Lincoln’s proclamation, which took effect January 1, 1863, in the midst of the American Civil War, imparted to the conflict, which until then had been waged as a struggle to preserve the union, a social revolutionary character. It initiated one of the largest property transfers in history, expropriating the principal form of property in one third of the United States, an action that reverberates to this day. It freed 4 million slaves valued at $3 billion. By comparison, as a proportion of national wealth, this would represent several trillion current US dollars.
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