ECONOMIC VIEWS OF SLAVERY: A SURVEY OF THE LITERATURE
In barbaric society slavery is a normal means of conquering the isolation
of workers and assembling them in more productive coördination. Where
population is scant and money little used it is almost a necessity in the
conduct of large undertakings, and therefore more or less essential for
the advancement of civilization. It is a means of domesticating savage or
barbarous men, analogous in kind and in consequence to the domestication of
the beasts of the field.[1] It was even of advantage to some of the people
enslaved, in that it saved them from extermination when defeated in war,
and in that it gave them touch with more advanced communities than their
own. But this was counterbalanced by the stimulus which the profits of
slave catching gave to wars and raids with all their attendant injuries.
Any benefit to the slave, indeed, was purely incidental. The reason for the
institution's existence was the advantage which accrued to the masters.
So positive and pronounced was this reckoned to be, that such highly
enlightened people as the Greeks and Romans maintained it in the palmiest
days of their supremacies.
[Footnote 1: This thought was expressed, perhaps for the first time, in
T.R. Dew's essay on slavery (1832); it is elaborated in Gabriel Tarde, _The
Laws of Imitation_ (Parsons tr., New York, 1903), pp. 278, 279.]
Western Europe in primitive times was no exception. Slavery in a more or
less fully typical form was widespread. When the migrations ended in the
middle ages, however, the rise of feudalism gave the people a thorough
territorial regimentation. The dearth of commerce whether in goods or in
men led gradually to the conversion of the unfree laborers from slaves
into serfs or villeins attached for generations to the lands on which they
wrought. Finally, the people multiplied so greatly and the landless were
so pressed for livelihood that at the beginning of modern times European
society found the removal of bonds conducive to the common advantage. Serfs
freed from their inherited obligations could now seek employment wherever
they would, and landowners, now no longer lords, might employ whom they
pleased. Bondmen gave place to hirelings and peasant proprietors,
status gave place to contract, industrial society was enabled to make
redistributions and readjustments at will, as it had never been before. In
view of the prevailing traits and the density of the population a general
return whether to slavery or serfdom was economically unthinkable. An
intelligent Scotch philanthropist, Fletcher of Saltoun, it is true,
proposed at the end of the seventeenth century that the indigent and their
children be bound as slaves to selected masters as a means of relieving
the terrible distresses of unemployment in his times;[2] but his project
appears to have received no public sanction whatever. The fact that he
published such a plan is more a curious antiquarian item than one of
significance in the history of slavery. Not even the thin edge of a wedge
could possibly be inserted which might open a way to restore what everyone
was on virtually all counts glad to be free of.
[Footnote 2: W.E.H. Lecky, _History of England in the Eighteenth Century_
(New York, 1879), II, 43,44.]
When the American mining and plantation colonies were established, however,
some phases of the most ancient labor problems recurred. Natural resources
invited industry in large units, but wage labor was not to be had. The
Spaniards found a temporary solution in impressing the tropical American
aborigines, and the English in a recourse to indented white immigrants. But
both soon resorted predominantly for plantation purposes to the importation
of Africans, for whom the ancient institution of slavery was revived. Thus
from purely economic considerations the sophisticated European colonists
of the sixteenth and seventeenth centuries involved themselves and their
descendants, with the connivance of their home governments, in the toils of
a system which on the one hand had served their remote forbears with good
effect, but which on the other hand civilized peoples had long and almost
universally discarded as an incubus. In these colonial beginnings the
negroes were to be had so cheaply and slavery seemed such a simple and
advantageous device when applied to them, that no qualms as to the future
were felt. At least no expressions of them appear in the records of thought
extant for the first century and more of English colonial experience.
And when apprehensions did arise they were concerned with the dangers of
servile revolt, not with any deleterious effects to arise from the economic
nature of slavery in time of peace.
Now, slavery and indented servitude are analogous to serfdom in that they
may yield to the employers all the proceeds of industry beyond what is
required for the sustenance of the laborers; but they have this difference,
immense for American purposes, that they permit labor to be territorially
shifted, while serfdom keeps it locally fixed. By choosing these
facilitating forms of bondage instead of the one which would have attached
the laborers to the soil, the founders of the colonial régime in industry
doubtless thought they had avoided all economic handicaps in the premises.
Their device, however, was calculated to meet the needs of a situation
where the choice was between bond labor and no labor. As generations passed
and workingmen multiplied in America, the system of indentures for white
immigrants was automatically dissolved; but slavery for the bulk of the
negroes persisted as an integral feature of economic life. Whether this
was conducive or injurious to the prosperity of employers and to the
community's welfare became at length a question to which students far and
wide applied their faculties. Some of the participants in the discussion
considered the problem as one in pure theory; others examined not only the
abstract ratio of slave and free labor efficiency but included in their
view the factor of negro racial traits and the prospects and probable
consequences of abolition under existing circumstances. On the one point
that an average slave might be expected to accomplish less in an hour's
work than an average free laborer, agreement was unanimous; on virtually
every other point the views published were so divergent as to leave the
public more or less distracted. Adam Smith, whose work largely shaped the
course of economic thought for a century following its publication in 1776,
said of slave labor merely that its cost was excessive by reason of its
lack of zest, frugality and inventiveness. The tropical climate of the
sugar colonies, he conceded, might require the labor of negro slaves,
but even there its productiveness would be enhanced by liberal policies
promoting intelligence among the slaves and assimilating their condition to
that of freemen.[3] To some of these points J.B. Say, the next economist to
consider the matter, took exception. Common sense must tell us, said he,
that a slave's maintenance must be less than that of a free workman, since
the master will impose a more drastic frugality than a freeman will adopt
unless a dearth of earnings requires it. The slave's work, furthermore,
is more constant, for the master will not permit so much leisure and
relaxation as the freeman customarily enjoys. Say agreed, however, that
slavery, causing violence and brutality to usurp the place of intelligence,
both hampered the progress of invention and enervated such free laborers as
were in touch with the régime.[4]
[Footnote 3: Adam Smith, _The Wealth of Nations_, various editions, book I,
chap. 8; book III, chap. 2; book IV, chaps. 7 and 9.]
[Footnote 4: J.B. Say, _Traité d'Economie Politique_ (Paris, 1803), book I,
chap. 28; in various later editions, book I, chap. 19.]
The translation of Say's book into English evoked a reply to his views on
slavery by Adam Hodgson, an Englishman with anti-slavery bent who had made
an American tour; but his essay, though fortified with long quotations,
was too rambling and ill digested to influence those who were not already
desirous of being convinced.[5] More substantial was an essay of 1827 by
a Marylander, James Raymond, who cited the experiences of his own
commonwealth to support his contentions that slavery hampered economy by
preventing seasonal shiftings of labor, by requiring employers to support
their operatives in lean years as well as fat, and by hindering the
accumulation of wealth by the laborers. The system, said he, could yield
profits to the masters only in specially fertile districts; and even there
it kept down the growth of population and of land values.[6]
[Footnote 5: Adam Hodgson, _A Letter to M. Jean-Baptiste Say, on the
comparative expense of free and slave labour_ (Liverpool, 1823; New York,
1823).]
[Footnote 6: James Raymond, _Prize Essay on the Comparative Economy of Free
and Slave Labor in Agriculture_ (Frederick [Md.], 1827), reprinted in the
_African Repository_, III, 97-110 (June, 1827).]
About the same time Dr. Thomas Cooper, president of South Carolina College,
wrote: "Slave labour is undoubtedly the dearest kind of labour; it is all
forced, and forced too from a class of human beings who have the least
propensity to voluntary labour even when it is to benefit themselves
alone." The cost of rearing a slave to the age of self support, he
reckoned, including insurance, at forty dollars a year for fifteen years.
The usual work of a slave field hand, he thought, was barely two-thirds of
what a white laborer at usual wages would perform, and from his earnings
about forty dollars a year must be deducted for his maintenance. When
interest on the investment and a proportion of an overseer's wages were
deducted in addition, he thought the prevalent rate, six to eight dollars
a month and board valued at forty or fifty dollars a year, for free white
farm hands in the Northern states gave a decisive advantage to those who
hired laborers over those who owned them. "Nothing will justify slave
labour in point of economy," he concluded, "but the nature of the soil and
climate which incapacitates a white man from labouring in the summer time,
as on the rich lands in Carolina and Georgia extending one hundred miles
from the seaboard."[7]
[Footnote 7: Thomas Cooper, _Lectures on the Elements of Political
Economy_, (Columbia [S.C.], 1826), pp. 94, 95.]
The economic vices of slavery as exemplified in Virginia were elaborated in
an essay printed in 1832 attributed to Jesse Burton Harrison of that state.
Slavery, said this essay, drives away free workmen by stigmatizing labor,
for "nothing but the most abject necessity would lead a white man to hire
himself to work in the fields under the overseer"; it causes exhaustion of
the soil by reason of the negligence it promotes in the workmen and
the stress which overseers are fain to put upon immediate returns; it
discourages all forms of industry but plantation tillage, furthermore, for
although it has not and perhaps cannot be proved that slaves may not be
successfully employed in manufactures, the community has gone and tends
still to go, on that assumption; it discourages mechanic skill, for the
slaves never acquire more than the rudiments of artisanry, and the planters
discourage white craftsmen by giving preference uniformly to their
own laborers. Slave labor is dearer than free, because of its lack of
incentive; the régime costs the community the services of the immigrants
who would otherwise enter; and finally it promotes waste instead of
frugality on the part of both masters and slaves. The only means by which
Virginia could procure profit from slaves, it concluded, was that of
raising them for sale to the lower South; but such profit could only be
gained systematically at a complete sacrifice of honor.[8]
[Footnote 8: [Jesse Burton Harrison], _Review of the Slave Question,
extracted from the American Quarterly Review, Dec. 1832_. By a Virginian
(Richmond, 1833).]
Daniel R. Goodloe of North Carolina wrote in 1846 in a similar tone but
with original arguments. Beginning with an exposition of the South's
comparative backwardness in economic development, he showed a twofold
working of the institution of slavery as the cause. For one thing it
lessened the vigor of industry by degrading labor in the estimation of the
poor and engendering pride in the rich; but far more important, it required
employers to sink large amounts of capital in the purchase of laborers
instead of permitting them to pay for work, as the wage system does, out
of current proceeds. It thereby particularly hampered the growth of
manufactures, for in such lines, as well as in commerce, "the fact that
slavery absorbs the bulk of Southern capital must always present an
obstacle to extensive operations." The holding of laborers as property, he
continued, can contribute nothing to production, for the destruction of the
property by the liberation of the slaves would not impair their laboring
efficiency. Hence all the individual wealth which has assumed that shape
has added nothing to the resources of the community. "Slavery merely serves
to appropriate the wages of labor--it distributes wealth, but cannot create
it." It involves expenditure in acquiring early population, then operates
to prevent land improvements and the diversification of industry,
restricting, indeed, even the range of agriculture. The monopoly which the
South has enjoyed in the production of the staples has palliated the evils
of slavery, but at the same time has expanded the system to the point of
great injury to the public. Goodloe accordingly advocated the riddance of
the institution, contending that both landowners and laborers would thereby
benefit. The continued maintenance of the institution, on the other hand,
would bring severe loss to the slaveholders, for within the coming decade
the demand of the Southwest for slaves would be sated, he thought, and
nothing but a great advancement of cotton prices and an unlimited supply of
fertile land for its production could sustain slave prices. "It is
evident that the Southern country approaches a period of great and sudden
depreciation in the value of slave property."[9]
[Footnote 9: [D.R. Goodloe], _Inquiry into the Causes which have retarded
the Accumulation of Wealth and Increase of Population in the
Southern States, in which the question of slavery is considered in a
politico-economic point of view. By a Carolinian_. (Washington, 1846.)
_See also_ a similar essay by the same author in the U.S. Commissioner of
Agriculture's _Report_ for 1865, pp. 102-135.]
The statistical theme of the South's backwardness was used by many other
essayists in the period for indicting the slaveholding régime. With most
of these, however, exemplified saliently by H.R. Helper, logic was to such
extent replaced with vehemence as to transfer their writings from the
proper purview of economics to that of sectional controversy.
On the other hand, Thomas R. Dew, whose cogent essay of 1832 marks the turn
of the prevailing Southern sentiment toward a firm support of slavery,
attributed the lack of prosperity in the South to the tariff policy of the
United States, while he largely ignored the question of labor efficiency.
His central theme was the imperative necessity of maintaining the
enslavement of the negroes on hand until a sound plan was devised and made
applicable for their peaceful and prosperous disposal elsewhere. Among
Dew's disciples, William Harper of South Carolina admitted that slave labor
was dear and unskillful, though he thought it essential for productive
industry in the tropics and sub-tropics, and he considered coercion
necessary for the negroes elsewhere in civilized society. James H. Hammond,
likewise, agreed that "as a general rule ... free labor is cheaper than
slave labor," but in addition to the factor of race he stressed the
sparsity of population in the South as a contributing element in
economically necessitating the maintenance of slavery.[10]
[Footnote 10: "Essay" (1832), Harper's "Memoir" (1838), and Hammond's
"Letters to Clarkson" (1845) are collected in the _Pro-Slavery Argument_
(Philadelphia, 1852).]
Most of the foregoing Southern writers were men of substantial position and
systematic reasoning. N.A. Ware, on the other hand who in 1844 issued in
the capacity of a Southern planter a slender volume of _Notes on Political
Economy_ was both obscure and irresponsible. Contending as his main theme
that protective tariffs were of no injury to the plantation interests, he
asserted that slave labor was incomparably cheaper than free, and attempted
to prove it by ignoring the cost of capital and by reckoning the price
of bacon at four cents a pound and corn at fifteen cents a bushel. Then,
curiously, he delivered himself of the following: "When slavery shall have
run itself out or yielded to the changes and ameliorations of the times,
the owners and all dependent upon it will stand appalled and prostrate,
as the sot whose liquor has been withheld, and nothing but the bad and
worthless habit left to remind the country of its ruinous effects. The
political economist, as well as all wise statesmen in this country, cannot
think of any measure going to discharge slavery that would not be a worse
state than its existence." His own remedy for the depression prevailing at
the time when he wrote, was to divert a large proportion of the slaves from
the glutted business of staple agriculture into manufacturing, for which he
thought them well qualified.[11] Equally fantastic were the ideas of H.C.
Carey of Pennsylvania who dealt here and there with slavery in the course
of his three stout volumes on political economy. His lucubrations are
negligible for the present survey.
[Footnote 11: [N.A. Ware] _Notes on Political Economy as applicable to the
United States_. By a Southern Planter (New York, 1844), pp. 200-204.]
All these American writers except Goodloe accomplished little of
substantial quality in the field of economic thought beyond adding details
to the doctrines of Adam Smith and Say. John Stuart Mill in turn did little
more than combine the philosophies of his predecessors. "It is a truism
to assert," said he, "that labour extorted by fear of punishment is
insufficient and unproductive"; yet some people can be driven by the
lash to accomplish what no feasible payment would have induced them to
undertake. In sparsely settled regions, furthermore, slavery may afford
the otherwise unobtainable advantages of labour combination, and it has
undoubtedly hastened industrial development in some American areas. Yet,
since all processes carried on by slave labour are conducted in the rudest
manner, virtually any employer may pay a considerably greater value in
wages to free labour than the maintenance of his slaves has cost him and be
a gainer by the change.[12]
[Footnote 12: John Stuart Mill, _Principles of Political Economy_ (London,
1848, and later editions), book II, chap. 5.]
Partly concurring and partly at variance with Mill's views were those which
Edmund Ruffin of Virginia published in a well reasoned essay of 1857, _The
Political Economy of Slavery_. "Slave labor in each individual case and for
each small measure of time," he said, "is more slow and inefficient than
the labor of a free man." On the other hand it is more continuous, for
hirelings are disposed to work fewer hours per day and fewer days per year,
except when wages are so low as to require constant exertion in the
gaining of a bare livelihood. Furthermore, the consolidation of domestic
establishments, which slavery promotes, permits not only an economy in the
purchase of supplies but also a great saving by the specialization of labor
in cooking, washing, nursing, and the care of children, thereby releasing
a large proportion of the women from household routine and rendering them
available for work in the field. An increasing density of population,
however, would depress the returns of industry to the point where slaves
would merely earn their keep, and free laborers would of necessity lengthen
their hours. Finally a still greater glut of labor might come, and indeed
had occurred in various countries of Europe, carrying wages so low that
only the sturdiest free laborers could support themselves and all the
weaker ones must enter a partial pauperism. At such a stage the employment
of slaves could only be continued at a steady deficit, to relieve
themselves from which the masters must resort to a general emancipation. In
the South, however, there were special public reasons, lying in the racial
traits of the slave population, which would make that recourse particularly
deplorable; for the industrial collapse ensuing upon emancipation in the
British West Indies on the one hand, and on the other the pillage and
massacre which occurred in San Domingo and the disorder still prevailing
there, were alternative examples of what might be apprehended from orderly
or revolutionary abolition as the case might be. The Southern people, in
short, might well congratulate themselves that no ending of their existing
régime was within visible prospect.[13]
[Footnote 13: Edmund Ruffin, _The Political Economy of Slavery_ ([Richmond,
1857]).]
About the same time a writer in _DeBow's Review_ elaborated the theme that
the comparative advantages of slavery and freedom depended wholly upon the
attainments of the laboring population concerned. "Both are necessarily
recurring types of social organization, and each suited to its peculiar
phase of society." "When a nation or society is in a condition unfit for
self-government, ... often the circumstance of contact with or subjection
by more enlightened nations has been the means of transition to a higher
development." "All that is now needed for the defence of United States
negro slavery and its entire exoneration from reproach is a thorough
investigation of fact; ... and political economy ... must ... pronounce our
system ... no disease, but the normal and healthy condition of a society
formed of such mixed material as ours." "The strong race and the weak, the
civilized and the savage," the one by nature master, the other slave, "are
here not only cast together, but have been born together, grown together,
lived together, worked together, each in his separate sphere striving for
the good of each.... These two races of men are mutually assistant to each
other and are contributing in the largest possible degree consistent with
their mutual powers to the good of each other and mankind." A general
emancipation therefore could bring nothing but a detriment.[14]
[Footnote 14: _DeBow's Review_, XXI, 331-349, 443-467 (October and
November, 1856).]
What proved to be the last work in the premises before the overthrow of
slavery in the United States was _The Slave Power, its Character, Career
and Probable Designs_, by J.E. Cairnes, professor of political economy in
the University of Dublin and in Queen's College, Galway. It was published
in 1862 and reissued with appendices in the following year. Cairnes at the
outset scouted the factors of climate and negro racial traits. The sole
economic advantage of slavery, said he, consists in its facilitation
of control in large units; its defects lay in its causing reluctance,
unskilfulness and lack of versatility. The reason for its prevalence in the
South he found in the high fertility and the immense abundance of soil on
the one hand, and on the other the intensiveness of staple cultivation. A
single operative, said he, citing as authority Robert Russell's erroneous
assertion, "might cultivate twenty acres in wheat or Indian corn, but could
not manage more than two in tobacco or three in cotton; therefore the
supervision of a considerable squad is economically feasible in these
though it would not be so in the cereals." These conditions might once have
made slave labor profitable, he conceded; but such possibility was now
doubtless a thing of the distant past. The persistence of the system did
not argue to the contrary, for it would by force of inertia persist as long
as it continued to be self-supporting.
Turning to a different theme, Cairnes announced that slave labor, since it
had never been and never could be employed with success in manufacturing or
commercial pursuits, must find its whole use in agriculture; and even there
it required large capital, at the same time that the unthrifty habits
inculcated in the masters kept them from accumulating funds. The
consequence was that slaveholding society must necessarily be and remain
heavily in debt. The imperative confinement of slave labor to the most
fertile soils, furthermore, prevented the community from utilizing any
areas of inferior quality; for slaveholding society is so exclusive that it
either expels free labor from its vicinity or deprives it of all industrial
vigor. It is true that some five millions of whites in the South have no
slaves; but these "are now said to exist in this manner in a condition
little removed from savage life, eking out a wretched subsistence by
hunting, by fishing, by hiring themselves for occasional jobs, by plunder."
These "mean whites ... are the natural growth of the slave system; ...
regular industry is only known to them as the vocation of slaves, and it is
the one fate which above all others they desire to avoid."[15]
[Footnote 15: First American edition (New York, 1862), pp. 54, 78, 79.]
"The constitution of a slave society," he says again, "resolves itself into
three classes, broadly distinguished from each other and connected by no
common interest--the slaves on whom devolves all the regular industry, the
slaveholders who reap all its fruits, and an idle and lawless rabble who
live dispensed over vast plains in a condition little removed from absolute
barbarism."[16] Nowhere can any factors be found which will promote any
progress of civilization so long as slavery persists. The non-slaveholders
will continue in "a life alternating between listless vagrancy and the
excitement of marauding expeditions." "If civilization is to spring up
among the negro race, it will scarcely be contended that this will happen
while they are still slaves; and if the present ruling class are ever to
rise above the existing type, it must be in some other capacity than
as slaveholders."[17] Even as a "probationary discipline" to prepare a
backward people for a higher form of civilized existence, slavery as it
exists in America cannot be justified; for that effect is vitiated by
reason of the domestic slave trade. "Considerations of economy, ... which
under a natural system afford some security for humane treatment by
identifying the master's interest with the slave's preservation, when once
trading in slaves is practised become reasons for racking to the utmost the
toil of the slave; for when his place can at once be supplied from foreign
preserves the duration of his life becomes a matter of less moment than
its productiveness while it lasts. It is accordingly a maxim of slave
management in slave-importing countries, that the most effective economy is
that which takes out of the human chattel in the shortest space of time the
utmost amount of exertion it is capable of putting forth."[18]
[Footnote 16: Ibid., p. 60.]
[Footnote 17: Ibid., p. 83.]
[Footnote 18: First American edition (New York, 1862), p. 73.]
The force of circumstances gave this book a prodigious and lasting vogue.
Its confident and cogent style made skepticism difficult; the dearth of
contrary data prevented impeachment on the one side of the Atlantic, and
on the other side the whole Northern people would hardly criticise such a
vindication of their cause in war by a writer from whose remoteness might
be presumed fairness, and whose professional position might be taken as
giving a stamp of thoroughness and accuracy. Yet the very conditions and
method of the writer made his interpretations hazardous. An economist,
using great caution, might possibly have drawn the whole bulk of his data
from travelers' accounts, as Cairnes did, and still have reached fairly
sound conclusions; but Cairnes gave preference not to the concrete
observations of the travelers but to their generalizations, often biased
or amateurish, and on them erected his own. Furthermore, he ignored such
material as would conflict with his preconceptions. His conclusions,
accordingly, are now true, now false, and while always vivid are seldom
substantially illuminating. His picture of the Southern non-slaveholders,
which, be it observed, he applied in his first edition to five millions
or ten-elevenths of that whole white population, and which he restricted,
under stress of contemporary criticism, only to four million souls in the
second edition,[19] is merely the most extreme of his grotesqueries. The
book was, in short, less an exposition than an exposure.
[Footnote 19: Ibid., second edition (London, 1863), appendix D.]
These criticisms of Cairnes will apply in varying lesser degrees to all of
his predecessors in the field. Those who sought the truth merely were in
general short of data; those who could get the facts in any fullness were
too filled with partisan purpose. What was begun as a study was continued
as a dispute, necessarily endless so long as the political issue remained
active. Many data which would have been illuminating, such as plantation
records and slave price quotations, were never systematically assembled;
and the experience resulting from negro emancipation was then too slight
for use in substantial generalizations. The economist M'Culloch, for
example, concluded from the experience of San Domingo and Jamaica that
cane sugar production could not be sustained without slavery;[20] but the
industrial careers of Cuba, Porto Rico and Louisiana since his time have
refuted him. He, like virtually all his contemporaries in economic thought,
confused the several factors of slavery, race traits and the plantation
system; the consequent liability to error was inevitable.
[Footnote 20: J.R. M'Culloch, _Principles of Political Economy_ (fourth
edition, Edinburgh, 1849), p. 439.]
Economists of later times have nearly all been too much absorbed in current
problems to give attention to a discarded institution. Most of them have
ignored the subject of slavery altogether, and the concern of the rest with
it has been merely incidental. Nicholson, for example, alludes to it as[21]
"one of the earliest and one of the most enduring forms of poverty," and
again as "the original and universal form of bankruptcy." Smart deals with
it only as concerns the care of workingmen's children: "The one good thing
in slavery was the interest of the master in the future of his workers.
The children of the slaves were the master's property. They were always at
least a valuable asset.... But there is no such continuity in the
relation between the employer [of free labor] and his human cattle. The
best-intentioned employer cannot be expected to be much concerned about the
efficient upkeep of the workman's child when the child is free to go where
he likes.... The child's future is bound up with the father's wage. The
wage may be enough, even when low, to support the father's efficiency, but
it is not necessarily enough to keep up the efficiency of the young laborer
on which the future depends."[22] Loria deals more extensively with
slavery as affected by the valuation of labor,[23] and Gibson[24] examines
elaborately the nature of hypothetically absolute slavery in analyzing the
earnings of labor. The contributions of both Loria and Gibson will be used
below. The economic bearings of the institution in history still await
satisfactory analysis.
[Footnote 21: J.S. Nicholson, _Principles of Political Economy_ (New York,
1898), I, 221, 391.]
[Footnote 22: William Smart, _The Distribution of Income_ (London, 1899),
pp. 296, 297.]
[Footnote 23: Achille Loria, _La Costitutione Economica Odierna_ (Turin,
1899), chap. 6, part 2.]
[Footnote 24: Arthur H. Gibson, _Human Economics_ (London, 1909).]