The Confederacy was formed on February 8, 1861, by the seven secession slave states: South Carolina, Mississippi, Florida, Alabama, Georgia, Louisiana, and Texas. All seven of the states were located in the Deep South region of the United States, whose economy was heavily dependent upon agriculture—particularly cotton—and a plantation system that relied upon slaves of African descent for labor. Convinced that white supremacy and the institution of slavery were threatened by the November 1860 election of Republican candidate Abraham Lincoln to the U.S. presidency, on a platform which opposed the expansion of slavery into the western territories, the Confederacy declared its secession from the United States, with the loyal states becoming known as the Union during the ensuing American Civil War. In a speech known today as the Cornerstone Address, Confederate Vice President Alexander H. Stephens described its ideology as being centrally based "upon the great truth that the negro is not equal to the white man; that slavery, subordination to the superior race, is his natural and normal condition".