Abstract
A NUMBER OF HISTORIANS have examined United States investment in Mexico before and following the American Civil War, but no one has studied the period from 1861 until 1867 in MexicanUnited States economic relations.' In spite of the American Civil War and Mexico's fifty-year history of disorder, revolution, and civil war-capped in 1861 by the intervention of France, England, and Spain-United States speculators launched an intense campaign to gain concessions and investment opportunities during the years from 1861 to 1867. Although their successes were few, the promoters gained considerable business experience and information about Mexico's economy. Why these unlikely years witnessed the unleashing of a pack of American capitalists is not entirely clear. Certainly a key event was the arrival to power of the Republican party, which, in contrast to the Democratic party with its well-known emphasis on territorial expansion, sought to exert United States political influence through
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