By:Janajha Walker 1st period
To demonstrate the power of King Cotton southern cotton merchants spontaneously refused to ship out their cotton in early 1861; it was not a government decision. By summer 1861, the Union blockade shut down over 95% of exports. Since the Europeans had large stockpiles of cotton, they were not immediately injured by the boycott; indeed the value of their stockpiles went up. For Britain to intervene meant war with the U.S. and a cutoff of food supplies, so it did not intervene. Consequently, the strategy proved a failure for the Confederacy—King Cotton did not help the new nation.