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So they start with a small fleet but a higher budget than other navies on average.
Edit: as for the numbers being built, keep in mind in 1890 there are some battleships that only have a couple main battery guns and are not actually much larger than an armored cruiser. Like Germany starts out with battleships around 5000-7000 tons which are quite small for the classification.
Germany is indeed building a lot of technical battleships, but France and Russia (as well as Britain of course) are churning out good-sized ships. Though I may have started catching up (while everybody else builds more 300t DDs than me).
So basically what you're seeing is normal. America is a slow burn country. You'll start off far weaker than everyone else but you're also relatively safe and have the strongest guaranteed gains from your economy that will propel you to 1st as long as you don't lose catastrophically in every war you fight to constantly have to be paying reparations.
Just give it some time and gradually build yourself up. You'll get there. :)
I'm still not sure if I've gotten an answer...I've just wound up with a bunch more battleships without knowing why.
Also interestingly had powers right up to Russia try real hard to avoid getting into a war with me.
To give you an idea of the financial benefits of aggressive mothballing (equal to about half your fleet), mothballing will often free up enough budget to allow you to pay for the construction of another battleship or perhaps a bit more on a monthly basis when you are playing on medium fleets. Getting an additional battleship every 3 years or so will definitely benefit your fleet.
How's your brinksmanship? Are you keeping the tension close with a number of foreign powers, without going all the way to war? Do you go on ventures to "liberate" neutral regions to increase your country's Base income, which will trickle into your Navy budget?
Parliaments will tend to vote bigger naval budget if the threat of a looming war is present. If you avoid tensions with everyone and keep it low, it will vote it down because frankly, you don't need it.
Naval Budget in Almanac = Budget Rating * (Base Resources + Colony Resources)
If you manage to increase your budget through an event, the AIs will match yours within a month or two, but with no penalty for them.
Also, some countries just start with a shoddy economic disadvantage. Germany, Spain, Japan, and China in 1890s are way, way, way in the back economy-wise.
(The answer is, often considerable tensions but also often not pushing the maximum aggressive decisions. I didn't want to actually go to war with Germany. Or with Britain, but I fell into that anyway. And I always pick 'invest in railroads' when there's a surplus on the table.)