Messrs. Appleton, of New York, have recently ventured to publish good translations and good editions of Madame Mühlbach's historical novels. The name of this lady being new to America, the enterprise was a risk,--a risk of many thousand dollars,--a risk which only a wealthy house would be justified in assuming. The _great_ expense of such an undertaking is incurred in making the new name known, in advertising it, in shouting it into the ears of a public deafened with a thousand outcries. An enormous sum of money may easily be spent in this way, when advertising costs from twenty cents to two dollars a line. Suppose the efforts of the publishers are successful, see how beautifully the present system works! The more successful they are, the more perilous their property becomes! It is safe only as long as it is worthless. Just as soon as they have, by the expenditure of unknown thousands, created for the works of this German lady a steady demand, which promises to recompense them, they are open to the inroads of the Knights of the Yellow Cover! See, too, the effects upon the Berlin authoress. Playing such a dangerous and costly game as this, the American publisher dare not, cannot treat with her in the only proper and honorable way,--open a fair bargain, so much for so much. Messrs. Appleton did themselves the honor, the other day, to send her a thousand dollars, gold, which was an act as wise as it was right. We enjoyed an exquisite pleasure in looking upon the lovely document, duly stamped and authenticated, which has ere this given her a claim upon a Berlin banker; and we have also a prodigious happiness in committing the impropriety of making the fact public. Nevertheless, it is not thus that authors should be paid for their own. All we can say of it is, that it is better than nothing to her, and the best a publisher can do under the circumstances. This business of publishing books is the most difficult one carried on in the world. It demands qualities so seldom found in the same individual, that there has scarcely ever been an eminent and stable publishing house which did not consist of several active and able men. Failure is the rule, success the rare exception. The shores of the business world are strewn thick with the wrecks of ventures in this line that gave every promise of bringing back a large return. It has been proved a task beyond the wisdom of mortals, to decide with any positive degree of certainty whether a heap of blotted manuscript is the most precious or the most worthless of all the productions of human industry. Young publishers think they can tell: old publishers know they cannot. This is so true, that for a publisher to have a knowledge of the commodity in which he deals is generally a point against his success as a publisher; and it will certainly ruin him, unless he has a remarkably sound judgment, or a good, solid, unlearned partner, whose intuitive sense of what the public wants is unbiased by tastes of his own.