Very true, but the blacksmiths of old didn't have much steel plate to drill, they worked with mostly soft iron, soft is a relative term. I have a simple little drill press, that surprises people at meets, as it drills through 1/4 in. mild steel quite easily, its all in the sharpness of the bit and the pressure, not in the speed the bit is turned. I have a couple of good post drills, as these old hand cranked units are known, before buying, check the spindle for tightness. They do not have bushings or bearings, its a steel shaft running in cast iron, and when it is worn enough, a straight hole cannot be drilled. When the electric motor became available, lots of these were converted to power drills, which simply wore them out even quicker by turning the shaft faster than ever intended.