ce of Spanish ships ought to be prohibited: we shall,
indeed, lose the profit of the insurance, but we shall be reimbursed by
the captures, which is an argument that cannot be produced for the
prohibition of commerce.

It is urged, sir, that they may insure their ships in other countries;
an assertion, of which, whether it be true or not, I am not able to
decide; but it is acknowledged, that the necessity of establishing new
correspondence will be at least a temporary obstruction of their trade,
and an obstruction of even a short continuance may lay them at our
mercy.

But let us, sir, reflect upon the weakness of this argument,--_they
must be allowed to insure here, because they may insure in other
places;_ will it not be equally just to urge, that _they must trade with
us, because they may trade with other nations?_ And may it not be
answered, that though we cannot wholly suspend their commerce, it is yet
our business to obstruct it as far as we are able?

May it-not, sir, be farther affirmed, that by insuring in other nations,
they may injure their allies by falling into our hands, but do not the
less benefit us? that if they do not grow weaker, we at least are
strengthened; but that by insuring among us, whatever steps are taken,
the equilibrium of the war is preserved always the same?

It is asserted, and I suppose with truth, that we insure at a lower rate
than others, and it will, therefore, follow, that the Spaniards,
whenever their ships shall escape us, will suffer more by having-insured
amongst foreigners, than if they had contracted with our merchants.

Thus it appears, sir, that there are stronger reasons for prohibiting
the insurance of Spanish ships, than for putting a stop to our commerce
with them; and that whether their ships are taken by us, or escape us,
it is the general interest of the nation, that they shall be insured by
foreign merchants.

With respect, sir, to the East India company, I have no regard to their
interest, considered as distinct from that of the rest of the nation;
nor have received any solicitations from them to promote this bill, or
to espouse their interest; but cannot, without concealing my real
sentiments, deny, that as they have the grant of an exclusive trade to
the East Indies, to insure the ships that are sent thither without their
permission, is to invade their rights, and to infringe their charter;
and that the practice, if the validity of their charter be admitted