or "financial recognition of the
Confederacy," as Mason and Slidell, in the first flush of success,
attributed to it. The rapid fluctuations in price further discredited it
and tended to emphasize the uncertainty of Southern victory. Thus
"confidence in the South" was, if anything, lessened instead of
increased by this turning from political to financial methods of
bringing pressure upon the Government[1071].

Southern political and parliamentary pressure had indeed been reserved
from January to June, 1863. Public attention was distracted from the war
in America by the Polish question, which for a time, particularly during
the months of March and April, 1863, disturbed the good relations
existing between England and France since the Emperor seemed bent on
going beyond British "meddling," even to pursuing a policy that easily
might lead to war with Russia. Europe diverted interest from America,
and Napoleon himself was for the moment more concerned over the Polish
question than with American affairs, even though the Mexican venture was
still a worry to him. It was no time for a British parliamentary "push"
and when a question was raised on the cotton famine in Lancashire
little attention was given it, though ordinarily it would have been
seized upon as an opportunity for a pro-Southern demonstration. This was
a bitter attack by one Ferrand in the Commons, on April 27, directed
against the cotton manufacturers as lukewarm over employees' sufferings.
Potter, a leading cotton manufacturer, replied to the attack. Potter and
his brother were already prominent as strong partisans of the North, yet
no effort was made to use the debate to the advantage of the
South[1072].

In late May both necessity and fortuitous circumstance seemed to make
advisable another Southern effort in Parliament. The cotton loan, though
fairly strong again because of Confederate governmental aid, was in fact
a failure in its expected result of public support for the South;
something must be done to offset that failure. In Polish affairs France
had drawn back; presumably Napoleon was again eager for some active
effort. Best of all, the military situation in America was thought to
indicate Southern success; Grant's western campaign had come to a halt
with the stubborn resistance of the great Mississippi stronghold at
Vicksburg, while in Virginia, Lee, on May 2-3, had overwhelmingly
defeated Hooker at Chancellorsville and was preparing, at last, a
defi