This documentation of
gnome keyring states that the login keyring is created automatically. In my case the "login" keyring was
not auto-magically created, leading to google-chrome creating its own keyring as the default. I used sbopkg to install
seahorse and
seahorse-plugins, which is called "Passwords and Keys" in the XFCE | system menu, and then added the login key with my login password. Whether this accomplished anything is at present unknown, but I have no trouble logging in or using XFCE. I was using Fluxbox and then switched to XFCE for my window manager and have tried to use non-kde applications with XFCE. Most Slackware users would probably have similar issues with the kde kwallet application.
For me, the concern is not the technical details of how Slackware implements pam, but the information describing the basics for the user. After spending a couple of hours reading about pam and gnome keyring, my conclusion is that security through obscurity is alive and well. One must realize that combinations of arrangements quickly become quite complicated. I think gnome-keyring is an encrypted data file similar to keepassx (which I have used for years), but it is tied into the background process, so if it fails there is no obvious context or explanation for the user. IMHO, a mysterious password security system is not really very helpful, so the main point is to prevent it from being a frustrating problem for users.