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Washington policy-makers, anxious to compete with Great Britain for the Asia trade, had long been convinced of the strategic and commercial advantages of San Francisco and other ports on the Pacific coastline of Mexican-owned California. The disastrous Panic of 1837, which had resulted in huge surpluses and depressed prices for American farm products, also focused attention on the need to develop new foreign markets...
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The disastrous Panic of 1837, which had resulted in huge surpluses and depressed prices for American farm products, also focused attention on the need to develop new foreign markets.
Most important of all, perhaps, was the growing sense of anxiety which Americans felt toward Great Britain. Americans had always been suspicious of British activities in the western hemisphere, but inevitably this fear had grown as the United States began to define its strategic and economic interests in terms that extended beyond its own borders...
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America Has Been A World Power
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