The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-19

TmE CREDIT SYsrEM.-The Editor OF the Rich
mond Enquirer makes an appeal TO his delinquent
subscribers, which, for the sake OF human nature,
we must hope will not be without its effect.
Mr.. Richie states that he has examined his books
lately, and finds that, while he owes some IL or
tan rapidly, there are ten or twelve times that
amount due 10 him; and very frankly informs the
delnquents that, unless they pay at least part OF
Their Liabilities, he will be under the necessity OF
dsSocatng two ot his sons with him In the manage
ment OF the Enquirer, and devoting part OF his
time TO some more lucrative employment
Now, here is a man advanced IN HE, who has Tor
tlnrty years and more devoted his time and talents,
asslduously, TO his PROFESSIONALISM, whatever we
may think OF his political principles, we cannot deny
that he has been the main spring OF the party TO
which he belongs In Vlrglnia-who, IN his old age,
is subjected 10 the hazard OF seeing the roof which
shelters HIM exposed TO sale, because those who
owe HIM Five Dollars year for paper which they
have read, (and II is to DE hoped proited by) VIII
not pay him. He has lived frugaly and worked
hard" He has earned money but cannot get 1T
aye cannot get the half of it. Verify, the blush OF
shame should burn upon and blister the cheek OF the
delinquent who, after reading the Enquirers state
ments, does not promptly come forward and dis
charge obligations which should long since have
been fulfilled.
Mr. Rtchie's case is the case of too many Ed-
tors In the United States. There too many
living from "hand TO mouth" and die having not
more than enough TO bury them decently-if, indeed
they can do that.
The remedy is in their own power. If Mr. Richie
had conducted his business on the cash system as
we do, he might have been worth $4,000 over his
debts at this day, Instead of which, by the false
credit system, he has on his books debts due him
equal to $l5O0O0-aud owes the banks $4,000
Here also is the cause of his errors an inde-
pendent newspaper conductor. In conse quence OF
his debts to the banks, he must submit TO their den
quences-wnk at their frauds and follies-and speak
gngerly of their defaulters and defalcatons.
Hence again the gross financial immortality of the
age is produced and increased by the in the
management of the ewspapers-particularly in their
financial department.
We saw this great and,radica error, during our con-
nectlon with the American newspaperpress from 1920
up to lS35-and in May of the latter year started
the Herald, entirely on the cash princlpe-pay-
ments in advance-and look at our success, inde-
pendence, usefulness vast circulation, popularity
and comfort 1t is true, in that time, we may have
lost two or three thousand dollars by the careless
ness, inattenton, and msmanagement of agents,
clerks and cmployEs-but the error is always Disco
vered IN week or so, and always promptly correct
ed. In the midst OF a bank-ridden community, we
have been independent, and beyond the control of
all banks corporations and fnan cial scoundres of
every kind Hence our vast and increasing circula-
tion-now fully 10000 copies of all kinds, besides
extras.
But our cash system is not alone one the rocks
on which our establishment is built. The principle
of equitable adjustment observed in the price of sub
scription-size of the paper-and charge for adver-
tsements, is another of the causes of our success
The penny press, as well as the sixpenny press. is
not founded on this principle at all-they charge
their advertisers too much-their readers too little
hence in a season of revusion when advertisers cur
TAIL they sink before the gale. On the contrary, it
increases revenue in period of low prices and
OF specie currency, and enables us to expend more
on the intellectual machinery of our establishment.
Hence again. the cause of the vast superiority of the
reports of all kinds-the articles and original matter
of the Herald. We employ nearly four times the
number of reporters and writers, all of the first quail
ty, on the Herald, over that of any paper in New
York. The whole of our neutrality-suspicious.
and receipts-are balanced every week, and what
ever the profit may be, it is known to the utmost
penny and all in hand. We are founded on such
principles as will defy the whole press combined to
affect our prosperity our success.