  We assess the constraints imposed by the observed extragalactic background
light (EBL) on the cosmic history of star formation and the stellar mass
density today. The logarithmic slope of the galaxy number-magnitude relation
from the Southern Hubble Deep Field} imaging survey is flatter than 0.4 in all
seven UBVIJHK optical bandpasses, i.e. the light from resolved galaxies has
converged from the UV to the near-IR. We find a lower limit to the surface
brightness of the optical extragalactic sky of about 15 nW/m^2/sr, comparable
to the intensity of the far-IR background from COBE data. Assuming a Salpeter
initial mass function with a lower cutoff consistent with observations of M
subdwarf disk stars, we set a lower limit of Omega_g+s h^2>0.0013 I_50 to the
visible (processed gas + stars) mass density required to generate an EBL at a
level of 50 I_50 nW/m^2/sr; our `best-guess' value is Omega_g+s h^2=0.003 I_50.
Motivated by the recent microlensing results of the MACHO collaboration, we
consider the possibility that massive dark halos around spiral galaxies are
composed of faint white dwarfs, and show that only a small fraction (<5%) of
the nucleosynthetic baryons can be locked in the remnants of intermediate-mass
stars forming at z_F<5, as the bright early phases of such halos would
otherwise overproduce the observed EBL.
