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 instability. People were mortgaged, however, if credit was not regulated properly, it could have damaged the e...
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...f Independence would lead to the abolishment of slavery, thus they had gradually started to conform. Although the North had taken its time to evolve and advocate antislavery, their efforts to influence other southern colonies had limited to no effect at all.
Overall, it all began with indentured servitude, which soon lead the way for slavery to form. Though both the south and the north did allow slavery to be proactively practiced, the north did advocate for abolishing before the south finally conformed to antislavery. The south was not intrigued with the idea of losing out on bound labor, however, under the Declaration of Independence, it was the law that all men are equal. The north did not practice slavery to the 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.
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