Not at all true. In actuality, counting slaves as 3/5 of a person, instead of not counting them (since they were not allowed to vote and could not elect the representatives who won seats based on the compromise) actually increased the number of delegates that the South was able to send to Congress, and also may have swayed the electoral vote.
From the same Wikipedia article you quoted:
Effects
The three-fifths ratio, or "Federal ratio" had a major effect on pre-Civil War political affairs due to the disproportionate representation of slaveholding states. For example, in 1793 slave states would have been apportioned 33 seats in the House of Representatives had the seats been assigned based on the free population; instead they were apportioned 47. In 1812, slaveholding states had 76 instead of the 59 they would have had; in 1833, 98 instead of 73. As a result, southerners dominated the Presidency, the Speakership of the House, and the Supreme Court in the period prior to the Civil War.[5]
It goes on to talk about Garry Wills and his theories on how this may have skewed the results of several presidential elections, which may have led to slavery being abolished in Missouri, the Mexican territories, etc. I've read Wills' work on Jefferson, and while it's interesting, it's also purely speculative. No one knows for sure that slavery would have been abolished or any of these outcomes would have happened if Jefferson had lost the election.
What is clear is that the 3/5 Compromise was equal parts political and pure racism. The fact that it's being viewed as favorable in a discussion that we're having in 2009 makes me feel ill.




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