1. The tulip was introduced into western Europe about the middle of the sixteenth century Conrad Gesner who claims credit for making it popular says that he first saw it in the year 1559.
2. In the course of ten or eleven years after this period tulips were much sought after by the wealthy especially in Holland and Germany.
3. Until the year 1634 the tulip annually increased in reputation until it was deemed a proof of bad taste in any man of fortune to be without a collection of them.
4. A trader at Harlaem was known to pay one-half of his fortune for a single root not with the design of selling it again at a profit but to keep in his own conservatory for the admiration of his acquaintance.
5. In 1634, the rage among the Dutch to possess them was so great that the ordinary industry of the country was neglected and even the lowest dregs of the population entered the tulip trade As the mania increased prices augmented until in the year 1635 many persons were known to invest a fortune of 100,000 florins in the purchase of forty roots.
6. A tulip of the species called Admiral Liefken weighing 400 perits was worth 4400 florins an Admiral Van der Eyck weighing 446 perits was worth 1260 florins and most precious of all a Semper Augustus weighing 200 perits was thought to be very cheap at 5500 florins.
7. In contrast 1000 pounds of cheese could be purchased for 120 florins.
8. The demand for tulips of a rare species increased so much in the year 1636 that regular marts for their sale were established on the Stock Exchange of Amsterdam Rotterdam Harlaem and other towns.
9. At first as in all gambling mania confidence was at its height and everybody gained.
10. People speculated in the rise and fall of the tulip stocks making large profits by buying when prices fell and selling out when they rose Everyone imagined that the passion for tulips would last forever and that the wealthy from every part of the world would pay whatever prices were asked for them.
11. For some months Holland seemed very prosperous and the prices of the necessities of life rose again by degrees houses and lands horses and carriages and luxuries of every sort rose in value with them.
12. At last however the more prudent began to see that this folly could not last forever.
13. Rich people no longer bought the flowers to keep them in their gardens but to sell them again at cent per cent profit.
14. As this conviction spread prices fell and never rose again The cry of distress resounded everywhere and each man accused his neighbour.
15. There was no court in Holland which would enforce payment on the grounds that they were considered gambling debts and gambling debts were not debts in law.
16. Those who were unlucky enough to have had stores of tulips on hand at the time of the sudden reaction were left to bear their ruin as philosophically as they could those who had made profits were allowed to keep them but the commerce of the country suffered a severe shock and it was many years until it recovered.