This teaching is from The Happiness Visible in This Present Life section of the “In the Buddha’s Words” book by Bhikkhu Bodhi.

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In illustration of his dictum that one should rely on oneself, the Buddha gives a detailed account of the fall of a kingly lineage of the past, and the subsequent degeneration of society. This process, however, is not over, as the Buddha predicts that eventually society will fall into utter chaos. But far in the future, another Buddha, Metteyya, will arise in a time of peace and plenty.

1. King Daḷhanemi

Once upon a time, mendicants, there was a king named Daḷhanemi who was a wheel-turning monarch, a just and principled king. His dominion extended to all four sides, he achieved stability in the country, and he possessed the seven treasures. He had the following seven treasures: the wheel, the elephant, the horse, the jewel, the woman, the treasurer, and the counselor as the seventh treasure. He had over a thousand sons who were valiant and heroic, crushing the armies of his enemies. After conquering this land girt by sea, he reigned by principle, without rod or sword.

Then, after many years, many hundred years, many thousand years had passed, King Daḷhanemi addressed one of his men, ‘My good man, when you see that the heavenly wheel-treasure has receded back from its place, please tell me.’

‘Yes, Your Majesty,’ replied that man.

After many thousand years had passed, that man saw that the heavenly wheel-treasure had receded back from its place. So he went to King Daḷhanemi and said, ‘Please sire, you should know that your heavenly wheel-treasure has receded back from its place.’

So the king summoned the crown prince and said, ‘Dear prince, my heavenly wheel-treasure has receded back from its place. I’ve heard that when this happens to a wheel-turning monarch, he does not have long to live. I have enjoyed human pleasures. Now it is time for me to seek heavenly pleasures. Come, dear prince, rule this land surrounded by ocean! I shall shave off my hair and beard, dress in ocher robes, and go forth from the lay life to homelessness.’

And so, after carefully instructing the crown prince in kingship, King Daḷhanemi shaved off his hair and beard, dressed in ocher robes, and went forth from the lay life to homelessness. Seven days later the heavenly wheel-treasure vanished.

Then a certain man approached the newly anointed aristocrat king and said, ‘Please sire, you should know that the heavenly wheel-treasure has vanished.’ At that the king was unhappy and experienced unhappiness. He went to the royal sage and said, ‘Please sire, you should know that the heavenly wheel-treasure has vanished.’

When he said this, the royal sage said to him, ‘Don’t be unhappy at the vanishing of the wheel-treasure. My dear, the wheel-treasure is not inherited from your father. Come now, my dear, proceed in the noble duty of a wheel-turning monarch. If you do so, it’s possible that—on a fifteenth day sabbath, having bathed your head and gone upstairs in the royal longhouse to observe the sabbath—the heavenly wheel-treasure will appear to you, with a thousand spokes, with rim and hub, complete in every detail.’

1.1. The Noble Duty of a Wheel-Turning Monarch

‘But sire, what is the noble duty of a wheel-turning monarch?’

‘Well then, my dear, relying only on principle—honoring, respecting, and venerating principle, having principle as your flag, banner, and authority—provide just protection and security for your court, troops, aristocrats, vassals, brahmins and householders, people of town and country, ascetics and brahmins, beasts and birds. Do not let injustice prevail in the realm. Provide money to the penniless in the realm.

And there are ascetics and brahmins in the realm who avoid intoxication and negligence, are settled in patience and gentleness, and who tame, calm, and extinguish themselves. From time to time you should go up to them and ask and learn: “Sirs, what is skillful? What is unskillful? What is blameworthy? What is blameless? What should be cultivated? What should not be cultivated? Doing what leads to my lasting harm and suffering? Doing what leads to my lasting welfare and happiness?” Having heard them, you should reject what is unskillful and undertake and follow what is skillful.

This is the noble duty of a wheel-turning monarch.’

1.2. The Wheel-Treasure Appears

‘Yes, Your Majesty,’ replied the new king to the royal sage. And he proceeded in the noble duty of a wheel-turning monarch.

While he was proceeding in that duty, on a fifteenth day sabbath, he had bathed his head and gone upstairs in the royal longhouse to observe the sabbath. And the heavenly wheel-treasure appeared to him, with a thousand spokes, with rim and hub, complete in every detail. Seeing this, the king thought, ‘I have heard that when the heavenly wheel-treasure appears to a king in this way, he becomes a wheel-turning monarch. Am I then a wheel-turning monarch?’

Then the anointed king, rising from his seat and arranging his robe over one shoulder, took a ceremonial vase in his left hand and besprinkled the wheel-treasure with his right hand, saying, ‘Roll forth, O wheel-treasure! Triumph, O wheel-treasure!’

Then the wheel-treasure rolled towards the east. And the king followed it together with his army of four divisions. In whatever place the wheel-treasure stood still, there the king came to stay together with his army. And any opposing rulers of the eastern quarter came to the wheel-turning monarch and said, ‘Come, great king! Welcome, great king! We are yours, great king, instruct us.’ The wheel-turning monarch said, ‘Do not kill living creatures. Do not steal. Do not commit sexual misconduct. Do not lie. Do not drink alcohol. Maintain the current level of taxation.’ And so the opposing rulers of the eastern quarter became his vassals.

Then the wheel-treasure, having plunged into the eastern ocean and emerged again, rolled towards the south. … Having plunged into the southern ocean and emerged again, it rolled towards the west. …

Having plunged into the western ocean and emerged again, it rolled towards the north, followed by the king together with his army of four divisions. In whatever place the wheel-treasure stood still, there the king came to stay together with his army. And any opposing rulers of the northern quarter came to the wheel-turning monarch and said, ‘Come, great king! Welcome, great king! We are yours, great king, instruct us.’ The wheel-turning monarch said, ‘Do not kill living creatures. Do not steal. Do not commit sexual misconduct. Do not lie. Do not drink alcohol. Maintain the current level of taxation.’ And so the rulers of the northern quarter became his vassals.

And then the wheel-treasure, having triumphed over this land surrounded by ocean, returned to the royal capital. There it stood still by the gate to the royal compound at the High Court as if fixed to an axle, illuminating the royal compound.

The text of DN26 continues further, you can read it in full at: https://suttacentral.net/dn26.

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