Slave: Would be happy because they finally have their freedom. They can finally get paid, and start to gain wealth, land and possibly education.
Northern Abolitionist: They are happy because they are against slavery. They supported the emancipation as a wartime policy that would destroy the Confederacy.
Slave owner: They would be very upset. They would have to find workers, and would have to pay them. They would no longer have free labor and it would ruin their economy. Southerners would think it was wrong because they had ‘worked’ for that labor system.