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THREE:The earliest idea of a steam-engine was that given by the Marquis of Worcester, in his "Century of Inventions," in 1663, which idea he obtained from De Caus, and reduced to action in London. The next step was to Papin's Digester, and then to Savery's so-called "Atmospheric Engine." This, improved by Newcomen in 1711,[195] was introduced to drain mines in all parts of the kingdom, but especially in the coal-mines of the north and midland counties, and the copper mines of Cornwall. By its means many mines long disused through the accumulation of water were drained and made workable, and others were sunk much deeper. Smeaton, in 1769, greatly improved this engine, which, from its rapid working of a horizontal beam, was called by the miners a "Whimsey," as having a whimsical look. Watt, then a student in the University of Glasgow, commenced a series of experiments upon it, which, between 1759 and 1782, raised the engine to a pitch of perfection which made it applicable not only to draining water out of mines, but, by the discovery of the rotatory motion, enabled it to propel any kind of machinery, spin cotton, grind in mills of all kinds, and propel ships and carriages. Watt was greatly aided in his efforts by Mr. Matthew Boulton, and their engines were manufactured at Soho Works, near Birmingham. They did not, however, enjoy the fruits of their patents for protecting their inventions without many most unprincipled attempts to invade their rights by masters of mines and others, by which they were involved in very harassing law-suits. The first application of the steam-engine to the machinery of a cotton-mill was at Papplewick, in Nottinghamshire, in 1785, and the first mill built for the employment of machinery driven by an engine was in Manchester, in 1789. The first application of the engine to propel a vessel was at Dalswinton, on the Clyde, in 1788, the boat being constructed by Patrick Miller, James Taylor, and William Symington. In the following year these inventors made a second experiment on the Forth and Clyde Canal at the Carron Works, with perfect success, the vessel going at the rate of nearly seven miles an hour. Symington was probably the real machinist in this firm, and in 1802 he made a tug-boat on the Forth and Clyde Canal, under the patronage of Lord Dundas, which was worked extremely well by its engine. In 1807 Fulton followed up these experiments by launching a steam-boat on the Hudson, in America, after having in vain solicited the patronage of the British and French Governments for his enterprise. The proposal of Fulton, submitted to the Academy of Paris, was received with a burst of laughter, and Napoleon abandoned the project in deep disgust at having been, as he supposed, made a dupe of by Fulton. We have pointed out on the preceding page the period of the first application of the steam-engine to railways.

THREE:In the House of Commons similar resolutions were moved on the 24th by Mr. Robert Peel, who, on this occasion, made the first of those candid admissions of new views which he afterwards repeated on the question of Catholic Emancipation, and finally on the abolition of the Corn Laws. This eminent statesman, though beginning his career in the ranks of Conservatism, had a mind capable of sacrificing prejudice to truth, though it was certain to procure him much obloquy and opposition from his former colleagues. He now frankly admitted that the evidence produced before the secret committee of the Commons, of which he had been a member, had greatly changed his views regarding the currency since in 1811 he opposed the resolutions of Mr. Horner, the chairman of the Bullion Committee. He now believed the doctrines of Mr. Horner to be mainly sound, and to represent the true nature of our monetary system; and, whilst making this confession, he had only to regret that he was compelled by his convictions to vote in opposition to the opinions of his venerated father. Several modifications were proposed during the debate, but there appeared so much unanimity in the House that no alterations were made, and the resolutions passed without a division. The resolutions were to this effect:��That the restrictions on cash payments should continue till the 1st of May, 1822; that, meanwhile, the House should make provision for the gradual payment of ten millions of the fourteen millions due from the Government to the Bank; that, from the 1st of February, 1820, the Bank should take up its notes in gold ingots, stamped and assayed in quantities of not less than sixty ounces, and at a rate of eighty-one shillings per ounce. After the 1st of October of the same year the rate of gold should be reduced to seventy-nine shillings and sixpence per ounce; and again on the 1st of May, 1821, the price should be reduced to seventy-seven shillings and tenpence halfpenny per ounce; and at this rate of gold, on the 1st of May, 1822, the Bank should finally commence paying in the gold coin of the realm. Bills to this effect were introduced into both Houses by the Chancellor of the Exchequer and Mr. Peel, and were readily[144] passed; and such was the flourishing condition of the Bank that it did not wait for the full operation of the Act, but commenced paying in coin to any amount on the 1st of May, 1821.

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