Clean smelt and wash thoroughly. Combine cornmeal, flour, salt and pepper in a shallow dish. Dip smelt in water and then coat with flour mixture. Lay coated smelt on waxed paper and allow to set for 15-30 minutes. Coat the bottom of a heavy skillet with oil. Fry smelt in hot oil for 4 minutes on each side. Smelt should be nicely browned. Drain on paper towels. Serve with sliced lemon.