The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-11-06
[From the Springfield Republican,
A Question In Journalism.

Early last week, rumor began to circulate
in Providence of the embarrassment of the
great and wide-spreading firm Of the Spragues.
''Rumor'' is word to Ee used in this connec-
ton with limitations. 1t was not an ordinary
rumor floating among the mass of people
without reliable source, but rather an under
standing among business and bank men and
the people familiar with the strength of per-
sonal credits. This understanding was so
general and so much relied upon that already
on Monday meeting of the moneyed men
of Providence assembled to assist the totter-
ing firm. 1t adjourned to Tuesday, when it
met again. On Wednesday morning, the
first intimaton of trouble to the outside
world was dispatch in the New York Herald,
On Thursday morning, the Providence pa
pers, with much apology for their silence, and
i'll concealed bushes Of shame, confessed
what had been going on. The New York
papers at the same time published full partic
ulars, but with much innuendo as to the mo-
tives that actuated the publication by the
Herald and a good deal of severe preaching
as to the awful iniquity OF "pushing great
firm over the brink of ruin by "the publica-
ton of its standing"
Such talk is entirely out of place in this in
stance and in general is the sheerest nom
StuSe. LIS puuliCdllOll vi Inc idCJS ludue
not the slightest difference with Spragues'
standing. The banks of Providence had
already appointed their committee to examine
the condition of the firm. That condition
could not be affected by the publication of
the result of their Investigations. All day
Tuesday, the streets of Providence were
feverish with the terror of the impending
and mysterious doom, of the character of
which even the public journals dared not
utter syllable. The suppression of the OBJ
tainable facts in the case was simply disgrace
full to the journals of that city, and resulted,
as the sequel showed, in blunder three
times as bad in its effect on the firm
and on the business of the country
as the prompt disclosure of the actual facts
would have been. The first public state
ment, it will be remembred, had the assets
and liabilities completely reversed, so that
the firm seemed to owe twice as much as it
was worth instead Of being worth twice as
much as it owed.
We warn the business community that the
time has passed when any general good is to
be subserved by concealing anything that con-
Germs the public from the public press, and
we warn the press, especially that portion OF
it which has assumed to find high moral
excuse for the suppression OF this matter
that it is in so far recreant TO public trust.
Publicity in America and to-day is is more
and more the only safeguard against public
calamity. Show US a single man who has
been ruined in this crisis by publicity and we
will find hundred who have been saved by
it, whom the thorough Journalism which has
set forth the exact state of The country has
enabled to weather it. The fluctuations Of
stocks are constantly quoted, and the public
expect the newspapers to give the lowest as
well as the highest points. A great firm
bears a signature that of itself will command
hundreds of thousands. Manfestly any
thing which is acknowledged to vitslly and
permanently affect the value of that sigma
ture 10 depreciate it or to raise it---requlres
equal attention from the press. A journal
that suppresses reliable evidence of the finan-
cial weakness of firm. thereby keeping the
public in ignorance of an impending bank
ruptcy, is virtually accessory before the fact
to the entrapping of more creditors.