In an essay of
1859 Edmund Ruffin analyzed the effects in Virginia. In the last fifteen
years, he said, the value of slaves had been doubled, solely because of
the demand from the lower South. The Virginians affected fell into three
classes. The first were those who had slaves to be sold, whether through
pressure of debt or in the legal division of estates or in the rare event
of liquidating a surplus of labor. These would receive advantage from high
prices. The second were those who wishing neither to buy nor sell slaves
desired merely to keep their estates intact. These were, of course,
unaffected by the fluctuations. The third were the great number of
enterprising planters and farmers who desired to increase the scale of
their industrial operations and who would buy slaves if conditions were
propitious but were debarred therefrom by the immoderate prices. When these
men stood aside in the bidding the manual force and the earning power of
the commonwealth were depleted. The smaller volume of labor then remaining
must be more thinly applied; land values must needs decline; and the
shrewdest employers must join the southward movement. The draining of
the slaves, he continued, would bring compensation in an inflow of white
settlers only when the removal of slave labor had become virtually complete
and had brought in consequence the most extreme prostration of land
prices and of the incomes of the still remaining remnant of the original
population.
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