ising on the outer approaches of their commerce, she was
continually meeting and speaking American vessels returning home.
These facts illustrate the considerations governing privateering, and
refute the plausible opinion often advanced, that it was a mere matter
of gambling adventure. Thus Mr. Gallatin, the Secretary of the
Treasury, in a communication to Congress, said: "The occupation of
privateers is precisely of the same species as the lottery, with
respect to hazard and to the chance of rich prizes."[504] Gallatin
approached the subject from the standpoint of the financier and with
the abstract ideas of the political economist. His temporary
successor, the Secretary of the Navy, Mr. Jones, had been a merchant
in active business life, and he viewed privateering as a practical
business undertaking. "The analogy between privateering and lotteries
does not appear to me to be so strict as the Secretary seems to
consider it. The adventure of a privateer is of the nature of a
commercial project or speculation, conducted by commercial men upon
principles of mercantile calculation and profit. The vessel and her
equipment is a matter of great expense, which is expected to be
remunerated by the probable chances of profit, after calculating the
outfit, insurance, etc., as in a regular mercantile voyage."[505] Mr.
Jones would doubtless have admitted what Gallatin alleged, that the
business was liable to be overdone, as is the case with all promising
occupations; and that many would engage in it without adequate
understanding or forethought.

The elements of risk which enter into privateering are doubtless very
great, and to some extent baffle calculation. In this it only shares
the lot common to all warlike enterprise, in which, as the ablest
masters of the art repeatedly affirm, something must be allowed for
chance. But it does not follow that a reasonable measure of success
may not fairly be expected, where sagacious appreciation of well-known
facts controls the direction of effort, and preparation is
proportioned to the difficulties to be encountered. Heedlessness of
conditions, or recklessness of dangers, defeat effort everywhere, as
well as in privateering; nor is even the chapter of unforeseen
accident confined to military affairs. In 1812 the courses followed by
the enemy's trade were well understood, as were also the
characteristics of their ships of war, in sailing, distribution, and
management.[506] Regard being had