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At the end of the Civil War, the "Slave Power" had been destroyed, free-labor Republicanism was triumphant, and the freed slave was poised on the verge of assuming an equal place in American society with every other citizen. Fifteen years later, the one-time slaveholders were back in control of the South, free-labor Republicanism was coping with the first stresses of mass industrialization in its own Northern backyard, and the freedmen were consigned to an economic peonage that offered little practical improvement on enslavement. It began to seem that a great opportunity had been bobbled away.
Allen C. Guelzo
[F]or all the economic destruction levied on the South by the war, the people who ran the economic show before the war were still running it afterwards. Former slaveholders were thus free to use cotton profits to maintain a version of the plantation system and force the freedpeople into peonage; peonage, in turn, gave white Democrats the power to control black voting...
Allen C. Guelzo