a portion only, as one-third or one-half, of the stroke was performed; leaving it to the expansive power of the steam to complete it. By this, œconomy of steam was obtained, together with the power of varying the effort of the engine according to the work which it has to do, by admitting the steam through a greater or smaller portion of the stroke.

These are the chief improvements which Watt effected at different periods of his life. He was born June 19, 1736, at Greenock, where he received the rudiments of his education. Having at an early age manifested a partiality for the practical part of mechanics, he went in his eighteenth year to London to obtain instruction in the profession of a mathematical instrument-maker, but remained there little more than a year, being compelled to return home on account of his health. In 1757, shortly after his return home, he was appointed instrument-maker to the University of Glasgow, and accommodated with premises within the precincts of that learned body. In 1763 he removed into the town of Glasgow, intending to practise as a civil engineer. His first patent is dated June 5, 1769, which parliament extended in 1775 for twenty-five years in consideration of the national importance of the inventions, and the difficulty and expense of introducing them to public notice. He died at his house at Heathfield in the county of Stafford, on the 25th of August, 1819, at the advanced age of eighty-four, after having realized an ample fortune, the well-earned reward of his industry and ability.

To enter into the history of the various applications of the steam-engine to the different branches of industry would carry us beyond the bounds of this work. "To enumerate its present effects," says a well-known writer on the steamengine*, "would be to count almost every comfort and every luxury of life. It has increased the sum of human happiness, not only by calling new pleasures into existence, but by so cheapening former enjoyments as to render them attainable by those who before could never have hoped to share them: the surface of the land, and the face of the waters are traversed with equal facility by its power; and by thus stimulating and facilitating the intercourse of nation with nation, and the commerce of people with people, it has knit together * Dr. Lardner.

remote countries by bonds of amity not likely to be broke Streams of knowledge and information are kept flowing be tween distant centres of population, those more advanced diffusing civilization and improvement among those that are more backward. The press itself, to which mankind owes in so large a degree the rapidity of their improvement in modern times, has had its power and influence increased in a manifold ratio by its union with the steam-engine. It is thus that literature is cheapened, and by being cheapened, diffused; it is thus that reason has taken the place of force, and the pen has superseded the sword; it is thus that war has almost ceased upon the earth, and that the differences which inevitably arise between people and people are for the most part adjusted by peaceful negotiation."

HISTORY OF INVENTIONS

AND

DISCOVERIES.

LENDING AND PAWNBROKING.

Ir appears singular to us at present that it should have been once considered unlawful to receive interest for lent money; but this circumstance will excite no wonder when the reason of it is fully explained. The different occupations by which one can maintain a family without robbery and without war, were at early periods neither so numerous nor so productive as in modern times; those who borrowed money required it only for immediate use, to relieve their necessities or to procure the conveniences of life; and those who advanced it to such indigent persons did so either through benevolence or friendship. The case now is widely different. With the assistance of borrowed money people enter into business, and carry on trades, from which by their abilities, diligence, or good fortune, so much profit arises that they soon acquire more than is requisite for their daily support; and under these circumstances the lender may undoubtedly receive for the beneficial use of his money a certain remuneration, especially as he himself might have employed it to advantage; and as by lending it he runs the risk of losing either the whole or a part of his capital, or at least of not receiving it again so soon as he may have occasion for it.

Lending on interest, therefore, must have become more usual in proportion as trade, manufactures, and the arts were extended; or as the art of acquiring money by money became

VOL. II.

more common: but it long continued to be detested, because the ancient abhorrence against it was by an improper construction of the Mosaic law converted into a religious prejudice1, which, like many other prejudices more pernicious, was strengthened and confirmed by severe papal laws. The people, however, who often devise means to render the faults of their legislators less hurtful, concealed this practice by various inventions, so that neither the borrower nor lender could be punished, nor the giving and receiving of interest be prevented. As it was of more benefit than prejudice to trade, the impolicy of the prohibition became always more apparent; it was known that the new-invented usurious arts under which it was privately followed would occasion greater evils than those which had been apprehended from lending on interest publicly; it was perceived also that the Jews, who were not affected by papal maledictions, foreigners, and a few natives who had neither religion nor conscience, and whom the church wished least of all to favour, were those principally enriched by it.

In no place was this inconvenience more felt than at the Romish court, even at a time when it boasted of divine infallibility; and nowhere was more care employed to remove it. A plan, therefore, was at length devised, by which the evil, as was supposed, would be banished. A capital was collected from which money was to be lent to the poor for a certain period on pledges without interest. This idea was indeed not new; for such establishments had long before been formed and supported by humane princes. The emperor Augustus, we are told, converted into a fund the surplus of the money which arose to the State from the confiscated property of criminals, and lent sums from it, without interest, to those who could pledge effects equal to double the amount. Tiberius also advanced a large capital, from which those were supplied with money for three years, who could give security on lands equivalent to twice the value3. Alexander Severus reduced the interest of money by lending it at a low rate, and advancing sums to the poor without interest to purchase lands, and agreeing to receive payment from the produce of them1.

1 J. D. Michaelis, in Syntagma Commentationum, ii. p. 9; and his Mosaisches Recht. iii. p. 86. 2 Sueton. Vita Augusti, cap. 41. 3 Taciti Annal. vi. 17.-Sueton. Vita Tiberii, cap. 48.-Dio Cassius, Ælius Lamprid. Vita Alex. Severi, cap. 21.

lviji. 21.

These examples of the ancients were followed in modern Italy. In order to collect. money, the popes conferred upon those who would contribute towards that object a great many fictitious advantages, which at any rate cost them nothing. By bulls and holy water they dispensed indulgences and eternal salvation; they permitted burthensome vows to be converted into donations to lending-houses; and authorised the rich who advanced them considerable sums to legitimate such of their children as were not born in wedlock. As an establishment of this kind required a great many servants, they endeavoured to procure these also on the same conditions; and they offered, besides the above-mentioned benefits, a great many others not worth notice, to those who would engage to discharge gratis the business of their new undertaking; but in cases of necessity they were to receive a moderate salary from the funds. This money was lent without interest for a certain time to the poor only, provided they could deposit proper pledges of sufficient value.

It was, however, soon observed that an establishment of this kind could neither be of extensive use nor of long duration. In order to prevent the secret lending of money, by the usurious arts which had begun to be practised, it was necessary that it should advance sums not only to those who were poor in the strictest sense of the word, but to those also who, to secure themselves from poverty, wished to undertake and carry on useful employments, and who for that purpose had need of capitals. However powerful the attractions might be, which, on account of the religious folly that then prevailed, induced people to make large contributions, they gradually lost their force, and the latter were lessened in proportion, especially as a spirit of reformation began soon after to break out in Germany, and to spread more and more into other countries. Even if a lending-house should not be exhausted by the maintenance of its servants, and various accidents that could not be guarded against, it was still necessary, at any rate, to borrow as much money at interest as might be sufficient to support the establishment. As it was impossible that it could relieve all the poor, the only method to be pursued was to prevent their increase, by encouraging trade, and by supplying those with money who wanted only a little to enable them to gain more, and who were in a condition and willing to pay a mode