Slave prices were said to average up to $500 in 1860, which depending on how you look at that, could be anything from $100,000 to over $1,000,000 in today's values.
Times four million slaves equals about 20% of the total asset value of the United States in 1860.
So, the fact is that by 1860, average white Deep South families were considerably better off than their northern cousins.
One reason is: for over 50 years the value, price and productivity of their slaves had steadily increased, with very positive effects on both the income-statements and balance-sheets of slave owners.
Demand for slave produced goods -- sugar, tobacco, rice & especially cotton -- grew exponentially with rising prices making slavery the most profitable industry in the United States.
As an asset class, slaves represented the single largest investment in the United States -- more than railroads & manufacturing combined.
That's why the Deep South especially was determined to defend slavery against any and all threats -- whether real or imagined.
Indeed, the Slave-Power well understood that in order to maintain the asset value of its "property", slavery must be not only protected, it must constantly expand into new territories, countries & products.
That's why the "Black Republicans'" promise of no slavery in the territories represented a real threat to the Slave Power.
Joe, I think your numbers are a bit off.
What cost $500 in 1860 would cost $12592.47 in 2012.
Source: http://www.westegg.com/inflation/infl.cgi
Even if he’s off by 100%, you’re not anywhere near a million dollars.