But not to speak any longer, my lords, in terms so little suited to the importance of the question which I am endeavouring to clear, or to the enormity of the conduct which I attempt to expose; the success of war is only to be estimated by the advantages which are gained, in proportion to the loss which is suffered; of which loss the expenses occasioned by the war are always the chief part, and of which it is, therefore, usual, at the conclusion of a peace, for the conquered power to promise the payment.

Let us examine, my lords, in consequence of this position, the success of our present war against Spain; let us consider what each nation has suffered, and it will easily appear how justly we boast of our wisdom and vigour.

It is not on this occasion necessary to form minute calculations, or to compute the expense of every company of soldiers and squadron of ships; it is only necessary to assert, what will, I hope, not be very readily denied, even by those whom daily practice of absurd apologies has rendered impregnable by the force of truth, that such expenses as have neither contributed to our own defence, nor to the disadvantage of the Spaniards, have been thrown away.

If this be granted, my lords, it will appear, that no nation ever beheld its treasures so profusely squandered, ever paid taxes so willingly, and so patiently saw them perverted; for it cannot, my lords, be proved, that any part of our preparations has produced a proportionate effect; but it may be readily shown how many fleets have been equipped only that the merchants might want sailors, and that the public stores might be consumed.

As to our ill success in America, which has been imputed only to the chance of war, it will be reasonable, my lords, to ascribe to other causes, so much of it as might have been prevented by a more speedy reinforcement of Vernon, or may be supposed to have arisen from the inexperience of our troops, and the escape of the Spaniards from Ferrol.

If our fleets had been sent more early into that part of the world, the Spaniards would have had no time to strengthen their garrisons; had our troops been acquainted with discipline, the attack would have been made with greater judgment; and had not the Spaniards escaped from Ferrol, we should have had no enemy in America to encounter.  Had all our ministers and all our admirals done their duty, it is evident that not only Carthagena had been taken, but that half the dominions of Spain might now have owned the sovereignty of the crown of Britain.

This, my lords, may be observed of the only enterprise, which it is reasonable to believe was in reality intended against the Spaniards, if even of this our ministers had not before contrived the defeat.  But of all the rest of our armaments it does not appear that any effect has been felt but by ourselves, it cannot be discovered that they even raised any alarms or anxiety either in our enemies or their allies, by whom perhaps it was known that they were only designed as punishments for the merchants of Britain.