Yeah, Smith College does provide scholarships based on merit. Here are some of them:

Dora Windes Zollman Scholarships
Total Worth: 25,000 per year (limited to 12,500 per semester of enrollment)
Eligibility: 25,000 per year (limited to 12,500 per semester of enrollment)
Separate application needed: No

STRIDE Scholarships
Total Worth: 20,000, also an annual stipend of 2,450 each year for two years
Eligibility: 20,000, also an annual stipend of 2,450 each year for two years
Separate application needed: No

Smith Presidential Scholarship
Total Worth: 10,000 annually for four years
Eligibility: 10,000 annually for four years
Separate application needed: No

Smith College provides aids at an average of 50844 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 48185 need-based grant. They also provide other scholarships including Springfield/Holyoke Partnership and Trustee Grant.