[127] Watt to Small, 30th August, 1772. Boulton MSS.
[128] Small to Watt, 16th November, 1772. Boulton MSS.
[129] About this time, in order to bring himself and his engine into notice, Watt contemplated writing a treatise on steam and its applications. “I have some thoughts,” he wrote to Small, “of writing a book on the elements of the theory of steam-engines, in which, however, I shall only give the enunciation of the perfect engine. This book might do me and the scheme good. It would still leave the world in the dark as to the true construction of the engine. Something of this kind is necessary, as Smeaton is labouring hard at the subject, and if I can make no profit, at least I ought not to lose the honour of my experiments.”--Watt to Small, 17th August, 1773. Boulton MSS. To this letter Small replied, “The more I consider the propriety of your publishing about steam, the more I wish you to publish. Smeaton has only trifled hitherto, though he may perhaps discover something. He told Boulton some time ago that the circular engine would not do. He said he had considered it, and was sure of this. As B. does not much respect his genius, this had no effect.” Watt’s treatise was, however, never written; his attention being shortly after fully occupied by other and more engrossing subjects.
But before the experiment with the wheel-engine could be tried at Soho, the financial ruin of Dr. Roebuck brought matters to a crisis. He was now in the hands of his creditors, who found his affairs in inextricable confusion. He owed some 1200_l._ to Boulton, who, rather than claim against the estate, offered to take Roebuck’s two-thirds share in the engine patent in lieu of the debt. The creditors did not value the engine as worth one farthing, and were but too glad to agree to the proposal. As Watt himself said, it was only “paying one bad debt with another.” Boulton wrote to Watt requesting him to act as his attorney in the matter. He confessed that he was by no means sanguine as to the success of the engine, but, being an assayer, he was willing “to assay it and try how much gold it contains.” “The thing,” he added, “is now a shadow; ’tis merely ideal, and will cost time and money to realise it. We have made no experiment yet that answers my purpose, and the times are so horrible throughout the mercantile part of Europe, that I have not had my thoughts sufficiently disengaged to think of new schemes.”[130]