Exactly where was the smoke exiting the steering column? From around the horn button?turn signal stalk area? Lower down? Did it have a wire insulation smell? Check the other accessories that are column related, for proper operation.
emergency flashers
horn
wiper/washers
lights
all of these have switches and/or wiring inside or attached to the column. If the wiring has become chaffed, you may have unknowingly burned a fuse in this event, even tho the turn signals still work. The wiring inside the column is a pretty tight fit under normal circumstances. If the turn stalk has ever been changed, it's not hard to cut the insulation while pulling the harness thru the column.
[This message has been edited by maryjane (edited 04-27-2003).]