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.
Banks, without question, if rightly managed are, or may be, of great advantage, especially to a trading people, as the English are; and, among many others, this is one particular case in which that benefit appears: that they bring down the interest of money, and take from the goldsmiths, scriveners, and others, who have command of running cash, their most delicious trade of making advantage of the necessities of the merchant in extravagant discounts and premiums for advance of money, when either large customs or foreign remittances call for disbursements beyond his common