That means four hundred or more subsidized authors for Great Britain, which would work out, perhaps, as eighteen or twenty every year, and a proportionate number for America and the Colonial States of the British Empire. Suppose, further, that from this general body of authors we draw every year four or five of the seniors to form a sort of Academy, a higher stage of honour and income; this would probably give something under a hundred on this higher stage. Taking the income of the two stages as £1000 and £2000 respectively, this would work out at about £500,000 a year for Great Britain—a quite trivial addition to what is already spent on educational work. A scheme that would provide for widows and children whose education was unfinished, and for the official printing and sale of correct texts of the books written, would still fall within the dimensions of a million pounds. I am assuming this will be done quite in addition to the natural growth of Universities and Colleges, to the evolution of great text-books and criticism, and to the organization and publication of special research in science and letters. This is to be an endowment specifically for unspecialized literature, for untechnical philosophy that is, and the creative imagination.
It must not be imagined that such an endowment would be a new payment, by the community. In all probability we are already paying as much, or more, to authors, in the form of royalties, of serial fees, and the like. We are paying now with an unjust unevenness—we starve the new and deep and overpay the trite and obvious. Moreover, the community would have something in exchange for its money; it would have the copyright of the works written. It may be suggested that by a very simple device a large proportion of these payments could be recovered. Suppose that all books, whether copyright or not, and all periodicals sold above a certain price—sixpence, let us say—had to bear a defaced stamp of—for example—a halfpenny for each shilling of price. This would probably yield a revenue almost sufficient to cover these literary pensions. In addition the books of the pensioned authors might bear an additional stamp as the equivalent of the present royalty.