nobody ever pretended that tulips could be eaten, or manufactured, or consumed in any way of practical usefulness. They have not one single quality of the kind termed useful. They have nothing desirable except the beauty of a peculiarly short-lived blossom. You can do absolutely nothing with them except to look at them. A speculation in them is exactly as reasonable as one in butterflies would be.
In the course of about one year, 1634–5, the tulip frenzy, after having increased for fifteen or twenty years with considerable speed, came to a climax, and poisoned the whole Dutch nation. Prices had at the end of this short period risen from high to extravagant, and from extravagant to insane. High and low, counts, burgomasters, merchants, shop-keepers, servants, shoe-blacks, all were buying and selling tulips like mad. In order to make the commodity of the day accessible to all, a new weight was invented, called a perit, so small that there were about eight thousand of them in one pound avoirdupois, and a single tulip root weighing from half an ounce to an ounce, would contain from 200 to 400 of these perits. Thus, anybody unable to buy a whole tulip, could buy a perit or two, and have what the lawyers call an “undivided interest” in a root. This way of owning shows how utterly unreal was the pretended value. For imagine a small owner attempting to take his own perits and put them in his pocket. He would make a little hole in the tulip-root, would probably kill it, and would certainly obtain a little bit of utterly worthless pulp for himself, and no value at all. There was a whole code of business regulations
