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should you invest in ironclads or just concentrate on heavy artillery as the south?

Having a fightin' navy is fun, especially at the mouth of Mississippi River.

Many folks build 2 iroinclads each at Memphis and New Orleans plus a gunboat at Little Rock. Then start swinging, especially against the computer.

If you are going to build Ironclads keep them to the Mississippi where you can support them with Heavy Artillery.  They are quite effective at keeping gunboats out of the Mississippi as long as you can keep the Yankee navy from entering from the Gulf.  Under the new rules you can produce them almost as fast as the Union while you hold Memphis.  You may even get the jump on an opponent if they underestimate your production and don't start enough ironclads of their own.

Playing South against the computer on Normal I was able to eventually build up an ironclad fleet that not only kept the Mississipppi open but also ended up clearing out the Gulf and moving up the East coast sinking Northern cruisers. By the middle of 1864 I had restored most of my free trade supply.