SUPPL

SUPPL. VOL. II. Part II.

tioned articles, valued as below, were agreed to be delivered.

These tulips afterwards were sold according to the weight of the roots. Four hundred perits* of Admiral Liefken cost 4400 florins; 446 ditto of Admiral Von der Eyk, 1620 florins; 106 perits Schilder cost 1615 florins; 200 ditto Semper Augustus, 5500 florins; 410 ditto Viceroy, 3000 florins, &c. The species Semper Augustus has been often sold for 2000 florins; and it once happened that there were only two roots of it to be had, the one at Amsterdam and the other at Haarlem. For a root of this species, one agreed to give 4600 florins, together with a new carriage, two grey horses, and a complete harness. Another agreed to give twelve acres of land for a root; for those who had not ready money, promised their moveable and immovable goods, house and lands, cattle and clothes. A man, whose name Munting once knew, but could not recollect, won by this trade more than 60,000 florins in the course of four months. It was followed not only by mercantile people, but also by the first noblemen, citizens of every description, mechanics, seamen, farmers, turf-diggers, chimney-sweepers, footmen, maid-servants, and old clotheswomen, &c. At first, every one won and no one lost. Some of the poorest people gained in a few months houses, coaches, and horses, and figured away like the first characters in the land. In every town some tavern was selected which served as a change, where high and low traded in flowers, and confirmed their bargains with the most sumptuous entertainments. They formed laws for themselves, and had their notaries and clerks.

To get possession of fine flowers was by no means the real object of this trade, though many have said that it was, and though we have known some individuals in Scotland, who, led away by what they thought the fashion, have given ten guineas for a tulip root. During the time of the tulipomania, a speculator often offered and paid large sums for a root which he never received, and never wished to receive. Another sold roots which he never possessed or delivered. Oft did a nobleman purchase of a chimney-sweep tulips to the amount of 2000 florins, and sold them at the same time to a farmer; and neither the nobleman, chimney-sweep, or farmer, had roots in their possession, or wished to possess them. Before the tulip season was over, more roots were sold and purchased, bespoke, and promised to be delivered, than in all probability were to be found in the gardens of Holland; and when Semper Augustus

Tuliponia was not to be had, which happened twice, no species perhaps was oftener purchased and sold. In the space of three years, as Munting tells us, more than ten millions were expended in this trade in only one town of Holland.

To understand this gambling traffic, it may be necessary to make the following supposition. A nobleman bespoke of a merchant a tulip root, to be delivered in six months, at the price of 1000 florins. During these six months the price of that species of tulip must have risen or fallen, or remained as it was. We shall suppose that, at the expiration of that time, the price was 1500 florins; in that case, the nobleman did not wish to have the tulip, and the merchant paid him 500 florins, which the latter lost and the former won. If the price was fallen when the six months were expired, so that a root could be purchased for 800 florins, the nobleman then paid to the merchant 200 florins, which he received as so much gain; but if the price continued the same, that is, 1000 florins, neither party gained or lost. In all these circumstances, however, no one ever thought of delivering the roots or of receiving them. Henry Munting, in 1636, sold to a merchant at Alkmaar, a tulip root for 7000 florins, to be delivered in six months; but as the price during that time had fallen, the merchant paid, according to agreement, only 10 per cent. "So that my father (says the son) received 700 florins for nothing; but he would much rather have delivered the root itself for 7000." The term of these contracts was often much shorter, and on that account the trade became brisker. In proportion as more gained by this traffic, more engaged in it; and those who had money to pay to one, had soon money to receive of another; as at faro, one loses upon one card, and at the same time wins on another. The tulip dealers often discounted sums also, and transferred their debts to one another; so that large sums were paid without cash, without bills, and without goods, as by the Virements at Lyons. The whole of this trade was a game at hazard, as the Mississippi trade was afterwards, and as stock-jobbing is at present. The only difference between the tulip trade and stock-jobbing is, that at the end of the contract the price in the latter is determined by the Stock Exchange; whereas in the former it was determined by that at which most bargains were made. High and low priced kinds of tulips were procured, in order that both the rich and the poor might gamble with them; and the roots were weighed by perits, that an imagined whole might be divided, and that people might not only have whole, but half and quarter lots. Whoever is surprised that such a traffic should become general, needs only to reflect upon what is done where lotteries are established, by which trades are often neglected, and even abandoned, because a speedier mode of getting fortunes is pointed out to the lower classes.

At length, however, this trade fell all of a sudden. Among such a number of contracts many were broken; many had engaged to pay more than they were able; the whole stock of the adventurers was consumed by the extravagance of the winners; new adventurers no more engaged in it; and many becoming sensible of the odious traffic in which they had been concerned, returned to their former occupations. By these means, as the value of tulips still fell, and never rose, the sellers

wished to deliver the roots in natura to the purchasers at the prices agreed on; but as the latter had no desire for tulips at even such a low rate, they refused to take them or to pay for them. To end this dispute, the tulip-dealers of Alkmaar sent, in the year 1637, deputies to Amsterdam; and a resolution was passed on the 24th of February, that all contracts made prior to the last of November 1636 should be null and void; and that, in those made after that date, purchasers should be free on paying ten per cent. to the vendor.

The more disguised people became with this trade, the more did complaints increase to the magistrates of the different towns; but as the courts there would take no cognizance of it, the complainants applied to the States of Holland and West Friesland. These referred the business to the determination of the provincial council at the Hague; which, on the 27th of April 1637, declared that it would not deliver its opinion on this traffic until it had received more information on the subject; that in the mean time every vendor should offer his tulips to the purchaser; and, in case he refused to receive them, the vendor should either keep them, or sell them to another, and have recourse on the purchaser for any loss he might sustain. It was ordered also, that all contracts should remain in force till farther enquiry was made. But as no one could foresee what judgment would be given respecting the validity of each contract, the buyers were more obstinate in refusing payment than before; and vendors, thinking it much safer to accommodate matters amicably, were at length satisfied with a small profit instead of exorbitant gain; and thus ended this extraordinary traffic, or rather gambling. Beckmann's History of Inventions, vol. i.