Why does this Bible verse condone beating slaves because they are your own property?

Your reading something that was originally written a few thousand years ago -- not to mention, translated countless of times. A lot has culturally changed through the course of history. Evidently, it was ok in those days for Hebrew's to beat their slaves (so long as it wasn't to death for a day or two). Since slavery is illegal in most of today's cultures, the question of beating one is pretty well moot.