本文从民初《眉语》杂志停刊一事出发，考察纸荒问题与民国通俗文学的关系与互动。通俗文学自1916年进入“低潮”与1921年的再度“复苏”，乃是受制于“一战”及战后初期世界性的纸荒危机影响，与官方审查和新文学兴起均无关。从本质上说，这是一场通俗文学系统内部的“新陈代谢”，起决定性作用的是“经济”杠杆，背后隐含了物质技术的匮乏对文学生产与传播的制约。从纸荒背景重审通俗文学的浮沉，有利于我们更好地理解新、旧文学“斗争”的最初历史图景，进而破解“西风压倒东风”的神话叙事与“二元对立”的本质主义思维。

In examining the suspension of Mei Yu magazine, this article illustrates the connection between the shortage of paper and the development of popular literature in the Republic of ChinaThe World War I and the worldwide paper shortage in the early years after the war led to the low point of the development of Chinese popular literature in 1916A rebound occurred in 1921Yet this had nothing to do with official censorship or the rise of new literature of the time but an economic and material factor that affected the dissemination of popular literatureThis perspective helps us better understand the supposed conflict between the new and old literatures.