This paper discusses the ongoing debate over small clauses concerning the structure of the verb phrase in "I consider Bill smart." It is demonstrated that the subject constituent in question is not a small clause, but a Noun Phrase (NP), following Noun (N). It is shown that some peculiar phenomena under the small clause analysis are natural consequences of the NP analysis. Starting from the adjectival type, it is shown that all the possible subject small clauses share syntactic and distributional characteristics with noun phrases, rather than other kinds of small clauses. On the basis of the interesting paradigms of bound variable anaphora, disjoint reference, and negative polarity, the adjunction structure is proposed for the subject small clauses. The analysis presented shows hat the hierarchical structure is different between an NP with attributive interpretation and one with clausal interpretation. (VWL)