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[356] would not be worth the amount of the duty alone; and consequently the new concern would have no chance Now, the advertisements are one main source of the income of daily papers, and thousands of business men take them mainly for those advertisements. For instance, at the time when our auctioneers were appointed by law (they were, of course, party Politicians), one journal, which was high in the confidence of the party in power, obtained not a law, but an understanding, that all the auctioneers appointed should advertise in that journal. Now, though the journal referred to has ceased to be of that party, and the auctioneers are no longer appointed by the State, yet that journal has almost the monopoly of the auctioneer's business to this day. Auctioneers must advertise in it because they know that purchasers are looking there; and purchasers must take the paper, because they know that it contains just the advertisements they want to see; and this, without regard to the goodness or the principles of the paper. I know men in this town who take one journal mainly for its advertisements, and they must take the Times, because everything is advertised in it; for the same reason, advertisers must advertise in the Times. If we had a duty on advertisements, I will not say it would be impossible to build a new concern up in New York against the competition of the older ones; but I do say, it would be impossible to preserve the weaker papers from being swallowed up by the stronger.

Mr. Cobden. ‘Do you then consider the fact, that the Times newspaper for the last fifteen years has been increasing so largely in circulation, is to be accounted for mainly by the existence of the advertisement duty?’

Mr. Greeley. ‘Yes; much more than the stamp. By the operation of the advertisement duty, an advertisement is charged ten times as much in one paper as in another. An advertisement in the Times may be worth five pounds, while in another paper it is only worth one pound; but the duty is the same.’

Mr. Rich. ‘The greater the number of small advertisements in papers, the greater the advantage to their proprietors?’

Mr. Greeley. ‘Yes. Suppose the cost of a small advertisement to be five shillings, the usual charge in the Times; if you have to pay a shilling or eighteen pence duty, that advertisement is worth nothing in a journal with a fourth part of the circulation of the Times.’

Chairman. ‘Does it not appear to you that the taxes on the press are hostile to one another; in the first place, lessening the circulation of papers by means of the stamp duty, we diminish the consumption of paper, and therefore lessen the amount of paper duty; secondly, by diminishing the sale of papers through the stamp, we lessen the number of advertisements, and therefore the receipts of the advertisement duty?’

Mr. Greeley. ‘I should say that if the government were, simply as a matter of revenue, to fix a duty, say of half a penny per pound, on paper, it would be easily collected, and produce more money; and then, a law which is equal ’

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