But let us, sir, examine the arguments by which this accusation has been supported, and inquire whether this triumph of eloquence has been occasioned by any real superiority of evidence or reason; it is urged, that we have already prohibited commerce with the Spaniards, and that, therefore, we ought, likewise, to prohibit the insurance of their ships.

It will not require, sir, an imagination very fertile, or a knowledge very extensive, to supply arguments sufficient to refute the supposed demonstration; in opposition to which it may be urged, that this kind of commerce is of a peculiar nature, that it subsists upon opinion, and is preserved by the reputation of our insurers; a reputation that the insurers of other nations may obtain by the same means, and from whom we shall, therefore, never recover it.

It may be observed, sir, that other commodities are the peculiar product of different countries, and that there is no danger of losing our other trade by suspending it, because it depends upon the excellence of our manufactures; but that insurance may be the commodity of any country, where money and common honesty are to be found.

This argument may, perhaps, be yet more effectually invalidated, or, perhaps, entirely subverted, by denying the expedience of that prohibition which is produced as a precedent for another restraint.  Nor, indeed, does it appear why we should preclude ourselves from a gainful trade, because the money is drawn by it out of the hands of our enemies; or why the product of our lands should lie unconsumed, or our manufactures stand unemployed, rather than we should sell to our enemies what they will purchase at another place, or by the intervention of a neutral power.

To sell to an enemy that which may enable him to injure us, that which he must necessarily obtain, and which he could buy from no other, would, indeed, be to the last degree, absurd; but that may surely be sold them without any breach of morality or policy, which they can want with less inconvenience than we can keep.  If we were besieging a town, I should not advise our soldiers to sell to the inhabitants ammunition or provisions, but cannot discover the folly of admitting them to purchase ornaments for their houses, or brocades for their ladies.

But, without examining with the utmost accuracy, whether the late prohibition was rational or not, I have, I hope, suggested objections sufficient to make the question doubtful, and to incline us to try the success of one experiment, before we venture upon another more hazardous.

I am never willing, sir, to load trade with restraints; trade is, in its own nature, so fugitive and variable, that no constant course can be prescribed to it; and those regulations which were proper when they were made, may, in a few months, become difficulties and obstructions.  We well know, that many of the measures which our ancestors pursued for the encouragement of commerce, have been found of pernicious consequence; and even in this age, which, perhaps, experience, more than wisdom, has enlightened, I have known few attempts of that kind which have not defeated the end for which they were made.