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Cotton is King!" Hammond was right, too. By 1860, the South exported two-thirds of the world's supply of the ?white gold.' He shared the views of nearly every Southerner, in believing cotton ruled not just the South, but the North, and the rest of the world as well. Cotton indeed drove the economy of the South, affecting its social structure, and, during the War of Northern Aggression, dominating international relations of the Confederacy through "cotton diplomacy...
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More than three-fourths of the cotton used in the textile industries of England and France came from the South. Between one fourth and one fifth of the English population depended in some way upon the textile industry, and over half of England's imports were in cotton textiles. About a tenth of the nation's wealth was invested in the cotton business...
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