The Japanese, having won the war expected to share a pleasant victory. They expected money to built battleships and tanks. President Theodore Roosevelt graciously offered the use of America's offices to secure peace between Russia and Japan. America acted as a referee to the two countries as the met in Portsmouth, New Hampshire...
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The Russians and Japanese settled all territorial expansions but when it came to the money the Russians refused. The Americans supported the Russians decision. In the final agreement between the Japanese and the Russians no money was exchanged. The Japanese public was outraged by the outcome, turning the military victory into a political defeat...