On July 4, 1863, the fortress city of Vicksburg, Mississippi finally was captured after a siege by forces under the command of US Grant. The term of "finally" is used inasmuch as Vicksburg had been under attack ever since the fall of New Orleans in 1862. Union forces had tried every way possible to do this. As one example, General Grant even attempted to alter the course of the Mississippi River over a two year period. This almost caused damage to one of Grant's most loyal supporter, General Sherman, whose troops were engaged in endless digging in the bayous and swamps surrounding the city.As it turned out, the capture of Vicksburg gave the Union control of the Mississippi River from St. Louis Missouri to New Orleans, however, truly its only advantage was one of propaganda value to the North. A look at the map shows three Rebel states west of the river, Arkansas, Texas and the western half of Louisiana.
The military high command of the Confederacy was not impressed with Vicksburg's military or logistical significance. In the Eastern Theater, General Lee was aware of this and from his point of view, Vicksburg was an obstacle for the Union's commercial traffic. Even Lee was incorrect on this, as Mississippi River commerce in 1860 was never surpassed in the years after the fall of Vicksburg.
Confederate generals in the Western Theater, considered Middle Tennessee of much more value than anywhere else within the Rebel west.
As for being a conduit of Southern trade, first thought to be West to East trade, there too was an error. The trade actually flowed in the opposite direction.
The loss of Vicksburg had already been accounted for, especially once the South's largest city, New Orleans, was lost in April of 1862.
Texas had access to Mexico and its own Gulf ports, and Arkansas had access to Texas. And as no major Union operations had even been attempted against Texas, the Mississippi River no military or logistical value whatsoever.
As an aside, the siege of Vicksburg brought great pain to the citizens there. Vicksburg did not celebrate the Fourth of July until 1945.