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Cotton was the primary export, accounting for 75% of Southern trade in 1860. The Confederate States entered the war with the hope that its near monopoly of the world cotton trade would force the European importing countries, especially Great Britain and France, to intervene in the war on her behalf. [41]
Cotton diplomacy was the attempt by the Confederacy during the American Civil War to coerce Great Britain and France to support the Confederate war effort by implementing a cotton trade embargo against Britain and the rest of Europe.
Over 90 percent of Confederate trade with Britain ended, causing a severe shortage of cotton by 1862. [1] Private British blockade runners sent munitions and luxuries to Confederate ports in return for cotton and tobacco. [2]
It signed a trade deal with the Union and considered Confederate ships as pirate ships, banning them from entering its waters. The Ottoman Empire stood to benefit from the Union's blockade of the Confederate ports, with the cotton industry of the empire (chiefly Egypt) becoming Europe's largest supplier of cotton as a result. [110]
The Confederate government managed to honor the Cotton Bonds throughout the war, and in fact their price rose steeply until the fall of Atlanta to Sherman. This rise reflected both the increase in the underlying cotton prices and perhaps the possibility that George B. McClellan might get elected as US President on a peace platform. In contrast ...
King Cotton, a panoramic photograph of a cotton plantation in 1907, now housed in the Library of Congress "King Cotton" is a slogan that summarized the strategy used before the American Civil War (of 1861–1865) by secessionists in the southern states (the future Confederate States of America) to claim the feasibility of secession and to prove there was no need to fear a war with the northern ...
While Grant's Army marched deeper into the Confederate South, enemy territory, [15] as far as Oxford, Mississippi, northern traders followed, to profiteer in the cotton trade, driven by the North's "consuming need" for the highly sought after product, used to make Union tents.
The Bureau's involvement with and restrictions on the Texan cotton trade was heavily opposed by the Texas Legislature and Governor Murrah, who viewed the Bureau's activities as detrimental to legitimate business activity. The Texas Legislature almost unanimously opposed Confederate export duties on cotton, and accused officials in Richmond of ...