the day of the confederacy-第7部分

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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　of　1862that　Golden　Age　of
ConfederacyMason；　though　not　recognized　by　the　English
Government；　was　shown　every　kindness　by　leading　members　of　the
aristocracy；　who　visited　him　in　London　and　received　him　at　their
houses　in　the　country。　It　was　during　this　period　of　buoyant　hope
that　the　Alabama　was　allowed　to　go　to　sea　from　Liverpool　in　July；
1862。　At　the　same　time　Mason　heard　his　hosts　express　undisguised
admiration　for　the　valor　of　the　soldiers　serving　under　Jackson
and　Lee。　Whether　he　formed　any　true　impression　of　the　other　side
of　British　idealism；　its　resolute　opposition　to　slavery；　may　be
questioned。　There　seems　little　doubt　that　he　did　not　perceive　the
turning　of　the　tide　of　English　public　opinion；　in　the　autumn　of
1862；　following　the　Emancipation　Proclamation　and　the　great
reverses　of　September　and　OctoberAntietam…Sharpsburg；
Perryville；　Corinththe　backflow　of　all　three　of　the　Confederate
offensives。

The　cotton　famine　in　England；　where　perhaps　a　million　people　were
in　actual　want　through　the　shutting　down　of　cotton　mills；　seemed
to　Mason　to　be　〃looming　up　in　fearful　proportions。〃　〃The　public
mind；〃　he　wrote　home　in　November；　1862；　〃is　very　much　disturbed
by　the　prospect　for　the　winter；　and　I　am　not　without　hope　that　it
will　produce　its　effects　on　the　councils　of　the　government。〃　Yet
it　was　the　uprising　of　the　British　working　people　in　favor　of　the
North　that　contributed　to　defeat　the　one　important　attempt　to
intervene　in　American　affairs。　Napoleon　III　had　made　an　offer　of
mediation　which　was　rejected　by　the　Washington　Government　early
the　next　year。　England　and　Russia　had　both　declined　to
participate　in　Napoleon's　scheme；　and　their　refusal　marks　the
beginning　of　the　end　of　the　reign　of　King　Cotton。

At　Paris；　Slidell　was　even　more　hopeful　than　Mason。　He　had　won
over　Emile　Erlanger；　that　great　banker　who　was　deep　in　the
confidence　of　Napoleon。　So　cordial　became　the　relations　between
the　two　that　it　involved　their　families　and　led　at　last　to　the
marriage　of　Erlanger's　son　with　Slidell's　daughter。　Whether　owing
to　Slidell's　eloquence；　or　from　secret　knowledge　of　the　Emperor's
designs；　or　from　his　own　audacity；　Erlanger　toward　the　close　of
1862　made　a　proposal　that　is　one　of　the　most　daring　schemes　of
financial　plunging　yet　recorded。　If　the　Confederate　Government
would　issue　to　him　bonds　secured　by　cotton；　Erlanger　would
underwrite　the　bonds；　put　the　proceeds　of　their　sale　to　the
credit　of　the　Confederate　agents；　and　wait　for　the　cotton　until
it　could　run　the　blockade　or　until　peace　should　be　declared。　The
Confederate　Government　after　some　hesitation　accepted　his　plan
and　issued　fifteen　millions　of　〃Erlanger　bonds；〃　bearing　seven
percent；　and　put　them　on　sale　at　Paris；　London。　Amsterdam；　and
Frankfort。

As　a　purchaser　of　these　bonds　was　to　be　given　cotton　eventually
at　a　valuation　of　sixpence　a　pound；　and　as　cotton　was　then
selling　in　England　for　nearly　two　shillings；　the　bold　gamble
caught　the　fancy　of　speculators。　There　was　a　rush　to　take　up　the
bonds　and　to　pay　the　first　installment。　But　before　the　second
installment　became　due　a　mysterious　change　in　the　market　took
place　and　the　price　of　the　bonds　fell。　Holders　became　alarmed　and
some　even　proposed　to　forfeit　their　bonds　rather　than　pay　on　May
1；　1863；　the　next　installment　of　fifteen　percent　of　the　purchase
money。　Thereupon　Mason　undertook　to　〃bull〃　the　market。　Agents　of
the　United　States　Government　were　supposed　to　be　at　the　bottom　of
the　drop　in　the　bonds。　To　defeat　their　schemes　the　Confederate
agents　bought　back　large　amounts　in　bonds　intending　to　resell。
The　result　was　the　expenditure　of　some　six　million　dollars　with
practically　no　effect　on　the　market。　These　〃Erlanger　bonds〃　sold
slowly　through　1863　and　even　in　1864；　and　netted　a　considerable
amount　to　the　foreign　agents　of　the　Confederacy。

The　comparative　failure　of　the　Erlanger　loan　marks　the　downfall
of　King　Cotton。　He　was　an　exploded　superstition。　He　was　unable；
despite　the　cotton　famine；　to　coerce　the　English　workingmen　into
siding　with　a　country　which　they　regarded；　because　of　its　support
of　slavery；　as　inimical　to　their　interests。　At　home；　the
Government　confessed　the　powerlessness　of　King　Cotton　by　a　change
of　its　attitude　toward　export。　During　the　latter　part　of　the　war；
the　Government　secured　the　meager　funds　at　its　disposal　abroad　by
rushing　cotton　in　swift　ships　through　the　blockade。　So　important
did　this　traffic　become　that　the　Confederacy　passed　stringent
laws　to　keep　the　control　in　its　own　hands。　One　more　cause　of
friction　between　the　Confederate　and　the　State　authorities　was
thus　developed：　the　Confederate　navigation　laws　prevented　the
States　from　running　the　blockade　on　their　own　account。

The　effects　of　the　blockade　were　felt　at　the　ends　of　the　earth。
India　became　an　exporter　of　cotton。　Egypt　also　entered　the
competition。　That　singular　dreamer；　Ismail　Pasha；　whose　reign
made　Egypt　briefly　an　exotic　nation；　neither　eastern　nor　western；
found　one　of　his　opportunities　in　the　American　War　and　the
failure　of　the　cotton　supply。



Chapter　IV。　The　Reaction　Against　Richmond

A　popular　revulsion　of　feeling　preceded　and　followed　the　great
period　of　Confederate　historythese　six　months　of　Titanic　effort
which　embraced　between　March　and　September；　1862；　splendid
success　along　with　catastrophes。　But　there　was　a　marked
difference　between　the　two　tides　of　popular　emotion。　The　wave　of
alarm　which　swept　over　the　South　after　the　surrender　of　Fort
Donelson　was　quickly　translated　into　such　a　high　passion　for
battle　that　the　march　of　events　until　the　day　of　Antietam
resounded　like　an　epic。　The　failure　of　the　triple　offensive　which
closed　this　period　was　followed　in　very　many　minds　by　the
appearance　of　a　new　temper；　often　as　valiant　as　the　old　but　far
more　grim　and　deeply　seamed　with　distrust。　And　how　is　this
distrust；　of　which　the　Confederate　Administration　was　the　object；
to　be　accounted　for？

Various　answers　to　this　question　were　made　at　the　time。　The　laws
of　the　spring　of　1862　were　attacked　as　unconstitutional。　Davis
was　held　responsible　for　them　and　also　for　the　slow　equipment　of
the　army。　Because　the　Confederate　Congress　conducted　much　of　its
business　in　secret　session；　the　President　was　charged　with　a　love
of　mystery　and　an　unwillingness　to　take　the　people　into　his
confidence。　Arrests　under　the　law　suspending　the　writ　of　habeas
corpus　were　made　the　texts　for　harangues　on　liberty。　The　right　of
freedom　of　speech　was　dragged　in　when　General　Van　Dorn；　in　the
Southwest；　threatened　with　suppression　any　newspaper　that
published　anything　which　might　impair　confidence　in　a　commanding
officer。　How　could　he　have　dared　to　do　this；　was　the　cry；　unless
the　President　was　behind　him？　And　when　General　Bragg　assumed　a
similar　attitude　toward　the　press；　the　same　cry　was　raised。
Throughout　the　summer　of　victories；　even　while　the　thrilling
stories　of　Seven　Pines；　the　Peninsula；　Second　Manassas；　were
sounding　like　trumpets；　these　mutterings　of　discontent　formed　an
ominous　accompaniment。

Y