By the beginning of the seventeenth century, Spain’s rivals—England, France, and the Dutch Republic—had each established an Atlantic presence, with greater or lesser success, in the race for imperial power. None of the new colonies, all in the eastern part of North America, could match the Spanish possessions for gold and silver resources. Nonetheless, their presence in the New World helped these nations establish claims that they hoped could halt the runaway growth of Spain’s Catholic empire. English colonists in Virginia suffered greatly, expecting riches to fall into their hands and finding reality a harsh blow. However, the colony at Jamestown survived, and the output of England’s islands in the West Indies soon grew to be an important source of income for the country. New France and New Netherlands were modest colonial holdings in the northeast of the continent, but these colonies’ thriving fur trade with native peoples, and their alliances with those peoples, helped to create the foundation for later shifts in the global balance of power.
For Europeans, the discovery of an Atlantic World meant newfound wealth in the form of gold and silver as well as valuable furs. The Americas also provided a new arena for intense imperial rivalry as different European nations jockeyed for preeminence in the New World. The religious motives for colonization spurred European expansion as well, and as the Protestant Reformation gained ground beginning in the 1520s, rivalries between Catholic and Protestant Christians spilled over into the Americas.
Mindful of the precedent his conduct set for future presidents, Washington feared that if he were to die while in office, Americans would view the presidency as a lifetime appointment. Instead, he decided to step down from power, providing the standard of a two-term limit.
