"And by virtue of the power, and for the purpose aforesaid, I do order and declare that all persons held as slaves within said designated States, and parts of States, are, and henceforward shall be free; and that the Executive government of the United States, including the military and naval authorities thereof, will recognize and maintain the freedom of said persons."

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Many Southern Plantation owners were working towards the day when they could convert their investment to more profitable industrial production as had been done in the North, and others felt that freemen who were paid wages would be more efficient than slaves who had no incentive to work. For the present, however, they were stuck with the system they inherited. They felt that a complete and sudden abolition of slavery with no transition period would destroy their economy and leave many of the former slaves to starve - all of which actually happened in due course.

— G. Edward Griffin