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In my opinion, although it is very early in its lifetime to say this, I suspect that the popularity of Times Roman bids fair to endure nearly as long as that of Caslon.
Of course, there was Stanley Morison's own famous comment on that font:
As a new face it should, by the grace of God and the art of man, have been broad and open, generous and ample; instead, by the vice of Mammon and the misery of the machine, it is bigoted and narrow, mean and puritan.
Yes, it has short descenders and a large x-height, but not so much so as Corona, for it was designed originally for use in a newspaper, albeit one printed with more care, and on better paper, than the typical North American newspaper.
An alternate version of Times with long descenders was offered for a while by one founder (I think Monotype itself); it was made to match regular Times in size, which meant that leading was obligatory, as it was still cast on the body of its nominal point size - the long descenders became vertical kerns. I don't know if it was ever digitized.
But my question is this: given the popularity - and evident merits - of Times Roman, why hasn't someone (or has someone, outside of my meagre knowledge) produced, as it were, a "Times Book" in which not only the descenders are lengthened, but so are the ascenders (slightly), with the lower case reduced slightly in size relative to the upper case so as to moderate the x-height to a "normal" value, and the stroke widths then also adjusted (made heavier in the lower case, or lighter in the upper case, or both, so that the ratio between them remains at the appropriate value)?
Times is a beautiful font, but if those characteristics of it which save on paper (the vice of Mammon perhaps becoming the virtue of wise stewardship of our forests) can fairly be recognized as a problem, why can't this problem be solved, so that the fullness of the beauty of Times may be appreciated - and the spirits of both Stanley Morison and Victor Lardent find peace?