The next great event in the history of journalism is the commercial libel case, Boyle _versus_ Lawson, the printer of _The Times_. Barnes had died, and had been succeeded by John T. Delane, a nephew of Mr. Walter, as editor, who still continues to occupy that responsible post. The matter originated thus: In May, 1841, _The Times_ published a letter from the Paris correspondent, containing the particulars of an organized system of forgery on a gigantic scale, which had been agreed on by certain persons, whose names were published in full. The plan was to present simultaneously at the chief Continental cities letters of credit purporting to emanate from Glynn & Co., the London bankers. The confederates had fixed the sum they meant to realize at one million, and had actually secured more than L10,000 before the plot was discovered. One of them was Boyle, a banker, of good position, at Florence, and he brought an action for libel and defamation. He pressed on the trial, but _The Times_ maintained its ground, and at an enormous expense despatched agents all over the Continent to collect evidence. _The Times_ triumphantly succeeded in proving the truth of what it--_The Times_ is always spoken and written of as an individual--had printed; but as the old law--the greater the truth the greater the libel--still existed, the jury were compelled to find a verdict for the plaintiff, which they did, with one farthing damages, and the judge clinched the matter by refusing the plaintiff his costs. Universal joy was expressed at the result of the trial, and public meetings were called together in London and the chief Continental cities for the purpose of making a subscription to defray the expenses of _The Times_ in defending the action. The proprietors, however, declined this, but said that, at the same time, they should feel much gratified if a sum of money were raised for some public object in commemoration of the event. Accordingly it was decided to found two scholarships in perpetuity for Christ's Hospital and the City of London School at the Universities of Oxford and Cambridge, to be called the Times' Scholarships, and the nomination to them to be placed in the hands of the proprietors of _The Times_ in perpetuity. Two marble tablets were also voted, at the cost of a hundred and fifty guineas each, with commemorative inscriptions, one to be placed in _The Times_ office and the other in the Royal Exchange. Two somewhat similar tablets were also placed in Christ's Hospital and the City of London School. For these purposes the sum of L2,700 was very quickly subscribed, the lord mayor leading off with ten guineas. If anything had been wanting to place _The Times_ upon the pinnacle of preeminence among journals, this famous trial firmly established it there, and ever since it has been looked up to as an oracle of the commercial world. But _The Times_ was not contented to rest quietly on its oars. It was ambitious, and looked farther afield.