With the declaration of independence in 1821 Mexico looked forward with some justification to a period of advance and development. The nation, freed from the commercial and economic restrictions imposed during the Spanish colonial rule, could now utilize its vast natural resources for its own benefit. With apparently extensive mineral deposits, a rich variety of agricultural produce and large areas of land as yet uncultivated, the future prosperity seemed assured. The new rulers were aware that problems existed and would have to be solved, but in the enthusiasm of victory after the long independence war, few thought that anything could impede the country's progress. Foreign powers took the same view. British merchant interests were foremost in the rush to invest in the declining mining industry, and diplomatic recognition was soon conceded by European nations. In the political sphere, even the debacle of Iturbide's illusionary empire which lasted less than a year did not deter the investors nor dampen the hopes of Mexicans. The establishment of a federal republic in 1824 under the presidency of General Guadalupe Victoria seemed to lay a sound basis for future political stability. In the words of one Mexican recalling these early years, ‘Who did not then foresee days of glory, of prosperity and of liberty? Who did not foresee a happy and great future?’

In fact, General Victoria, first president of the Federal Republic, proved to be the only chief executive to complete his term of office for almost the next half century.