V.

Under the 'regime' of the great literary periodicals the prosperity of
literary men would be much greater than it actually is if the magazines
were altogether literary. But they are not, and this is one reason why
literature is still the hungriest of the professions. Two-thirds of the
magazines are made up of material which, however excellent, is without
literary quality. Very probably this is because even the highest class
of readers, who are the magazine readers, have small love of pure
literature, which seems to have been growing less and less in all
classes. I say seems, because there are really no means of ascertaining
the fact, and it may be that the editors are mistaken in making their
periodicals two-thirds popular science, politics, economics, and the
timely topics which I will call contemporanics. But, however that may
be, their efforts in this direction have narrowed the field of literary
industry, and darkened the hope of literary prosperity kindled by the
unexampled prosperity of their periodicals. They pay very well indeed
for literature; they pay from five or six dollars a thousand words for
the work of the unknown writer to a hundred and fifty dollars a thousand
words for that of the most famous, or the most popular, if there is a
difference between fame and popularity; but they do not, altogether, want
enough literature to justify the best business talent in devoting itself
to belles-lettres, to fiction, or poetry, or humorous sketches of travel,
or light essays; business talent can do far better in dry goods,
groceries, drugs, stocks, real estate, railroads, and the like. I do not
think there is any danger of a ruinous competition from it in the field
which, though narrow, seems so rich to us poor fellows, whose business
talent is small, at the best.