example, the great decline which, as a rule, has taken place in the value of early editions of the classics, we should conclude that either the classical writers were less generally esteemed than formerly, or that such progress had been made in their study that the old editions had become inadequate; and both conclusions would be well founded.
Books occupy a middle position between ordinary products and works of art. Like the latter, they are in theory the offspring of an exceptional talent. The humblest bookman views himself as in some measure the superior of his readers for the time being; he would have no excuse for addressing them if he did not suppose himself able to convey to them some pleasure which they could not have attained without him, or to inform them of something, however insignificant, which but for him would have remained unknown. But whereas in the arts price is usually in the ratio of the real or supposed intellectual merit of the production, in books it may almost be said that the reverse rule obtains. The fine picture or statue cannot be reproduced as an original work; copies may be made to any extent, but no amount of copying impairs the value of the unique original. Again, such a work, whether absolutely perfect or not, once finished is complete for all time, and allows of no further improvement. But the book admits of indefinite multiplication, and the extent to which this proceeds is commonly in the ratio of its intellectual worth. It is the very greatest authors, the Homers, the Shakespeares, that are usually the easiest and cheapest to procure.
It appears, therefore, that, although great books unquestionably demand more intellectual power for their production than great works of art, their very superiority tends to cheapen them in comparison by encouraging their dissemination. There could not be a stronger instance of the power of scarcity in determining price; and, in fact, the rarity of a book is the most important element in its commercial worth. Yet intrinsic desert plays its part, though an inferior one. There are some cases in which it utterly fails. The commercial value of the productions