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 prohibition of any.

That the practice of insuring an imaginary value may give opportunity for greater frauds than can be practised in common dealings, is likewise evident, but I cannot discover such frauds to require the interposition of the legislature.

If they are practised only by those of our own nation, the publick does not suffer; for property is only transferred from one subject to another:  the fraud ought, indeed, to be severely punished in the courts of criminal justice, but the custom which gave the opportunity of practising it, ought not to be restrained, any more than any other profession not criminal in itself, but liable to accidental abuses.

If our insurers are defrauded by foreigners, the nation is then, indeed, more nearly affected, but even in that case, it is to be remembered, that the private interest of the insurers, who must be immediately ruined, is a sufficient security for the publick.  For it cannot, sir, be conceived that any man will obstinately carry on a business, by which he becomes every day poorer, or, that when he desists he will be succeeded by another, who cannot but know that he engages in that traffick to his certain ruin.