knox, a wealthy corporation lawyer, served as secretary of state and authored much of the Taft policy. The Taft administration attempted to address two vital concerns: