perfectly well that his reward is in the serial and not in the book; the
return from that he may count as so much money found in the road--a few
hundreds, a very few thousands, at the most, unless he is the author of
an historical romance.


IV

I doubt, indeed, whether the earnings of literary men are absolutely as
great as they were earlier in the century, in any of the English-speaking
countries; relatively they are nothing like as great. Scott had forty
thousand dollars for 'Woodstock,' which was not a very large novel, and
was by no means one of his best; and forty thousand dollars then had at
least the purchasing power of sixty thousand now. Moore had three
thousand guineas for 'Lalla Rookh,' but what publisher would be rash
enough to pay fifteen thousand dollars for the masterpiece of a minor
poet now? The book, except in very rare instances, makes nothing like
the return to the author that the magazine makes, and there are few
leading authors who find their account in that form of publication.
Those who do, those who sell the most widely in book form, are often not
at all desired by editors; with difficulty they get a serial accepted by
any principal magazine. On the other hand, there are authors whose
books, compared with those of the popular favorites, do not sell, and yet
they are eagerly sought for by editors; they are paid the highest prices,
and nothing that they offer is refused. These are literary artists; and
it ought to be plain from what I am saying that in belles-lettres, at
least, most of the best literature now first sees the light in the
magazines, and most of the second-best appears first in book form. The
old-fashioned people who flatter themselves upon their distinction in not
reading magazine fiction or magazine poetry make a great mistake, and