roots have risen and are worth $2,500 each, then if the transactions were real you would have to pay $25,000 for the ten roots and could only get $20,000 from the other gambler, and he, turning round and selling them at the market price, would win from you this difference of $5,000. But in fact the transaction was not real, it was a stock gambling one; neither party owned tulips or meant to, or expected the other to; and the whole was a pure game of chance or skill, to see which should win and which should lose that $5,000 at the end of three days. When the time came, the affair was settled, still without any tulips, by the loser paying the difference to the winner, exactly as one loses what the other wins at a game of poker or faro. Of course if you can set afloat a smart lie after making your bar gain, such as will send prices up or down as your profit requires, you make money by it, just as stock gamblers do every day in New York, London, Paris, and other Christian commercial cities.
While this monstrous Dutch gambling fury lasted, money was plenty, everybody felt rich and Holland was in a whiz of windy delight. After about three years of fool’s paradise, people began to reflect that the shuttle-cock could not be knocked about in the air forever, and that when it came down somebody would be hurt. So first one and then another began quietly to sell out and quit the game, without buying in again. This cautious infection quickly spread like a pestilence, as it always does in such cases, and became a perfect panic or fright. All at once, as it were, rich people all over Holland found themselves with nothing in the world
