Harper's New Monthly Magazine, No. VI, November 1850, Vol. I. Various

valued at 2500 florins, were given in exchange for a single root of the tulip called the Viceroy. This mode of barter, being attended with inconvenience, could not be general, and gave place to sale by weight, by which immense sums were made. Single roots have sold for 4400 florins; 2000 florins was a common price for a root of the Semper Augustus; and it happened that once, when only two roots of this species could be procured, the one at Amsterdam, and the other at Haarlem, 4600 florins, a new carriage, and a pair of horses, with complete harness, were given for one; and for the other an exchange made of 12 acres of land: indeed, land was frequently parted with when cash could not be advanced for the purchase of a desired root; and houses, cattle, furniture, and even clothes, were all sacrificed to the Tulipomania. In the course of four months, a person has been known to realize 60,000 florins. These curious bargains took place in taverns, where notaries and clerks were regularly paid for attending; and after the contracts were completed, the traders of all ranks sat down together to a splendid entertainment. At these sales, the usual price of a root of the Viceroy was £250; a root of the Admiral Liefkuns, £440; a root of the Admiral Von Eyk, £160; a root of the Grebbu, £148; a root of the Schilder, £160; a root of the Semper Augustus, £550. A collection of Tulips of Wouter Brockholsminster was disposed of by his executors for £9000; but they sold a root of the Semper Augustus separately, for which they got £300, and a very fine Spanish cabinet, valued at £1000. The Semper Augustus was, indeed, in great request. A gentleman received £3000 for three roots which he sold; he had also the offer of £1500 a year for his plant for seven years, with an engagement that it should be given up as found, the increase alone having been retained during the period. One gentleman made £6000 in the space of six months. It was ascertained that the trade in Tulips in one city alone, in Holland, amounted to £1,000,000 sterling. To such an extent was this extraordinary traffic carried on, that a system of stock-jobbing was introduced; and Tulips, which were bought and sold for much more than their weight in gold, were nominally purchased without changing hands at all. Beekmann, in describing this curious traffic, for which all other merchandise and pursuit was neglected, mentions that engagements were entered into, which were to be fulfilled in six months, and not to be affected by any change in the value of the root during that time. Thus, a bargain might be made with a merchant for a root at the price of 1000 florins. At the time specified for its delivery, its value may have risen to 1500 florins, the purchaser being a gainer of 500 florins. Should it, on the contrary, have fallen to 800 florins, the purchaser was then a loser to the amount of 200 florins. If there had been no fluctuation in the market, the bargain terminated without an exchange of the money for the root, so that it became a species of gambling, at which immense sums were lost and won. The decline of the trade was as unexpected as its rise had been surprising. When settling day came, there were many defaulters; some from inability to meet their engagements, and many from dishonesty. Persons began to speculate more cautiously, and the more respectable to feel that the system of gambling, in which they were engaged, was by no means creditable. The Tulip-holders then wished to dispose of their merchandise really, and not nominally, but found, to their disappointment, that the demand had decreased. Prices fell – contracts were violated – appeals were made to the magistrates in vain; and, after violent contentions, in which the venders claimed, and the purchasers resisted payment, the state interposed, and issued an order invalidating the contracts, which put an end at once to the stock-jobbing; and the roots, which had been valued at £500 each, were now to be had for £5: and thus ended the most strange commerce in which Europe had been ever engaged.