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inclined to represent it. For my own part, I must suppose that it amounts to a very large sum annually, when I consider the vast sums yearly ensured here upon French and Spanish bottoms, both which I must take into the account, because I am of opinion that we shall lose both by this regulation.

Nevertheless, sir, however great I may think this balance, however dangerous I may think the regulation proposed, I should readily agree to it, could I think it certain that the French merchants would find it impossible to meet with good ensurers either at home or in any other part of Europe: but I am so far from thinking this certain, that I think the certainty lies on the other side. It is well known that there is not a more enterprising, adventurous people in Europe than the French naturally are, nor a people that have a greater itch for every thing that looks like gaming. Their having no publick ensurance office, nor any number of private ensurers in France, does not proceed from a want of rich men, who would be ready and willing to undertake this business, but from the difficulty they find at present to get any employ. ment in this way. The French merchants have been so long accustomed to our shop, and have always found themselves so honourably dealt with, that they will not apply to any other, and will rather choose to pay commission here, than trust to any office, or any private ensurer, among themselves. Therefore, while we admit them to ensure here, it will never be in the power even of the government of France to set up a publick ensurance office, nor can any private man there meet with encouragement in this way of business. But I am convinced, that, as soon as they hear of this bill's being passed into a law, a publick office of ensurance will be erected at Paris, and multitudes of rich men there will undertake the business; because, after we have banished their merchants from our shop, they will apply to the shops set up in their own country, rather than to any foreign shop they have never been accustomed to.

What are we then to do by this regulation? Why, sir, we are to strip ourselves of a most profitable branch of trade, and transfer it to the French, who could never have got hold of it, if it had not been for this our wise regulation. And this will be the effect, not only as to ensurances upon French ships, but, in a very little time, as to the ensurances upon all the ships of Spain and Portugal; for, as the correspondence between them and Paris is quicker, and more certain, than the correspondence between them and London, they will apply to the offices of ensurance at Paris, as soon as these offices have come into a little credit; and, if a publick office be set up there, with a large capital, their capital will procure them credit, as soon as the office is opened.

Having thus, sir, shown how probable it is, that the French merchants will find an easy and secure access to ensurance at home, the very moment we exclude them from it in England, I think I have no occasion to take notice of the advantages we shall reap by the exclusion; for all those advantages are founded upon a supposition that it will be impossible for them to find so cheap and so secure an ensurance at home as they now find in England, which is a supposition that, for the reasons I have mentioned, cannot, I think, with any reason, be supposed; and if this should turn out to be the case, as I am afraid it will, we shall strip ourselves of a branch of trade by which we now make a clear profit perhaps of several hundred thousand pounds yearly, and transfer it to our most dangerous rival; which is not, I am sure, a promethod for bringing the war to a happy and speedy conclusion.

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Having mentioned the war, sir, I must observe, that our success at sea this last summer makes it more necessary for us to think of such a regulation now, than it has at any time since the war began; and, if Providence should favour us with the same success next summer, we shall have no occasion to prohibit ensurances upon French ships; for it will raise the price of ensurance so high, that no man, either in

France or any where else, will think of sending goods by any such ship. Before a merchant sends out a cargo, he always first sits down and computes what profit he may probably make by the adventure out and home; and, if the ensurance be so high that no profit he can expect will answer it, and something more for his own trouble and the use of his money, he will certainly resolve to send out no cargo at all. Therefore, if, by the success of our squadrons and cruisers, we should be able to raise the price of ensur ance upon French ships to such a height that no trade could bear it, we shall much more effectually, and more safely, put an end to the French commerce, at least in their own ships, than we can do by this regulation; and, if they should fall upon any way to carry on their commerce in neutral bottoms, this regulation can no way affect it. This we should attempt; this, I am very sure, our ministers will do all that lies in their power to effectuate; and therefore, I think, we should suspend agreeing to any such dangerous regu. lation, till we have tried a little further what can be done in this way.

Before I sit down, sir, I must take notice of a suspicion, not a supposition, thrown out by the honourable gentleman, that some of our ensurers have given intelligence to the French of the stations of our men of war and privateers, in order to prevent the French ships on which they had ensured coming in their way. For my own part, I never heard that any such thing was suspected; but, on the contrary, I have heard that some of the richest prizes taken in this war fell into our hands by intelligence communicated by those employed to get ensurances upon them. To this I must add, that it is, in my opinion, impossible for our ensurers to give intelligence of the stations either of our cruisers or privateers; because our cruisers never know their stations till they open their instructions at sea, being, as I have heard, directed first to sail to such a station, and there to open their new orders; and as to our privateers, their station is always left to the direction of the captain, who may change it

as often as he will, and seldom goes out out with any fix.. ed design; or, if he does, he will, for his own sake, as well as for the sake of his owners, let no one into the secret.

I must therefore be of opinion, sir, that neither in this respect, nor any other, our ensurers can do us any prejudice if they would; nor can they I think, give the French commerce any advantage, but such a one as the French merchants may meet with at home, the moment we exclude them from it here. How far the popular clamour without doors may prevail upon gentlemen within, I do not know; but, as I look upon the expedient proposed as a very dangerous one, and as an expedient that will certainly be attended with an advantage to the French trade, and a loss to our own; as I hope, and not without just grounds, that the advance of the premium will soon put an entire stop to all French ensurances here or any where else, and consequently to all the French com. merce in their own shipping, I must be against what is proposed; and, though I was sensible of its being, at present a little unpopular to oppose such a proposition, I thought I was, in duty to my country, obliged to declare my sentiments openly and freely upon the subject.

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