of larger interest, though our annual demands were to be equal to those of the last war.  But the French are well known to raise the sums which their exigencies require on very different terms, and to have paid ten for a hundred for all the money which their late projects have required; projects which they cannot pursue long at such enormous expense, and by which their country must in a short time be ruined, even without opposition.

While we can, therefore, raise three millions for less than the French can obtain one, and, by consequence, support three regiments at the same expense as one is supported in their service, we have surely no reason to dread the superiority of their numbers, or to fear that they will conquer by exhausting us.

Thus, my lords, I have delivered my opinion with freedom and impartiality; and shall patiently hearken to any objections that shall arise against it, supported by the consciousness, that a confutation will only show me that I have been mistaken; but will not deprive me of the satisfaction of reflecting, that I have not been wanting to my country; and that if I have approved or defended improper measures, I at least consulted no other interest than that of Britain.

Lord HERVEY spoke next, to the following effect:—­My lords, it is not without that concern which every man ought to feel at the apparent approach of publick calamities, that I have heard the measures which are now the subject of our inquiry so weakly defended, when their vindication is endeavoured with so much ardour, and laboured with so much address.

The objections which press upon the mind, at the first and slightest view of our proceedings, are such as require the closest attention, such as cannot but alarm every man who has studied the interest of his country, and who sincerely endeavours to promote it; and therefore it might be hoped, that those who appear to have thought them insufficient, are able to produce, in opposition to them, the strongest arguments, and the clearest deductions.

When we attempt the consideration of our present condition, and inquire by what means our prosperity may be secured, the first reflection that occurs, is, that we are traders, that all our power is the consequence of our wealth, and our wealth the product of our trade.  It is well known, that trade can only be pursued under the security of peace; that a nation which has a larger commerce, must make war on disadvantageous terms against one that has less; as of two contiguous countries, the more fruitful has most to fear from an invasion by its neighbour.