But, my lords, the folly of this opinion, however general, and the
falsehood of this accusation, however vehement, will become sufficiently
apparent, if you examine that bulky collection of papers which are now
laid before you, from which you will discover the number of our fleets,
the frequency of our convoys, the stations of our ships of war, and the
times of their departure and return; you will find that no provision for
war, no expedient likely to promote success has been neglected; that we
have now more ships equipped than in the late war with France, that
nothing can be added to the exactness with which our maritime force is
regulated, and that there is not the least reason to doubt of the
fidelity with which it has been employed.

In every war, my lords, it is to be expected that losses will be
suffered by private persons on each side, nor even in a successful war
can the publick always hope to be enriched; because the advantage may
arise, not immediately from captures, but, consequently, from the
treaties or conditions in which a prosperous war may be supposed to
terminate.

What concessions we shall in this war extort from the Spaniards, what
security will be procured for our merchants, what recompense will be
yielded for our losses, or what extent will be added to our commerce, it
cannot yet be expected that any man should be able to declare; nor will
his majesty's counsellors be required to give an account of futurity. It
is a sufficient vindication of their conduct, and an evident proof of
the wisdom with which the war has been conducted, that we have hitherto
gained more than we have lost.

This, my lords, will appear from a diligent and minute comparison of the
captures on each side, and an exact computation of the value of our