f being defrauded.

I cannot, indeed, discover, sir, how this method of insuring can be
prevented; for how can the value of a cargo be estimated, which is to be
collected in a long voyage, at different ports, and where the success of
the adventurers often depends upon lucky accidents, which are, indeed,
always hoped for, but seldom happen. An imaginary value must, therefore,
be fixed upon, when the ship leaves the port; because the success of
that voyage cannot be foreknown, and the contracting parties may be
safely trusted to set that value, without any law to direct or restrain
them.

If the merchants are oppressed by any peculiar inconveniencies, and can
find means of redressing them without injuring the publick commerce, any
proposal for that purpose ought to be favourably received; but as the
bill now before us proposes general restraints, and proposes to remove
grievances which are not felt, by remedies, which those upon whom they
are to operate, do not approve, I think it ought not to be referred to a
committee, but rejected.

Mr. SOUTHWELL spoke next, in terms to this purpose:--Sir, when I first
proposed this bill to the house, I lamented the absence of that
honourable gentleman, from whose discussions and arguments I expected
great information; and for whose judgment, in all commercial questions,
I have the highest esteem, as his penetration not only enables him to
discover the consequences of methods which have not yet been tried, but
as his extensive acquaintance with many branches of trade, cannot but
have informed him of the success of many expedients tried, as well in
other nations as our own, for the advancement of it.

Trade, sir, is a subject, of which it has been justly observed, that
very few gentlemen have attained knowledge sufficient to qualify
themselves to judge of the propriety of any new regulation; and I cannot
but confess, that I have no uncommon skill in these questions. What I
have to offer on this occasion, has been suggested to me, not so much by
my own observations, as by the intelligence which I have very
industriously sought, and by which, as I endeavoured to inquire of those
whose opinion was least likely to be perverted by their interest, I hope
I have not been misled.

The merchants, sir, to whom it has been my fortune to apply, have
generally concurred in the opinion that the present practice of insuring
is prejudicial to our commerce, nor have I found any disagreement
betwee