W. ofN. Book II, chap. m, vol. I, p

7. TV. of X. Book IV, chap. n; vol. II, p. 26 : Every individual is continually exerting himself to find out the most advantageous empluyment for whatever capital he can demand. It is his own advantage, indeed, and not that of the Society he lias in view. But the stndy of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society. — Cf. Book II, chap. m; vol. I, p. 346 : The uniform, constant, and uninterrupted effort of every man tobetter 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 peaceable 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 follow the employment of his father, but tins is by no means suitable to the dispositions of human nature, and can never long take place ; every one is fond of being a gentleman, be his father what he would. They who are strongest> and, in the bustle of society, hâve got above the weak, must hâve as many under as to défend them in their station.

8. Adam Smith constate, par exemple, le rôle important joué, dans la formation de la civilisation moderne, par les grands propriétaires fonciers et les marchands, c'est-à-dire par deux classes d'hommes qui n'avaient pas la moindre intention de servir le public : W. of X. 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 artificers, much less ridiculous, acted merely from a view to their own interest and in pursuit of theirown pedlar principle of turning a penny wherever a penny was to be got. Xeither of them had either knowledgeor foresight of that great révolution, which the folly of the one and the industry of the other was gradually

brinfin» about. — De même encore, c'est dans une animosité nationale qu'il faut chercher la cause psychologique de l'Acte de Navigation [W. of y. Book IV, chap. n ; 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. ni; vol I. pp. 350-1,1, il y a deux manières de dépenser, l'une 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 tins be understood to mean, that the one species of expense always betokens a more libéral or generous spirit than the other. When a man of fortune spends his revenue chiefly in hospitality, he shares ihe greater part of it with his friends and companions; but when he employs it in purchasing such durable commodities, he often spends the whole upon his own person and gives nothing to anybody without an équivalent. The latter species of expense, therefore, especially when directed towards frivolous objects, the little ornaments of dress and furniture, jewels, trinkets, gewgaws, freshly indicates, not only a trifling, but a base and selfish disposition. Ail that I 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 liands, conduces more than the other to the growthof public opulence. — Enfin, et d"une façon plus générale, l'individu qui cherche un emploi industriel de son capital se préoccupe du profit 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'intérêt personnel se trouve coïncider avec la préoccupation de l'intérêt publie. Par exemple, chaque individu tend, par égoïsme, à employer son capital aussi près de lui que possible: or tout individu qui emploie son capital à entretenir l'industrie nationale tend nécessairement à diriger l'industrie de manière que le produit en présente la plus grande valeur possible. a He generally, indeed neither intends to promote the public interest, nor knowshow much he is promoting it By preferring the support of domestic to that of foreign industry, he intends only his own security : and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end wbich was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it. I hâve never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading thein from it ».