muddle-headed about the distinction between a large circulation and a
circulation small, but appealing to the rich. He would refuse
advertisements of luxuries to a paper read by half the wealthier class
if he had heard in the National Liberal Club, or some such place, that
the paper was "in bad taste."

Not only was there this negative power in the hands of the advertiser,
that of refusing the favour or patronage of his advertisements, there
was also a positive one, though that only grew up later.

The advertiser came to see that he could actually dictate policy and
opinion; and that he had also another most powerful and novel weapon
in his hand, which was the _suppression_ of news.

We must not exaggerate this element. For one thing the power
represented by the great Capitalist Press was a power equal with that
of the great advertisers. For another, there was no clear-cut
distinction between the Capitalism that owned newspapers and the
Capitalism that advertised. The same man who owned "The Daily Times"
was a shareholder in Jones's Soap or Smith's Pills. The man who
gambled and lost on "The Howl" was at the same time gambling and
winning on a bucket-shop advertised in "The Howl." There was no
antagonism of class interest one against the other, and what was more
they were of the same kind and breed. The fellow that got rich quick
in a newspaper speculation--or ended in jail over it--was exactly the
same kind of man as he who bought a peerage out of a "combine" in
music halls or cut his throat when his bluff in Indian silver was
called. The type is the common modern type. Parliament is full of it,
and it runs newspapers only as one of its activities--all of which
need the suggestion of advertisement.