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Summary Of Slavery By Henry Baptist

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Furthermore, Baptist explains the financial matters that were occurring. He talks about the Southern banks in the 1830s, and how they developed new financial instruments and bonds with slaves as collateral. This it self made it possible for planters to borrow large amounts of money to acquire new land. Lawmakers backed all of these bonds with the state’s credit. As a result of it later collapsing, taxpayers were left to take care of everything. But rather than bailing out Northern and European bondholders, a few states just defaulted on their debts. Now, planters were fleeing with their slaves to Texas, until 1845 an independent republic, to maintain a strategic distance from

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