The high-risk bond quickly became one of history's most important junk bonds. Image courtesy Eugene R. Dattel . Larger view ... On the eve of the American Civil War in the mid-1800s cotton was America's leading export, and raw cotton was essential for the economy of Europe. read more
In this they turned out to be mistaken. Britain found other parts of the world where they could obtain cotton. Southern plantations continued to grow cotton even during the war when they could not export it. In effect, cotton became less important during the American Civil War because very little cotton was able to break the Union naval blockade. read more
On the eve of the American Civil War in the mid-1800s cotton was America’s leading export, and raw cotton was essential for the economy of Europe. The cotton industry was one of the world’s largest industries, and most of the world supply of cotton came from the American South. read more
Cotton was a very profitable commodity in the US, before, during and later on, after the US Civil War. Blockade runners were able to smuggle cotton over to Europe during the war. Although Great Britain had an excess of cotton in 1861, later on that supply was gone. read more