ne failure would be fatal to one
month's magazine, and a repetition of such a disaster would discourage
subscribers. The subscribers here would probably not be satisfied with a
magazine printed elsewhere, and could not be furnished with one so early
in the month; and, for my part, I am not willing to give up my papers on
so precarious a chance of a recompense.

"N. W. (notwithstanding his obligation under hand and seal) confesses
himself unwilling to continue the Magazine and Register on our first
plan; and I am much mistaken if the other proprietors do not disappoint
him by taking him at his word and releasing him from his obligations;
for his being known to be concerned makes the subscription go on heavily
(this _inter nos_). _His_ magazine was a paltry performance, and people
fear a continuation of it. We cannot find his five hundred subscribers
yet. We have but about two hundred in this city, most of whom have been
tempted by my papers, as is said. We agreed among ourselves not to let
the proprietors be known, but N. W. has let the cat quite out of the
bag. I am clear for going on without him, which I think may be done
better than with him; and my plan would be that a sufficient number of
literary characters should be united to make the most, if not the whole,
of the magazine _original_. The profits upon each share (especially at
first) would be but small; but so, on the other hand, would be the
risque. Suppose there should be _no_ profit for a year or two, and that
the work should but barely defray the expense for that time, yet it may
be presumed that, if it was conducted with spirit, the public would
patronize it, being sure of original entertainment, and that at length
the property would become very valuable. What do you think of this
idea?"

Dr. Belknap's reply to this letter is the last reference to the project
which has any interest: "The Monarch called upon me last Monday evening,
when I was abroad, and left word that he should come again next day at
noon, _upon business_. The _real_ business was to fish out what I had
heard from you. I had then received only your short letter, and told him
that I had heard nothing. He talked about the magazine, and about my
being a partner, and about the business of an editor, and about his
being a lawyer (which, by the way, was new to me), and about the value
of a share, which, as he then estimated it, would be from L50 to L100
per annum, etc., etc., but expected to hear