, is
illegal, and ought to be discountenanced.

The practice, sir, of insuring, _interest or no interest_, or of
assigning to ships an imaginary value, is nothing more than a particular
game, a mere solemn species of _hazard_, and ought, therefore, to be
prohibited, for every reason that can be urged against games of chance.

With regard to this bill in general, it is, in my opinion, highly
necessary, nor can I discover any important objection that can be made
against it. Some law of this kind, and to this purpose, I have long
intended to offer to the consideration of this assembly, and since it is
now before us, I think we ought to consider it with the attention which
may be justly expected from us.

Lord BALTIMORE spoke thus:--Sir, I know not how properly the practice of
insuring may be termed a species of hazard, nor do I think any thing
more is to be considered, than whether the game be gainful to the
nation, or not, for I cannot discover that there is any absurdity in
enriching ourselves at the expense of other nations, whether enemies or
allies. That we ought to prefer the general good to the advantage of
individuals, is undoubted, but I cannot conceive that in this case there
can be any opposition between private and publick interest. If our
insurers gain by securing the ships of our enemies, the nation is
benefited, for all national gain must circulate through the hands of
individuals.

No man will assert that we ought to assist our enemies, nor will any man
imagine that we assist them by impoverishing them, and if our insurers
gain by their practice, the Spaniards must undoubtedly be losers.

Mr. WILLIMOT spoke next, to the following purpose:--Sir, I have
conversed on the question to which this bill relates, with men engaged
in various kinds of traffick, and who have no common interest but that
of their country. I have dispersed among the merchants, most eminent for
their acquaintance with the whole extent of commerce, and for their
knowledge of the true interest of the nation, copies of this bill, and
cannot find any of them so sensible of the grievance of which we have so
loud complaints, as to desire that it should be redressed by the
measures now proposed.

That frauds are practised on every side, in this, as well as in other
trades, the general corruption of our age gives us sufficient reason to
suspect; but what is common to every sort of traffick, cannot be
produced as an argument for the prohibit