An Essay Upon Projects

AUTHOR’S INTRODUCTION

Necessity, which is allowed to be the mother of invention, has so violently agitated the wits of men at this time that it seems not at all improper, by way of distinction, to call it the Projecting Age. For though in times of war and public confusions the like humour of invention has seemed to stir, yet, without being partial to the present, it is, I think, no injury to say the past ages have never come up to the degree of projecting and inventing, as it refers to matters of negotiation and methods of civil polity, which we see this age arrived to.

Nor is it a hard matter to assign probable causes of the perfection in this modern art. I am not of their melancholy opinion who ascribe it to the general poverty of the nation, since I believe it is easy to prove the nation itself, taking it as one general stock, is not at all diminished or impoverished by this long, this chargeable war, but, on the contrary, was never richer since it was inhabited.

Nor am I absolutely of the opinion that we are so happy as to be wiser in this age than our forefathers; though at the same time I must own some parts of knowledge in science as well as art have received improvements in this age altogether concealed from the former.

The art of war, which I take to be the highest perfection of human knowledge, is a sufficient proof of what I say, especially in conducting armies and in offensive engines. Witness the now ways of rallies, fougades, entrenchments, attacks, lodgments, and a long et cetera of new inventions which want names, practised in sieges and encampments; witness the new forts of bombs and unheard-of mortars, of seven to ten ton weight, with which our fleets, standing two or three miles off at sea, can imitate God Almighty Himself and rain fire and brimstone out of heaven, as it were, upon towns built on the firm land; witness also our new-invented child of hell, the machine which carries thunder, lightning, and earthquakes in its bowels, and tears up the most impregnable fortification.

But if I would search for a cause from whence it comes to pass that this age swarms with such a multitude of projectors more than usual, who – besides the innumerable conceptions, which die in the bringing forth, and (like abortions of the brain) only come into the air and dissolve – do really every day produce new contrivances, engines, and projects to get money, never before thought of; if, I say, I would examine whence this comes to pass, it must be thus:

The losses and depredations which this war brought with it at first were exceeding many, suffered chiefly by the ill-conduct of merchants themselves, who did not apprehend the danger to be really what it was: for before our Admiralty could possibly settle convoys, cruisers, and stations for men-of-war all over the world, the French covered the sea with their privateers and took an incredible number of our ships. I have heard the loss computed, by those who pretended they were able to guess, at above fifteen millions of pounds sterling, in ships and goods, in the first two or three years of the war – a sum which, if put into French, would make such a rumbling sound of great numbers as would fright a weak accountant out of his belief, being no less than one hundred and ninety millions of livres. The weight of this loss fell chiefly on the trading part of the nation, and, amongst them, on the merchants; and amongst them, again, upon the most refined capacities, as the insurers, &c. And an incredible number of the best merchants in the kingdom sunk under the load, as may appear a little by a Bill which once passed the House of Commons for the relief of merchant-insurers, who had suffered by the war with France. If a great many fell, much greater were the number of those who felt a sensible ebb of their fortunes, and with difficulty bore up under the loss of great part of their estates. These, prompted by necessity, rack their wits for new contrivances, new inventions, new trades, stocks, projects, and anything to retrieve the desperate credit of their fortunes. That this is probable to be the cause will appear further thus. France (though I do not believe all the great outcries we make of their misery and distress – if one-half of which be true, they are certainly the best subjects in the world) yet without question has felt its share of the losses and damages of the war; but the poverty there falling chiefly on the poorer sort of people, they have not been so fruitful in inventions and practices of this nature, their genius being quite of another strain. As for the gentry and more capable sort, the first thing a Frenchman flies to in his distress is the army; and he seldom comes back from thence to get an estate by painful industry, but either has his brains knocked out or makes his fortune there.

If industry be in any business rewarded with success it is in the merchandising part of the world, who indeed may more truly be said to live by their wits than any people whatsoever. All foreign negotiation, though to some it is a plain road by the help of custom, yet is in its beginning all project, contrivance, and invention. Every new voyage the merchant contrives is a project; and ships are sent from port to port, as markets and merchandises differ, by the help of strange and universal intelligence – wherein some are so exquisite, so swift, and so exact, that a merchant sitting at home in his counting-house at once converses with all parts of the known world. This and travel make a true-bred merchant the most intelligent man in the world, and consequently the most capable, when urged by necessity, to contrive new ways to live. And from hence, I humbly conceive, may very properly be derived the projects, so much the subject of the present discourse. And to this sort of men it is easy to trace the original of banks, stocks, stock-jobbing, assurances, friendly societies, lotteries, and the like.

To this may be added the long annual inquiry in the House of Commons for ways and means, which has been a particular movement to set all the heads of the nation at work; and I appeal, with submission, to the gentlemen of that honourable House, if the greatest part of all the ways and means out of the common road of land taxes, polls, and the like, have not been handed to them from the merchant, and in a great measure paid by them too.

However, I offer this but as an essay at the original of this prevailing humour of the people; and as it is probable, so it is also possible to be otherwise, which I submit to future demonstration.

Of the several ways this faculty of projecting have exerted itself, and of the various methods, as the genius of the authors has inclined, I have been a diligent observer and, in most, an unconcerned spectator, and perhaps have some advantage from thence more easily to discover the faux pas of the actors. If I have given an essay towards anything new, or made discovery to advantage of any contrivance now on foot, all men are at the liberty to make use of the improvement; if any fraud is discovered, as now practised, it is without any particular reflection upon parties or persons.

Projects of the nature I treat about are doubtless in general of public advantage, as they tend to improvement of trade, and employment of the poor, and the circulation and increase of the public stock of the kingdom; but this is supposed of such as are built on the honest basis of ingenuity and improvement, in which, though I will allow the author to aim primarily at his own advantage, yet with the circumstances of public benefit added.

Wherefore it is necessary to distinguish among the projects of the present times between the honest and the dishonest.

There are, and that too many, fair pretences of fine discoveries, new inventions, engines, and I know not what, which – being advanced in notion, and talked up to great things to be performed when such and such sums of money shall be advanced, and such and such engines are made – have raised the fancies of credulous people to such a height that, merely on the shadow of expectation, they have formed companies, chose committees, appointed officers, shares, and books, raised great stocks, and cried up an empty notion to that degree that people have been betrayed to part with their money for shares in a new nothing; and when the inventors have carried on the jest till they have sold all their own interest, they leave the cloud to vanish of itself, and the poor purchasers to quarrel with one another, and go to law about settlements, transferrings, and some bone or other thrown among them by the subtlety of the author to lay the blame of the miscarriage upon themselves. Thus the shares at first begin to fall by degrees, and happy is he that sells in time; till, like brass money, it will go at last for nothing at all. So have I seen shares in joint-stocks, patents, engines, and undertakings, blown up by the air of great words, and the name of some man of credit concerned, to £100 for a five-hundredth part or share (some more), and at last dwindle away till it has been stock-jobbed down to £10, £12, £9, £8 a share, and at last no buyer (that is, in short, the fine new word for nothing-worth), and many families ruined by the purchase. If I should name linen manufactures, saltpetre-works, copper mines, diving engines, dipping, and the like, for instances of this, I should, I believe, do no wrong to truth, or to some persons too visibly guilty.

I might go on upon this subject to expose the frauds and tricks of stock-jobbers, engineers, patentees, committees, with those Exchange mountebanks we very properly call brokers, but I have not gaul enough for such a work; but as a general rule of caution to those who would not be tricked out of their estates by such pretenders to new inventions, let them observe that all such people who may be suspected of design have assuredly this in their proposal: your money to the author must go before the experiment. And here I could give a very diverting history of a patent-monger whose cully was nobody but myself, but I refer it to another occasion.

But this is no reason why invention upon honest foundations and to fair purposes should not be encouraged; no, nor why the author of any such fair contrivances should not reap the harvest of his own ingenuity. Our Acts of Parliament for granting patents to first inventors for fourteen years is a sufficient acknowledgment of the due regard which ought to be had to such as find out anything which may be of public advantage; new discoveries in trade, in arts and mysteries, of manufacturing goods, or improvement of land, are without question of as great benefit as any discoveries made in the works of nature by all the academies and royal societies in the world.

There is, it is true, a great difference between new inventions and projects, between improvement of manufactures or lands (which tend to the immediate benefit of the public, and employing of the poor), and projects framed by subtle heads with a sort of a deceptio visus and legerdemain, to bring people to run needless and unusual hazards: I grant it, and give a due preference to the first. And yet success has so sanctified some of those other sorts of projects that it would be a kind of blasphemy against fortune to disallow them. Witness Sir William Phips’s voyage to the wreck; it was a mere project; a lottery of a hundred thousand to one odds; a hazard which, if it had failed, everybody would have been ashamed to have owned themselves concerned in; a voyage that would have been as much ridiculed as Don Quixote’s adventure upon the windmill. Bless us! that folks should go three thousand miles to angle in the open sea for pieces of eight! Why, they would have made ballads of it, and the merchants would have said of every unlikely adventure, “It, was like Phips’s wreck-voyage.” But it had success, and who reflects upon the project?

“Nothing’s so partial as the laws of fate,
Erecting blockheads to suppress the great.
Sir Francis Drake the Spanish plate-fleet won;
He had been a pirate if he had got none.
Sir Walter Raleigh strove, but missed the plate,
And therefore died a traitor to the State.
Endeavour bears a value more or less,
Just as ’tis recommended by success:
The lucky coxcomb ev’ry man will prize,
And prosp’rous actions always pass for wise.”

However, this sort of projects comes under no reflection as to their honesty, save that there is a kind of honesty a man owes to himself and to his family that prohibits him throwing away his estate in impracticable, improbable adventures; but still some hit, even of the most unlikely, of which this was one of Sir William Phips, who brought home a cargo of silver of near £200,000 sterling, in pieces of eight, fished up out of the open sea, remote from any shore, from an old Spanish ship which had been sunk above forty years.

The History of Projects

When I speak of writing a History of Projects, I do not mean either of the introduction of, or continuing, necessary inventions, or the improvement of arts and sciences before known, but a short account of projects and projecting, as the word is allowed in the general acceptation at this present time; and I need not go far back for the original of the practice.

Invention of arts, with engines and handicraft instruments for their improvement, requires a chronology as far back as the eldest son of Adam, and has to this day afforded some new discovery in every age.

The building of the Ark by Noah, so far as you will allow it a human work, was the first project I read of; and, no question, seemed so ridiculous to the graver heads of that wise, though wicked, age that poor Noah was sufficiently bantered for it: and, had he not been set on work by a very peculiar direction from heaven, the good old man would certainly have been laughed out of it as a most senseless ridiculous project.

The building of Babel was a right project; for indeed the true definition of a project, according to modern acceptation, is, as is said before, a vast undertaking, too big to be managed, and therefore likely enough to come to nothing. And yet, as great as they are, it is certainly true of them all, even as the projectors propose: that, according to the old tale, if so many eggs are hatched, there will be so many chickens, and those chickens may lay so many eggs more, and those eggs produce so many chickens more, and so on. Thus it was most certainly true that if the people of the Old World could have built a house up to heaven, they should never be drowned again on earth, and they only had forgot to measure the height; that is, as in other projects, it only miscarried, or else it would have succeeded.

And yet, when all is done, that very building, and the incredible height it was carried, is a demonstration of the vast knowledge of that infant age of the world, who had no advantage of the experiments or invention of any before themselves.

“Thus when our fathers, touched with guilt,
That huge stupendous staircase built;
We mock, indeed, the fruitless enterprise
(For fruitless actions seldom pass for wise),
But were the mighty ruins left, they’d show
To what degree that untaught age did know.”

I believe a very diverting account might be given of this, but I shall not attempt it. Some are apt to say with Solomon, “No new thing happens under the sun; but what is, has been:” yet I make no question but some considerable discovery has been made in these latter ages, and inventions of human origin produced, which the world was ever without before, either in whole or in part; and I refer only to two cardinal points, the use of the loadstone at sea, and the use of gunpowder and guns: both which, as to the inventing part, I believe the world owes as absolutely to those particular ages as it does the working in brass and iron to Tubal Cain, or the inventing of music to Jubal, his brother. As to engines and instruments for handicraftsmen, this age, I daresay, can show such as never were so much as thought of, much less imitated before; for I do not call that a real invention which has something before done like it – I account that more properly an improvement. For handicraft instruments, I know none owes more to true genuine contrivance, without borrowing from any former use, than a mechanic engine contrived in our time called a knitting-frame, which, built with admirable symmetry, works really with a very happy success, and may be observed by the curious to have a more than ordinary composition; for which I refer to the engine itself, to be seen in every stocking-weaver’s garret.

I shall trace the original of the projecting humour that now reigns no farther back than the year 1680, dating its birth as a monster then, though by times it had indeed something of life in the time of the late civil war. I allow, no age has been altogether without something of this nature, and some very happy projects are left to us as a taste of their success; as the water-houses for supplying of the city of London with water, and, since that, the New River – both very considerable undertakings, and perfect projects, adventured on the risk of success. In the reign of King Charles I. infinite projects were set on foot for raising money without a Parliament: oppressing by monopolies and privy seals; but these are excluded our scheme as irregularities, for thus the French are as fruitful in projects as we; and these are rather stratagems than projects. After the Fire of London the contrivance of an engine to quench fires was a project the author was said to get well by, and we have found to be very useful. But about the year 1680 began the art and mystery of projecting to creep into the world. Prince Rupert, uncle to King Charles II., gave great encouragement to that part of it that respects engines and mechanical motions; and Bishop Wilkins added as much of the theory to it as writing a book could do. The prince has left us a metal called by his name; and the first project upon that was, as I remember, casting of guns of that metal and boring them – done both by a peculiar method of his own, and which died with him, to the great loss of the undertaker, who to that purpose had, with no small charge, erected a water-mill at Hackney Marsh, known by the name of the Temple Mill, which mill very happily performed all parts of the work; and I have seen some of those guns on board the Royal Charles, a first-rate ship, being of a reddish colour, different either from brass or copper. I have heard some reasons of state assigned why that project was not permitted to go forward; but I omit them, because I have no good authority for them. After this we saw a floating-machine, to be wrought with horses, for the towing of great ships both against wind and tide; and another for the raising of ballast, which, as unperforming engines, had the honour of being made, exposed, tried, and laid by before the prince died.

If thus we introduce it into the world under the conduct of that prince, when he died it was left a hopeless brat, and had hardly any hand to own it, till the wreck-voyage before noted, performed so happily by Captain Phips, afterwards Sir William, whose strange performance set a great many heads on work to contrive something for themselves. He was immediately followed by my Lord Mordant, Sir John Narborough, and others from several parts, whose success made them soon weary of the work.

The project of the Penny Post, so well known and still practised, I cannot omit, nor the contriver, Mr. Dockwra, who has had the honour to have the injury done him in that affair repaired in some measure by the public justice of the Parliament. And, the experiment proving it to be a noble and useful design, the author must be remembered, wherever mention is made of that affair, to his very great reputation.

It was, no question, a great hardship for a man to be master of so fine a thought, that had both the essential ends of a project in it (public good and private want), and that the public should reap the benefit and the author be left out; the injustice of which, no doubt, discouraged many a good design. But since an alteration in public circumstances has recovered the lost attribute of justice, the like is not to be feared. And Mr. Dockwra has had the satisfaction to see the former injury disowned, and an honourable return made, even by them who did not the injury, in bare respect to his ingenuity.

A while before this several people, under the patronage of some great persons, had engaged in planting of foreign colonies (as William Penn, the Lord Shaftesbury, Dr. Cox, and others) in Pennsylvania, Carolina, East and West Jersey, and the like places, which I do not call projects, because it was only prosecuting what had been formerly begun. But here began the forming of public joint-stocks, which, together with the East India, African, and Hudson’s Bay Companies, before established, begot a new trade, which we call by a new name stock-jobbing, which was at first only the simple occasional transferring of interest and shares from one to another, as persons alienated their estates; but by the industry of the Exchange brokers, who got the business into their hands, it became a trade, and one perhaps managed with the greatest intrigue, artifice, and trick that ever anything that appeared with a face of honesty could be handled with; for while the brokers held the box, they made the whole Exchange the gamesters, and raised and lowered the prices of stocks as they pleased, and always had both buyers and sellers who stood ready innocently to commit their money to the mercy of their mercenary tongues. This upstart of a trade, having tasted the sweetness of success which generally attends a novel proposal, introduces the illegitimate wandering object I speak of, as a proper engine to find work for the brokers. Thus stock-jobbing nursed projecting, and projecting, in return, has very diligently pimped for its foster-parent, till both are arrived to be public grievances, and indeed are now almost grown scandalous.

OF PROJECTORS

Man is the worst of all God’s creatures to shift for himself; no other animal is ever starved to death; nature without has provided them both food and clothes, and nature within has placed an instinct that never fails to direct them to proper means for a supply; but man must either work or starve, slave or die. He has indeed reason given him to direct him, and few who follow the dictates of that reason come to such unhappy exigences; but when by the errors of a man’s youth he has reduced himself to such a degree of distress as to be absolutely without three things – money, friends, and health – he dies in a ditch, or in some worse place, a hospital.

Ten thousand ways there are to bring a man to this, and but very few to bring him out again.

Death is the universal deliverer, and therefore some who want courage to bear what they see before them, hang themselves for fear; for certainly self-destruction is the effect of cowardice in the highest extreme.

Others break the bounds of laws to satisfy that general law of nature, and turn open thieves, house-breakers, highwaymen, clippers, coiners, &c., till they run the length of the gallows, and get a deliverance the nearest way at St. Tyburn.

Others, being masters of more cunning than their neighbours, turn their thoughts to private methods of trick and cheat, a modern way of thieving every jot as criminal, and in some degree worse than the other, by which honest men are gulled with fair pretences to part from their money, and then left to take their course with the author, who skulks behind the curtain of a protection, or in the Mint or Friars, and bids defiance as well to honesty as the law.

Others, yet urged by the same necessity, turn their thoughts to honest invention, founded upon the platform of ingenuity and integrity.

These two last sorts are those we call projectors; and as there was always more geese than swans, the number of the latter are very inconsiderable in comparison of the former; and as the greater number denominates the less, the just contempt we have of the former sort bespatters the other, who, like cuckolds, bear the reproach of other people’s crimes.

A mere projector, then, is a contemptible thing, driven by his own desperate fortune to such a strait that he must be delivered by a miracle, or starve; and when he has beat his brains for some such miracle in vain, he finds no remedy but to paint up some bauble or other, as players make puppets talk big, to show like a strange thing, and then cry it up for a new invention, gets a patent for it, divides it into shares, and they must be sold. Ways and means are not wanting to swell the new whim to a vast magnitude; thousands and hundreds of thousands are the least of his discourse, and sometimes millions, till the ambition of some honest coxcomb is wheedled to part with his money for it, and then (nascitur ridiculus mus) the adventurer is left to carry on the project, and the projector laughs at him. The diver shall walk at the bottom of the Thames, the saltpetre maker shall build Tom T – d’s pond into houses, the engineers build models and windmills to draw water, till funds are raised to carry it on by men who have more money than brains, and then good-night patent and invention; the projector has done his business and is gone.

But the honest projector is he who, having by fair and plain principles of sense, honesty, and ingenuity brought any contrivance to a suitable perfection, makes out what he pretends to, picks nobody’s pocket, puts his project in execution, and contents himself with the real produce as the profit of his invention.

OF BANKS