EARLY in 1793 Dugald Stewart read at two meetings
of the Royal Society of Edinburgh his "Account of
the Life and Writings of Adam Smith." Written
with the sympathetic pen of a friend and disciple in
the Corinthian style that Stewart loved, the memoir
was too good to be superseded. A century passed, and
in 1895 appeared Mr. John Rae's exhaustive Life of
Adam Smith. Mr. Rae's comprehensive researches
cropped the ground so close that little seemed to have
been left for his successors to glean. But the discov-
ery of Smith Lectures on Justice, Police, Revenue,
and Arms, edited by Mr. Edwin Cannan and pub-
lished in 1896, has furnished new and important
materials.

Of Smith's innumerable critics and commentators,
Bagehot, Oncken, Ingram, and Hasbach seem to me to
have understood him best. The misdirected erudition
of some others has only proved the importance of
allowing him to be his own interpreter.

Dr. David Murray of Glasgow has very kindly read
portions of my proofs, and has contributed most gen-
erously from his wonderful store of learning.

F. W. H.

-v-