The blunting effects of slavery upon the slaveholder's moral perceptions are known and conceded the world over; and a privileged class, an aristocracy, is but a band of slaveholders under another name

Summary

This quote suggests that the institution of slavery has a corrupting influence on the morals and ethical principles of those who benefit from it, namely slaveholders. It argues that slaveholders, who form a privileged class akin to an aristocracy, are essentially no different from individuals who directly own and exploit slaves. Therefore, the quote criticizes the inherent hypocrisy and injustices perpetuated by societies that uphold such forms of social hierarchy and indicates that a veneer of respectability does not hide the exploitative nature of an aristocracy or privileged class.