Abraham Lincoln Quotes
That some should be rich, shows that others may become rich, and hence is just encouragement to industry and enterprise.
Abraham Lincoln, 1809-1865, 16th President of the United States (Republican, IL), Reply to committee of the Workingman's Association of New York, March 21, 1864
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Colman’s view that business failures contributing to society may be more important than the contributions of the wealthy and successful has been a common theme where failed business men make great politicians (Truman) or failed politicians are appreciated as great philosophers (Paine). This seems to be the first American argument that a failed economic enterprise can have a very beneficial short and/or long term effect on economic development. The failed business could start an entire industry which succeeds later when technology or capital becomes more readily available, or even if implemented by a better manager. Arguably, the California gold rush miners never made any significant money, but their presence changed the economic fact of California. The American airline industry has made little or no money in its history but has enabled development throughout the nation. And the dot com bubble may well have been an economic debacle of the end of the 20th century, but it spurred economic development that has benefited the entire globe.
Every economically successful American had help in amassing is fortune. The police who protected his assets, the roads and canals on which he transported his goods to market and obtained raw material. The labor force that was educated by the state. The patent system that protected his inventions. The money supply that has been made available, the registry of land and property ownerships and deeds. The courts to resolve disputes. The general affluence of the nation to buy his product or services. These have been paid for by the taxes of all Americans. All have helped the successful on their journey to wealth and their ability to keep it from those who would use violence to take it. The successful entrepreneur however has usually made extraordinary effort and exhibited extraordinary talent and skill which is why not everyone is as affluent. No one lifted themselves up by their own bootstraps, but many have with their own talent and work, climbed a very difficult ladder that the nation had in place.
The American Dream is the reasonable possiblity of upward mobility, and at the time of this statement, a person growing up in Canada had twice the chance of an American of Achieving that.
Rich people the world over have often sought a safe way to save their money. Unfortunately, in most counties of the world, there is not the rule of law and the limited government that is in the United States and a few other industrial democracies. So the rich of those countries will often avoid investing their money in their own country and instead invest it in the United States or another “safe” country. This lack of patriotism makes development of poorer countries that much more difficult. However, the rulers of those countries rarely do the things necessary to create a reasonably safe environment for investment. Even in America, some wealthy people will invest in other nations or “bet against the dollar” in favor of the Yen, the Swiss Franc or the Euro. During the American Revolution and the War of 1812, there was every reason for wealthy Americans to send their money to England for investment or banking there, However, most American wealthy families were patriotic enough not to maximize their personal income.
Abraham Lincoln was an American politician and lawyer who served as the 16th President of the United States from March 1861 until his assassination in April 1865. Lincoln led the United States through its Civil War—its bloodiest war and its greatest moral, constitutional, and political crisis. In doing so, he preserved the Union, abolished slavery, strengthened the federal government, and modernized the economy.
