ht not to obstruct our own gain; that we ought not to make a law
to deprive ourselves of that advantage of which either favourable
accidents or our own sagacity have put us in possession.

For this reason it appears that it would not contribute to the wealth of
the publick to debar us from insuring the ships even of those with whom
we are at war, for it is always to be remembered that they will receive
no detriment from such prohibitions, nor will feel any other consequence
from them than a necessity of transferring to some other nation the
profit which we receive from it.

What the profit is which arises to the nation from the trade of
insurance it is not possible exactly to determine, but that the trade is
really advantageous may be reasonably conceived, because after many
years' experience it is diligently followed, and a law was never
necessary to prohibit the pursuit of a business by which nothing was to
be gained. But could the gain of the insurer be a doubtful point, there
is a certain advantage to the nation by the money paid for commission,
brokerage, stamps, and the credit of the premium deposited here.

I might add, sir, another considerable sum yearly arising to the
government from the additional letters, occasioned by this trade, which
increase the revenues of the post-office, without any deduction for
additional charge.

That the loss of this profit, and the gain of insuring, will ensue upon
the ratification of this bill, cannot be denied; nor does it appear,
that this loss will be counterbalanced by any advantage that will be
gained over our rivals or our enemies.

Whether this bill, sir, would produce to the merchants of that city by
which it is promoted, the advantages which they expect from it, or
remove any of the grievances of which they complain, I am not able
positively to determine; but know, that it is not uncommon for
merchants, as well as other men, to confound private with publick
grievances, and to imagine their own interest the interest of the
nation.

With regard, sir, to the practice of insuring, _interest or no
interest_, as the term is, when an imaginary value is put upon the ship
or cargo, often much above its real worth, it cannot be denied, that
some opportunities may be given by it for wicked practices. But there
will always be circumstances in which there can be no security against
frauds, but common faith; nor do I see how we can secure the insurers
against the possibility o