President José Gregorio Monagas signed the law, which stated that slavery was abolished forever in Venezuela and freed manumisos from compulsory service. It also barred the importation of enslaved people and provided compensation to former enslavers, paid from public revenues and designated taxes. About 23,378 people were counted as freed. Legal emancipation was decisive, though many continued working for former enslavers or entered agricultural peonage.
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What did Monagas do on 24 March 1854?
The 1854 law compensated former enslavers through designated public funds.
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Explanation
The law set up an indemnity system and sources of public revenue.