What is Adam Smith's view of mercantile capitalism?

Smith's basic ideas are that capitalism is a "system of perfect liberty" and that if it is allowed to flourish it will inevitably lead to prosperity for all. Though it is not without it's flaws and to correct these flaws, minimal state intervention may be required. Perhaps the most famous example of this is "All for ourselves, none for others. The vile maxim of the masters of mankind." That is, that the capitalists horde wealth at the expense of others.