RedRover
1st Lieutenant
- Joined
- Dec 16, 2019
Semi-off topic question for anyone here.
I understand that slaves were valuable "property" and could cost thousands of dollars.
N.B. Forrest himself was a large-scale slave trader before the war. He purchased slaves, principally from the eastern and border States, and provided a market for their distribution throughout the Southwest. As you mention, slaves were expensive. Forrest was one of the wealthiest fellows in his district.
Wouldn't it have been cheaper to hire locals to work for a few dollars a day? It was back-breaking work of course but any outside work was difficult back in the old days.
In the rural districts, there were very few people on hand to hire, even if cash were handy. And most of them were farmers rather busy with their own toils.
And the planters didn't necessarily have cash on hand to pay day labor. The game afoot was often based upon financing their operations through banks and credit, and slave labor was useful to that end.
The way the system worked generally, once a planter had in hand some land, and procured a certain number of slaves (often purchased with mortgages as with the land), there were "factors" who would then advance to them credit based on a calculation of future yield in cotton bales, based on their land and slave holdings. The credit was generally employed as advances to purchase manufactured goods in the North, etc.
And where the wealth increased, the inclination was to increase the land and slaves, etc. rather than hire free labor, beyond the "overseers."
Apparently, with hired free labor, the banks would not be so quick to extend the credit, as free labor might quit before they pressed them to maximize a guaranteed yield, so as to cover the credit extended, much less turn a profit. For example, it was generally figured on each slave putting out a minimum of .04 horsepower.
To ensure a maximized output, a driver with a whip (usually another slave) was frequently employed.
Most free men wanted little or no part in this kind of labor. Solomon Northup, while held as a slave in Louisiana says there was an occasional poor white man who would submit to plantation work with slaves.
Even after the war, the dearth of cash required the system of "Share Cropping" to employ the larger number of free laborers.
After the destruction of slave power in 1865 that the explosion in the value of the labor power of American free men developed markedly. Half a century later it was noted in the 1920s...
In the post-war years even N.B. Forrest attempted to move with the times some, and labored to establish railroads, etc. His financial situation collapsed in the early 1870s however.
A good book on the subject is Woodman's "King Cotton and His Retainers."