I believe Firelock is correct. The Confederacy believed they were invincible because of the power of "King Cotton" and its people voluntarily withheld exports foolishly at the beginning of the war. By the time they realized that stategy was not forcing britain and france to side with them, the Union blockade was in effect, which was about 95% effective against cotton exports.
C&NW, CA&E, MILW, CGW and IC fan
There was a surplus of cotton in British hands due to bumper crops prior to the Civil War plus Britain imported 1 million bales more than it needed prior to the Civil War to build stocks. Burning of 2.5 million bales by the South documented below and I think they were trying to reduce the surplus but who knows....
http://nationalinterest.org/commentary/embargoes-effective-political-weapon-10056
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