2 - Bonds

Summary

Chapter Two examines the specific legal consequences of colonists’ decision to categorize slaves as chattels at law. Properly fit into an English law rubric, colonists in South Carolina and throughout plantation America transformed human beings into a dynamic form of capital that could be bought, sold, and financed with ease. As a practical matter, classifying slaves as chattel gave colonists access to a set a commercial forms and procedures that had coalesced to facilitate long-distance trading. Conditional bonds were among the most important of these, and I follow this legal form of debt as it became part of an expanding Atlantic commercial system. Originating in the Middle Ages, conditional bonds coalesced into a distinctive form that was easier to enforce in common law than other forms of debt. The enforceability of conditional bonds made them surprisingly portable as they travelled across the globe. Although this instrument had originated to suit the needs of an agrarian society, the conditional bond easily accommodated commercial ventures that assumed people could be property. The power of conditional bonds to hold debtors to account in colonial courts made them particularly useful in shoring up a trade that was built entirely upon credit. Ultimately, bonds became an unremarkable feature of commercial life in plantation societies like South Carolina and Jamaica, where creditors relied upon this much older instrument to secure a wide variety of commercial transactions.