With dramatic completeness in the summer and autumn of 1864, the foundations of the Confederate hope one after another gave way. Among the causes of this catastrophe was the failure of the second great attempt on the part of the Confederacy to secure recognition abroad. The subject takes us back to the latter days of 1862, when the center of gravity in foreign affairs had shifted from London to Paris. Napoleon III, at the height of his strange career, playing half a dozen dubious games at once, took up a new pastime and played at intrigue with the Confederacy. In October he accorded a most gracious interview to Slidell. He remarked that his sympathies were entirely with the South but added that, if he acted alone, England might trip him up. He spoke of his scheme for joint intervention by England, France, and Russia. Then he asked why we had not created a navy. Slidell snapped at the bait. He said that the Confederates would be glad to build ships in France, that "if the Emperor would give only some kind of verbal assurance that the police would not observe too closely when we wished to put on guns and men we would gladly avail ourselves of it." To this, the imperial trickster replied, "Why could you not have them built as for the Italian Government? I do not think it would be difficult but will consult the Minister of Marine about it." Slidell left the Emperor's presence confident that things would happen. And they did. First came Napoleon's proposal of intervention, which was declined before the end of the year by England and Russia. Then came his futile overtures to the Government at Washington, his offer of mediation--which was rejected early in 1863. But Slidell remained confident that something else would happen. And in this expectation also he was not disappointed. The Emperor was deeply involved in Mexico and was busily intriguing throughout Europe. This was the time when Erlanger, standing high in the favor of the Emperor, made his gambler's proposal to the Confederate authorities about cotton. Another of the Emperor's friends now enters the play. On January 7, 1863, M. Arman, of Bordeaux, "the largest shipbuilder in France," had called on the Confederate commissioner: M. Arman would be happy to build ironclad ships for the Confederacy, and as to paying for them, cotton bonds might do the trick.