Economic growth and the need for trade in the late nineteenth century

By the end of the 19th century, the USA had experienced economic growth and it was clear to business men that to further growth, the US would need to expand internationally to seek trade with overseas nations.

What growth had the USA experienced by 1890?

The US was now producing more coal than their closest rival– Britain (219m tonnes).

The US was now producing more steel than their closest rival– Germany (6m tonnes). 

The US was now producing more cotton than their closest rival– India (3m bales). 

Financial Struggles

Despite many economic advancements, the US economy continued to suffer because of an unstable banking system.

This is because too many small banks were giving out bad loans.

An example is where Jay Cooke's Railway company borrowed 100 million USD and declared bankruptcy, destroying hundreds of small banks, which led to a depression.

New Markets