These past couple of years we’ve been hearing a lot of talk about how the rich aren’t paying their fair share, they aren’t taxed enough, and that they ought to be spreading the wealth around.
Personally I don’t think that us taxing the rich more, or trying to bring others down will end up leading to more prosperity for others.
Someone else in our history knew how many like to tear others down, and talked about how they shouldn’t be doing that because having the rich there as an example, is an encouragement to others that they may someday achieve great things.
Quote from Abraham Lincoln:
Property is the fruit of labor; property is desirable; is a positive good in the world. That some should be rich shows that others may become rich, and hence, is just encouragement to industry and enterprise. Let not him who is houseless pull down the house of another; but let him labor diligently and build one for himself, thus by example assuring that his own shall be safe from violence when built. – Abraham Lincoln in a March 21st 1864 address
Originally I had the quote below as the basis for this post, but upon further examination I realized that it wasn’t an authentic Lincoln quote. Even so, I think the sentiment mirrors the one in the actual Lincoln quote above.
You cannot bring about prosperity by discouraging thrift. You cannot strengthen the weak by weakening the strong. You cannot help the wage earner by pulling down the wage payer. You cannot further the brotherhood of man by encouraging class hatred. You cannot help the poor by destroying the rich. You cannot keep out of trouble by spending more than your earn.
You cannot build character and courage by taking away man’s initiative and independence. You cannot establish security on borrowed money. You cannot help small men by tearing down big men. You cannot help men permanently by doing for them what they could and should do for themselves.
The quote above, called the “The 10 Cannots” was written by William J. H. Boetcker, a Presbyterian minister and included in a pamphlet titled “Lincoln On Limitations”. From Snopes.com:
These words are often attributed to Abraham Lincoln, but according to the book They Never Said it: A Book of Fake Quotes, Misquotes, & Misleading Attributions, they are not from Lincoln.
The quotes were published in 1942 by William J. H. Boetcker, a Presbyterian minister. He released a pamphlet titled Lincoln On Limitations, which did include a Lincoln quote, but also added 10 statements written by Boetcker himself.
Do you think the points that these two quotes make are still valid today? Why or why not?
I agree with your thoughts on this subject. Even though the words may not be Lincoln’s, there is truth in the words. The purpose of government is not to take care of us or to involuntarily redistribute wealth (taxes). We have moved so far away in this country from those words above.
Hello Nephew, (That’s to make clear to your reader who called me an angry person that I am actually your loving aunt and godmother.)
As a Lincoln fan, I consider this post very misleading. Although you mention that these words are not actually Lincoln’s, your disclaimer hardly compensates for the title and large graphic, implying otherwise.
Lincoln said very little about economics (being busy with more pressing issues) but everything he did say had nothing in common with the philosophy of William J. H. Boetcker. Using Lincoln’s name to falsely support your political agenda is a cheap trick–what’s next, “Jesus says Rush Limbaugh is God’s gift to Mankind (not really, but I agree with the sentiment)”
If you want to promote Reaganomics, try defending trickle down economic policies with facts.
Obviously I wasn’t trying to mislead anyone with this post because I genuinely believed on first examination that the quote was indeed a quote from Lincoln. Many sources have in fact cited it as being a Lincoln quote. I published the post, and then decided to look into it further. I realized that it wasn’t a Lincoln original. At that time I updated my post to include the clarification of who the quote was actually from. I didn’t change the title as I didn’t think it was necessary – I had moved on to other posts. After all, anyone reading the post would see the clarification.
I’m not sure how Rush Limbaugh and Jesus became part of the discussion, or how this turned into a political post? I didn’t mention anything overtly political in the post?
In any event I have now updated the post and included an actual Lincoln quote that closely ties into the theme of the other quote. Sounds like he did have something in common with the philosophy of Boetcker?
No offense meant, but from my outside point-of-view your comments do appear slightly narcissistic & angry. That is not to say that you are, just pointing out how your comments appear.
On a side note, though he may not have “said” very much about money, it is believed that Honest Abe was in deed murdered by British bankers in response to his attempt at cleaning up & dismantling their control over the US banking system during his presidency & before.
These British banks indeed controlled the US economy at that time, whose government was nothing short of bankrupt. Lincoln worked to remove the stranglehold of the British banks, which ended up costing him his life.
Matt Jabss last blog post..Budget Your Money! – DFA Tip of the Week – 3/23/2009
Do you think the points that these two quotes make are still valid today? Why or why not?
Absolutely-the points yes. The intrepretation is left up to the reader. For instance, property IS the fruit of labor. What type of property is determined by the reader. Richness again, is determined by the individual. We can however make the assumption that those that are houseless are houseless because they did not make wise decisions or have labor that afforded them the house of their dreams. However, a house as written is interpreted as a place of shelter.
I believe that we should abide by the cannots as a society AND teach our children that they can have, be and do anything if they work hard enough, long enough and continually learn.
Do you think the points that these two quotes make are still valid today? Why or why not?
I would say they never were valid.
Let’s take the phase “You cannot strengthen the weak by weakening the strong.” The strong (IE – the rich and powerful in society) by their very nature use their advantages to keep the weak weak so they can increase their take in society. The only way to strengthen the weak is by limiting the strong’s ability to take advantage of the weak. All of the prophets in the Old Testament can be summed up as God’s judgement is on the strong for their sins of taking advantage of the weak. The idea that it is government’s role to save the weak from the strong goes all the way back to the beginning of recorded history at Sumer.
At 80 years of age I have learned that the only way to invest money is in real estate. It is concrete. – not a piece of useless paper on which the value can fluctuate and in some cases become of no value at all. It is true there are fluctuations in property values, but unless forced to sell low, the value has always returned in a year to 3 maximum.
The other thing I have learned is there is usually no better time to buy than the present.. While you are saving up for a larger deposit, the price will usually have escalated faster than your savings. If you cant afford your dream home, buy what you can afford today. Your dream home will again go up in price faster than you can save the differe ce between a starter home and a dream home.
The next piece of practical advice is, when you have a reasonable equity in your home, borrow against it for the down payment on a suitable rental home. It is not necessary to be one you love, it should be assessed on the income you can derive. If you put in some sweat equity, it is amazing what you can do to make your rental bring in more revenue by painting, replacing countertops, and adding serviceable inexpensive fresh flooring. Don’t forget sprucing up the landscaping. Neatly trimmed borders, weed free lawn and a few shrubs provide instant curb appeal. This is the best way to have other people pay for your investment home over 20-25 years. You can repeat this process every time you acquire some equity in that home.
In some markets you can make a lot of money by buying and renovating a home with good potential. I bought 3 condos in a 12 suite building in the mid $65,000 range. I managed to talk the Council into agreeing for everyone to replace their terrible windows when they could. Five units were replaced immediately, and re-sales were required to do so. Reno’s were paint, some new cabinets, new trim and doors, flooring and windows. I made on average $30-40,000 each.
You sure won’t make anything like the above on Mutual Funds. – The worst investment you can make!!!
For those with the right temperament and skill set- invest in real estate and nothing else! Go in debt with your personal house as collateral- no risk there! Talk to the residents of Flint, Michigan and get their opinion on real estate investment! Or Love Canal in the 70’s. While you are spending your money for renovation materials made by corporations that have millions of shares that pay dividends, you are making our mutual funds grow!
I visited the Lincoln Museum in Kentucky about 12-15 years ago and there was a quote on a large wall hanging attributed to one of his friends, I believe a General or other high ranking military man. I have been told it has been removed.
I clearly recall Lincoln said “poverty is a blessing” and unfortunately I do not recall the rest of it, but having been blessed myself I think it makes you a stronger person, more creative, more persevering, having initiative, more aware of the circumstances of others, more compassionate and understanding, and more appreciative of what you have. Those born with all the financial advantages have no concept of the reality of living in poverty. They can easily spend their whole lives in their small sheltered world, oblivious to the struggles of others.
I recently started a gofundme and after 270 viewed it there was not one donation. She got glaucoma at 6 years and her partner is illiterate with one year of schooling. I guess 100% of the 270 were heartless. God help them all!!! I WAS TRULY BLESSED TO HAVE BEEN RAISED IN POVERTY MYSELF.