From 1759 at the latest an early draft of what subsequently developed into the Wealth of Nations existed in the portion of Smith’s lectures on “Jurisprudence” which he called “Police, Revenue and Arms,” the rest of “Jurisprudence” being “Justice” and the “Laws of Nations.” Jurisprudence he defined as “that science which inquires into the general principles which ought to be the foundation of the laws of all nations,” or as “the theory of the general principles of law and government.” In forecasting his lectures on the subject he told his students:—
“The four great objects of law are justice, police, revenue and arms. “The object of justice is the security from injury, and it is the foundation of civil government. “The objects of police are the cheapness of commodities, public security, and cleanliness, if the two last were not too minute for a lecture of this kind. Under this head we will consider the opulence of a state. “It is likewise necessary that the magistrate who bestows his time and labour in the business of the state should be compensated for it. For this purpose and for defraying the expenses of government some fund must be raised. Hence the origin of revenue. The subject of consideration under this head will be the proper means of levying revenue, which must come from the people by taxes, duties, etc. In general, whatever revenue can be raised most insensibly from the people ought to be preferred, and in the sequel it