King Cotton Diplomacy is such a great title. It grabbed my attention when I noticed it in the footnotes of James McPherson's Battle Cry of Freedom. Now, some fifteen years later, I was finally able to read the actual book. Frank Lawrence Owsley, Jr. sets out to study the diplomatic history of the Confederacy, especially its relations with Britain, France, and Mexico. He digs into economic reports and government archives in addition to published materials. This is an extremely well-researched book, and I've never read anything else that covers this subject in depth. The basic argument is that the Confederates believed that they had great leverage over Britain and France because they controlled the best cotton crop in the world. The British and, to a lesser extent, French textile industries depended on the supply of raw cotton from the South. But for a variety of reasons, Confederate diplomats were never able to parlay this leverage into British or French aid, let alone official recognition, during the Civil War. For one, the last crop that went overseas before the war was so huge that the British and French industries could continue to use it for about a year before they felt a pinch. And, ironically, Confederate battlefield success made the European powers less likely to offer official recognition, because they believed the Confederacy would soon achieve independence on its own without their needing to antagonize the United States.
Owsley was clearly an excellent historian. Based on what I've read elsewhere, he was also something of a Lost Cause sympathizer and white nationalist. Fortunately, these biases rarely infect his writing in this book. However, I was rankled when he seemingly bought into Confederate propaganda that the United States was bribing hundreds of thousands of Irish and Germans to immigrate to the United States and enlist in the Union army. In other areas, such as cotton production, he was scrupulous in ferreting out facts and figures, but in this case he didn't bother. There were also one or two casual disparagements of President Lincoln that seemed out of character for the rest of the book. But I have to say, Owsley seemed to give a grudgingly complimentary portrait of Secretary of State William Seward. For every maneuver by Confederate diplomats, Seward was always there working the opposite angle.
Long story short, King Cotton Diplomacy is worth reading, as long as you proceed with a bit of caution.