I am trying in this book to state the exact facts. I do not expect to please contemporary Journalism, but I expect to produce a book which the student of the future will recognize as just. So let me explain that I realize fully the differences between newspapers. Some are dishonest, and some are more dishonest; some are capitalistic, and some are more capitalistic. But great as are the differences between them, and clever as are the pretenses of some of them, there is no one which does not serve vested wealth, which has not for its ultimate aim the protection of economic privilege. The great stream of capitalist prosperity may flow irregularly, it may have eddies and counter-currents, stagnant places which deceive you for a while; but if you study this great stream long enough, you find that it all moves in one direction, and that everything upon its surface moves with it. A capitalist newspaper may espouse this cause or that, it may make this pretense or that, but sooner or later you realize that a capitalist newspaper lives by the capitalist system, it fights for that system, and in the nature of the case cannot do otherwise. Some one has said that to talk of regulating capital is to talk of moralizing a tiger; I would say that to expect justice and truth-telling of a capitalist newspaper is to expect asceticism at a cannibal feast. It would be instructive to take the leading newspapers of America and classify them according to the nature of their financial control, showing precisely how and where this control shapes the policy of the paper. There will be certain immediate financial interests—the great family which owns the paper, the great bank which holds its bonds, the important local trade which furnishes its advertising. Concerning these people you observe that no impolite word is ever spoken, and the début parties given to the young ladies of these families are reported in detail. On the other hand, if there are interests aggressively hostile to the great family, the great bank, the important local trade, you observe that here the newspaper becomes suddenly and unexpectedly altruistic. It will be in favor of public ownership of the gas-works; it will be in favor of more rigid control of state banks; whatever its policy may be, you will, if you sit at the dinner-tables of the rich in that city, have revealed to you the financial interests which lie behind that unexpected altruism.