With five simple words in the Declaration of Independence—“all men are created equal”—Thomas Jefferson undid Aristotle’s ancient formula, which had governed human affairs until 1776: “From the hour of their birth, some men are marked out for subjection, others for rule.” In his original draft of the Declaration, in soaring, damning, fiery prose, Jefferson denounced the slave trade as an “execrable commerce ...this assemblage of horrors,” a “cruel war against human nature itself, violating its most sacred rights of life & liberties.” As historian John Chester Miller put it, “The inclusion of Jefferson’s strictures on slavery and the slave trade would have committed the United States to the abolition of slavery.”
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“One cannot question the genuineness of Jefferson’s liberal dreams,” writes historian David Brion Davis. “He was one of the first statesmen in any part of the world to advocate concrete measures for restricting and eradicating Negro slavery.”
But in the 1790s, Davis continues, “the most remarkable thing about Jefferson’s stand on slavery is his immense silence.” And later, Davis finds, Jefferson’s emancipation efforts “virtually ceased.”
Somewhere in a short span of years during the 1780s and into the early 1790s, a transformation came over Jefferson.
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The critical turning point in Jefferson’s thinking may well have come in 1792. As Jefferson was counting up the agricultural profits and losses of his plantation in a letter to President Washington that year, it occurred to him that there was a phenomenon he had perceived at Monticello but never actually measured. He proceeded to calculate it in a barely legible, scribbled note in the middle of a page, enclosed in brackets. What Jefferson set out clearly for the first time was that he was making a 4 percent profit every year on the birth of black children. The enslaved were yielding him a bonanza, a perpetual human dividend at compound interest. Jefferson wrote, “I allow nothing for losses by death, but, on the contrary, shall presently take credit four per cent. per annum, for their increase over and above keeping up their own numbers.” His plantation was producing inexhaustible human assets. The percentage was predictable.
In another communication from the early 1790s, Jefferson takes the 4 percent formula further and quite bluntly advances the notion that slavery presented an investment strategy for the future. He writes that an acquaintance who had suffered financial reverses “should have been invested in negroes.” He advises that if the friend’s family had any cash left, “every farthing of it [should be] laid out in land and negroes, which besides a present support bring a silent profit of from 5. to 10. per cent in this country by the increase in their value.”
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Jefferson’s 4 percent theorem threatens the comforting notion that he had no real awareness of what he was doing, that he was “stuck” with or “trapped” in slavery, an obsolete, unprofitable, burdensome legacy. The date of Jefferson’s calculation aligns with the waning of his emancipationist fervor. Jefferson began to back away from antislavery just around the time he computed the silent profit of the “peculiar institution.”
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