The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-10

Tue PANIC AMONG THE NEWSPAPERS AND
PUBLISHING HoUsEs.-When the first symptoms
of the present crisis began to manifest themselves
IN outcry wac raised against the press as being
the authors Of an unnecessary panic. The rapid
progress Of the epidemic, however, soon showed
that its origin was deep seated and that the
newspapers merely reflected the actual features
of the malady.
A little sober thought at the outset would have
shown that this clamor against the alleged alarm
list tendencies of the press was senseless one
What interest have the newspapers to depreciate
the property Of commercial men or to paralyze
the operations Of trade? With the prosperity Of
both the welfare Of the press is as a general
rule, inseparably allied, and what Injuries the
one, must, to greater or lesser extent, iDjure
the other.
In 1887 the disasters that swept away so many
commercial houses carried in their train host
of flash newspapers aud periodicals, which had
thriven upon the artificial stimulus applied to
them by the prevailing extravaganza of -
times. These papers were a luxury, -
not necessity; and when the period
for retrenchment arrived they were com.
PEELED to obey the inexorabe law which
regulates the demand and supply in such
matters With these superfuities went out of
existence number Of publishing houses, whose
books coming within the same category of un-
necessary indulgences, were among the first to
be Topped off.
The same phases seem to mark the present
crisis. Literature and journalism are both affect
cd to nearly as great an extent as any Of the
leading branches Of CON mercial business The
paper makers were amongst the first to fail, and
nov some of our great publishing houses are fol-
lowing in their wake. Where the latter have not
been compelled to suspend payment, rs in the
case of the Harpers, they are obliged to relieve
the pressure upon them by stopping the further
progress of their literary undertakings. The
Appletons, for instance, who had large force Of
writers engaged upon their Encyclopedia, have
dismissed the greater portion of them although
the work is not half complete When houses
Of this character are reduced to such
necessities the condition of establishments of in
ferior resources must be bad indeed 1t is in the
nature of things that most of these latter con.
Germs should fall for as threefourths of the books
published are neither instructive nor useful. they
will have to incur the fate OF other supe, fuous
Injuries
AS in 1887, these disasters amongst the paper
makers and the publishing trade generally will
be followed by the disappearance of host of
weekly newspapers and other ephemeral journals,
which have no vitality beyond the passing
caprices Of the public. To these the New York
Ledger will probably be an exception, from the
peculiarly of its circulation.
The daily papers which have been conducted
on anything like sound business principles, and
which have been kept free from connection with
stock gambling and building speculations, will
scarcely feel the pressure. Some of them whose
proprietors have been bitten by this mania, have,
we understand, been compelled to retrench their
legitimate business expenses in consequence.
The Daily Times, for example, is not only
cutting down its salaries, but reducing the
number of its editors and employees. Had its
proprietors kept out of Wall street they might
have avoided this most painful and repugnant
necessity. The HERALD, by confning itself to Its
legitimate province, and pursuing a straight
forward business course, has always been able to
steer clear of such shifts The errors which its
proprietor may have committed in the course of
a long and arduous career have never yet caused
embarrassment or distress to its employees. The
truth is that it is as much to the sound business
svstam IN which II is carried on as TO its literary
talent, that the HERALD owes its present unex-
ampled prosperity. Do our speculative cotem-
poraries desire to know the principle on which
that system is based? 1t is that man should
undertake no more than his resources will enable
him to accomplish.