"Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration"

Abraham Lincoln’s statement places labor at the foundation of all economic and social progress, arguing that labor holds primacy over capital in both origin and moral consideration. He asserts that labor comes first, before capital can exist, labor must already be present to create products, services, or value. Without the actions of workers, artisans, and thinkers who produce goods and services, capital, in the form of money, machinery, or accumulated wealth, would have no basis or substance. Capital is fundamentally a product that arises from the results of labor; it is accumulated value saved from what labor has produced and not immediately consumed.

Thus, Lincoln challenges the notion that capital has an independent or preeminent status in society. He reframes the relationship between labor and capital, arguing that capital does not have a life or value of its own aside from what labor has provided. Only through the activity of labor does capital come into being or gain any usefulness. This viewpoint was especially significant during his time amid industrial expansion and frequent conflicts between workers and those who owned industrial and financial capital.

Moreover, Lincoln adds a qualitative judgment: not only is labor the chronological predecessor, but it is also morally or socially ‘superior’ to capital. He contends that labor “deserves much the higher consideration,” suggesting that society, policy, and law ought to regard the welfare and rights of laborers with greater importance than those of capital owners. His perspective underlines the ethical and practical value of human effort, creativity, and dignity over mere wealth accumulation or property ownership. This prioritization advocates for fair treatment, respect, and reward for those whose work underpins the entire economic system, and serves as an enduring reminder of the essential role played by working people in both economic growth and social justice.