What was one Confederate proposal on the use of its cotton crops?

Answer 1

The Confederate government was opposed to placing any embargoes of the export of cotton. This was in conflict with those states and individuals who believed that an embargo would help the South gain foreign recognition. Various states and governors such as Georgia's Joseph E. Brown supported the idea of a cotton embargo. Jefferson Davis was not in favor of any sort of embargo, cotton or other products and he prevented the Confederate Congress from passing any embargo laws.

Answer 2

Confederate Vice President Alexander Stephens had a proposal for the South's cotton that would greatly benefit the South. The cotton crop of 1861 amounted to 4.5 million bales which at the time was worth $225 million. in gold. This was enormous in that the figure was almost ten times the value of all the gold the South had. Stephens proposed that the Confederate government should use $100 million in Confederate bonds to purchase 200 million bales from the 1860 and 1861 crops. The plan would purchase 50 ironclads to take the cotton to Europe and storing it until the price of cotton hit 50 cents per pound. He believed that this would bring in a profit of $800 million. The plan was not perfect, and its flaws such as impossibility of building 50 ironclads under any circumstances was a pipe dream. Also, his prediction that the price of cotton would rise to 50 cents a pound was speculation at best.