What is a system where wealth and property are privately held and profit is the goal rather than providing for collective needs?

This system is called "capitalism" - and this system is named after the "capital", that is the means of production, such as factories, machines and the land. This capital is in the hands of private people and not in the hands of the government (that is not a communal good)

Abraham lincoln gave his 2nd inaugural address on march 4, 1865.-as lincoln prepared to speak, the civil war was drawing to a close.