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The Exchange Herald was founded by Joseph Aston in 1809. Aston was a staunch Tory and a strong opponent of parliamentary reform. The Exchange Herald appeared every Tuesday. Aston virtually wrote the whole newspaper himself and it is believed that he was the author of the report that appeared in the Exchange Herald about the Peterloo Massacre.

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(1) The Exchange Herald (17th August, 1819)

At one o'clock another procession passed the Exchange, escorting Hunt to the place of meeting. The leader of this band bore a large club, and he was followed by some hundreds of men and boys who marched in columns with military step, to the music of a regular band, dressed in gay uniforms.

On the box of the carriage was seated a woman! bearing a Flag: and in the open carriage stood the main Pivot of Mischief; several other persons were seated in it, but we did not learn their names. The carriage was followed by many hundreds of men and boys in the order above described, with colours flying. They marched through Deansgate, in which, and in all other streets through which they passed, the shops were shut up.

On arriving at the Hustings, Mr. Hunt and his friends ascended it, amidst the shouts of the greatest assemblage of people ever collected together at one point in Manchester. We understand the Travelling Orator had begun to address the Reformers, when an hour having expired, after the reading of the Riot Act, the Warrants of the Magistrates were carried into effect.