"General, it is clear that the Century people do not realize the importance—the commercial magnitude of your book. It is not strange that this is true, for they are comparatively new publishers and have had little or no experience with books of this class. The terms they propose indicate that they expect to sell five, possibly ten thousand copies. A book from your hand, telling the story of your life and battles, should sell not less than a quarter of a million, perhaps twice that sum. It should be sold only by subscription, and you are entitled to double the royalty here proposed. I do not believe it is to your interest to conclude this contract without careful thought and investigation. Write to the American Publishing Company at Hartford and see what they will do for you."
But Grant demurred. He said that, while no arrangements had been made with the Century Company, he thought it only fair and right that they should have the book on reasonable terms; certainly on terms no greater than he could obtain elsewhere. He said that, all things being equal, the book ought to go to the man who had first suggested it to him.
Clemens spoke up: "General, if that is so, it belongs to me."
Grant did not understand until Clemens recalled to him how he had urged him, in that former time, to write his memoirs; had pleaded with him, agreeing to superintend the book's publication. Then he said:
"General, I am publishing my own book, and by the time yours is ready it is quite possible that I shall have the best equipped subscription establishment in the country. If you will place your book with my firm —and I feel that I have at least an equal right in the consideration—I will pay you twenty per cent. of the list price, or, if you prefer, I will give you seventy per cent. of the net returns and I will pay all office expenses out of my thirty per cent."
General Grant was really grieved at this proposal. It seemed to him that here was a man who was offering to bankrupt himself out of pure philanthropy—a thing not to be permitted. He intimated that he had asked the Century Company president, Roswell Smith, a careful-headed business man, if he thought his book would pay as well as Sherman's, which the Scribners had published at a profit to Sherman of twenty-five thousand dollars, and that Smith had been unwilling to guarantee that amount to the author.—[Mark Twain's note-book, under date of March, 1885, contains this memorandum: "Roswell Smith said to me: 'I'm glad you got the book, Mr. Clemens; glad there was somebody with courage enough to take it, under the circumstances. What do you think the General wanted to require of me?'
"'He wanted me to insure a sale of twenty-five thousand sets of his book.
I wouldn't risk such a guarantee on any book that was ever published.'"
Yet Roswell Smith, not so many years later, had so far enlarged his views of subscription publishing that he fearlessly and successfully invested a million dollars or more in a dictionary, regardless of the fact that the market was already thought to be supplied.]
Clemens said:
"General, I have my check-book with me. I will draw you a check now for twenty-five thousand dollars for the first volume of your memoirs, and will add a like amount for each volume you may write as an advance royalty payment, and your royalties will continue right along when this amount has been reached."