"Smith begins his work by speaking of real Wealth as being the produce of "Land and Labour," but further on he expressly classes Personal Qualities under the title of Fixed Capital, and Bank Notes, Bills of Exchange, &c., which are mere Rights, or Credit, under Circulating Capital. Thus he distinctly recognises the three orders of Exchangeable Quantities as Wealth. Moreover, he was well aware of the true and original meaning of the expression, "Production and Distribution," because he expressly says that the purport of his first two books is to investigate the Theory of Prices, and they are nothing but an investigation of the Theory of Value, more or less imperfect. McCulloch, in a note to his edition of the work, says that Political Economy might be defined as the Science of Values. Condillac published his work, le Commerce et le Gouvernement in 1776, the same year as Smith published his. He expressly defines Economics as the Science of Commerce, and the first book of his work, like that of Smith, is a Treatise on Commerce. But unfortunately, he never got beyond the Commerce of Material Products."
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Theory and Practice of Banking
Theory and Practice of Banking, Volumes 1 & 2, by Scottish economist and historian , was published 1855-1856 by Longman, Brown, Green and Longmans, London. Quotes below, unless otherwise noted, are from the fourth edition, London, Green, Reader and Dyer, London.
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