"I must confess," said the Poet, "that I cannot myself see where there is any money for your Rhyme Clearing-house. Ordinarily I quite approve of your schemes, but in this instance I go over to the enemy."
"I don't say that it is a gold-mine," said the Idiot. "I doubt if I had every cent that is paid for poetry in a year by everybody to everybody that my income would reach one hundredth part of what I'd receive as a successful manufacturer of soap; but there would be more money in poetry than there is if by some pooling of our issues we could corner the market. Suppose every writer of a quatrain in America should send his whole product to us. We could say to the magazines, 'Gentlemen, quatrains are not quatraining as hard as they were. If you need a four-line bit of gloom and rhyme to finish off your thirty-second page, our price is twenty-five dollars instead of seventy-five cents, as of yore.' So with all other kinds of verse. We'd simply name our figure, force the editors to accept it, and unload. We might get caught on the last thirty or forty thousand, but our profits on the others would enable us to more than meet the losses."
"And would you pay the author the twenty-five dollars?" asked Mr. Whitechoker.
"Not if we were sane," replied the Idiot. "We'd pay the author two dollars and fifty cents, which is one dollar and seventy-five cents more than he gets now. He couldn't complain."
"And those that you couldn't sell?" asked the Bibliomaniac.
"We'd simply mark 'Not Good' and return to the author. That's what happens to him now, so no objection could be raised to that. But there's still another side to this matter," said the Idiot. "Publishers would be quite as anxious to help it along as the poets. Dealing through us, they would be spared the necessity of interviewing poets, which I am informed is always painful because of the necessity which publishers labor under to give the poet to understand that they are in the business for profit, not for pleasure or mere love of sinking money in a magazine. So the publishers would keep a standing account of hard cash in our bank. Say a magazine used one hundred dollars' worth of verse in a month. The publisher at the beginning of the year would deposit twelve hundred dollars with us, and throughout the year would draw out sonnets, ballads, or pastels-in-metre just as he needed them. The checks would read something like this: 'The Poets' Clearing-house Association of the City of New York will pay to John Bluepencil, Editor, or Order, Ten Sonnets. (Signed) Blank Brothers & Co.' Or perhaps we'd receive a notice from a Southern publisher to this effect: 'Have drawn on you at sight for eight quatrains and a triolet.' Now, when you consider how many publishers there are who would always keep a cash balance in the treasury, you begin to get some notion as to how we could meet our running expenses and pay our quarterly dividends to our stockholders anyhow; and as for future dividends, I believe our loan department would net us a sufficient amount to make the stock gilt-edged."
"You would have a loan department, eh?" said Mr. Pedagog.
"That would be popular," said the Poet; "but there again I dispute the profit. You could find plenty of poets who would borrow your funds, but I doubt the security of the loans."
"All of your objections are based on misconceptions," said the Idiot. "The loan department would not lend money. It would lend poems for a consideration to those who are short and who need them to fulfil their obligations."
"Who on earth would want to borrow a poem, I'd like to know?" said the Bibliomaniac.