Albuquerque Journal from Albuquerque, New Mexico • Page 5

FIVE AlKuquerque Morning Journal, Tuesday, April 5, 1921. 0F MPOUJhfiF TO) rnwifp nj)n ipn nPn ULL. VliJllralJ VsO 1 i 1 Shoul The Journal Continue iifiy Financial Situation "Free" Organ? At the time of the purchase of this paper a year ago the present owner borrowed a considerable part of the purchase price on his personal notes. It was his belief that he would be able to liquidate these borrowings from private resources. The general business conditions in the United States have made this impossible.

Powerful financial and political influences which he has antagonized have brought great pressure to bear to prevent extensions. The condition of the banks has given a reason for the calling of loans. We have driven into somebody's arms. Sixty thousand dollars of the personal indebtedness of the owner, incurred in buying the Journal, must be paid in the next twenty days. We had three alternatives: To sell the Paper; to capitulate and accept a dictated policy in return for financial aid, or to do the very unprecedented thing of appealing to the people to help us keep our freedom of action.

We scorn the second course. We are trying the third. If the people decide that they are indifferent to a strong, free policy, we will be forced to adopt the first course. For a year now, the Journal has been under the present management No one has owned a dollar's worth of the stock or bonds but the undersigned. Its columns have been wide open for discussion of any legitimate subject.

Its editorial policy has been the untrammeled judgment of its owner. No special interest has been able to control a single utterance. It has sought to form no alliance with men of means who would attempt to control its policy. It has been for the people. Its sole thought has been for the public welfare.

Thereby it has earned the hostility of very powerful financial influences who would like to see the theory that a newspaper can be run in the public interest, prove a failure. It has stood for the highest ideals of good citizenship. Should such a policy be continued? The people must give the answer. WHO OWNS A NEWSPAPER? Some body owns every newspaper, of course. Occasionally some man who is rich, owns all the stocks and bonds.

Usually the bonds are owned by some special interests in return for an editorial policy which will protect those interests in what they want done. Any owner who accepts such assistance is honor bound to repress news which would harm them and to advocate what will help them, regardless of the public interest. If any one can get satisfaction out of running a newspaper under such circumstances, he is welcome to the job. We do not want it. i A newspaper should be financed by the rank and file of the people and so owe its only duty to the people.

If people want an unbiased and uncontrolled newspaper, they will aid in financing it. The law ought to forbid a newspaper from being financed otherwise than by open public subscription, so that all could know the influences behind it. Being unable to wholly finance the Journal alone, I am willing to adopt no other course but an appeal to the people. I would prefer to quit otherwise, as the opportunity for service i the only joy in the work. FREEDOM OF THE PRESS NECESSARY The freedom of the press is essential in America.

Without it we will perish. The Ownership of newspapers by special interests is the curse of the republic. New Mexico needs to have its greatest daily paper operated in the interest of the people and financed by them. Money is rather tight. If each leaves this to those to whom it will be convenient, it will not be done.

All must sacrifice to help a good cause. The investment is safe. This matter will not wait. Please act today by filling out the blank and forwarding your check. I have been advised to make a sale of the paper and not to jeopardize my equity, amounting to several tens of thousands of dollars, by hazarding defeat by the failure of the public to respond to this appeal.

I have deliberately chosen this course because I believe in the people. I pledge myself not to sell the Journal during the life of these bonds. Your money will not be used unless a sufficient amount is subscribed to insure my continued LET US UNDERSTAND EACH OTHER. I want no one to make an investment under a misapprehension as to the Journal's policy. Nor do I want any one to invest who is not willing to leave me free to follow that policy.

I invite a small investment from those who want to keep the Journal free. Here will be my policy: The Journal will continue to be independent with a republican tendency. But the republican party and republican candidates must merit support in order to have it. We will not hesitate to support the democratic party or democratic candidates, whenever we feel that the public good will be best served thereby, We will at all times stand for the highest ideals of service and citizenship. We will support no special interest beyond its due.

We will stand for justice to all. We will heartily help each interest until further help would be an interference with the just rights of other interests. The weak will be our especial charge; the strong do not need our help. Those so strong and designing as to be a menace to the rest will be fought until they resume their proper place. Beyond that point we will pursue no one.

As in the past, we will expend our strength in organizing and crystallizing a public opinion favorable to civic righteousness, just laws, high minded officials and slate progress. We will lead in boosting Albuquerque, but will think in terms of state-wide advancement. Without malice, free from fear, enamored of justice, we will deal justly but vigorously. Unless I can be free to do these things I prefer to retire to the quiet of a private practice of the law. I court no conflict, but' take joy in a battle for the public welfare.

I have made mistakes. I hope, with a better acquaintance with conditions, I will make fewer. But mistakes do not matter. A desire to be of service to the people does matter. That is my sincere desire.

If you are in accord with this policy, whether or not you agree with all I have done in the past, you will aid a little in carrying it out. THE PLAN. FIRST NATIONAL BANK, STATE NATIONAL BANK, (Strike out two names, using CITIZENS NATIONAL BANK. the bank you prefer.) Albuquerque, New Mexico. Dear Sirs: I herewith transmit my check for $.

being in payment for bonds of the Journal Publishing Company of the denomination of $250 each. You are authorized to turn over this money to Carl C. Ma gee upon his depositing with you an equivalent amount, face value, of the bonds of the New Mexico Industrial Company. Upon receipt of the bonds of the Journal Publishing Company by you and the cancellation of the old bonds, you will forward to mc bonds covering my subscription. The Journal is published by the Journal Publishing Company.

My predecessors in control, in order to conceal the individual ownership, organized the New Mexico Industrial Company and sold all the stock of the Journal Publishing Company to this corporation, which now owns it. They issued stock, and in addition bonds to the extent of 000 were sold; $20,000 of additional bonds were unsold. I paid $115,000 in cash for these $115,000 in bonds. 1 desire to dispense with this additional corporation and to issue the bonds of the Journal Publishing Company to the amount of the present bonds of the holding concern. The present bonds will be retired and the new bonds be issued in lieu thereof.

The Journal Publishing Company is the only corporation needed. These new bonds will be in denominations of $250; will bear 8 per cent interest, payable semi-annually, and will mature in five years. They will be a first mortgage lien on all property and good will of the Journal Publishing Company. It is $60,000 of these bonds which I invite the public to buy in $250 bonds or any multiple thereof. I must reserve the right to reject any subscription.

Unless this amount is sold it appears that I will be unable to finance longer the ownership of the Journal. I wish this to be a great popular subscription by the small bond buyer. If any are rejected it will be the larger subscriptions. I want the rank and file of the people to be the financial power behind the Journal. Name street City THE JOURNAL SELF-SUPPORTING The Journal needs no help in paying operating expenses.

Its income last year was $25,000 greater than any year in its history. So far this year the income is greater than in the first quarter last year. Our subscriptions are many hundred greater than when we took the paper over a year The Journal is well able to pay the interest on its bonds. The paper is a good investment and its bond-holders have a gilt-edged security. Do not be confused.

The Journal is asking for no help. Its owner is asking your help in paying the purchase price of the paper. I am not rich enough to be able to own all the stocks and bonds, and I ask you to take a part of the bonds at what they cost me. I ask only the price I paid. NOTE: If any one desires to avoid publicity concerning; a subscription, it can be arranged by writing or calling on Mr.

Magee at the Journal 6ffice. Additional information will be furnished upon request. CARL C. MAGEE t).