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During the Civil War, under pressure from a deteriorating Rebel economy and the threat of emancipation, the slave trade flourished. Enticed by the promise of a revived slave economy at the war’s end—and a corresponding boom in slave prices—residents of the Confederate States of America considered enslaved people an alluring speculation. In the meantime, enslaved property helped Rebels hedge against wartime inflation. (Guy)
From secession to Appomattox and the Potomac to the Rio Grande, thousands of slaveholders joined Smith in investing scarce resources in the commodified bodies of enslaved men, women, and children. In part, their actions represented continuity amid the conflict. As antebellum enslavers exploited new lands, new technologies, and slave labor to increase cotton cultivation, they centered the American South within the modernizing endeavor historians have labeled the “second slavery.” (Guy)
The economic mayhem caused by the Civil War should have discouraged investment in slaves. Surprisingly, this actually incentivized investment in enslaved property. As staple crop agriculture stagnated, as US forces overran broad swathes of the Confederacy, and as the purchasing power of their currency collapsed, Confederates snatched up enslaved men, women, and children as repositories of value. Compared to the other available investments, the enslaved seemed most likely to retain their worth—and the promise of their future appreciation added a speculative appeal. In a climate that rendered all assets toxic, enslaved people thus promised the safest available harbor against wartime losses. (Guy)
Confederates were convinced that they would inevitably win the war and that slaves would become more valuable once they did so. Most Rebels were convinced they would win, and they were confident in slavery's future and the Confederacy's ability to provide ongoing security for the institution. Even as the war progressed and the Confederacy appeared to be doing worse, there was still a booming market for enslaved people. (Ezra C)
For people purchasing or owning slaves, women were seen as a good investment. They would be able to have children, thereby increasing the amount of slaves owned, which could later be sold for more. Children and younger people were also seen as good investments, as they would mature just in time for what the Confederates predicted would be the end of the war, which would come with higher values for slaves. (Ezra C)
Slavery and the slave trade were a large economic backbone especially in the South during the pre-civil war era. Slaves were seen as a positive investment that could produce financial gain. Additionally, slaves were a “safe” financial bet since if times were tough, they often could be sold for a profit. (Declan F.)
The assumption of the Confederate slave trade collapsing during the American Civil War is untrue, as it continued throughout the war, even into the final months. The Confederate cause is utterly intertwined with enslavement and the continual buying and selling of human beings. It cannot be separated from the institution of slavery. -Sarah M
Confederates were confident in their war effort up until the final few months, as their investment in the slave trade paradoxically increased as their economy began to fail throughout the war. Enslavers continually looked for enslaved people who would be the best future investment, often searching for children and teens. This continual view towards the future indicates a Confederacy with many people oblivious to the signs of a dying rebellion. -Sarah M
The Civil War was seen as an opportunity in the South to make money off of the domestic slave trade. The ongoing war depressed the prices of enslaved people, which made more people able to buy them. As well, the potential for a republic founded explicitly on the idea of slavery made many in the South want to purchase enslaved people to get a “head start”. (Tanner Gillikin).
The Currency Reform Act of February 1864 outraged many Confederate citizens because of the effects it could have on slavery and currency. Many southern slave owners were worried that this new act would make it difficult to purchase slaves due to the deflationary effect the Currency Reform Act had. The act ultimately stopped the sale of African Americans because of the fears of the act and Confederate currency. (Hank L)
Colby explains that there was an extreme ideological significance in the Confederates continuing the slave trade during the war. Colby explains that this is due to many seeing the continuation of the slave trade as a direct correlation to the strength of slave holders and therefore the Confederacy. (Lauren V.)
Colby explains that some confederates would purchase children as they could age and be used for labor after the war. Colby also explains that children would often be cheaper than adults. Colby also explains that the purchasing of children allowed slave owners to pass them to their children. Colby explains that the purchasing of children reflected the Confederates' confidence in the Confederacy winning the war. (Lauren V.)