It was characteristic of the people of the United States that once assured of their political independence they should face their economic future with buoyant expectations. As colonizers of a new world they were confident in their own strength. When once the shackles of the British mercantile system were shaken off, they did not doubt their ability to compete for the markets of the world. Even Washington, who had fewer illusions than most of his contemporaries, told his fellow citizens of America that they were "placed in the most enviable condition, as sole lords and proprietors of a vast tract of continent, comprehending all the various soils and climates of the world, and abounding with a…
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