President Theodore Roosevelt's Big Stick Policy was to negotiate peacefully with other countries, but to "carry a big stick", meaning that the countries who you were negotiating with were aware of what could happen if there were some kind of problem. The dollar diplomacy was one used mostly by William Taft to further its aims in foreign countries by offering guaranteed loans if their commercial interests were improved. The Moral Diplomacy was a policy used by Woodrow Wilson, where he would only support countries who had analogous morals with the United States.
In general, this is correct, although the phrase has more to do with the
idea that people use religion to "lower themselves down" in everyday
life. It doesn't necessarily refer to rewards in an afterlife.
