the imperfect work of any other writer: he will build from the ground according to a plan of his own. Nevertheless, as the Wealth of Nations is still the text-book of political economy, it does appear that a commentary on that work, if undertaken with a less ambitious object than the perfection of the science, may be made to serve more than one very useful purpose. The Notes in the present edition have been written with five objects in particular. My first object has been to notice, in connexion with the doctrines of Adam Smith, those principles to which it is now generally allowed that he did not attach sufficient importance; and to point out what are generally considered errors in his work. My second object has been to vindicate, by illustrating, some of his doctrines which modern writers have impugned. My third object has been to expose some apparent errors and defects in his work, which have been overlooked by his critics. My fourth object has been to warn the student in political economy against implicit faith in the doctrines of a science which yet wants a complete alphabet; to show how imperfect that science is, after all that has been done for it; and to indicate some questions of great moment, as it appears to me, concerning which next to nothing has been done. I offer the parts of my commentary which relate to this object, as a humble contribution towards the improvement of the science. My last object has been to apply the doctrines of Adam Smith and others to some new circumstances in the economical state of our own country, which, instead of merely affording matter of speculation to philosophers, are a theme of constant discussion with all classes of men, and a cause of dangerous irritation in the great majority,-I allude to that Distress amongst capitalists and labourers in every branch of industry, of which we have heard so much during the last twenty years. While mere politicians wonder at the rapid progress which democratic opinions have lately made in this country, the economist may account for it, by referring to the general discontent which is necessarily produced by low wages and low profits. A desire for political change is the inevitable result of economical suffering. Urged by the belief that economical suffering has been caused by misgovernment, we are proceeding to establish a virtual democracy. It is a grand, but also a fearful experiment. Hitherto there has been but one democracy in the world; and the people of the United States have never suffered the c 2 economical evils of low profits and low wages. What will happen here, if popular power should be established along with popular discontent? This question alarms rich men who hate democracy, and some who are not rich, but who love democracy, and wish that it should last, instead of being succeeded, first by anarchy, and then by a military despotism. There are no means now, for stopping the democratic movement: after a halt, it only proceeds more rapidly. But the popular discontent may perhaps be removed. What are the causes of that discontent, and the means of removing it, are questions in political economy; and questions too, as it happens, which have been to some extent examined by Adam Smith. His sagacity enabled him to foresee in speculation that rare coincidence of low profits with low wages, and of both with rapidly increasing national wealth, which has actually occurred in Great Britain, and has lasted for years, without being so much as perceived, till quite lately, by any of the economical writers under whose eyes it took place. My last object, then, has been to ascertain, with the aid of the text, the causes of our peculiar economical troubles, and the means of removing them. Such are the main objects of the commentary in this edition. A minor one has been to correct or explain some not very important statements or opinions in the text; and in doing this, by means of foot-notes, I have not hesitated to avail myself of the labours of previous commentators, sometimes using their words, in preference to repeating their statements, or expressing their ideas, in words of my own. Several editions of the Wealth of Nations have contained an Abridgment of Dugald Stewart's Life of Adam Smith. I have preferred reprinting that biographical memoir, as it was published by its celebrated author in 1811. Some editions of this work have also contained a translation from the French of M. Garnier, of his View of the Doctrine of Smith, and his Method of facilitating the Study of Smith's Work. Having observed that this introduction to the Wealth of Nations affords a considerable help to the student, I have reprinted it from an old edition. I ought to remark, however, that it adopts without question all the leading doctrines of the author, and that it is of use, therefore, not with a view to detecting the errors or defects of Adam Smith, but simply with |