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== King Cotton ==

The summer of 1862 proved to be the most hopeful for the South with regard to British and French intervention on the behalf of the CSA. Although news took ten days to cross the Atlantic, European powers became increasingly aware of Lee’s victories in the eastern theater. News of Confederate success coincided with a massive shortage of cotton in Europe, particularly in England. Prior to the war, a full 80% of Britain and France’s raw cotton came from Confederate states. Until the summer of 1862, England was able to utilize the surplus of cotton they purchased from the exceptional crops of 1859 and 1861.<ref>McPherson, ''Crossroads of Freedom'', 35.</ref> By May 1862, the supply was less than a third of what the mills required and the European textile industry was facing a crisis. Unemployment in Britain grew exponentially as 75% of cotton workers were unemployed or faced reduced work hours.<ref>James McPherson, ''Battle Cry of Freedom: The Civil War Era'' (New York: Oxford University Press, 1988), 548.</ref> King Cotton still reigned supreme.