That the loss of this profit, and the gain of insuring, will ensue upon the ratification of this bill, cannot be denied; nor does it appear, that this loss will be counterbalanced by any advantage that will be gained over our rivals or our enemies. Whether this bill, sir, would produce to the merchants of that city by which it is promoted, the advantages which they expect from it, or remove any of the grievances of which they complain, I am not able positively to determine; but know, that it is not uncommon for merchants, as well as other men, to confound private with publick grievances, and to imagine their own interest the interest of the nation. With regard, sir, to the practice of insuring, _interest or no interest_, as the term is, when an imaginary value is put upon the ship or cargo, often much above its real worth, it cannot be denied, that some opportunities may be given by it for wicked practices. But there will always be circumstances in which there can be no security against frauds, but common faith; nor do I see how we can secure the insurers against the possibility of being defrauded. I cannot, indeed, discover, sir, how this method of insuring can be prevented; for how can the value of a cargo be estimated, which is to be collected in a long voyage, at different ports, and where the success of the adventurers often depends upon lucky accidents, which are, indeed, always hoped for, but seldom happen. An imaginary value must, therefore, be fixed upon, when the ship leaves the port; because the success of that voyage cannot be foreknown, and the contracting parties may be safely trusted to set that value, without any law to direct or restrain them. If the merchants are oppressed by any peculiar inconveniencies, and can find means of redressing them without injuring the publick commerce, any proposal for that purpose ought to be favourably received; but as the bill now before us proposes general restraints, and proposes to remove grievances which are not felt, by remedies, which those upon whom they are to operate, do not approve, I think it ought not to be referred to a committee, but rejected. Mr. SOUTHWELL spoke next, in terms to this purpose:--Sir, when I first proposed this bill to the house, I lamented the absence of that honourable gentleman, from whose discussions and arguments I expected great information; and for whose judgment, in all commercial questions, I have the highest esteem, as his penetration not only enables him to discover the consequences of methods which have not yet been tried, but as his extensive acquaintance with many branches of trade, cannot but have informed him of the success of many expedients tried, as well in other nations as our own, for the advancement of it.