[84]
[Footnote 82: Philip V. Fithian, _Journal and Letters_ (Princeton, 1900),
p. 145.]
[Footnote 83: H.A. Garland, _Life of John Randolph_ (New York 1851), II,
215.]
[Footnote 84: _Southern Agriculturist_, I, 151-163.]
The remorseless advance of slave prices as measured in their produce tended
to spread the adverse conditions noted by Elliott into all parts of the
South; and by the close of the 'fifties it is fairly certain that no
slaveholders but those few whose plantations lay in the most advantageous
parts of the cotton and sugar districts and whose managerial ability was
exceptionally great were earning anything beyond what would cover their
maintenance and carrying charges.
Achille Loria has repeatedly expressed the generalization that slaves have
been systematically overvalued wherever the institution has prevailed, and
he has attempted to explain the phenomenon by reference to an economic law
of his own formulation that capitalists always and everywhere exploit labor
by devices peculiarly adapted to each regime in turn. His latest argument
in the premises is as follows: Man, who is by nature dispersively
individualistic, is brought into industrial coordination only by coercion.
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