prove the
practice, and explain the nature of the frauds to which this method of
insurance gives occasion; but as the frequency of them is such, that
many instances may be produced, I shall offer another short narrative of
the same kind.

A ship that belonged to the East India company, insured after this
method, was run ashore by the captain, in such a manner that he imagined
none but himself able to recover it, and therefore, though it cost five
thousand pounds, sold it for five hundred; but the purchaser, no less
expert than the captain, found means very speedily to disengage it, to
restore it to a proper condition with little expense, and was much
enriched by his fortunate bargain.

I cannot but observe, sir, that this kind of fraud is more formidable,
as it may be practised without a possibility of detection: had the
captain, instead of stranding, destroyed his vessel, how could his
wickedness ever have been discovered; or how could the South sea
company's ship have been brought home, had it been sunk in some distant
corner of the world.

This practice, sir, and the frauds which it has occasioned, and the
suspicions which the easy practice of frauds always creates, have
produced so many trials, and filled the courts of justice with such
intricate contentions, that the judges, who know, perhaps, nothing of
this practice but from its effects, have often declared it to be so
pregnant with contests and cheats, that it ought not to be suffered, and
that a law for suppressing it would much contribute to the establishment
of peace, and the security of property.

I am not insensible, sir, of the force of the argument made use of by
the honourable gentleman who spoke in favour of this practice, and
cannot but allow it that regard which his reasonings always deserve; it
is the strongest, and perhaps the only argument that can be produced.
His assertion of the impossibility of estimating the real value of a
ship, or of foreknowing the success of a voyage, is incontestable: but
perhaps it will follow from thence, not that an imaginary value ought to
be admitted, but that no insurance ought to be allowed, where there is
no rational method of ascertaining it; or, at least, that all such
insurance ought to be rather below the probable value than above it.

If the grievance complained of has been proved not to be imaginary, we
ought, doubtless, to consult how it may be remedied; nor do I believe
that our consultations will be