An Inquiry Into the Nature and Causes of the Wealth of Nations. Adam Smith
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'My Lord, – I take this first opportunity after my arrival in this place, which was not till yesterday, to resign my office into the hands of your lordship, of the dean of faculty, of the principal of the college, and of all my other most respectable and worthy colleagues. Into your and their hands, therefore, I do resign my office of professor of moral philosophy in the university of Glasgow, and in the college thereof, with all the emoluments, privileges, and advantages, which belong to it. I reserve, however, my right to the salary for the current half-year, which commenced at the 10th of October, for one part of my salary, and at Martinmas last for another; and I desire that this salary may be paid to the gentleman who does that part of my duty which I was obliged to leave undone, in the manner agreed on between my very worthy colleagues before we parted. I never was more anxious for the good of the college than at this moment; and I sincerely wish, that whoever is my successor, he may not only do credit to the office by his abilities, but be a comfort to the very excellent men with whom he is likely to spend his life, by the probity of his heart and the goodness of his temper.'
His lordship having transmitted the above to the professors, a meeting was held; on which occasion the following honourable testimony of the sense they entertained of the worth of their former colleague was entered in their minutes: —
'The meeting accept of Dr. Smith's resignation in terms of the above letter; and the office of professor of moral philosophy in this university is therefore hereby declared to be vacant. The university at the same time, cannot help expressing their sincere regret at the removal of Dr. Smith, whose distinguished probity and amiable qualities procured him the esteem and affection of his colleagues; whose uncommon genius, great abilities, and extensive learning, did so much honour to this society. His elegant and ingenious Theory of Moral Sentiments having recommended him to the esteem of men of taste and literature throughout Europe, his happy talents in illustrating abstracted subjects, and faithful assiduity in communicating useful knowledge, distinguished him as a professor, and at once afforded the greatest pleasure, and the most important instruction, to the youth under his care.'
In the first visit that Mr. Smith and his noble pupil made to Paris, they only remained ten or twelve days; after which, they proceeded to Thoulouse, where, during a residence of eighteen months, Mr. Smith had an opportunity of extending his information concerning the internal policy of France, by the intimacy in which he lived with some of the members of the parliament. After visiting several other places in the south of France, and residing two months at Geneva, they returned about Christmas to Paris. Here Mr. Smith ranked among his friends many of the highest literary characters, among whom were several of the most distinguished of those political philosophers who were denominated Economists.
Before Mr. Smith left Paris, he received a flattering letter from the unfortunate Duke of Rochefoucault, with a copy of a new edition of the Maxims of his grandfather. Notwithstanding the unfavourable manner in which the opinions of the author of that work were mentioned in the Theory of Moral Sentiments, the Duke informed Mr. Smith, on this occasion, that he had been prevented only from finishing a translation, which he had begun, of his estimable system of morals, into French, by the knowledge of having been anticipated in the design. He also observed, that some apology might be made for his ancestor, when it was considered, that he formed his opinions of mankind in two of the worst situations of life, – a court and a camp. The last communication Mr. Smith had with this nobleman was in 1789, when he gave him to understand, that he would no longer rank the name of Rochefoncault with that of the author of the Fable of the Bees; and, accordingly, in the first edition that was afterwards published of the Theory of Moral Sentiments, this promised alteration was made.
The next ten years of his life, after his arrival from the continent, Mr. Smith passed with his mother at Kirkaldy, though he occasionally, during that time, visited London and Edinburgh. Mr. Hume, who considered a town as the proper scene for a man of letters, made many attempts to prevail on him to leave his retirement.
At length, in the beginning of the year 1776, Mr. Smith accounted to the world for his long retreat, by the publication of his 'Inquiry into the Nature and Causes of the Wealth of Nations.' This work chiefly comprehended the subject of the fourth and last division of his lectures, namely, those political regulations that have their origin in expediency. For about twenty years of his life, his attention had been chiefly devoted to the study of subjects connected with the science of political economy. His long residence in the mercantile city of Glasgow afforded him opportunities of deriving information, in many particulars, from the best sources; his travels on the continent contributed to extend his knowledge, and correct many of those misapprehensions of life and manners which the best descriptions of them are found to convey; and the intimacy in which he lived with some of the leaders of the sect of economists, and other writers on the subject of political economy, could not fail to assist him in methodizing his speculations, and of adding to the soundness of his conclusions. – After his arrival in this country, he wanted nothing more than leisure, to arrange his materials, and prepare them for publication: and for this purpose he passed in retirement the subsequent ten years.
The great aim of Mr. Smith's Inquiry, the fruit of so much research, and the work of so many years, is, as Professor Stewart observes, to direct the policy of nations with respect to one most important class of its laws, – those which form its system of political economy: 'and he has unquestionably,' the same eloquent writer adds, 'had the merit of presenting to the world the most comprehensive and perfect work that has yet appeared on the general principles of any branch of legislation.'
'A great and leading object of Mr. Smith's speculations,' as Mr. Stewart also observes, 'is to demonstrate, that the most effectual plan for advancing a people to greatness, is to maintain that order of things which nature has pointed out, by allowing every man, as long as he observes the rules of justice, to pursue his own interest in his own way, and to bring both his industry and his capital into the freest competition with these of his fellow citizens.'
Several authors, in this country, had before written on commercial affairs, but Mr. Smith was the first who reduced to a regular form and order the information that was to be obtained on that subject, and deduced from it the policy which an enlightened commercial nation ought to adopt. The successful manner in which he has treated this unlimited freedom of trade, as well as some others, and his able exposure of the errors of the commercial system, have rendered the science of which he treats highly interesting to the great body of the people; and a spirit of inquiry, on every branch of political economy, has, in consequence, been excited, which promises now, more than ever, to be attended with the most beneficial effects. This intricate science, the most important to the interests of mankind though long neglected, Dr. Smith has had the merit of advancing so far, as to lay a foundation, on which, it may safely be said, investigation may for a long time proceed.
It has frequently been alleged, that Dr. Smith was indebted for a large portion of the reasonings in his Inquiry to the French economists, and that the coincidence between some branches of his doctrine and theirs, particularly those which relate to freedom of trade and the powers of labour, is more than casual. But Professor Stewart has ably vindicated him from this charge, and established his right to the general principles of his doctrine, which, he thinks, were altogether original, and the result of his own reflections. That he, however, derived some advantage from his intimacy with Turgot, and those great men who were at the head of the sect of economists, and, perhaps, adopted some of their illustrations, it would be as unnecessary to deny, as it would he far from discreditable to his talents to acknowledge.
There is also a similar, or perhaps a greater coincidence between many parts of his doctrine and the opinions of Sir James Stewart, as detailed in his 'Inquiry into the Principles of Political Economy.' This congruity of opinion is chiefly apparent in their respective conclusions concerning the effects of competition, – the principles of exchangeable value, – the relation between the interest of money and the profit of stock, – the functions of coin, – the rise and progress of credit, – and the sources and limits of taxation. As this author had published his Inquiry many years before Dr. Smith's work appeared, and had, besides, lived in great intimacy with him, there was some reason to believe, what has been often asserted, that he possessed a just claim to some of the doctrines contained in that work, though Dr. Smith never once mentioned his name in any part of his work. But the present Sir James