The British had expunged slavery in the empire by a mass payment to slave holders, something like 100 million dollars, in 1833. The slaves fully emancipated after several years apprenticeship.
Mexico had done something similar.
In the USA the issue was perhaps not so simple. The US Constitution did not cognize slavery, so it was questioned that the Government could pay money for slaves as such (the slaves classed in the Constitution among persons who might have owed service or labor under certain State laws, etc., rather than a chattel). And the value of the American slaves, per the evaluations in the market of the late 1860s, came to about 3-4 billion dollars. The US Government never had revenues before 1860 of more than 70 million in a given year.
Senator J.R. Underwood of Kentucky observed on the floor in 1850:
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And Joshua Giddings observed in 1857:
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And the Abolition movement in America absolutely opposed any payment to former masters upon an emancipation. They developed the movement particularly in the mid-1830s after the British compensated emancipation for slave property, which they considered immoral and illegal.
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There were exceptions among the Abolitionists, like Gerritt Smith, but even they promoted a simple compensation for lost "service or labor" alone, at the customary market rates for labor, and not the evaluation of the human property market in the States or Territories where they existed.
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When slaves were emancipated in Washington, DC in 1862 by
"An Act for the Release of certain Persons held to Service or Labor in the District of Columbia" the masters were paid a $300 per servant for the service or labor.
Had six million slaves been compensated for in similar manner, that would have been 1.8 Trillion dollars. However, only the War Powers of the United States could emancipate those classed as slaves by State laws, etc. (per Patrick Henry etc.), and such powers were employed from 1863-65 to that end.
The Confederate Constitution, meanwhile, did specify "property" in negro slaves as legal under the Confederate Government, giving it a power and requirement for a compensated emancipation of at the slave property rates per slave market valuations, but the cost would have been prohibitive of course.