In 1840, Wheatstone introduced his chronoscope, for measuring minute intervals of time, which was used in determining the speed of a bullet or the passage of a star. In this apparatus an electric current actuated an electro-magnet, which noted the instant of an occurrence by means of a pencil on a moving paper. It is said to have been capable of distinguishing 1/7300 part of a second (137 microsecond), and the time a body took to fall from a height of one inch (25 mm).
On 26 November 1840, he exhibited his electro-magnetic clock in the library of the Royal Society, and propounded a plan for distributing the correct time from a standard clock to a number of local timepieces. The circuits of these were to be electrified by a key or contact-maker actuated by the arbour of the standard, and their hands corrected by electro-magnetism. The following January Alexander Bain took out a patent for an electro-magnetic clock, and he subsequently charged Wheatstone with appropriating his ideas. It appears that Bain worked as a mechanist to Wheatstone from August to December 1840, and he asserted that he had communicated the idea of an electric clock to Wheatstone during that period; but Wheatstone maintained that he had experimented in that direction during May. Bain further accused Wheatstone of stealing his idea of the electro-magnetic printing telegraph; but Wheatstone showed that the instrument was only a modification of his own electro-magnetic telegraph.
In 1840, Alexander Bain mentioned to the Mechanics Magazine editor his financial problems. The editor introduced him to Sir Charles Wheatstone. Bain demonstrated his models to Wheatstone, who, when asked for his opinion, said "Oh, I shouldnt bother to develop these things any further! Theres no future in them." Three months later Wheatstone demonstrated an electric clock to the Royal Society, claiming it was his own invention. However, Bain had already applied for a patent for it. Wheatstone tried to block Bain's patents, but failed. When Wheatstone organised an Act of Parliament to set up the Electric Telegraph Company, the House of Lords summoned Bain to give evidence, and eventually compelled the company to pay Bain £10,000 and give him a job as manager, causing Wheatstone to resign.