You're dead right Stew, without a bit a brace is a pretty useless piece of bent metal and wood. My preference is the older braces made to chuck the tools with the square tapered drive tang. These braces are unable to grip a round bit.
Take for instance this example by Milton Nobles which recently celebrated it's 150th birthday.
Attachment 370277
There is a square hole in the back of the chuck to locate the bit and the split shell with locking ring screws down on the shoulder of the bit to lock it in place.
Attachment 370278 Attachment 370279Attachment 370280
Now we all know that 90% of the use of a brace and bit will not require a ratchet and to that end Milton didn't equip it with one. "But what if you do need to get into a tight corner where a ratchet would be handy?" I hear you ask. Well my old mate Quimby Backus covered that eventuality in 1873 with his nifty ratchet attachment.
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This tool again has a square socket into which you seat the tang of the bit and the two little jaws mounted in the chuck pull down on the shoulder of the tang as you tighten it. Rachet, forward, reverse and locked were selected in the usual manner.
Unfortunately for the old Quimbster, Millers Falls thought he had stolen the chuck and the ratchet idea from them and took him to court and it was out of production by 1880.
Now what about if you're one of those trouble makers that wants to put a (gasp) round shank bit in the brace "Milton Nobles won't be much use to you now" I hear you sneer. No worries, I'll utilise the adaptor that was made by Wiley and Russell from a patent from 1869 and get
myself out of trouble.
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Cheers,
Geoff.