This is the particular circumstance that makes a war with Britain so much to be dreaded by them.  A nation superiour to them by sea holds them besieged, like a garrison surrounded by an army, precludes them from supplies, intercepts their succours, and if it cannot force their walls by attack, can, at least, by a blockade, starve them to a capitulation.

Thus, sir, by a naval war with an enemy of superiour strength, they must at length be subdued, and subdued, perhaps, without a battle, and without the possibility of resistance; against such an enemy their courage or their discipline is of no use; they may form armies, indeed, but which can only stand upon the shore, to defend what their enemies have no intention of invading, and see those ships seized in which their pay is treasured, or their provisions are stored.

Such, sir, is our natural superiority over the Spaniards, a species of superiority that must inevitably prevail, if it be not defeated by our own folly; and surely a more effectual method of defeating it, the Spaniards themselves could not have discovered, than that of insuring, their ships among our merchants.

When a ship thus insured is taken, which, notwithstanding all precautions, must sometimes happen, we examine the cargo, find it extremely valuable, and triumph in our success; we not only count the gain to ourselves, but the loss to our enemies, and determine that a small number of such captures will reduce them to offer us peace upon our own terms.

Such are the conclusions which are made, and made with reason, by men unacquainted with the secret practices of our merchants, and who do not suspect us to be stupid enough to secure our enemies against ourselves; but it is often found, upon a more close examination, that our ships of war have only plundered our merchants, and that our privateers may, indeed, have enriched themselves, but impoverished their country.  It is discovered that the loss of the Spaniards is to be repaid, and, perhaps, sometimes with interest, by the British insurers.

If it be urged, that we ought not to enact any laws which may obstruct the gain of our fellow-subjects, may it not be asked, why all trade with Spain is prohibited; may not the trade be equally gainful with the insurance, and may not the gain be more generally distributed, and, therefore, be more properly national?

But this trade was prohibited, because it was more necessary to our enemies than to ourselves; it was prohibited, because the laws of war require, that a less evil should be suffered to inflict a greater; it is upon this principle that every battle is fought, and that we fire our own ships to consume the navies of the enemy.

For this reason, sir, it appears to me evident beyond contradiction, that the insurance 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.