Page:A history of booksellers, the old and the new.djvu/320

280 not only for their circulating library, but for the tender care they bestowed upon the works of suckling poets and poetasters.

Before this change of residence, however, Colburn had already made several serious ventures on his own account. All through his long career we shall find that he speculated in journalistic venture with as much spirit as he showed in any of his daring schemes to win popular credit and applause. In 1814, with the assistance of Mr. Frederick Shoberl, he originated the New Monthly Magazine and Universal Register, on "the principles of general patriotism and loyalty," founded, as its name implied, in direct opposition to Sir Richard Philips' Old Monthly. Among the early editors were Dr. Watkins and Alaric Watts, but in 1820 a new series was commenced under the title of the New Monthly Magazine and Literary Journal, and Thomas Campbell, the poet, was appointed editor. The agreement still exists in Beattie's "Life of Campbell," and was unusually liberal. He agreed to edit the periodical for three years, to supply in all twelve articles, six in verse, six in prose; and for these and his editorial services he received five hundred pounds per annum, to be increased if the circulation of the magazine materially improved. He was, of course, assisted by a sub-editor, and allowed a liberal sum for the payment of contributors. The magazine prospered, and passed successively through the editorial hands of Bulwer Lytton (1832) and Theodore Hook. In 1836 a third series appeared under Mr. Harrison Ainsworth, and though Colburn parted with the proprietorship to Messrs. Chapman and Hall, and they in their turn to Messrs. Adams and Francis, Mr. Harrison Ainsworth was till yesterday at his editorial post,