In all our wars, my lords, however judiciously concerted, and however happily concluded, the pleasures of success have been abated by the mortification of losses, and some complaints have been at all times mingled with the shouts of triumph.  How much soever the glory of the nation has been elevated, the fortunes of particular persons have been impaired, and those have never thought themselves recompensed by the general advantages of the publick, who have suffered by the acquisition of them; they have always imagined themselves marked out for ruin by malevolence and resentment, and have concluded that those disasters which fell upon them only by the common chance of war, were brought on them by negligence or design.

The losses of our merchants in the present war must be acknowledged to have been more than common, but if we examine accurately into the causes that may be assigned for so great a number of captures, we shall find them such as this law will have no tendency to remove, such as might be easily imagined before the commencement of hostilities, and such as it will be extremely difficult on any future occasion of the same kind, to hinder from producing the same effects.

The first and greatest cause, my lords, of the number of our losses, is the number of our ships, which cannot all be sufficiently protected.  The extent, therefore, of our commerce, in proportion to that of our enemies, exposes us to double disadvantage; we necessarily lie open in more parts to the depredations of privateers, and have no encouragement to attempt reprisals, because they have few ships of value to be seized.  The profit of our commerce naturally withholds our sailors from our ships of war, and makes part of our navy an idle show; the certainty of plunder incites them to turn their merchant ships into cruisers, and to suspend their trade for more profitable employment.  Thus they at once increase the number of plunderers, and take away from us the opportunity of repairing our losses by the same practice.

And, my lords, if the losses of our merchants have been greater than in former wars, our trade is more extensive, and our ships far more numerous.  Nor is it to be forgotten that a very important part of our commerce is carried on before the eyes of the Spaniards, so that they may issue out upon our merchants from their own coasts, and retire immediately beyond danger of pursuit.

But, my lords, neither the situation of Spain, nor the extent of our commerce, would have made this war so destructive, had not our merchants sometimes facilitated the attempts of our enemies by their own negligence or avarice.

I have been informed, my lords, that as the masters of trading vessels complain of having been deserted by their convoys, the captains of the ships of war have, in their turn, exhibited such representations of the conduct of the trading masters, as may prove that their caution is not proportioned to their clamour, and that in however melancholy terms they may recount the miseries of captivity, the calamities of ruined families, and the interruption of the trade of Britain, they will not endeavour to escape their enemies at the expense of much circumspection, and that the prospect of no large profit will be sufficient to overbalance the danger of those evils which they so pathetically lament.