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 occasion, there is at least a possibility that the war's tide might have been turned then and there.

But there was a narrower contingency than either one of these. To a positively decisive extent, the success of the National forces in subjugating the Southern States turned on the sea power. The conquest of the Confederacy was in fact a matter of supreme difficulty as it was; and if the South had possessed a respectable navy, and had been able to keep its ports open and steadily exchange its cotton in Europe for the materials and munitions of war, the conquest would not have been possible at all.

The chance for the establishment of such a navy lay within the grasp of the Confederate statesmen, and was by them let slip. Neither they, nor any one else at the time, realized how easy the thing would have been.

It is first necessary to explain in what situation the National government was, at the outset of the war,