W, ofN. Book U, cfaap. m, vol. I, p

7. W, of N, Book IV, chap. ii; vol. II, p. 26 : Every individual is continually eierting himself to find ont the most advantageous employment for whaterter capital he can demand. It is his own advantage, indeed, and not that of thesociety he bas in view. But the study of his own ad\'antage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society. — Cf. Book II, chap. m; vd. I, p. 346 : The uniform, constant, and uninterrupted effort of every man to better his condition. — Book IV, chap. ix; vol. II, p. 258 : the natural effort which every man is continually making to better his own condition. — Cf. Lectures, p. 11 : In a man of a bold, daring and bustling turn the principle of utility is prédominant, and a peaceablc easy turn of mind usually is pleased with a tame submission to superioiity. — p. 168 : It was indeed made a law by Sesostris that every man should foliow the emplojment of his father, but this is by no means suitable to tiie dispositions of hnman nature, and can nevcr long take place ; every one is fond of being a gentitman, be his fathei' what he voould. They who are strongest and, in the bnstle of society, bave got above the weak, must bave as many under as to défend them in their station.

8. Adam Smith constate, par exemple, le rùle imi)ortaut joué, dans la formation de la civilisation moderne, par les grands propriétaires fonciers et les marchands, c'est-à-4ire par deux classes d'hommes qui n'avaient pas la moindre intention de servir le public : W. of N. Book III, chap. iv ; vol. I, p. 418 : To gratify the most childish vanity was the sole motive of the great proprietors. The merchants and artiûcers, much less ridiculous, acted merely from a view to their own interest and in pursuit of their own pedlar principle of turning a penny wherever a penny was to be got. Neilher of them had either knowledgeor foresight of that great révolution, which the foUy of the one and the industry of the other was gradually

bringing about. — De même encore, c'est dans une animosité nationale quMl faut chercher la cause psychologique de l'Acte de Navigation (U'. of N. Book IV, chap. ii ; vol. II, pp. 36-37) : les dispositions s'en trouvent pourtant être aussi sages que si elles avaient été dictées par la sagesse la plus réfléchie. — De même encore {W. of N. Book II, chap. m; vol I. pp. 356-1), il y a deux manières de dépenser, Tune en choses immédiatement consommées, l'autre en choses durables : la seconde plus favorable que la première au progrès de la richesse sociale. Mais Adam Smith ajoute: I would not, however, by ail this be understood to mean, that the one species of expensc always botokens a more libéral or générons spirît than the other. \Vhcn a man of fortune spends bis revenue chiefly in hospitality, be shares the greater part of it with bis friends and companions; but "when he employs it in purchasing such durable commodities, he often spends the whole upon bis own i)erson and gives nothing to anybody without an équivalent. The latter species of expense, therefore, especially when directed lowards frivolous objects, the little ornaments of drcss and furniture, jewels, trinkets, gewgaws, freshly indicales, not only a trifling, but a base and scllisb disposition. Ail that 1 mean is, that the one sort of expense, as it always occasions some accumulation ofvaluable commodities, as it is more favourable to private frugality, and consequently, to the increase of the public capital, and as it maintains productive, rather than unproductive hands, conduces more than the other to the growthof publie opulence. — Enlin, et d'une façon plus générale, l'individu qui cherche un emploi industriel de son capital se préoccupe du proflt qu'il en tirera non de la quantité de travail productif qui est mise en mouvement par ce capital. Il se trouve cependant que la préoccupation de l'intéi^l personnel se ti-ouve coïncider avec la pivoocupalion de l'intérêt public. Par exeni[)le, cha<[ue individu tend, par égoïsnie, à employer son capiul aussi près de lui que possible: or tout individu qui emploie son capilal h entretenir Tindustrie nationale tend nécessairement à diriger l'industrie de manière que le produit en présente la plus grande valeur possilile. « He gcncrally, indeed neitlier inteuds to pi*oniote the public intei*esl nor knowsliow niuch he is promoting it By preferring the support of doniestic to tiiat of foreign industry, he intends only bis own security : and by directing tiiat industry in sucU a manner as its produce may be of the gi-eatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand lu promole an end which was nu part of his intention. Nor is it ahvays the worse for the society that il >vas no part of it. By pursuing his own interest, he frequently promotes Ihat of the society more effectually tlian when he really inlends to proniote it. I liave never known mnoh pood donc by Ihose who affected to trad»; for Ihe public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading ihem from it ».