respect his advertisers as his paymasters. To
that extent, therefore, his power of giving true news and of printing
sound opinion was limited, even though his own inclinations should
lean towards such news and such opinion.

An individual newspaper owner might, for instance, have the greatest
possible dislike for the trade in patent medicines. He might object to
the swindling of the poor which is the soul of that trade. He might
himself have suffered acute physical pain through the imprudent
absorption of one of those quack drugs. But he certainly could not
print an article against them, nor even an article describing how they
were made, without losing a great part of his income, directly; and,
perhaps, indirectly, the whole of it, from the annoyance caused to
other advertisers, who would note his independence and fear friction
in their own case. He would prefer to retain his income, persuade his
readers to buy poison, and remain free (personally) from touching the
stuff he recommended for pay.

As with patent medicines so with any other matter whatsoever that was
advertised. However bad, shoddy, harmful, or even treasonable the
matter might be, the proprietor was always at the choice of publishing
matter which did not affect _him_, and saving his fortune, or refusing
it and jeopardizing his fortune. He chose the former course.

In the second place, there was an even more serious development.
Advertisement having become the stand-by of the newspaper the large
advertiser (as Capitalism developed and the controls became fewer and
more in touch one with the other) could not but regard his "giving" of
an advertisement as something of a favour.

There is always this psychological, or, if you will, artistic element
in exchange.

In pure Economics exchange is exactly balanced by the respective
advantages of the exchangers; just as in pure dynamics you have the
parallelogram of forces. In the immense complexity of the real world
material, friction, and a million other things affect the ideal
parallelogram of forces; and in economics other conscious passions
besides those of mere avarice affect exchange: there are a million
half-conscious and sub-conscious motives at work as well.

The large advertiser still _mainly_ paid for advertisement according
to circulation, but he also began to be influenced by less direct
intentions. He would not advertise in papers which he thought might by
their publication of opinion ultimate