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Shepard, a medical student, who had about $1,500 in cash at command.
Through Sylvester, Story counted on being able to secure the printing of the weekly Bank-Note Reporter, and for Shepard he had in view the printing of a one-cent daily newspaper, which Shepard had decided to establish.
With this business in sight, Story proposed to Greeley that they open a printing-office of their own, and, not without misgivings, Greeley finally consented.
Between them they could count up less than $200; but they secured $40 worth of type on six months credit, hired two rooms at No. 54 Liberty Street, and invested all their cash in the necessary equipment.
Thence, on January 31, 1833, Dr. Shepard's Morning Post was issued.
Finding no encouragement for his one-cent scheme, he had fixed the price from the start at two cents; but as cheapness was to be the one quality that would induce people to buy a paper of which Greeley says, “it had no editors, no reporters worth naming, no correspondents, and no exchanges even,” it was a certain failure, and it died when two weeks and a half old. The one-cent Sun came nine months later, and came to stay.
The firm of Greeley & Story lost about $50 through Dr. Shepard, but this did not
New York, D. Appleton and Company, March 1903.
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