In the early part of 1797, Pitt proposed, among other methods of augmenting the revenue, an additional stamp of three halfpence on every newspaper. The Times, April 28, 1797, groaned over it thus:
‘The present daily sale of the Times is known to be between four and five thousand Newspapers. For the sake of perspicuity, we will make our calculation on four thousand only, and it will hold good in proportion to every other Paper.
‘The Newsvendors are now allowed by the Proprietors of every Newspaper two sheets in every quire, viz., twenty-six for every twenty-four Papers sold. The stamp duty on two Papers in every quire in four thousand Papers daily at the old Duty of 2d., amounts to £780 a year, besides the value of the Paper. An additional Duty of 1½d. will occasion a further loss of £585 in this one instance only, for which there is not, according to Mr. Pitt’s view of the subject, to be the smallest remuneration to the Proprietors. Is it possible that anything can be so unjust? If the Minister persists in his proposed plan, it will be impossible for Newspapers to be sold at a lower rate than sixpence halfpenny per Paper.’
Pitt, of course, carried out his financial plan, and the newspapers had to grin, and bear it as best they could—the weaker going to the wall, as may be seen by the following notices which appeared in the Times, July 5:
‘To the Public.
‘We think it proper to remind our Readers and the Public at large that, in consequence of the heavy additional Duty of Three Half-pence imposed on every Newspaper, by a late Act of Parliament, which begins to have effect from and after this day, the Proprietors are placed in the very unpleasant position of being compelled to raise the price of their Newspapers to the amount of the said Duty. To the Proprietors of this Paper it will prove a very considerable diminution of the fair profits of the Trade; they will not, however, withdraw in the smallest degree any part of the Expenses which they employ in rendering the Times an Intelligent and Entertaining source of Information: and they trust with confidence that the Public will bestow on it the same liberal and kind Patronage which they have shown for many years past; and for which the Proprietors have to offer sentiments of sincere gratitude. From this day, the price of every Newspaper will be Sixpence.’
July 19, 1797. ‘Some of the Country Newspapers have actually given up the Trade, rather than stand the risk of the late enormous heavy Duty: many others have advertised them for Sale: some of those printed in Town must soon do the like, for the fair profits of Trade have been so curtailed, that no Paper can stand the loss without having a very large proportion of Advertisements. We have very little doubt but that, so far from Mr. Pitt’s calculation of a profit of £114,000 sterling by the New Tax on Newspapers, the Duty, the same as on Wine, will fall very short of the original Revenue.’
July 13, 1797. ‘As a proof of the diminution in the general sale of Newspapers since the last impolitic Tax laid on them, we have to observe, as one instance, that the number of Newspapers sent through the General Post Office on Monday the 3rd instant, was 24,700, and on Monday last, only 16,800, a falling off of nearly one-third.’
Once again we find John Walter falling foul of a contemporary—and indulging in editorial amenities.
July 2, 1798. ‘The Morning Herald has, no doubt, acted from very prudent motives in declining to state any circumstances respecting its sale. All that we hope and expect, in future, is—that it will not attempt to injure this Paper by insinuating that it was in a declining state; an assertion which it knows to be false, and which will be taken notice of in a different way if repeated. The Morning Herald is at liberty to make any other comments it pleases.’