In the colonial South, mortgaging enslaved people had begun to widespread into the geographical regions of Virginia, Louisiana, and South Carolina. The southerners aimed to continue their workforce, thus using human collateral to persuade the merchants to sell their supplies to them on credit. With this in motion, this would later make it easier for the expansion and circulation of the local and regional economies. In the past, if one wished to purchase a slave or slaves, they could request the seller for a money-purchase mortgage. That way, the buyer was able to make a down payment and pay the rest back in installments with interest. As well as utilizing the same slaves they were buying, as collateral for the loan they needed. However, the seller of the slaves, was legally entitled to the slaves until the final payment was made. In the South, mortgaging slaves had become a widespread practice instituted. Many feared mortgaging, due to economic insta...
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...e extent as the south, however they did advocate for the elimination of slavery, with little effect at the time, there had still been gradual progress.
—. “Columbian Centinel” Vol. 19, 2. America 's Historical Newspapers. Massachusetts, (June 26, 1793).
Gary, Nash and others, eds. The American People: Creating a Nation and a Society Vol. 1 to 1877. Pearson, Vango Edition 2008.
Martin, Bonnie. "Slavery 's Invisible Engine: Mortgaging Human Property." Journal Of Southern History 76, no. 4 (November 2010): 817-866.
Mason, Matthew, and John Craig Hammond. Contesting Slavery: The Politics of Bondage and Freedom in the New American Nation. Charlottesville: University of Virginia Press, 2011.
Watson, Alan D. "A Consideration of European Indentured Servitude in Colonial North Carolina." North Carolina Historical Review 91, no. 4 (October 2014): 381-406.
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