"Every author really wants to have letters printed in the papers. Unable to make the grade, he drops down a rung of the ladder and writes novels"

This quote by P. G. Wodehouse is referring to the difficulty of being an effective author. He is suggesting that authors strive to have their work released in papers, as this suggests success. Nevertheless, if they are not able to accomplish this, they have to choose writing books instead. This suggests that composing books is viewed as a lesser kind of writing, and is a step down from having one's work published in papers. Wodehouse is highlighting the difficulty of being an effective author, and the need to make compromises in order to earn a living. He is likewise suggesting that writing books is not as prominent as having one's work published in newspapers.