Enslaved people used savings to buy freedom in the 19th century

A new study has brought historical documents that show that enslaved people deposited money in savings accounts and used these resources to buy their own freedom in the 19th century.

According to the research, on November 4, 1861, in Rio de Janeiro, Caixa Econômica do Império began its activities with the opening of its first branch. Just twelve days later, Margarida Luiza, an enslaved woman, would open book number 59 with a deposit of 50 thousand réis.

The information was disclosed in the master's thesis "Savings accounts of enslaved people: the formation of the nest egg and the role of banking institutions", defended by lawyer, master and doctoral candidate, Denise Rodrigues, in 2025, at the Faculty of Law of USP (University of São Paulo).

Under the guidance of Eduardo Tomasevicius, a professor at FD, the research analyzed legal proceedings, legislation and bank records to understand how enslaved people accumulated wealth, that is, their own assets, and how this money was used in freedom actions and the purchase of manumissions.

Margarida Luiza Case
In 1865, Margarida Luiza withdrew the accumulated amounts to buy her own freedom. The action shows that, while the legal system treated enslaved people as property, the same State recognized, in certain circumstances, their ability to accumulate financial resources and maintain deposits in banking institutions.

This legal ambiguity was directly reflected in the Empire's financial system. In the same period in which banks accepted enslaved people as collateral for credit operations, Caixa Econômica, without legal provision, allowed them to deposit savings intended to form a nest egg.

Throughout the research, carried out between 2023 and 2025, it was observed that Margarida was not the first enslaved person to open a bank account. However, with the approval of Joaquim José Madeira, her enslaver, she may have been one of the first enslaved women to open an account at Caixa Econômica do Império. This is because the institution was designed to encourage the habit of saving among popular segments and receive small deposits.

Judge speaks of "slavery" after STF limits pennuricalhos | CNN PRIME TIME

Caixa's modest beginnings highlight this characteristic. Located in a room grudgingly borrowed by the Chamber of Deputies, on its first day of operation, 10 accounts were opened, totaling 190 thousand réis. While Caixa's minimum deposit was one thousand réis, other banks required around 100 thousand réis.

Also according to the research, at the time, no law allowed the accumulation of wealth by enslaved people, much less the opening of bank accounts. However, some factors explain the more flexible access to the banking system for people subjected to slavery, as in the case of Margarida.

The first of them is that, in Brazil in the 19th century, it was customary for enslaved people to accumulate their own savings. They worked as carpenters, bricklayers, musicians, cooks, seamstresses, sailors, printers, factory workers, artisans and even boat pilots. In some cases, these occupations, after the minimum daily or weekly payment required by the master, allowed small savings to be accumulated over the years.

The formalization of this customary right only occurred in 1871, with the promulgation of the Free Womb Law. Known mainly for declaring free the children of enslaved women born after that date, the legislation also expressly recognized the right of enslaved people to accumulate wealth and use these resources to acquire their own manumission, even against the will of the master, as long as the amount arbitrated judicially was paid.

However, the law represented an attempt by the imperial state to control the advance of abolitionist pressures and avoid deeper social ruptures. In this context, Caixa Econômica gained relevance.

Created ten years before the law, the institution already accepted deposits made by enslaved people, although there was no specific legal provision for this. After 1871, savings accounts began to play an even more important role, as they allowed recording and preserving the resources accumulated by enslaved people who sought to gain freedom.

The dissertation concludes that the nest egg stopped being a mere tolerated custom and became a positive right, essential for the financial autonomy of the enslaved.

*Under AR supervision.

Source: CNN