The South lost 70% of its net worth (as human capital) the day that the Emancipation Proclamation was signed. A pen was mightier than the sword. Ink did more damage than lead bullets.
Nonsense. The sword had already done all the work. In terms of the reality of that time period, it was basically a five billion dollar theft by the Federal government. It was legally no different from seizing their land and houses.
It was an abuse of power in complete contradiction to Constitutional law. That it was later condoned by an amendment does not meaningfully address the despotic nature of what was done.