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, 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.