Chapter 56: Lincoln’s Election Is an Existential Threat to Southern Wealth

The Republican triumph seals the deal on banning the spread of slavery to the west – and, as such, it represents a mortal blow to the South’s economic future.

At stake are two things. First is the loss of its cash crop revenue, dependent on the formation of new plantations. Topping the list here is cotton, valued at $950 million annually in 1860. Second is the loss of new markets to support demand for its “excess slaves” bred back east.

As of 1860 there are 3,954,000 enslaved persons living in the South and, at an average “auction price” of over $800 apiece, their financial value is a staggering $3.5Billion, at a time when the nation’s GDP is only $4.5Billion in total.

The ban is thus seen by Southerners as proof that the North intends to ruin its economy and way of life.