Our whole observation of the daily press convinces us that its power to do good arises chiefly from its giving the news of the day; and its power to do harm chiefly from its opportunity to comment upon the news. Viewed only as a vehicle of intelligence, the Herald has taught the journalists of the United States the greater part of all that they yet know of their profession; regarded as an organ of opinion, it has done all that it was ever possible for a newspaper to do in perverting public opinion, debauching public taste, offending public morals, and dishonoring the national character. The question arises, Why has not this paper been long ago outdone in giving the news? It has always been possible to suppress it by surpassing it. Its errors have given its rivals an immense advantage over it; for it has always prospered, not in consequence of its badness, but of its goodness. We are acquainted with two foolish young patriots who were wrought up to such a frenzy of disgust by its traitorous course during the first half of our late war, that they seriously considered whether there was any way in which they could so well serve their country in its time of need, as by slaying that pernicious and insolent editor; but both of those amiable lunatics were compelled occasionally to buy the paper. Of late, too, we have seen vast audiences break forth into wild hootings at the mention of its name; but not the less did the hooters buy it the next morning. Nevertheless, as soon as there exists a paper which to the Herald's good points adds the other features of a complete newspaper, and avoids its faults, from that hour the Herald wanes and falls speedily to the second rank.