In Dalzell's story, a handful of Confederate cruisers killed the American carrying trade by so harrying Federal merchant shipping that world commerce took flight from ships flying the United States flag. The scene shifts often: from the high seas to high diplomatic intrigue in world capitals, to shipyards of supposedly neutral nations that built ships for the Confederacy while pretending otherwise. Final chapters trace the continuing effects of the Civil War upon the American carrying trade.

Originally published in 1940.

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