LABOR DAY: MR. LINCOLN GOT IT RIGHT

"Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not existed in the first place. Labor is the superior of capital, and deserves much the higher consideration. Capital has its rights, which are as worthy of protection as any other rights." -- President Abraham Lincoln, First Annual Message to Congress, Dec. 1, 1861

As usual, Mr. Lincoln got it right. His concise eloquence, excerpted above, neatly suggests the balance, and at the same time the tension, that has existed for well over a century between two competing, and quintessentially American, economic forces. Neither should hold unchecked sway, and neither does in the booming economy of late-20th century America.

What is becoming increasingly clear is that any notion of a sharp division between labor and capital, if ever it were a worthy one, isn't any more. With nearly 50 percent of American households owning stock in corporations, either directly or through retirement plans, the fruits of capitalism truly are for all Americans.

This weekend we celebrate Labor Day, that holiday set aside to celebrate that which Mr. Lincoln reminded us is "prior to, and independent of, capital." Here's to all "who labor and are heavy laden," as it is phrased in the scriptures. We wish all our fellow Americans a happy, safe holiday.