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paying for it。 The problem was destined to become insoluble。 From
the vantage…point of a later time we can now see that nothing
could have provided a solution short of appropriation and
mobilization of the whole industrial power of the country along
with the whole military powera conscription of wealth of every
kind together with conscription of men。 But in 1862 such an idea
was too advanced for any group of Americans。 Nor; in that year;
was there as yet any certain evidence that the Treasury was
facing an impossible situation。 Its endeavors were taken
lightlyat first; almost gaily…because of the profound illusion
which permeated Southern thought that Cotton was King。 Obviously;
if the Southern ports could be kept open and cotton could
continue to go to market; the Confederate financial problem was
not serious。 When Davis; soon after his first inauguration; sent
Yancey; Rost; and Mann as commissioners to Europe to press the
claims of the Confederacy for recognition; very few Southerners
had any doubt that the blockade; would be short…lived。 〃Cotton is
King〃 was the answer that silenced all questions。 Without
American cotton the English mills would have to shut down; the
operatives would starve; famine and discontent would between them
force the British ministry to intervene in American affairs。
There were; indeed; a few far…sighted men who perceived that this
confidence was ill…based and that cotton; though it was a power
in the financial world; was not the commercial king。 The majority
of the population; however; had to learn this truth from keen
experience。

Several events of 1861 for a time seemed to confirm this
illusion。 The Queen's proclamation in the spring; giving the
Confederacy the status of a belligerent; and; in the autumn; the
demand by the British Government for the surrender of the
commissioners; Mason and Slidell; who had been taken from a
British packet by a Union cruiserboth these events seemed to
indicate active British sympathy。 In England; to be sure; Yancey
became disillusioned。 He saw that the international situation was
not so simple as it seemed; that while the South had powerful
friends abroad; it also had powerful foes; that the British
anti…slavery party was a more formidable enemy than he had
expected it to be; and that intervention was not a foregone
conclusion。 The task of an unrecognized ambassador being too
annoying for him; Yancey was relieved at his own request and
Mason was sent out to take his place。 A singular little incident
like a dismal prophecy occurred as Yancey was on his way home。 He
passed through Havana early in 1862; when the news of the
surrender of Fort Donelson had begun to stagger the hopes and
impair the prestige of the Confederates。 By the advice of the
Confederate agent in Cuba; Yancey did not call on the Spanish
Governor but sent him word that 〃delicacy alone prompted his
departure without the gratification of a personal interview。〃 The
Governor expressed himself as 〃exceedingly grateful for the noble
sentiment which prevented〃 Yancey from causing international
complications at Havana。

The history of the first year of Confederate foreign affairs is
interwoven with the history of Confederate finance。 During that
year the South became a great buyer in Europe。 Arms; powder;
cloth; machinery; medicines; ships; a thousand things; had all to
be bought abroad。 To establish the foreign credit of the new
Government was the arduous task of the Confederate Secretary of
the Treasury; Christopher G。 Memminger。 The first great campaign
of the war was not fought by armies。 It was a commercial campaign
fought by agents of the Federal and Confederate governments and
having for its aim the cornering of the munitions market in
Europe。 In this campaign the Federal agents had decisive
advantages: their credit was never questioned; and their enormous
purchases were never doubtful ventures for the European sellers。
In some cases their superior credit enabled them to overbid the
Confederate agents and to appropriate large contracts which the
Confederates had negotiated but which they could not hold because
of the precariousness of their credit。 And yet; all things
considered; the Confederate agents made a good showing。 In the
report of the Secretary of War in February; 1862; the number of
rifles contracted for abroad was put at 91;000; of which 15;000
had been delivered。 The chief reliance of the Confederate
Treasury for its purchases abroad was at first the specie in the
Southern branch of the United States Mint and in Southern banks。
The former the Confederacy seized and converted to its own use。
Of the latter it lured into its own hands a very large proportion
by what is commonly called 〃the fifteen million loan〃an issue
of
eight percent bonds authorized in February; 1861。 Most of this
specie seems to have been taken out of the country by the
purchase of European commodities。 A little; to be sure; remained;
for there was some gold still at home when the Confederacy fell。
But the sum was small。

In addition to this loan Memminger also persuaded Congress on
August 19; 1861; to lay a direct taxthe 〃war tax;〃 as it was
calledof one…half of one per cent on all property except
Confederate bonds and money。 As required by the Constitution this
tax was apportioned among the States; but if it assumed its
assessment before April 1; 1862; each State was to have a
reduction of ten per cent。 As there was a general aversion to the
idea of Confederate taxation and a general faith in loans; what
the States did; as a rule; was to assume their assessment; agree
to pay it into the Treasury; and then issue bonds to raise the
necessary funds; thus converting the war tax into a loan。

The Confederate; like the Union; Treasury did not have the
courage to force the issue upon taxation and leaned throughout
the war largely upon loans。 It also had recourse to the perilous
device of paper money; the gold value of which was not
guaranteed。 Beginning in March; 1861; it issued under successive
laws great quantities of paper notes; some of them interest
bearing; some not。 It used these notes in payment of its domestic
obligations。 The purchasing value of the notes soon started on a
disastrous downward course; and in 1864 the gold dollar was worth
thirty paper dollars。 The Confederate Government thus became
involved in a problem of self…preservation that was but half
solved by the system of tithes and impressment which we shall
encounter later。 The depreciation of these notes left
governmental clerks without adequate salaries and soldiers
without the means of providing for their families。 During most of
the war; women and other noncombatants had to support the
families or else rely upon local charity organized by state or
county boards。

Long before all the evils of paper money were experienced; the
North; with great swiftness; concentrated its naval forces so as
to dominate the Southern ports which had trade relations with
Europe。 The shipping ports were at once congested with cotton to
the great embarrassment of merchants and planters。 Partly to
relieve them; the Confederate Congress instituted in May; 1861;
what is known today as 〃the hundred million loan。〃 It was the
first of a series of 〃produce loans。〃 The Treasury was authorized
to issue eight percent bonds; to fall due in twenty years; and
to sell them for specie or to exchange them for produce or
manufactured articles。 In the course of the remaining months of
1861 there were exchanged for these bonds great quantities of
produce including some 400;000 bales of cotton。

In spite of the distress of the planters; however; the illusion
of King Cotton's power does not seem to have been seriously
impaired during 1861。 In fact; strange as it now seems; the frame
of mind of the leaders appears to have been proof; that year;
against alarm over the blockade。 For two reasons; the Confederacy
regarded the blockade at first as a blessing in disguise。 It was
counted on to act as a protective tariff in stimulating
manufactures; and at the same time the South expected
interruption of the flow of cotton towards Europe to make England
feel her dependence upon the Confederacy。 In this way there would
be exerted an economic coercion which would compel intervention。
Such reasoning lay behind a law passed in May forbidding the
export of cotton except through the seaports of the Confederacy。
Similar laws were enacted by the States。 During the summer; many
cotton factors joined in advising the planters to hold their
cotton until the blockade broke down。 In the autumn; the Governor
of Louisiana forbade the export of cotton from New Orleans。 So
unshakeable was the illusion in 1861; that King Cotton had
England in his grip! The illusion died hard。 Throughout 1862; and
even in 1863; the newspapers published appeals to the planters to
give up growing cotton for a time; and even to destroy what they
had; so as to coerce the obdurate Englishmen。

Meanwhile; Mason had been accorded by the British upper classes
that generous welcome which they have always extended to the
representative; of a people fighting gallantly against odds。
During the hopeful days o

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