the
condition of the business, no rise in wages could be made to one which
would involve an advance to others. Murdoch remained loyal to the
firm, however, although invited into partnership by another. Afterward
he received due reward. He had always a strong aversion to partnership,
no doubt well founded in this case, for during many years failure seemed
almost as likely as success. Watt has much to say in his letters about
"William" (Murdoch), who, more than anyone, relieved him from
trouble.[2]

The bargainings with mine-owners brought on intense heartaches and broke
Watt down completely. Boulton had to go to him again in Cornwall in the
autumn of 1779, and as usual succeeded in adjusting many disputes by
wise compromises with the grasping owners which Watt's strict sense of
justice had denied. Many of these had paid no royalties for years,
others disputed Watt's unerring register of fuel consumption (another of
his most ingenious inventions now in general use for many purposes), a
more heinous offense in his eyes than that of non-payment. "The
rascality of man," he writes, "is almost beyond belief." He never was
more despondent or more irritable than now. No one was better aware of
his weakness than himself. In short, his heartaches and nervousness
unfitted him for business. As usual, he attributed his discouragement
chiefly to his financial obligations. The firm was as hard pressed as
ever. Indeed a new source of danger had developed. Fothergill's affairs
became involved, and had it not been for Boulton's capital and credit,
the firm of Boulton and Fothergill could not have maintained payment.
This had caused a drain upon their resources. Boulton sold the estate
which had come to him by his wife, and the greater part of his father's
property, and mortgaged the remainder. It is evident that the great
captain had taken in hand far too many enterprises. Probably he had not
heard the new doctrine: "Put all your eggs in one basket and then watch
that basket." He had even ventured considerable sums in blockade running
during the American Revolutionary War. It was not without good reason,
therefore, that the more cautious Scot addressed to him so many pathetic
letters: "I beg of you to attend to these money matters. I cannot rest
in my bed until they have some determinate form." Watt's inexperience in
money matters caused apprehensions of ruin to arise whenever financial
measures were discussed. He was at this time utterl