It is not uncommon, my lords, when the fleet has entered the open seas, for the traders to take different courses both from the convoy and from each other, and to disperse themselves beyond the possibility of receiving assistance in danger or distress; and what wonder is it if part of them be lost, since only part of them can be protected?

It may be imagined, my lords, that this is only an excuse forged by the commanders to cover their own negligence or treachery.  It may be asked, what motives could induce the merchants to expose themselves to unnecessary dangers, or what proofs they have ever given of such wild negligence of their own interest or safety, as that they should be suspected of rushing precipitately into the jaws of rapine?

This, my lords, is an objection specious in itself, and such as those who have not inquired into the present state of our traffick will not very readily discover to be fallacious; but it may easily be removed, by showing that the danger of being taken by the enemy is generally not so great to those who have the direction of the ship as it is commonly believed.

By the present custom of insurance, my lords, the merchant exempts himself from the hazard of great losses, and if he insures so much of the value of the ship and cargo, that the chance of arriving first at market is equivalent to the remaining part, what shall hinder him from pressing forward at all events, and directing his course intrepidly through seas crowded with enemies?

It is well known, my lords, that there is, in a great part of mankind, a secret malignity, which makes one unwilling to contribute to the advantage of another, even when his own interest will suffer no diminution; nor is it to be imagined, that this disposition is less predominant in traders than in the other classes of the community, though it is exerted on different occasions.  The envy of one part of mankind is excited by reputation, or interest, or dignity, or power.  The trader, for the most part, envies nothing but money, in which he has been taught from his infancy that every human excellence is comprehended, and contributes to the increase of the riches of another, with the same unwillingness with which a soldier would concur in the advancement of an inferiour officer to a post of higher rank and authority than his own.

For this reason, my lords, there is generally a malevolence in the merchant against the insurer, whom he considers as an idle caterpillar, living without industry upon the labours of others, and, therefore, when he lays down the sum stipulated for security, he is almost in suspense, whether he should not prefer the loss of the remaining part of the value of his vessel to the mortification of seeing the insurer enjoy that money, which fear and caution have influenced him to pay.

This disposition, undoubtedly, inclines him to proceed with less regard to his own security, and betrays him into dangers which it was, at least, possible to avoid; for to what purpose, says he, have I insured my ship if I am not to be set free from the necessity of anxiety and caution?  If I arrive safely at the port, I shall dispose of my commodities with uncommon advantage; if I miscarry, the insurer will at least suffer with me, and be deservedly punished for his suspicions and extortion.