James Fenimore Cooper every man a stake in society: "A man may be a voluntary associate in a joint-stock company, and justly have a right to a participation in its management, in proportion to his pecuniary interest; but life is not a chartered institution. Men are born with all their wants and passions, their means of enjoyment, and their sources of misery, without any agency of their own, and frequently to their great discomfort." To the modern reader Cooper's analysis of the present and future of American literature is perhaps too modest. He is so good on the reasons why it is not better that one wonders how it existed at all. In the peculiar circumstances of Ameri- can settlement, a brand-new world that had immediately at hand all of the intellectual resources of the old, the printer preceded the author. English literature was part of the com- mon heritage and first supplied American needs, and still continues (at the time of the Notions) to be preferred by publishers and readers. An American publisher not only avoids payment of royalties on an English book but can cut down all risks by waiting to see how a book sells abroad and how well it is reviewed, or, if he will not wait, by dealing in the great popular names that are sure to sell. Under these circumstances there are not a dozen American writers whose books can pay their way with an American publisher. Unlike Tocqueville, Cooper is not afraid of the trading spirit that democracy introduces into literature; "a good, wholesome, profitable and continued pecuniary support, is the applause that talent most craves." He fears democrats not as readers but as subjects for the writer. In a passage similar to Henry James's famous enumeration in his Haw- thorne of "the negative side of the American social situa- • 64 •