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 contemporaries; I have sometimes thought they were. 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 drygoods, 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.