ADAM SMITH. 205 



of them in time the dupes of their own sophistry, and 

 are as eager for this great reformation as the weakest 

 and foolishest of their followers. Even though the 

 leaders should have preserved their own heads, as in- 

 deed they commonly do, free from this fanaticism, yet 

 they dare not always disappoint the expectations of 

 their followers, but are often obliged, though contrary 

 to their principles and their conscience, to act as if 

 they were under the common delusion." No one can 

 doubt the truth of the conclusion to which his account 

 of reforming schemes leads him ; it is proved by con- 

 stant experience, which also shows, though he leaves 

 this out of his view, that they who refuse all reform 

 often are the cause of excessive and perilous innova- 

 tion: "The violence of the party refusing all pallia- 

 tions, all temperaments, all reasonable accommodations, 

 by requiring too much, frequently obtains nothing; 

 and those inconveniences and distresses which with a 

 little moderation might in a great measure have been 

 removed and relieved, are left altogether without the 

 hope of remedy." (Vol. II. p. 107.) 



Such is the ' Theory of Moral Sentiments.' The great 

 reputation, however, of Dr. Smith, and especially his 

 European reputation, is founded upon the ' Wealth of 

 Nations.' We have seen how the principles of a more 

 sound, liberal, and rational policy in all that regards 

 commerce and finance, had been gradually taking the 

 place of the old and narrow views upon which all 

 countries regulated their economical systems, and we 

 have found the improvement begun as early as the 

 seventeenth century. Towards the end of that, and in 

 the earlier part of the following, the alarms of the dif- 

 ferent states which form the great European Common- 

 wealth were so much excited by the ambition of Louis 

 XIV., that the only subject which either interested 

 statesmen or speculative inquirers related to questions 

 of military and foreign policy. But the regency of a 

 most able prince and wise ruler, profligate though his 



