In the 1860 presidential election, Republicans, led by Abraham Lincoln, opposed the expansion of slavery into United States' territories. Lincoln won, but before his inauguration on March 4, 1861, seven slave states with cotton-based economies formed the Confederacy. The first six to secede had the highest proportions of slaves in their populations, a total of 48.8% for the six. Outgoing Democratic President James Buchanan and the incoming Republicans rejected secession as illegal. Lincoln's inaugural address declared his administration would not initiate civil war. Eight remaining slave states continued to reject calls for secession. Confederate forces seized numerous federal forts within territory claimed by the Confederacy. A peace conference failed to find a compromise, and both sides prepared for war. The Confederates assumed that European countries were so dependent on "King Cotton" that they would intervene; none did and none recognized the new Confederate States of America.
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