TheFutureofAmericanForeignPolicy 3 19EconomicConference,unilaterallydevaluedthedollar,and,tothegreat
satisfactionoftheoldBryanitewingoftheDemocraticParty,ultimately
issuedsilvercertificatesoftheFederalReserveas legaltenderinthe
UnitedStates.The"crossofgold"wasgone.
Jacksoniansalsohadtheirvictories,enjoyinganeffectivevetoover
Americanpolicyintheseyears.Insomewaystheearlyyearssawthereal-
izationoftheJacksonianidealinforeignpolicy:GreatBritainhaddisap-
pearedas eithera creditorora hemisphericpowerrival. TheUnited
Stateswasalsoable toblocktheoneinternationaldevelopmentthat
couldhaveposedseriousdangerstoAmericaninterestsinthe1920Sand
infactposedproblemsforAmericanmilitaryplanners:thespecterofan
Anglo-JapaneseallianceintheFarEast.Buthereagaintheachievement
waslimitedandnegative;theUnitedStatesmanagedtopreventthecre-
ationofa securitysysteminAsiathatitdidn'tlike,butwasunabletoset
upa viablealternativebecauseofinternalweaknessanddivisionrather
thanforeignopposition.
Otherwise,froma nationalsecuritypointofview,theinterwarperiod
wasatimeinwhichAmericanprestigestoodhigh.Throughthe1920S
andmostofthe1930S,fewforeignpowersdaredopposetheUnitedStates
orinsultitsflag. Annoyingorobstreperous LatinAmericanregimes
couldbeswattedatwill,yettheUnitedStateswassparedthenecessityof
maintaininglargeandexpensivearmedforces.
ForJacksonians this happysituationwas reinforced bya power-
fulpositioninthepoliticsofforeignpolicy.Jacksonianoppositionwas
decisive inscuppering Hamiltoniandebtcancellation initiativesand
Wilsonianeffortsto jointheLeagueofNationsortheWorldCourt.
Wilsonians, Hamiltonians, and Jeffersonians all effectively conceded
Jacksoniansentimenta vetoovertheconductofAmericanforeignpolicy
andcateredtoJacksoniansensibilities.Itwasnota badworld,ifonlyit
couldhavelasted.
Theinterwarperiodremainsa paradoxicalandhauntingepisodein
thehistoryofAmericanforeignpolicy.Itwitnessedthemostdramatic
examplesofAmericanpeacetimeleadershipinEuropeandAsia-and
isusuallylabeleda periodoframpantisolationism.Itwasaneraofan
unrestrainedprobusinesspolicyathomeandabroadthatendedinthe
greatest business depression in American history. It was an era of
unprecedentedAmericanactivityinsupportofinternationallaw,disar-
mament,andarbitration-andit endedinthemostbrutalandwicked
warinthehistoryofmankind.Itwasalsoanerainwhicheachofthefour