TR’s Take on Monroe’s Doctrine- ***In the late 19th century, many Latin American countries were defaulting on their debts to foreign investors. By 1903, Germany had bombarded towns in defaulting Venezuela, and in 1904 Roosevelt feared that further defaults might cause debt-collecting European powers to remain in Latin America, thus violating the 80 year old Monroe Doctrine. In his December 1904 message to Congress, TR added his Roosevelt Corollary to the Monroe Doctrine.