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Here's the alternate interpretation for the modern day: Once you nail enough senators with outdated laws, the law will be repealed.

Or they will pass a law exempting themselves from those laws

They usually make sure to do that from the outset: most federal work-related laws, for instance, don't apply to Congressional staffers.

that might have worked in the days of lincoln...

He was right of course. But too bad for all the people who get screwed in the process.