The true state of this affair is, that frauds are, indeed, often committed, and are for that reason always suspected, and that the insurers, when they insure the ship and cargo against accidents, reckon, among other chances, the probability of being cheated, and proportion their demands, not only to the length and danger of the voyage, but to the character, likewise, of the man with whom they contract.

This, sir, is always the practice of those whom experience has made acquainted with the danger of implicit confidence and unsuspecting credulity, nor do any but the young and unskilful suffer themselves to be so exposed to frauds, as that their fortunes should be injured, or the general gain of their business overbalanced, by a few deceits.

Thus it appears, that notwithstanding the ease and safety with which the present methods of insurance admit fraud to be practised, the insurers, by a proportionate degree of caution, secure themselves from being injured, and, by consequence, the nation.

The insurance of foreign ships is now to be considered, by which great profit arises to the nation.  We insure, sir, as it has been observed, at lower rates than other nations, because we have more business of this kind, and the smallness of our profit is compensated by the frequency; the cheapness of insurances, and eagerness of foreigners to insure here, reciprocally contribute to each other; we are often applied to, because we insure at an easy rate, and we can insure at an easy rate, because we are often applied to.

Nor is the cheapness of British insurance the only motive to the preference which it preserves among foreigners, who are induced to apply to this nation, by the reputation which our merchants have deservedly gained for probity and punctuality superiour to that of any other traders.  Our merchants, sir, bargain without artifice, pay without subterfuges, and are ready on all occasions to preserve their character at the hazard of their profit.

From these two considerations we may draw unanswerable arguments against any restraints upon the practice of insuring:  if foreigners are once disappointed in their applications to us, our business will in a great part cease, and as we shall not then be able to insure at lower rates than other nations, we shall never recover that branch of our trade.  And as the character of the British merchants exempts them from any suspicion of practices pernicious to the publick, why should they be restrained?  Why, sir, should they appear to be suspected by the legislature of their own country, whom foreigners trust without hesitation.

It has been objected to them with great warmth, and urged with much rhetorical exaggeration, that they assist the enemies of their country, that they prolong the war, and defeat those advantages which our situation and commerce have given us; imputations sufficiently atrocious, if they were founded upon truth.