the day of the confederacy-第9章

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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。

Yancey；　speaking　of　the　disturbed　temper　of　the　time；　attributed
it　to　the　general　lack　of　information　on　the　part　of　Southern
people　as　to　what　the　Confederate　Government　was　doing。　His
proposed　remedy　was　an　end　of　the　censorship　which　that
Government　was　attempting　to　maintain；　the　abandonment　of　the
secret　sessions　of　its　Congress；　and　the　taking　of　the　people
into　its　full　confidence。　Now　a　Senator　from　Alabama；　he
attempted；　at　the　opening　of　the　congressional　session　in　the
autumn　of　1862；　to　abolish　secret　sessions；　but　in　his　efforts　he
was　not　successful。

There　seems　little　doubt　that　the　Confederate　Government　had
blundered　in　being　too　secretive。　Even　from　Congress；　much
information　was　withheld。　A　curious　incident　has　preserved　what
appeared　to　the　military　mind　the　justification　of　this
reticence。　The　Secretary　of　War　refused　to　comply　with　a　request
for　information；　holding　that　be　could　not　do　so　〃without
disclosing　the　strength　of　our　armies　to　many　persons　of
subordinate　position　whose　secrecy　cannot　be　relied　upon。〃　〃I　beg
leave　to　remind　you；〃　said　he；　〃of　a　report　made　in　response　to　a
similar　one　from　the　Federal　Congress；　communicated　to　them　in
secret　session；　and　now　a　part　of　our　archives。〃

How　much　the　country　was　in　the　dark　with　regard　to　some　vital
matters　is　revealed　by　an　attack　on　the　Confederate
Administration　which　was　made　by　the　Charleston　Mercury；　in
February。　The　Southern　Government　was　accused　of　unpardonable
slowness　in　sending　agents　to　Europe　to　purchase　munitions。　In
point　of　fact；　the　Confederate　Government　had　been　more　prompt
than　the　Union　Government　in　rushing　agents　abroad。　But　the
country　was　not　permitted　to　know　this。　Though　the　Courier　was　a
government　organ　in　Charleston；　it　did　not　meet　the　charges　of
the　Mercury　by　disclosing　the　facts　about　the　arduous　attempts　of
the　Confederate　Government　to　secure　arms　in　Europe。　The　reply　of
the　Courier　to　the　Mercury；　though　spirited；　was　all　in　general
terms。　〃To　shake　confidence　in　Jefferson　Davis；〃　said