It is here, on the question of money, that the future of Internet journalism may really depend.

Increasingly, the evidence suggests the Web is journalism's future. It is where the audiences are moving, especially and most importantly the young. What is not clear is whether the Internet will ever be as profitable as the old media.

If it isn't, most newsrooms may end up much smaller, and spread thinner than they once were. The ability to cover the waterfront of American life may be diminished. The quality of American journalism, and thus of public knowledge, may suffer.