But that this is the consequence of estimating ships at an imaginary value in the offices of insurance, is, to the highest degree, evident.  When a ship is estimated above its real value, how will the commander suffer by a wreck, or what shall restrain him from destroying his vessel, when it may be done with security to himself, except that integrity, which, indeed, ought to be generally diffused, but which is not always to be found, and to which few men think it safe to trust upon occasions of far less importance.

To show, sir, that I do not indulge groundless suspicions, or magnify the bare possibility of fraud into reality; that I do not blacken human nature, or propose laws against wickedness that has not yet existed; it may be proper to mention some letters, in which I have been informed, by my correspondent at Leghorn, of the state of the ships which have arrived there; ships so weakly manned, and so penuriously or negligently stored, so much decayed in the bottoms, and so ill fitted with rigging, that he declares his astonishment at their arrival.

It may deserve our consideration, sir, whether the success of the Spanish privateers may not be, in great part, attributed to this pernicious practice; whether captains, when their vessels are insured for more than their value, do not rashly venture into known danger? whether they do not wilfully miss the security of convoys? whether they do not direct their courses where privateers may most securely cruise? whether they do not surrender with less resistance than interest would excite? and whether they do not raise clamours against the government for their ill success, to avoid the suspicion of negligence or fraud?

That other frauds are committed in the practice of insuring, is well known to the honourable gentleman:  it is a common practice to take money upon bottomry, by way of pledge, for the captain’s fidelity, and to destroy this security by insuring above the real value; so that the captain may gain by neglecting the care of his vessel, or, at least, secure himself from loss, and indulge his ease or his pleasure without any interruption from the fear of diminishing his fortune.

The whole practice of insurance, sir, is, in its present state, I believe, so perplexed with frauds, and of such manifest tendency to the obstruction of commerce, that it absolutely requires some legal regulations.

Sir John BARNARD then spoke to this purpose:—­Of frauds in the practice of insurance, with regard to which the honourable gentleman has appealed to me, I can confidently affirm that I am totally ignorant:  I know not of any fraudulent practices openly carried on, or established by custom, which I suppose are meant:  for with regard to single acts of fraud, committed by particular men, it is not to be supposed but that they have been detected in this, as in all other branches of traffick:  nor can I conceive that any argument can be drawn from them against the practice; for if every part of commerce is to be prohibited, which has furnished villains with opportunities of deceit, we shall contract trade into a narrow compass.