I'm not an acolyte of Smith, but his prediction was pretty much the same as what you're suggesting. He was in favour of a minimum wage which far exceeds that of today, as well as simplified taxing which ensured the poor did not bear the brunt of taxation. Concepts such as negative taxation (ie. directly redistributing tax money to the working poor) was one means of bolstering low wages, for example. He was also in favour of a minimum wage far in excess of the current US one (extrapolating forwards).
Anyway...it's all good. Personally, I find some of his theories harder to subscribe than others. But
@Sunstone is completely right in terms of intent, and there is more than just 'good wishes' in his work. He supported a whole raft of programs we'd probably not consider as part of a 'modern free capitalist' manifesto.
I'll leave you with two quotes from him, and then bow out. The second take a little more effort, but speaks directly to the negative view he had on monopolists. He wanted businesses actively encouraged to remain small, and competitive. Not large and monolithic.
No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable.
and
…the monopoly which our manufacturers have obtained against… has so much increased the number of some particular tribes of them, that, like an overgrown standing army, they have become formidable to the government, and upon many occasions intimidate the legislature. The member of parliament who supports every proposal for strengthening this monopoly, is sure to acquire not only the reputation of understanding trade, but great popularity and influence … If he opposes them…the most acknowledged probity…can[not] protect him from …the insolent outrage of furious and disappointed monopolists