In 1901, Andrew Carnegie looked into the possibility of buying the entire state of Rhode Island. He wanted to attempt to run the state according to the "newest, scientific principles so as to bring about the maximum of happiness for the maximum number of people." He calculated that it would cost roughly $700 million, more than even he had at the time. He attempted to interest fellow tycoon J.P. Morgan in a joint venture, but Morgan declined saying that Carnegie was thinking "too small" and he had never liked the smell of Rhode Island's inhabitants.