"The newspaper is an institution developed by modern
civilization to present the news of the day, to foster commerce and industry,
to inform and lead public opinion, and to furnish that check upon government
which no constitution has ever been able to provide."
While newspapers are on life support, substitute the word "media" or "journalism" or even "Internet" and the definition remains evergreen.
Journalists still present the news of the day, inform and lead public opinion, and provide a check on government. I would quibble with the reference to the Constitution, as without the First Amendment thereto there might be no free press in the US.
The clause referring to fostering commerce as part of the purpose of journalism, spoken like a true publisher vs. an editor, also struck me. Journalism has always been a business, and it is a positive contribution to foster commerce, as commerce makes everything else in our society possible.
While the traditional ink on newsprint newspaper is rapidly evolving into bits, bytes and pixels displayed on multiple screens large and small, the underlying purposes and activities of journalism remain remarkably unchanged almost a century after The Colonel so aptly defined it.