allies, by
whom perhaps it was known that they were only designed as punishments
for the merchants of Britain.

That our merchants have already been severely chastised for their
insolence in complaining of their losses, and their temerity in raising
in the nation a regard for its commerce, its honour, and its rights, is
evident from a dreadful list of three hundred ships taken by the
Spaniards, some of which were abandoned by their convoys, and others
seized within sight of the coasts of Britain.

It may be urged, my lords, that the Spaniards have likewise lost a great
number of vessels; but what else could they expect when they engaged in
a war against the greatest naval power of the universe? And it is to be
remembered, that the Spaniards have this consolation in their
misfortunes, that of their ships none have been deserted by their
convoys, or wilfully exposed to capture by being robbed of their crews,
to supply ships of war with idle hands.

The Spaniards will likewise consider, that they have not harassed their
subjects for the protection of their trade; that they have not fitted
out fleets only to amuse the populace. They comfort themselves with the
hope, that the Britons will soon be reduced to a state of weakness below
themselves, and wait patiently for the time in which the masters of the
sea shall receive from them the regulation of their commerce and the
limits of their navigation.

Nor can it be doubted, my lords, but that by adhering to these measures,
our ministers will in a short time gratify their hopes; for whatsoever
be the difference between the power of two contending nations, if the
richer spends its treasures without effect, and exposes its troops to
unhealthy climates and impracticable expeditions, while the weaker is
parsimonious and prudent, they must soon be brought to an equality; and
by continuing the same conduct, the weaker power must at length prevail.

That this has been hitherto the state of the war between Britain and
Spain, it is not necessary to prove to your lordships; it is apparent,
that the expenses of the Spaniards have been far less than those of
Britain; and, therefore, if we should suppose the actual losses of war
equal, we are only wearing out our force in useless efforts, and our
enemies grow every day comparatively stronger.

But, my lords, let us not flatter ourselves that our actual losses have
been equal; let us, before we determine this question, accurately
com