The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-14

ter OF the daily press. In the United States In
especial the intelligence and enterprise Of jour
nalism were prompt to recognize the import
ance Of the new agent, and speedily made 1t
available for the purpose OF increasing the
value and attraction of the daily newspaper.
II was at first feared by some, not without
show of reason, that the swift messenger might
become an instrument in the hands of large
capitalists to secure an undue advantage over
men Of more limited resources who might be
unable to incur the expense of its general use |;
but the interposition of the press dispelled this
apprehension, and the daily publication OF oil
important intelligence transmitted over the
wires rendered the telegraph at once subser-
Went to the public interest
The liberal and extensive use Of the tele-
graph by the leading journals of this country
probably first put the visionary idea into the
heads of some inexperienced persons con-
nected with the companies that they might
control the press Of the whole United
States through the fundamentally Of the news
reports. These reports are essential to the
press, was the argument, and we have only
to take them into our own hands to bring all
the papers in the country to any terms we may
desire. The concentration of the several
lines into monopoly helped to encourage
this grave error, and the result has been the
creation Of spirit of antagonism aud OPPOSE
tion between the daily press and the present
Western Union management, which, while 1t
20 1tLa1~ IN In orI 10 c,,hon In v,uh1i0
good, threatens to bring the company repre-
sented by these ambitious officers to grief
1t is no evidence Of competent and intelli-
gent management. in any business to be con-
stantly quarrelling and wrangling with its best
customer. The telegraph owes its success If
not its very existence to the press Without
the large income derived from the daily news
papers the rate for private messages would
necessarily be SO high that few could afford to
avail themselves of the use of the wires. The
press reports, too, occupy the lines at hours
when they would otherwise be idle, and thus
become doubly remunerative. 1t is not, there
fore, exaggerating the case to say that if the
impudent attempt on the part of the Western
Union line to coerce and dictate to the press
should prompt the principal papers Of the
United States to build Independent wires for
their own business, the stock Of that company,
watered asst is, would not be worth ten cents
on the dollar.
The Western Union line has hitherto been
treated with extraordinary lberality and for
bearance by the press but when its managers
undertake to prohibit newspapers that pay
them large sums daily for reports from receiv-
ing any news by rival lines they overshoot the
mark and only render themselves ridiculous.
Ye. this is the arrogant policy adopted by the
Western Union directors, and its effect can be
seen by glance at the quotations Of the COM
pany's stock a year and half ago, when the
present management commenced, and at this
time
In July, August and September, 1866, the price
Of Western Union ranged from ffy-six to sixty.
II was at about that period that the present
directors obtained control Of the company's
affairs, and the quotation for Western Union Is
now fraction over thirty-six. Here Isl decline
in little over a year Of from twenty to
twenty-four per cent, owing to the laundering
and incompetent management Of the present
officers. Upon forty millions Of stock this
decline is an aggregate loss to the stockholders
of from eight million TO about ten million
dollars, or an amount nearly equal to the whole
bona tde value Of the property Of the company.
In this startling exhibit can bo seen the dis
astfous result Of Encouragement. II is not
the worthlessness OF the stock, watered as it
has been, but the inefciency Of the officers, that
has struck down Ten million dollars OF its value
in eighteen months. II the present directors
had confined themselves to their Legitimate
business, instead Of meddling in outside mat
tiers and endeavoring to become news agents
and pedlers, they would not have forfeited
would have taken place in their stock. The
fact is, they entirely misconceive their duties
and their position. The press and The tele-
graph united will in few years control the
world. All the globe will be in instant CON-
muncalion, and events, ideas and feel
ings in every country will be known TO
all mankind simultaneously. Civilization
will spread over the earth, and the most adj
vanced nation will take by the hand those who
lag behind and lead them onward in the pro-
gress Of art, science and universal happiness.
The press will be the overshadowing power,
the great intellect in this work the telegraph
the instrument in its hands to carry ont It's
destiny. But the contracted minds that at
present rule over The telegraph cannot grasp
these ideas. They foolishly aspire to the lead.
ing position and dream Of controlling the
press. They wake up 10 End their stock de-
clining thirty per cent and ten million dollars
Of property utterly destroyed. II the stock
holders are wise they will SEQ to IL that these
Rip Van Wrinkle Missionaries do not 60 to sleep
again--at least In the comfortable executive
Offices OF the Western Union Telegraph Com
pany.
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