To provide virtually-unpaid labour for the huge cotton plantations, and breed servants for the slave-owners' houses.
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Slavery has not been abolished though some countries have made it illegal.
1850 Comprimise
Slavery was instituted by the colonies that made them richer. This made hard, cheap labor which saved (and made) them money.
Some northern states made slavery against the law.
Under popular sovereignty, decisions about slavery would be made by the settlers in a territory. There were different viewpoints about when the decision should be made; some felt the decision shouldn't be decided until a territory was approaching statehood, while others wanted it to be decided earlier.