\kˈɒtən lˈə͡ʊnz], \kˈɒtən lˈəʊnz], \k_ˈɒ_t_ə_n l_ˈəʊ_n_z]\
Definitions of COTTON LOANS
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Loans negotiated by the Confederate Government. It induced the planters to promise that, when their cotton was sold, certain sums or a certain proportion of the crop should be paid to the government for the management of the war. In return, and on this basis, the government issued eight per cent bonds. The loan proved worthless to subscribers.
By John Franklin Jameson