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that sordid thing known as "a fair price" for the S.A. manuscripts, etc. The price in question is bound to be the price of Here and Now. When Gertrude Stein bought her Cezanne's and Picasso's it never entered her head or the artists either that she should think of paying a price based on their ultimate critical recognition. Certain as she may have been of the future acceptance and consequent future prices, the only prices considered (in her case or any other) were the prices that were fair at the time of purchase. This is so obvious to you, I am sure, that I feel as if I have already said too much about it. The reasons why (untactful as it seemed) I had to discuss current market prices were two: 1. So that I could allow you, not only a fair price, but as I said so that I could allow you a liberal (I hate to keep on using the word "generous") price.