That our merchants have already been severely chastised for their insolence in complaining of their losses, and their temerity in raising in the nation a regard for its commerce, its honour, and its rights, is evident from a dreadful list of three hundred ships taken by the Spaniards, some of which were abandoned by their convoys, and others seized within sight of the coasts of Britain.

It may be urged, my lords, that the Spaniards have likewise lost a great number of vessels; but what else could they expect when they engaged in a war against the greatest naval power of the universe?  And it is to be remembered, that the Spaniards have this consolation in their misfortunes, that of their ships none have been deserted by their convoys, or wilfully exposed to capture by being robbed of their crews, to supply ships of war with idle hands.

The Spaniards will likewise consider, that they have not harassed their subjects for the protection of their trade; that they have not fitted out fleets only to amuse the populace.  They comfort themselves with the hope, that the Britons will soon be reduced to a state of weakness below themselves, and wait patiently for the time in which the masters of the sea shall receive from them the regulation of their commerce and the limits of their navigation.

Nor can it be doubted, my lords, but that by adhering to these measures, our ministers will in a short time gratify their hopes; for whatsoever be the difference between the power of two contending nations, if the richer spends its treasures without effect, and exposes its troops to unhealthy climates and impracticable expeditions, while the weaker is parsimonious and prudent, they must soon be brought to an equality; and by continuing the same conduct, the weaker power must at length prevail.

That this has been hitherto the state of the war between Britain and Spain, it is not necessary to prove to your lordships; it is apparent, that the expenses of the Spaniards have been far less than those of Britain; and, therefore, if we should suppose the actual losses of war equal, we are only wearing out our force in useless efforts, and our enemies grow every day comparatively stronger.

But, my lords, let us not flatter ourselves that our actual losses have been equal; let us, before we determine this question, accurately compare the number and the value of our ships and cargoes with those of the Spaniards, and see on which side the loss will fall.

And let us not forget, what in all the calculations which I have yet seen on either part has been totally overlooked, the number of men killed, or captives in the British and Spanish dominions.  Men, my lords, are at once strength and riches; and, therefore, it is to be considered, that the most irreparable loss which any nation can sustain is the diminution of its people:  money may be repaid, and commerce may be recovered; even liberty may be regained, but the loss of people can never be retrieved.  Even the twentieth generation may have reason to exclaim, How much more numerous and more powerful would this nation have been, had our ancestors not been betrayed in the expedition to Carthagena!