Forage fish angled for trout and salmon which they called "game fish". Fish other than game fish were disdained as "coarse fish". These days, "game fish" refers to Salmonids (other than grayling) — that is, salmon, trout and char. Coarse fish are made up mostly of the larger species of Cyprinids (carp, roach, bream) as well as pike, catfish, gar and lamprey. Coarse fish are no longer disdained; indeed, fishing for coarse fish has become a popular pastime. Forage fish are sometimes referred to as "bait fish" or "feeder fish". Bait fish is a term used particularly by recreational fishermen, although commercial
Fish or cut bait have to go to work when they find that it is imperative that they either cut bait or fish" and from "School and Home", 1895, "The Eskimo is industrious, because nature compels him to 'fish, cut bait, or get out of the boat.'" These usages exemplify the "do something useful" interpretation of the phrase. Another interpretation is that it means you have to make a decision. You either have a fish, or you cut it up into bait to catch more fish. This means to make a decision. Take what you have (a fish) or lose it and decide to