“It was once said by Abraham Lincoln that this Republic could not long endure half slave and half free; and the same may be said with even more truth of the black citizens of this country. They cannot remain half slave and half free. They must be one thing or the other. And this brings me to consider the alternative now presented between slavery and freedom in this country. From my outlook, I am free to affirm that I see nothing for the negro of the South but a condition of absolute freedom, or of absolute slavery. I see no half-way place for him. One or the other of these conditions is to solve the so-called negro problem. There are forces at work in both of these directions, and for the present that which aims at the re-enslavement of the negro seems to have the advantage. Let it be remembered that the labor of the negro is his only capital. Take this from him, and he dies from starvation. The present mode of obtaining his labor in the South gives the old master-class a complete mastery over him. I showed this in my last annual celebration address, and I need not go into it here. The payment of the negro by orders on stores, where the storekeeper controls price, quality, and quantity, and is subject to no competition, so that the negro must buy there and nowhere else–an arrangement by which the negro never has a dollar to lay by, and can be kept in debt to his employer, year in and year out–puts him completely at the mercy of the old master-class. He who could say to the negro, when a slave, you shall work for me or be whipped to death, can now say to him with equal emphasis, you shall work for me, or I will starve you to death… This is the plain, matter-of-fact, and unexaggerated condition of the plantation negro in the Southern States today.”

Speech http://teachingamericanhistory.org/library/document/the-nations-problem/